Only Four of 37 Flexi-Cap Funds Cross 8% in Three-Year SIP Return Study

Key Takeaways

• Only four of 37 flexi-cap schemes in the dataset generated annualised three-year SIP returns above 8%. 
• ITI Flexi Cap Fund led the sample at 10.16%, followed by Bank of India Flexi Cap Fund at 9.09%. 
• Returns across the category ranged from 10.16% to -8.42%, showing wide historical dispersion within the same SEBI fund category. 

Three-year systematic investment plan returns have varied sharply across India's flexi-cap mutual fund category, according to Value Research data measured as of 20 October 2026. 

Only four of the 37 schemes in the dataset generated annualised three-year SIP returns above 8%. Eight schemes crossed the 7% level, while 29 remained below it. 

ITI Flexi Cap Fund recorded the highest return at 10.16%. 

Bank of India Flexi Cap Fund followed with 9.09%, while 360 ONE Flexicap Fund delivered 8.95% and Navi Flexi Cap Fund returned 8.12%. 

Aditya Birla Sun Life Flexi Cap Fund produced 7.80%, Bajaj Finserv Flexi Cap Fund 7.49% and ICICI Prudential Flexi Cap Fund 7.46%. 

Large Fund Size Did Not Correspond With Higher Returns 

Some of the category's largest schemes were positioned around the middle or lower end of the three-year SIP return range. 

Parag Parikh Flexi Cap Fund, with reported assets of about ₹1.45 lakh crore, generated a three-year SIP return of 4.22%. 

HDFC Flexi Cap Fund, with AUM of about ₹1.09 lakh crore, returned 5.21%. 

Kotak Flexi Cap Fund delivered 2.07%, UTI Flexi Cap Fund 2.36% and SBI Flexicap Fund 0.34%. Franklin India Flexi Cap Fund recorded 0.01%. 

Three schemes in the dataset recorded negative three-year SIP returns. Samco Flexi Cap Fund was at -8.42%, Shriram Flexi Cap Fund at -2.89% and NJ Flexi Cap Fund at -1.87%. 

Flexi-cap funds operate under the same broad category but have considerable freedom to divide their equity portfolios between large-, mid- and small-cap companies. 

Differences in stock selection, market-cap allocation, sector exposure and portfolio turnover can therefore create substantial variation between schemes. 

The figures represent historical annualised SIP returns over one specific three-year measurement window. They should not be treated as forecasts or as a ranking of which funds will perform better in future.