Best Flexi Cap Funds to Invest in November 2026
Foliyo’s research compared 38 flexi cap funds on returns, consistency, risk and cost. These 10 rank highest; 9 are Leaders.
- Flexi Cap funds reviewed
- 38
- Median 3-year return a year
- 11.2%
- Median expense ratio
- 0.89%
- Data as of
- 23 October 2026
Best 3 in November 2026
- 1
HDFC Flexi Cap Fund Leader14.4% 3Y a year - 2
Bank of India Flexi Cap Fund Leader17.4% 3Y a year - 3
Parag Parikh Flexi Cap Fund Leader12.3% 3Y a year
Category median 11.2% a year over 3 years
Leaders have stayed ahead of the 3-year peer median of 11.2% in nearly every rolling 3-year period (HDFC Flexi Cap and Bank of India both 100.0%), while laggards trail in all of them and also cost more (UTI 1.16% and LIC MF 1.85%, against a median of 0.89%). The 1-year peer median is -6.6%, so 1-year numbers mostly show who fell less, and the leaders get there by different routes: Parag Parikh with a downside capture of 44, Bank of India with higher volatility and a deeper drawdown. This is not a tight category: the gaps on 3 and 5 years are wide.
Best flexi cap funds in November 2026: the ranking of 10
Ranked by Foliyo’s research among 38 flexi cap funds with at least ₹500 Cr. Returns are for the Direct Growth plan to 23 October 2026 (3 and 5-year returns a year; the bar shows the 3-year return); fund size as of 30 September 2026.
| # | Fund (Direct Growth) and Foliyo label | 1Y return | 3Y return | 5Y return | Expense ratio | Fund size |
|---|---|---|---|---|---|---|
| 1 | HDFC Flexi Cap Fund Leader | −6.8% | 14.4% | 14.3% | 0.77% | ₹1,08,547 Cr |
| 2 | Bank of India Flexi Cap Fund Leader | 0.9% | 17.4% | 14.3% | 0.85% | ₹3,098 Cr |
| 3 | Parag Parikh Flexi Cap Fund Leader | −6.7% | 12.3% | 10.5% | 0.69% | ₹1,45,070 Cr |
| 4 |  WhiteOak Capital Flexi Cap Fund Leader | −4.5% | 13.1% | — | 0.83% | ₹9,325 Cr |
| 5 |  ICICI Prudential Flexi Cap Fund Leader | −3.8% | 14.1% | 13.1% | 0.88% | ₹25,141 Cr |
| 6 |  360 ONE Flexicap Fund Leader | −0.3% | 15.3% | — | 0.92% | ₹2,246 Cr |
| 7 | Bajaj Flexi Cap Fund Leader | −2.8% | 14.5% | — | 0.98% | ₹8,527 Cr |
| 8 | ITI Flexi Cap Fund Leader | 3.4% | 17.2% | — | 0.91% | ₹1,588 Cr |
| 9 |  Invesco India Flexi Cap Fund Leader | −6.2% | 15.4% | — | 0.78% | ₹5,437 Cr |
| 10 |  Edelweiss Flexi Cap Fund Strong | −6.9% | 13.2% | 10.8% | 0.77% | ₹3,489 Cr |
Category median: 11.2% a year over 3 years, −6.6% over 1 year, expense ratio 0.89%. # is the fund’s rank among all 38 in the review; funds too young or with too little data to rank are left out. A “—” means the fund is too young for that period.
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The 10 funds, one by one
HDFC Flexi Cap Fund Direct Growth
Rank 1 of 38, managed by Amit B. Ganatra (lead since Feb 2026), Very High risk
Leader Top rated: over 3 years it returned 14.4% a year against 11.2% for similar funds, at a lower yearly fee, though a new lead manager has only been in charge since February 2026.
Over 3 years the fund returned 14.4% a year, against 11.2% for similar funds, and over 5 years 14.3% a year, against 9.0%. Its yearly fee is 0.77%, against 0.89% for similar funds. It has done better than similar funds steadily, and in each of the last 5 calendar years it was in the better half of its category. It also fell less than the market in bad months. Keep in mind that the lead manager changed in February 2026, so most of this record was built under someone else. Over the last year it lost 6.8%, about level with similar funds at 6.6%.
Pros
- The 3-year return is 14.4% against a peer median of 11.2%, and the 5-year return is 14.3% against 9.0%.
- It was ahead of the peer median in 100.0% of rolling 3-year periods and in the top half of its category in 5 of 5 calendar years.
- It fell less than its benchmark: downside capture 74, upside capture 101, maximum drawdown -12.4% and beta 0.83, with an expense ratio of 0.77% against a peer median of 0.89%.
Cons
- Amit B. Ganatra has been lead manager only since Feb 2026 (0.7 years), so most of this record was built before him.
- The 1-year return of -6.8% is level with the peer median of -6.6%, so the recent edge is not visible.
- 1-year return
- −6.8% −0.1 pts median −6.6%
- 3-year return (a year)
- 14.4% +3.2 pts median 11.2%
- 5-year return (a year)
- 14.3% +5.3 pts median 9.0%
- Sharpe ratio (3Y)
- 0.62 +0.22 median 0.40
- Volatility (3Y)
- 13.5% −2.1 pts median 15.6%
- Worst fall (3Y)
- −12.4% +4.3 pts median −16.6%
- Downside capture (3Y)
- 74 −19 median 93
- Expense ratio
- 0.77% −0.12 pts median 0.89%
- Cash
- 2.3% median 3.1%
- Fund size
- ₹1,08,547 Cr median ₹6,432 Cr
NAV, holdings and returns Parag Parikh Flexi Cap vs HDFC Flexi Cap
Bank of India Flexi Cap Fund Direct Growth
Rank 2 of 38, managed by Alok Singh (lead since Jun 2020), Very High risk
Leader Top rated: over 3 years it returned 17.4% a year against 11.2% for similar funds, at a slightly lower yearly fee, though it has been more volatile.
Over 3 years the fund returned 17.4% a year, against 11.2% for similar funds, and over 5 years 14.3% a year, against 9.0%. Its yearly fee is 0.85%, against 0.89% for similar funds. Over the last 3 years it stayed ahead of similar funds in every 3-year stretch and in most single years. Keep in mind that its value swung more than similar funds and it fell further in the worst stretch, and it holds a good share in small companies and some cash. Its 1-year return of 0.9% was still ahead of similar funds at -6.6%.
Pros
- The 3-year return is 17.4% against a peer median of 11.2%, and the 1-year return is 0.9% against -6.6%.
- It was ahead of the peer median in 100.0% of rolling 3-year periods and in the top half in 4 of 5 calendar years.
- Sharpe is 0.67 against a peer median of 0.40 and alpha is 8.4, so the extra return was more than the extra risk alone would explain.
Cons
- Maximum drawdown is -22.2% against a peer median of -16.6%, volatility is 18.8% against 15.6%, and downside capture is 90 with beta 1.08.
- The portfolio holds 32.1% in small caps and 8.6% in cash, so it behaves differently from a large-cap-heavy flexi cap.
- 1-year return
- 0.9% +7.5 pts median −6.6%
- 3-year return (a year)
- 17.4% +6.2 pts median 11.2%
- 5-year return (a year)
- 14.3% +5.4 pts median 9.0%
- Sharpe ratio (3Y)
- 0.67 +0.27 median 0.40
- Volatility (3Y)
- 18.8% +3.1 pts median 15.6%
- Worst fall (3Y)
- −22.2% −5.6 pts median −16.6%
- Downside capture (3Y)
- 90 −3 median 93
- Expense ratio
- 0.85% −0.04 pts median 0.89%
- Cash
- 8.6% median 3.1%
- Fund size
- ₹3,098 Cr median ₹6,432 Cr
Parag Parikh Flexi Cap Fund Direct Growth
Rank 3 of 38, managed by Rajeev Thakkar (lead since May 2013), Very High risk
Leader Top rated: over 3 years it returned 12.3% a year against 11.2% for similar funds, at a lower yearly fee, and it has held up well when markets fell.
Over 3 years the fund returned 12.3% a year, against 11.2% for similar funds, and over 5 years 10.5% a year, against 9.0%. Its yearly fee is 0.69%, against 0.89% for similar funds. It fell less than most when markets dropped and has been steady, with its manager in place since May 2013. Keep in mind that it has gained less in strongly rising markets, and its 1-year return of -6.7% is level with similar funds at -6.6%. About 9.6% is held in cash, and the ten largest holdings make up 51.2% of the fund.
Pros
- It was ahead of the peer median in 96.8% of rolling 3-year periods, with a 3-year return of 12.3% against 11.2% and a 5-year return of 10.5% against 9.0%.
- Downside capture is 44, maximum drawdown -10.0%, volatility 10.1% and Sharpe 0.59 against a peer median of 0.40.
- The expense ratio is 0.69% against a peer median of 0.89%, and Rajeev Thakkar has led the fund since May 2013.
Cons
- Upside capture is 73, so it lags in strong markets, and the 1-year return of -6.7% is level with the peer median of -6.6%.
- Cash is 9.6% and the top 10 holdings are 51.2% of the portfolio.
- 1-year return
- −6.7% level median −6.6%
- 3-year return (a year)
- 12.3% +1.1 pts median 11.2%
- 5-year return (a year)
- 10.5% +1.5 pts median 9.0%
- Sharpe ratio (3Y)
- 0.59 +0.19 median 0.40
- Volatility (3Y)
- 10.1% −5.6 pts median 15.6%
- Worst fall (3Y)
- −10.0% +6.6 pts median −16.6%
- Downside capture (3Y)
- 44 −49 median 93
- Expense ratio
- 0.69% −0.20 pts median 0.89%
- Cash
- 9.6% median 3.1%
- Fund size
- ₹1,45,070 Cr median ₹6,432 Cr
NAV, holdings and returns Parag Parikh Flexi Cap vs HDFC Flexi Cap Parag Parikh Flexi Cap vs Kotak Flexi Cap
WhiteOak Capital Flexi Cap Fund Direct Growth
Rank 4 of 38, managed by Ramesh Mantri (lead since Aug 2022), Very High risk
Leader Top rated: over 3 years it returned 13.1% a year against 11.2% for similar funds, at a lower yearly fee of 0.83% against 0.89%.
Over 3 years the fund returned 13.1% a year, against 11.2% for similar funds. Over the last year it lost 4.5%, though similar funds lost 6.6%. Its yearly fee is 0.83%, against 0.89% for similar funds. Over the last 3 years it has stayed ahead of similar funds steadily, and it fell less when markets dropped. Keep in mind that it holds a fair amount in smaller companies, which can swing more in price, and that its lead manager has been in place only since August 2022. A change of manager or a shrinking lead over similar funds would change our view.
Pros
- Ahead of the peer median in 100.0% of rolling 3-year periods (weekly, last 3 years)
- Ahead of the peer median in 94.9% of rolling 1-year periods (weekly, last 3 years)
Cons
No red flags this month.
- 1-year return
- −4.5% +2.1 pts median −6.6%
- 3-year return (a year)
- 13.1% +1.9 pts median 11.2%
- Sharpe ratio (3Y)
- 0.53 +0.13 median 0.40
- Volatility (3Y)
- 14.9% −0.8 pts median 15.6%
- Worst fall (3Y)
- −14.6% +2.0 pts median −16.6%
- Downside capture (3Y)
- 83 −9 median 93
- Expense ratio
- 0.83% −0.06 pts median 0.89%
- Cash
- 1.0% median 3.1%
- Fund size
- ₹9,325 Cr median ₹6,432 Cr
ICICI Prudential Flexi Cap Fund Direct Growth
Rank 5 of 38, managed by Rajat Chandak (lead since Jul 2021), Very High risk
Leader A category leader: ranks 5 of 38 in Flexi Cap.
Pros
- 3-year return (a year) 14.1% vs peer median 11.2%
- Ahead of the peer median in 97.5% of rolling 3-year periods (weekly, last 3 years)
- 5-year return (a year) 13.1% vs peer median 9.0%
Cons
No red flags this month.
- 1-year return
- −3.8% +2.8 pts median −6.6%
- 3-year return (a year)
- 14.1% +2.9 pts median 11.2%
- 5-year return (a year)
- 13.1% +4.1 pts median 9.0%
- Sharpe ratio (3Y)
- 0.58 +0.18 median 0.40
- Volatility (3Y)
- 16.1% +0.4 pts median 15.6%
- Worst fall (3Y)
- −18.8% −2.2 pts median −16.6%
- Downside capture (3Y)
- 89 −4 median 93
- Expense ratio
- 0.88% −0.01 pts median 0.89%
- Cash
- 2.6% median 3.1%
- Fund size
- ₹25,141 Cr median ₹6,432 Cr
360 ONE Flexicap Fund Direct Growth
Rank 6 of 38, managed by Mayur Patel (lead since Jun 2023), Very High risk
Leader A category leader: ranks 6 of 38 in Flexi Cap.
Pros
- 3-year return (a year) 15.3% vs peer median 11.2%
- Sharpe ratio (3Y) 0.67 vs peer median 0.40
- Downside capture (3Y) 81 vs peer median 93
Cons
No red flags this month.
- 1-year return
- −0.3% +6.3 pts median −6.6%
- 3-year return (a year)
- 15.3% +4.1 pts median 11.2%
- Sharpe ratio (3Y)
- 0.67 +0.27 median 0.40
- Volatility (3Y)
- 15.9% +0.2 pts median 15.6%
- Worst fall (3Y)
- −16.3% +0.3 pts median −16.6%
- Downside capture (3Y)
- 81 −12 median 93
- Expense ratio
- 0.92% +0.03 pts median 0.89%
- Cash
- 3.2% median 3.1%
- Fund size
- ₹2,246 Cr median ₹6,432 Cr
Bajaj Flexi Cap Fund Direct Growth
Rank 7 of 38, managed by Nimesh Chandan (lead since Aug 2023), Very High risk
Leader A category leader: ranks 7 of 38 in Flexi Cap.
Pros
- 3-year return (a year) 14.5% vs peer median 11.2%
- Ahead of the peer median in 99.6% of rolling 1-year periods (weekly, last 3 years)
- Sharpe ratio (3Y) 0.63 vs peer median 0.40
Cons
No red flags this month.
- 1-year return
- −2.8% +3.8 pts median −6.6%
- 3-year return (a year)
- 14.5% +3.3 pts median 11.2%
- Sharpe ratio (3Y)
- 0.63 +0.23 median 0.40
- Volatility (3Y)
- 15.6% level median 15.6%
- Worst fall (3Y)
- −16.6% level median −16.6%
- Downside capture (3Y)
- 85 −8 median 93
- Expense ratio
- 0.98% +0.09 pts median 0.89%
- Cash
- 5.2% median 3.1%
- Fund size
- ₹8,527 Cr median ₹6,432 Cr
ITI Flexi Cap Fund Direct Growth
Rank 8 of 38, managed by Dhimant Shah (lead since Feb 2023), Very High risk
Leader A category leader: ranks 8 of 38 in Flexi Cap.
Pros
- 3-year return (a year) 17.2% vs peer median 11.2%
- Ahead of the peer median in 100.0% of rolling 3-year periods (weekly, last 3 years)
- Sharpe ratio (3Y) 0.68 vs peer median 0.40
Cons
- Worst fall (3Y) -20.7% vs peer median -16.6%
- Volatility (3Y) 17.5% vs peer median 15.6%
- 1-year return
- 3.4% +10.0 pts median −6.6%
- 3-year return (a year)
- 17.2% +6.0 pts median 11.2%
- Sharpe ratio (3Y)
- 0.68 +0.28 median 0.40
- Volatility (3Y)
- 17.5% +1.9 pts median 15.6%
- Worst fall (3Y)
- −20.7% −4.1 pts median −16.6%
- Downside capture (3Y)
- 96 +3 median 93
- Expense ratio
- 0.91% +0.02 pts median 0.89%
- Cash
- 1.5% median 3.1%
- Fund size
- ₹1,588 Cr median ₹6,432 Cr
Invesco India Flexi Cap Fund Direct Growth
Rank 9 of 38, managed by Taher Badshah (lead since Feb 2022), Very High risk
Leader A category leader: ranks 9 of 38 in Flexi Cap.
Pros
- 3-year return (a year) 15.4% vs peer median 11.2%
- Ahead of the peer median in 100.0% of rolling 3-year periods (weekly, last 3 years)
- Expense ratio 0.78% vs peer median 0.89%
Cons
- Downside capture (3Y) 99 vs peer median 93
- Volatility (3Y) 18.0% vs peer median 15.6%
- 1-year return
- −6.2% +0.4 pts median −6.6%
- 3-year return (a year)
- 15.4% +4.2 pts median 11.2%
- Sharpe ratio (3Y)
- 0.60 +0.20 median 0.40
- Volatility (3Y)
- 18.0% +2.3 pts median 15.6%
- Worst fall (3Y)
- −18.2% −1.6 pts median −16.6%
- Downside capture (3Y)
- 99 +7 median 93
- Expense ratio
- 0.78% −0.11 pts median 0.89%
- Cash
- 1.6% median 3.1%
- Fund size
- ₹5,437 Cr median ₹6,432 Cr
Edelweiss Flexi Cap Fund Direct Growth
Rank 10 of 38, managed by Trideep Bhattacharya (lead since Oct 2021), Very High risk
Strong A strong fund: ranks 10 of 38 in Flexi Cap.
Pros
- Ahead of the peer median in 100.0% of rolling 3-year periods (weekly, last 3 years)
- Expense ratio 0.77% vs peer median 0.89%
- 5-year return (a year) 10.8% vs peer median 9.0%
Cons
- Downside capture (3Y) 97 vs peer median 93
- 1-year return
- −6.9% −0.3 pts median −6.6%
- 3-year return (a year)
- 13.2% +1.9 pts median 11.2%
- 5-year return (a year)
- 10.8% +1.8 pts median 9.0%
- Sharpe ratio (3Y)
- 0.48 +0.08 median 0.40
- Volatility (3Y)
- 16.0% +0.4 pts median 15.6%
- Worst fall (3Y)
- −17.9% −1.3 pts median −16.6%
- Downside capture (3Y)
- 97 +4 median 93
- Expense ratio
- 0.77% −0.12 pts median 0.89%
- Cash
- 3.0% median 3.1%
- Fund size
- ₹3,489 Cr median ₹6,432 Cr
Emerging flexi cap funds to watch
Younger than 3 years, so not judged on a full record yet, but with one of the strongest first years against every peer’s last year:
- TrustMF Flexi Cap Fund: Promising 1-year result, but only 2.5 years old and the most expensive of the promising funds; too early to call.
Helios Flexi Cap Fund: Promising, not proven: ahead of peers in most 1-year windows, but it fell almost as much as its benchmark in bad months.
Compare the largest flexi cap funds
- Parag Parikh Flexi Cap Fund vs HDFC Flexi Cap Fund
- Parag Parikh Flexi Cap Fund vs Kotak Flexi Cap Fund
What is a flexi cap fund?
A flexi cap fund keeps at least 65% of its money in shares and may move freely between large, mid and small companies (SEBI’s rule since 2020). It suits a long-term core holding, with the fund manager deciding the mix.
Read more: How to choose a flexi cap fund.
How Foliyo’s research ranks funds
Every month Foliyo’s Research Desk reviews each Indian mutual fund with at least ₹500 Cr under management (1,035 funds in the review of 23 October 2026), through its Direct Growth plan, and ranks it against the other funds in its category. No fund house pays us, and we earn no commission, so the ranking has no reason to favour anyone. For equity funds the ranking weighs:
- Performance (35%): 3, 5 and 1-year returns, and where the fund stands among all funds in its category over 3 and 5 years.
- Consistency (25%): how often the fund was ahead of its peers over rolling 1 and 3-year periods, and in how many calendar years it finished in the top half.
- Risk (25%): return per unit of risk (Sharpe and Sortino ratios), how much of the market’s falls it took (downside capture), its worst fall and its volatility.
- Cost (10%) and stability (5%): the expense ratio, and how long the lead manager has run the fund.
Where a fund stands sets its label: Leader (the strongest in the category), Strong, Steady and Laggard (behind most of its peers). A fund under 3 years old is never judged on a full record: its first year is compared with every peer’s last year (1-year return 25%, steadiness against peers 15%, Sharpe ratio 15%, worst fall 10%, downside capture 10%, cost 15%), and it is labelled Emerging when that start is among the strongest, or Too early otherwise. Red flags are set by rule, never by opinion: a new lead manager, a portfolio that strays from the category’s mandate, high cash, high cost or a concentrated portfolio.
Frequently asked questions
Which are the best flexi cap funds to invest in November 2026?
On Foliyo’s research (data to 23 October 2026), the five highest-ranked flexi cap funds are HDFC Flexi Cap Fund (Leader), Bank of India Flexi Cap Fund (Leader), Parag Parikh Flexi Cap Fund (Leader), WhiteOak Capital Flexi Cap Fund (Leader), ICICI Prudential Flexi Cap Fund (Leader). The full list of 10, with each fund’s pros and cons, is on this page. Which one suits you depends on your goals and the funds you already own.
What is a flexi cap fund?
A flexi cap fund keeps at least 65% of its money in shares and may move freely between large, mid and small companies (SEBI’s rule since 2020). It suits a long-term core holding, with the fund manager deciding the mix.
How does Foliyo rank flexi cap funds?
Each flexi cap fund with at least ₹500 Cr is compared with the others on performance (3, 5 and 1-year returns), consistency (rolling returns and calendar years), risk (Sharpe and Sortino ratios, downside capture, worst fall, volatility), cost (expense ratio) and the lead manager’s tenure. The strongest are Leaders, then Strong, Steady and Laggard; funds under 3 years old are Emerging (a strong first year) or Too early.
What return have flexi cap funds given?
The median flexi cap fund in our review returned 11.2% a year over 3 years and 9.0% a year over 5 years, and −6.6% over the last year, to 23 October 2026 (Direct plans). The top-ranked fund, HDFC Flexi Cap Fund, returned 14.4% a year over 3 years.
What is the expense ratio of flexi cap funds?
The median Direct plan in the category charges 0.89% a year. Regular plans cost more, often 0.6 to 1.2 points a year more, because the fee includes the distributor’s commission. See what that gap costs over time.
Is the top-ranked flexi cap fund the best one for me?
Not necessarily. The ranking says how funds have done against each other, not how they will do, and the right fund depends on your goals, horizon and the funds you already hold. A fee-only adviser can check your whole portfolio: talk to a Foliyo adviser.
Why hire a Foliyo Advisor?
- Unbiased
- No commissions, ever
- SEBI-registered RIA
- Best-in-class research