Why these four
Of the 46 flexi-cap funds with a published average AUM for the July–September 2026 quarter, these four are the largest: Parag Parikh Flexi Cap, HDFC Flexi Cap, Kotak Flexi Cap, and Aditya Birla Sun Life Flexi Cap. Together they hold ₹3,41,905 crore, 57% of the category. A flexi-cap fund can hold large, mid and small companies in any mix its manager likes, so two funds with the same label can look nothing alike. Every figure is for the Direct plan, Growth option, from NAVs to 22 October 2026.
| Fund | Average AUM, July–September 2026 (₹ crore) | Share of category | Direct plan expense ratio |
|---|---|---|---|
| Parag Parikh Flexi Cap | 1,47,064 | 24.5% | 0.69% |
| HDFC Flexi Cap | 1,10,925 | 18.5% | 0.75% |
| Kotak Flexi Cap | 55,674 | 9.3% | 0.671% |
| Aditya Birla Sun Life Flexi Cap | 28,241 | 4.7% | 0.91% |
Returns
| Fund | 1 year | 3 years | 5 years | 10 years |
|---|---|---|---|---|
| Parag Parikh Flexi Cap | −5.67% | 12.18% | 10.59% | 16.51% |
| HDFC Flexi Cap | −5.97% | 14.06% | 14.43% | 14.94% |
| Kotak Flexi Cap | −8.18% | 10.00% | 9.14% | 12.50% |
| Aditya Birla Sun Life Flexi Cap | 0.02% | 13.67% | 10.18% | 12.85% |
| Category median | −5.18% | 10.68% | 9.14% | 12.61% |
Returns of a year or more are compounded annual rates. Over three years HDFC Flexi Cap led at 14.06% and Kotak Flexi Cap was lowest at 10.00%, a gap of 4.06 points a year against a category median of 10.68%. Three of the four were negative over one year.
Calendar years
| Year | Parag Parikh Flexi Cap | HDFC Flexi Cap | Kotak Flexi Cap | Aditya Birla Sun Life Flexi Cap | Category median |
|---|---|---|---|---|---|
| 2022 | −6.29% | 19.09% | 5.98% | −0.27% | 0.74% |
| 2023 | 37.64% | 31.45% | 25.31% | 26.99% | 29.48% |
| 2024 | 24.81% | 24.33% | 17.52% | 19.49% | 19.49% |
| 2025 | 8.55% | 12.16% | 10.42% | 12.09% | 5.19% |
| 2026 to 22 Oct | −6.05% | −6.09% | −8.17% | −2.02% | −4.72% |
A single calendar year can flatter or punish a fund by several points, which is why a table by year says more than one trailing figure. A dash means the fund did not hold a full record for that year.
Risk
| Fund | Volatility (3 yr) | Worst fall (3 yr) | Sharpe ratio | Now vs peak |
|---|---|---|---|---|
| Parag Parikh Flexi Cap | 9.9% | −11.0% | 0.57 | −6.7% |
| HDFC Flexi Cap | 12.1% | −13.3% | 0.62 | −7.4% |
| Kotak Flexi Cap | 14.6% | −16.3% | 0.24 | −10.5% |
| Aditya Birla Sun Life Flexi Cap | 13.4% | −17.0% | 0.53 | −7.2% |
| Category median | 14.3% | −18.2% | 0.29 | −8.4% |
Parag Parikh Flexi Cap was the steadiest of the four on three-year volatility (9.9%) and Kotak Flexi Cap the bumpiest (14.6%). Volatility is the annualised standard deviation of daily returns; the worst fall is the deepest peak-to-trough drop in the last three years. The Sharpe ratio uses a 6.5% risk-free rate.
What a monthly SIP earned
| Fund | 3-year SIP return (a year) | 5-year SIP return (a year) |
|---|---|---|
| Parag Parikh Flexi Cap | 3.04% | 10.69% |
| HDFC Flexi Cap | 3.79% | 12.58% |
| Kotak Flexi Cap | 0.78% | 8.17% |
| Aditya Birla Sun Life Flexi Cap | 6.22% | 11.69% |
| Category median | 2.20% | 8.54% |
SIP returns are annualised (XIRR) for ₹10,000 a month. They differ from lump-sum returns because each instalment buys at a different price.
What they own
| Fund | Stocks held | Top-10 share of portfolio | Largest five holdings |
|---|---|---|---|
| Parag Parikh Flexi Cap | 56 | 51.0% | HDFC Bank Ltd 7.8%, Power Grid Corp of India Ltd 5.6%, ITC Ltd 5.5%, Coal India Ltd 5.4%, ICICI Bank Ltd 5.2% |
| HDFC Flexi Cap | 79 | 43.7% | ICICI Bank Ltd 8.8%, Axis Bank Ltd 6.1%, HDFC Bank Ltd 6.0%, State Bank of India 3.9%, Eternal Ltd 3.5% |
| Kotak Flexi Cap | 55 | 42.2% | Icici Bank Ltd 5.5%, Bharat Electronics Ltd 5.3%, Hdfc Bank Ltd 5.3%, State Bank of India 4.3%, Eternal Ltd 4.2% |
| Aditya Birla Sun Life Flexi Cap | 80 | 27.3% | ICICI Bank Ltd 5.6%, HDFC Bank Ltd 3.9%, Kotak Mahindra Bank Ltd 3.6%, Reliance Industries Ltd 2.4%, State Bank of India 2.1% |
Portfolios are the latest filed monthly disclosures. A concentrated fund puts more of its result on a few names; Parag Parikh Flexi Cap is the most concentrated of the four with 51.0% in its ten largest holdings, and Aditya Birla Sun Life Flexi Cap the least at 27.3%.
How much they overlap
| Pair | Stocks in common | Overlap by weight |
|---|---|---|
| Parag Parikh Flexi Cap / HDFC Flexi Cap | 20 | 29.7% |
| Parag Parikh Flexi Cap / Kotak Flexi Cap | 18 | 26.1% |
| Parag Parikh Flexi Cap / Aditya Birla Sun Life Flexi Cap | 15 | 23.2% |
| HDFC Flexi Cap / Kotak Flexi Cap | 20 | 40.2% |
| HDFC Flexi Cap / Aditya Birla Sun Life Flexi Cap | 25 | 34.5% |
| Kotak Flexi Cap / Aditya Birla Sun Life Flexi Cap | 22 | 35.9% |
"Overlap by weight" adds up, stock by stock, the smaller of the two weights. The closest pair is HDFC Flexi Cap and Kotak Flexi Cap at 40.2%; the most different is Parag Parikh Flexi Cap and Aditya Birla Sun Life Flexi Cap at 23.2%. Holding two funds with a high overlap buys little diversification.
Cost
Among the four, Kotak Flexi Cap charged the lowest Direct expense ratio at 0.671% and Aditya Birla Sun Life Flexi Cap the highest at 0.91%. On a ₹10 lakh holding that is a difference of ₹2,390 a year. Expense ratios are deducted from the NAV every day, so they are already inside the returns shown above.
Reading the comparison
- Size is not a verdict. These are the largest funds in the category, not the best; a fund's rank by AUM says nothing about its rank by return.
- Three years is a short window for an equity fund. A fund that led in the last rally may lag in the next fall.
- Returns are historical, computed from NAVs, and not a forecast. The closest pair by holdings was HDFC Flexi Cap and Kotak Flexi Cap (40.2% overlap by weight).
- This is not a recommendation to buy or sell any fund.
- Flexi-cap fund returns in October 2026
- Portfolio overlap in the largest flexi-cap funds
- All flexi-cap funds
Source: AMFI NAVs to 22 October 2026; AMFI average AUM for July–September 2026; fund houses' TER disclosures; monthly portfolio disclosures.
Frequently asked questions
Which is the biggest flexi-cap fund in India?
By average AUM for July–September 2026, Parag Parikh Flexi Cap at about ₹1,47,064 crore, ahead of HDFC Flexi Cap (₹1,10,925 crore), Kotak Flexi Cap (₹55,674 crore) and Aditya Birla Sun Life Flexi Cap (₹28,241 crore).
Which of the four biggest flexi-cap funds has the best 3-year return?
HDFC Flexi Cap, at 14.06% a year to 22 October 2026, against 10.00% for Kotak Flexi Cap and a category median of 10.68%. Direct plan, Growth option.
Which has the lowest expense ratio?
Kotak Flexi Cap, at 0.671% for the Direct plan; Aditya Birla Sun Life Flexi Cap charges 0.91%.
This is commentary on published data, not investment advice. WealthTicker is not a SEBI-registered adviser or distributor. Figures are WealthTicker’s own calculations from public data — AMFI’s fund NAVs and disclosures, NSE’s index and FII/DII files, and the fund houses’ monthly portfolios (how we calculate). They are as of the dates stated and can be revised by their source.
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