3 flexi-cap funds hold 52% of the category's AUM: Are the biggest schemes also leading in performance?

Flexi-cap funds can invest across large-, mid- and small-cap stocks without being tied to a particular market-cap segment. But while the category has grown to 46 schemes, a large share of its assets is concentrated in just 3 funds.

According to the latest AMFI monthly data, flexi-cap funds had a combined AUM of ₹ 6,11,390 crore as of 31 August 2026.

Of this, Parag Parikh Flexi Cap , HDFC Flexi Cap, and Kotak Flexi Cap together managed ₹ 3,17,403 crore, or about 51.9% of the category's total AUM.

Here’s how these 3 flexi-cap funds performed and what investors should know.

*Source: Value Research, AUM as on 31 August 2026, Direct Plans, Returns as on 11 September 2026

The three largest schemes account for more than half of all flexi-cap assets (around 52% of total AUM), but none of them featured among the top performers over the one-year period based on the data provided.

Parag Parikh Flexi Cap, the largest fund in the category, with nearly a quarter of the category's AUM, delivered a negative 4.04% return over one year. HDFC Flexi Cap returned 1.86%, while Kotak Flexi Cap delivered 0.10%.

For investors, the numbers show that category size and recent performance have not moved together.

*Source: Value Research, AUM as on 31 August 2026, Direct Plans, Returns as on 11 September 2026

ITI Flexi Cap had an AUM of just ₹ 1,588 crore, equivalent to around 0.26% of the category's total AUM, but delivered a 14.07% one-year return. That compares with a negative 4.04% return from Parag Parikh Flexi Cap despite the latter managing nearly 93 times as much money.

This highlights an important point for investors: a fund's AUM is not a measure of its recent performance. Large AUM can reflect factors such as a longer track record, investor familiarity and sustained inflows, rather than superior returns in every period.

The longer-term numbers present a somewhat different picture. HDFC Flexi Cap, one of the three largest schemes, topped the chart with 17.47% returns in a five-year period. Bank of India Flexi Cap followed with 16.79%, while JM Flexi Cap delivered 15.74%.

In contrast, Parag Parikh Flexi Cap and Kotak Flexi Cap delivered 11.61% and 10.57%, respectively, over the same period based on the data provided.

For investors, this comparison shows why AUM alone should not be used to judge a flexi-cap fund.