Flexicap mutual funds have become popular among investors who want a single equity fund that can invest across large-cap, mid-cap and small-cap stocks. Unlike category-specific funds, flexicap fund managers have the flexibility to change the portfolio allocation depending on market conditions and their investment strategy.
But how many flexicap funds have actually delivered strong returns through the SIP route?
Based on the available 5-year SIP return data, only 8 flexicap funds delivered 15% or higher annualised SIP returns over the last 5 years.
Bank of India Flexi Cap Fund tops the list with a 5-year SIP return of 18.60%, followed by ICICI Prudential Flexicap Fund at 17.26%.
Let’s look at these funds, their 3-year and 10-year SIP returns, and why investors should not select a mutual fund based on past returns alone.
What Are Flexicap Funds?
Flexicap funds are equity mutual funds that can invest across large-cap, mid-cap and small-cap companies without being restricted to a particular market-cap segment.
Under SEBI’s mutual fund categorisation, a flexicap fund is an open-ended dynamic equity scheme investing across large-cap, mid-cap and small-cap stocks. The scheme is required to invest at least 65% of its total assets in equity and equity-related instruments.
The key feature of a flexicap fund is that there is no prescribed minimum allocation to large-cap, mid-cap or small-cap stocks.
This gives the fund manager greater flexibility to change the portfolio allocation depending on market conditions and investment opportunities.
Flexicap funds are therefore different from multi-cap funds, where the scheme has prescribed minimum allocations across large-cap, mid-cap and small-cap stocks.
How Were These Funds Selected?
The funds featured in this article were selected based on their 5-year SIP returns of 15% or higher.
In other words, the primary screening criterion was simple:
Flexicap fund + 5-year SIP return of 15% or higher = included in the list.
The table also shows 3-year and 10-year SIP returns, wherever available, to provide a broader perspective on the fund’s historical performance.
The returns shown are SIP returns rather than lump-sum returns. SIP returns are generally represented using XIRR because investments are made periodically at different points in time.
The figures can change over time as the SIP calculation period moves forward and market values change. Therefore, investors should check the latest available return data before making any investment decision.
8 Flexicap Funds That Delivered 15%+ SIP Returns in 5 Years
Here are the 8 flexicap funds that delivered 15% or higher SIP returns over the 5-year period considered.
| Flexicap Fund | 5-Year SIP Return |
|---|---|
| Bank of India Flexi Cap Fund | 18.60% |
| ICICI Prudential Flexicap Fund | 17.26% |
| Motilal Oswal Flexi Cap Fund | 16.66% |
| HDFC Flexi Cap Fund | 16.58% |
| Quant Flexi Cap Fund | 16.00% |
| HSBC Flexi Cap Fund | 15.69% |
| JM Flexicap Fund | 15.69% |
| Aditya Birla Sun Life Flexi Cap Fund | 15.12% |
Returns are annualised SIP returns. Past performance is not indicative of future returns.
What stands out?
Bank of India Flexi Cap Fund leads the list with an impressive 18.60% 5-year SIP return.
ICICI Prudential Flexicap Fund follows with 17.26%, while Motilal Oswal Flexi Cap Fund and HDFC Flexi Cap Fund delivered 16.66% and 16.58%, respectively.
Quant Flexi Cap Fund also crossed the 16% mark, while HSBC Flexi Cap Fund and JM Flexicap Fund delivered identical 5-year SIP returns of 15.69%.
Aditya Birla Sun Life Flexi Cap Fund is the eighth fund on the list with a 15.12% SIP return.
The difference between the highest and lowest fund in this list is about 3.5 percentage points, showing that even within the same mutual fund category, historical performance can vary considerably.
Fund-by-Fund Snapshot
1. Bank of India Flexi Cap Fund
Bank of India Flexi Cap Fund delivered the highest 5-year SIP return among the funds in this list at 18.60%.
The scheme invests across large-cap, mid-cap and small-cap companies and provides the fund manager with flexibility to alter the portfolio based on market opportunities.
Since the fund does not have a 10-year history in the available data, a 10-year SIP return is not shown in the table.
2. ICICI Prudential Flexicap Fund
ICICI Prudential Flexicap Fund delivered a 17.26% 5-year SIP return, making it the second-highest fund in the list.
The fund is one of the larger schemes in the flexicap category and has a diversified portfolio across different sectors and market-cap segments.
Its 10-year SIP return is not shown because the available data does not provide a comparable 10-year figure for the scheme.
3. Motilal Oswal Flexi Cap Fund
Motilal Oswal Flexi Cap Fund delivered a 16.66% 5-year SIP return.
Interestingly, its 10-year SIP return stands at 14.33%, which is lower than its recent five-year figure.
This highlights why investors should look at multiple time periods instead of focusing only on the latest return number.
4. HDFC Flexi Cap Fund
HDFC Flexi Cap Fund delivered a 16.58% 5-year SIP return.
The fund has a long operating history and is one of the largest schemes in the flexicap category.
Its 10-year SIP return of 17.82% is also higher than its five-year SIP return, indicating relatively strong performance across both periods.
Why Did Only 8 Flexicap Funds Cross 15%?
There are several reasons why flexicap funds can deliver very different returns despite belonging to the same category.
1. Different market-cap allocation
Flexicap funds have the freedom to invest across large-cap, mid-cap and small-cap companies.
One fund may have a relatively higher allocation to large-cap companies, while another may take greater exposure to mid-cap or small-cap stocks.
These differences can have a significant impact on returns during different market cycles.
2. Different investment strategies
Fund managers follow different investment philosophies.
Some may focus on high-growth companies, while others may emphasise valuations, quality businesses, cash flows or established companies.
Therefore, two funds in the same category can have very different portfolios and performance.
3. Market conditions
Equity markets move through different cycles.
There can be periods when large-cap stocks outperform, followed by periods when mid-cap and small-cap stocks perform better.
The allocation decisions taken by flexicap fund managers during these periods can influence long-term SIP returns.
4. Stock selection
Ultimately, the performance of an actively managed equity fund depends heavily on the stocks selected by the fund manager.
Even within the same sector, the difference between owning a strong-performing company and an underperforming company can have a significant impact on the portfolio.
5. Fund manager decisions
Portfolio changes, sector allocation, cash levels and individual stock weights can all influence returns.
This is one reason investors should examine the consistency of performance rather than simply selecting the fund with the highest historical return.
SIP XIRR vs CAGR – What Is the Difference?
When comparing mutual fund returns, you may come across two commonly used terms: CAGR and XIRR.
They are not the same.
CAGR
CAGR is generally used when there is a single investment at the beginning and a single value at the end.
For example, suppose you invest ₹1 lakh and it becomes ₹2 lakh after five years.
The CAGR tells you the annualised rate at which the investment grew over those five years.
XIRR
SIP investments are different.
Suppose you invest ₹10,000 every month for five years.
The first ₹10,000 is invested for almost five years, while the final ₹10,000 is invested for only a short period.
Therefore, each instalment has a different investment period.
XIRR considers these different cash-flow dates when calculating the annualised return.
For example:
| SIP Investment | Amount |
|---|---|
| Monthly SIP | ₹10,000 |
| Investment period | 5 years |
| Number of SIP instalments | 60 |
| Total amount invested | ₹6,00,000 |
If the investment value after five years is ₹9 lakh, the SIP return should not simply be calculated by comparing ₹9 lakh with ₹6 lakh.
The timing of every ₹10,000 investment matters.
That is why XIRR is more appropriate for evaluating SIP returns.
Should You Invest Based on Past Returns Alone?
No.
The fact that these eight flexicap funds delivered 15% or higher SIP returns over five years does not mean they will deliver similar returns in the future.
Past performance is not a guarantee of future returns.
Before investing, investors should consider factors such as:
- Investment objective
- Investment horizon
- Risk appetite
- Portfolio composition
- Market-cap allocation
- Fund manager experience
- Expense ratio
- Portfolio concentration
- Performance consistency
- Performance against the benchmark
- Performance across different market cycles
Investors should also avoid switching from one mutual fund to another simply because another fund has delivered higher returns recently.
A fund’s past performance should be considered along with its risk and portfolio characteristics.
This article is intended for educational and informational purposes only. It is not investment advice or a recommendation to invest in any particular mutual fund.
How to Track These Funds Going Forward
Mutual fund returns keep changing.
A fund that has delivered more than 15% over the past five years may fall below that level when the calculation period changes. Similarly, another fund may enter the list.
Therefore, investors should periodically review their mutual fund investments rather than relying on a static ranking.
You can bookmark this page and revisit it to see how the five-year SIP return rankings change over time.
If you already have multiple mutual fund investments, a mutual fund portfolio analyser can also help you track your portfolio, returns and overall allocation in one place.
8 Flexicap Funds Performance at a Glance
| S No | Flexicap Fund | 3-Year SIP Return | 5-Year SIP Return | 10-Year SIP Return |
|---|---|---|---|---|
| 1 | Bank of India Flexi Cap Fund | 14.18% | 18.60% | — |
| 2 | ICICI Prudential Flexicap Fund | 14.57% | 17.26% | — |
| 3 | Motilal Oswal Flexi Cap Fund | 12.40% | 16.66% | 14.33% |
| 4 | HDFC Flexi Cap Fund | 11.10% | 16.58% | 17.82% |
| 5 | Quant Flexi Cap Fund | 11.62% | 16.00% | 20.92% |
| 6 | HSBC Flexi Cap Fund | 12.51% | 15.69% | 15.61% |
| 7 | JM Flexicap Fund | 8.26% | 15.69% | 17.57% |
| 8 | Aditya Birla Sun Life Flexi Cap Fund | 13.30% | 15.12% | 15.36% |
FAQs
Is flexicap better than multicap funds?
Neither category is automatically better.
Flexicap funds have greater freedom to allocate across large-cap, mid-cap and small-cap stocks, while multi-cap funds have prescribed minimum allocations to these market-cap segments.
The right choice depends on the investor’s investment objective, risk appetite and portfolio.
What is the minimum SIP amount in a flexicap fund?
The minimum SIP amount varies across mutual fund schemes. Some funds allow SIPs starting from ₹100, while others may have higher minimum investment requirements.
Investors should check the latest scheme information before starting a SIP.
Are flexicap funds suitable for long-term SIP investment?
Flexicap funds invest predominantly in equities and therefore carry market risk.
They may be considered by investors looking for long-term capital appreciation and who are comfortable with equity-market volatility.
Investors should consider their investment horizon and risk tolerance before investing.
Which is the best flexicap fund among these eight?
There is no single best flexicap fund based only on five-year SIP returns.
Bank of India Flexi Cap Fund has the highest five-year SIP return among the eight funds in this list. However, investors should also consider consistency, portfolio strategy, risk, expenses, fund manager experience and performance across different market cycles.
Conclusion
Only 8 flexicap funds delivered 15% or higher SIP returns over the last five years based on the return data considered for this article.
Bank of India Flexi Cap Fund topped the list with an 18.60% SIP return, followed by ICICI Prudential Flexicap Fund at 17.26%.
Motilal Oswal Flexi Cap Fund, HDFC Flexi Cap Fund and Quant Flexi Cap Fund also delivered more than 16% SIP returns over five years.
However, the key takeaway is not simply to pick the fund with the highest number.
Flexicap funds have considerable flexibility in portfolio construction, and their performance can vary depending on market conditions, stock selection, sector allocation and fund manager decisions.
Investors should therefore look beyond a single return number and consider consistency, risk, portfolio quality, costs and suitability before making an investment decision.
And most importantly, past SIP returns should not be considered a guarantee of future performance.
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