The number
Owning two of India's six largest flexi-cap funds buys you less variety than their names suggest, but more than you might fear. On their 31 August 2026 portfolios, any two of them shared between 21.36% and 40.35% of their holdings.
The six, by net assets on that date:
| # | Fund | Net assets (₹ crore) | Stocks | Top 10 weight |
|---|---|---|---|---|
| 1 | Parag Parikh Flexi Cap | 1,47,399 | 60 | 50.96% |
| 2 | HDFC Flexi Cap | 1,13,607 | 78 | 43.98% |
| 3 | Kotak Flexi Cap | 56,392 | 57 | 42.41% |
| 4 | Aditya Birla Sun Life Flexi Cap | 29,044 | 82 | 27.52% |
| 5 | ICICI Prudential Flexi Cap | 25,895 | 72 | 43.77% |
| 6 | UTI Flexi Cap | 24,157 | 55 | 44.47% |
The data is each AMC's own monthly portfolio disclosure for 31 August 2026. "Stocks" counts every share line, Indian and foreign.
How overlap is measured
For every stock two funds both hold, take the smaller of the two weights and add them up. If one fund has 6% in ICICI Bank and the other 4%, the shared part is 4%. A result of 100% would mean identical portfolios, 0% nothing in common.
The overlap, pair by pair
| HDFC | Kotak | ABSL | ICICI Pru | UTI | |
|---|---|---|---|---|---|
| Parag Parikh | 30.32% | 27.17% | 23.14% | 23.13% | 21.36% |
| HDFC | 40.35% | 34.30% | 35.48% | 29.87% | |
| Kotak | 35.29% | 30.65% | 24.88% | ||
| ABSL | 32.89% | 30.36% | |||
| ICICI Pru | 26.06% |
The closest pair is HDFC Flexi Cap and Kotak Flexi Cap, at 40.35% across 20 shared stocks. HDFC Flexi Cap overlaps by 30% or more with four of the other five.
Parag Parikh Flexi Cap is the one that stands apart. Its overlap with every other fund is below 31%, and with UTI Flexi Cap it is 21.36%, across just 11 shared stocks. Part of the reason is that about 11% of its money is in foreign companies, which none of the other five hold in size.
What they all own
Across the six portfolios there are 248 different stocks. Most are particular to one fund: 164 appear in only one of the six.
Five are in all six:
| Stock | Lowest weight | Highest weight | Average |
|---|---|---|---|
| ICICI Bank | 5.67% | 9.19% | 6.63% |
| HDFC Bank | 3.03% | 7.63% | 4.86% |
| Kotak Mahindra Bank | 0.90% | 4.40% | 2.75% |
| Maruti Suzuki | 0.98% | 4.92% | 2.57% |
| Bharti Airtel | 1.09% | 3.23% | 2.39% |
ICICI Bank and HDFC Bank alone put at least 8.70 percentage points into every pair's overlap, since no fund holds less than 5.67% and 3.03% in them. Five more are in five of the six funds: Eternal, Axis Bank, State Bank of India, Infosys and Lenskart Solutions.
What this does not tell you
It moves every month. This is the 31 August 2026 portfolio. Managers trade, and the overlap between two funds can change noticeably within a quarter.
Overlap is not the same as similar returns. Two funds sharing 35% of their holdings can still perform differently, because the other 65% differs. And two funds with little overlap can move together if both are heavy in the same sectors.
It is not advice on which to hold. Low overlap is useful if you hold two of these funds and want them to do different jobs. It does not make either fund better, and nothing here is a recommendation to buy or sell.
Where to go from here
The compare tool puts any two funds side by side, and the flexi-cap category page ranks the whole category. The guide on how many funds you need explains why two funds with high overlap add little.
For the stocks behind most of the overlap, see the stocks Indian mutual funds own most.
For how the category's returns spread out, see flexi-cap fund returns.
Frequently asked questions
How much do the largest flexi-cap funds overlap?
On their 31 August 2026 portfolios, the six largest flexi-cap funds overlapped by between 21.36% and 40.35% in each pair. The closest pair was HDFC Flexi Cap and Kotak Flexi Cap at 40.35%; the furthest apart was Parag Parikh Flexi Cap and UTI Flexi Cap at 21.36%.
How is portfolio overlap calculated?
For every stock two funds both hold, take the smaller of the two weights, and add those up. If one fund holds 6% in a stock and the other 4%, they share 4%. The total is the part of each portfolio that is the same.
Which stocks do all six largest flexi-cap funds hold?
Five: ICICI Bank, HDFC Bank, Kotak Mahindra Bank, Maruti Suzuki and Bharti Airtel. ICICI Bank was between 5.67% and 9.19% of each portfolio.
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.
Keep reading
Bank stocks in mutual funds: 17% of equity money
Equity funds held ₹6.34 lakh crore in Indian banks on 31 August 2026, 17.06% of their shares. ICICI Bank and HDFC Bank alone were 48% of it.
How much cash equity funds hold: 3.3% in August 2026
Equity funds held 3.34% of their money in cash on 31 August 2026, ₹1,30,312 crore. Small-cap funds held 6.59%, large caps 1.64%. Who holds the most.
Foreign stocks in Indian equity funds: under 1%
33 of 587 equity schemes held overseas securities on 31 August 2026: ₹37,337 crore, 0.96% of their money. Parag Parikh Flexi Cap alone held 43.6% of it.