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On 12 August 2026, 10 of the 44 flexi-cap funds closed at the highest NAV in their history, and 28 were within 1% of it. Four months ago, after the March fall, only one was that close.
The Nifty 500, the index these funds are measured against, has not made the same trip. At 23,672.45 on 12 August it is still 3.37% below its record close of 24,496.90 from 26 September 2024. The funds' NAVs include the dividends their holdings pay, which the price index leaves out; even so, many funds have outrun it.
All figures are for the Direct plan, Growth option, computed from daily NAVs to 12 August 2026. Returns of one year or more are compounded annual rates; the change since April is a plain percentage.
Since mid-April
Between the NAVs of 15 April and 12 August, every flexi-cap fund rose. The median gained 8.66%, against 5.14% for our estimate of the Nifty 500's total return.
The spread was wide. LIC MF Flexi Cap gained 15.25%, ITI 14.48% and Motilal Oswal 13.73%. At the other end, Parag Parikh Flexi Cap gained 0.19%, the smallest rise in the category. It is also the one fund with a one-year return of almost exactly zero, 0.02%; every other flexi-cap fund is up by more over the year.
The ten funds at record highs are Axis, Bank of India, HSBC, Invesco India, ITI, LIC MF, Navi, PGIM India, TRUSTMF and Union.
The spread, period by period
A fund counts in a period only if it has a full record for it. The April figures, to the NAV of 15 April, are shown for comparison.
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Funds counted | 40 | 35 | 27 | 18 |
| Worst | 0.02% | 10.16% | 7.09% | 9.83% |
| Lower quartile | 4.77% | 13.12% | 11.34% | 12.83% |
| Median | 7.61% | 14.44% | 12.54% | 13.96% |
| Upper quartile | 11.96% | 17.68% | 14.35% | 15.12% |
| Best | 19.07% | 22.15% | 18.85% | 19.92% |
| Median in April | 6.98% | 16.97% | 14.31% | 14.93% |
The three- and five-year medians are lower than in April, even though the funds have risen since. Those windows now start in August 2023 and August 2021 instead of April, and the months that dropped out were strong ones: the Nifty 500 rose 12.74% on its price from mid-April to mid-August 2023, and 14.17% over the same months of 2021.
Top and bottom over three years
| Fund (Direct, Growth) | 1 year | 3 years | 5 years | 10 years |
|---|---|---|---|---|
| Bank of India Flexi Cap | 17.87% | 22.15% | 18.09% | |
| Motilal Oswal Flexi Cap | 7.33% | 21.06% | 13.67% | 13.65% |
| ITI Flexi Cap | 17.95% | 20.46% | ||
| Invesco India Flexi Cap | 7.31% | 20.43% | ||
| 360 ONE Flexicap | 13.87% | 19.73% | ||
| … | ||||
| Tata Flexi Cap | 2.46% | 12.24% | 11.09% | |
| Sundaram Flexicap | 1.17% | 11.36% | ||
| UTI Flexi Cap | 5.56% | 10.23% | 7.09% | 12.38% |
| SBI Flexicap | 4.30% | 10.22% | 9.71% | 12.55% |
| Shriram Flexi Cap | 3.49% | 10.16% | 9.67% |
Four of April's top five are still there; HDFC Flexi Cap has slipped from fifth to ninth, and 360 ONE has taken its place. HDFC still has the best five-year return, 18.85% a year. Three of April's bottom five, UTI, SBI and Shriram, are still in the bottom five.
The biggest three-year climbers since April are LIC MF, from 28th to 18th, and Axis, from 23rd to 15th. Tata fell furthest, from 18th to 31st.
Against the Nifty 500
Our estimate of the Nifty 500's total return, from NSE's daily price and dividend yield, to the close of 12 August:
| Period | Nifty 500, est. total return | Funds that beat it | In April |
|---|---|---|---|
| 1 year | 6.10% | 26 of 40 | 17 of 38 |
| 3 years | 13.27% a year | 26 of 35 | 20 of 33 |
| 5 years | 12.46% a year | 14 of 27 | 12 of 24 |
| 10 years | 13.75% a year | 12 of 18 | 10 of 18 |
More funds beat the index now than in April over every period. Over five years, though, it is still barely half.
What this does not tell you
A record NAV is a record for that fund, not a signal. It says the fund has made back its losses, nothing about what comes next.
Rank changes over four months are mostly noise. A fund moving ten places on a three-year number has usually had one strong or weak stretch drop out of, or into, the window.
The benchmark is our estimate, and merged funds are not counted. Nothing here is advice to buy or sell any fund.
Where to go from here
The April version of this post, with how far each fund fell in March, is flexi-cap fund returns in April. For the rule-bound cousin of this category, see multi-cap fund returns.
Every fund is on the flexi-cap fund page, and the flexi-cap outperformers screen lists those compounding above 18% a year over three years. For a category that has run further this year, read mid-cap fund returns in August.
Frequently asked questions
What is the three-year return of flexi-cap funds?
To the NAV of 12 August 2026, the median flexi-cap fund (Direct plan, Growth option) returned 14.44% a year over three years, across 35 funds. The best, Bank of India Flexi Cap, returned 22.15% and the worst, Shriram Flexi Cap, 10.16%.
Have flexi-cap funds recovered from the March 2026 fall?
Most have. On 12 August 2026, 10 of 44 flexi-cap funds were at their highest NAV ever and 28 were within 1% of it. The median fund had gained 8.66% since 15 April. The Nifty 500 itself was still 3.37% below its September 2024 record close.
Do flexi-cap funds beat the Nifty 500?
Over three years to 12 August 2026, 26 of 35 flexi-cap funds beat our estimate of the Nifty 500's total return, 13.27% a year. Over five years it was 14 of 27, against an estimated 12.46% a year.
This is commentary on published data, not investment advice. WealthTicker is not a SEBI-registered adviser or distributor. Figures are as of the dates stated and can be revised by their source.
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