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Overview
Flexi cap mutual funds give fund managers flexibility to invest across large-cap, mid-cap and small-cap companies instead of maintaining a fixed allocation to each segment.
Under SEBI's current categorisation framework, flexi cap funds must invest at least 65% of total assets in equity and equity-related instruments.
The ability to move across market capitalisations is the category's defining feature.
Explained
A flexi cap fund is an open-ended equity scheme that can invest across large-cap, mid-cap and small-cap stocks.
Unlike a multi cap fund, which has specified minimum exposure requirements across market-cap segments, a flexi cap manager has greater freedom to determine the allocation based on the fund's strategy and market opportunities.
For example, a manager may maintain substantial large-cap exposure while selectively investing in mid-cap and small-cap companies. That allocation can change over time.
Explained
The fund manager constructs a portfolio from companies across different market capitalisations.
The manager can adjust the portfolio depending on factors such as:
This flexibility does not mean the manager can avoid market declines. The scheme remains an equity investment and its NAV will fluctuate with the underlying portfolio.
Suitability
Flexi cap funds may suit investors who:
Check the actual portfolio before investing. Two flexi cap funds can have very different allocations despite belonging to the same category.
Advantages
Fund managers are not required to maintain the same allocation to large, mid and small companies at all times.
The investment universe covers companies of different sizes, giving managers a wider pool of stocks from which to construct the portfolio.
Investors do not have to decide themselves when to increase or reduce exposure to a particular market-cap segment.
Exposure to equities provides the potential to participate in the growth of underlying businesses over the long term. Returns, however, are not guaranteed.
Before you invest
The word flexi does not automatically mean the portfolio is evenly diversified. One fund could have a strong large-cap bias while another takes greater mid-cap and small-cap exposure.
Because allocation flexibility is high, understand how the fund manager selects companies and manages changes between market-cap segments.
If you already own other diversified equity funds, check whether adding a flexi cap fund simply increases exposure to the same stocks.
A flexi cap scheme with significant mid-cap or small-cap exposure may experience greater volatility than one dominated by large-cap stocks.
Compare costs with similar funds and understand any exit load before investing.
Taxation
Flexi cap funds generally fall under equity-oriented mutual fund taxation when they satisfy the relevant conditions under Indian tax law.
For qualifying units held for more than 12 months, gains are generally classified as long-term capital gains. LTCG covered under Section 112A is taxed at 12.5% above the applicable annual exemption threshold.
For qualifying units held for 12 months or less, gains are generally short-term and subject to the applicable special rate under Section 111A.
Tax provisions can change, so check the rules applicable when you sell your units.
Step by step
Good to know
It refers to an equity fund that can dynamically invest across large-cap, mid-cap and small-cap companies within its regulatory and scheme mandate.
Under SEBI's current categorisation framework, flexi cap funds must invest at least 65% of total assets in equity and equity-related instruments.
The key difference is allocation flexibility. Multi cap funds have prescribed minimum exposure across market-cap segments, while flexi cap funds give the manager greater freedom to determine how equity exposure is distributed across large, mid and small companies.
They carry equity-market risk. Their actual volatility can also depend on the proportion invested in large, mid and small-cap stocks.
Yes. Investors can generally invest in open-ended flexi cap schemes through SIPs, subject to the scheme's terms.
Recap
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FUND
IDBI Flexi Cap Fund Direct Plan GrowthEquity Flexi-Cap₹42.88
0.37%
14.99%
24.31%
13.6%
Bank of India Flexi Cap Fund Direct GrowthEquity Flexi-Cap₹41.52
2.17%13.32%
18.72%
16.82%
Motilal Oswal Flexicap Fund Direct Plan GrowthEquity Flexi-Cap₹70.22
2.43%2.98%
17.69%
13.17%
I
ICICI Prudential Flexi Cap Fund Direct GrowthEquity Flexi-Cap₹21.12
1.77%5.29%
15.59%
15.24%
HSBC Flexi Cap Fund Growth DirectEquity Flexi-Cap₹257.53
2.29%7.37%
15.44%
13.46%
HDFC Flexi Cap Fund -Direct Plan - Growth OptionEquity Flexi-Cap₹2207.73
1.51%1.86%
15.13%
17.5%
Quant Flexi Cap Fund Growth Option Direct PlanEquity Flexi-Cap₹119.16
1.58%13.72%
14.81%
15.02%
Aditya Birla Sun Life Flexi Cap Fund Direct Plan GrowthEquity Flexi-Cap₹2141.17
1.78%8.35%
14.36%
11.79%
JM Flexi Cap Fund (Direct) Growth OptionEquity Flexi-Cap₹112.9
2.11%2.62%
14.23%
15.77%
Edelweiss Flexi Cap Fund Direct Reinvestment of Income Distribution cum capital withdrawal OptEquity Flexi-Cap₹36.02
1.75%2.29%
13.99%
12.97%
IDBI Flexi Cap Fund Direct Plan Income AnnuallyEquity Flexi-Cap₹27.06
0.37%15%
23.99%
13.21%
Bank of India Flexi Cap Fund Direct Payout of Income Dist cum Cap WdrlEquity Flexi-Cap₹35.48
2.18%10.08%
18.1%
16%
Motilal Oswal Flexicap Fund Direct Plan Payout of Income Distribution cum capital withdrawalEquity Flexi-Cap₹34.74
2.43%2.64%
17.23%
12.71%
I
ICICI Prudential Flexi Cap Fund Direct Reinvestment of Income Distribution cum Cap WdrlEquity Flexi-Cap₹17.87
1.71%4.64%
15.04%
14.93%
HSBC Flexi Cap Fund - IDCW DirectEquity Flexi-Cap₹46.91
2.29%3.72%
13.96%
12.09%
HDFC Flexi Cap Fund -Direct Plan Payout Inc Dist cum Cap Wdrl OptEquity Flexi-Cap₹89.27
1.51%1.25%
14.88%
17.36%
Quant Flexi Cap Fund Direct Plan Payout of Income Distribution cum capital WdrlEquity Flexi-Cap₹81
1.58%13.72%
14.78%
15.03%
Aditya Birla Sun Life Flexi Cap Fund Direct Plan Payout Inc Dist cum Cap WdrlEquity Flexi-Cap₹233.13
1.78%7.94%
13.89%
11.33%
JM Flexi Cap Fund (Direct) Reinvestment of Income Distribution cum capital withdrawalEquity Flexi-Cap₹102.62
2.11%2.62%
14.23%
15.77%
Edelweiss Flexi Cap Fund Direct GrowthEquity Flexi-Cap₹44.48
1.75%0.09%
13.22%
12.26%
Showing 1–20 of 122
