Synopsis: This article lists the top 7 flexi-cap equity mutual funds that have given the highest returns in the past 5 years. Alongwith the 5-year CAGR, other important factors like NAV, AUM, 1-Year, 3-Year, and 5 Year Returns are included. The article also covers the benchmark funds, fund managers, top holdings of each fund, and who should consider these funds.
According to the SEBI regulations, flexi-cap funds should invest at least 65% of their assets in equities across large, mid, and small-cap stocks, depending on market conditions. In the last five years, many top-performing flexi-cap funds have generated over 20% CAGR, significantly beating broader market indices. The combination of strong performance, flexibility, and resilience during market volatility has made flexi-cap funds an ideal tool for long-term wealth generation.
Methodology: We filtered the funds based strong long-term performance. Funds (Direct Plan–Growth) were shortlisted based on a 5-year CAGR of over 20%. All data points are as of February 17, 2026. The selection focuses on actively managed equity schemes, with performance data sourced from Groww, and verified against AMC factsheets and scheme documents.
Top Flexi-cap Equity Funds with the highest 5-year CAGR (Source: Groww, 17 February, 2026)
1. HDFC Focused Fund (5-year CAGR:23.11%)
- NAV: ₹275.54
- AUM: ₹26,332.20Cr
- Expense Ratio: 0.63%
- 1-Year Return: 18.15%
- 3-Year CAGR: 22.99%
- 3-Year Return: 88.4%
- 5-Year Return: 184.7%
HDFC Focused Fund uses the NIFTY 500 Total Return Index and is managed by Amit Ganatra and Dhruv Muchhal. Its top 3 holdings include HDFC Bank, ICICI Bank, and Axis Bank.
2. ICICI Prudential Retirement Fund (5-year CAGR:22.41%)
- NAV: ₹37.79
- AUM: ₹1,652.05Cr
- Expense Ratio:0.74%
- 1-Year Return:24.32%
- 3-Year CAGR:27.45%
- 3-Year Return:108.0%
- 5-Year Return:176.8%
ICICI Prudential Retirement Fund uses the NIFTY 500 Total Return Index as its benchmark index and is managed by Sharmila D’Silva, Darshil Dedhia, and Rohit Lakhotia. Its top 3 holdings include HDFC Bank, ICICI Ban,k and Hindustan Unilever
3. Quant Flexi Cap Fund (5-year CAGR:21.71%)
- NAV: ₹108.80
- AUM: ₹6,220.57Cr
- Expense Ratio:0.71%
- 1-Year Return: 13.15%
- 3-Year CAGR: 18.69%
- 3-Year Return: 67.3%
- 5-Year Return: 165.6%
Quant Flexi Cap Fund uses the NIFTY 500 Total Return Index as its benchmark index and is managed by Sanjeev Sharma, Sandeep Tandon, and Ankit A Pande. Its top 3 holdings include Samvardhana Motherson International Ltd, Adani Power, and Adani Enterprises.
Also read: Top Mutual Funds: 7 Large-Cap Funds That Delivered Up to 26% in the Last 1 Year
4. HDFC Flexi Cap Direct Plan-Growth (5-year CAGR:21.13%)
- NAV: ₹2,289.94
- AUM: ₹97,451.56Cr
- Expense Ratio: 0.69%
- 1-Year Return: 17.82%
- 3-Year CAGR: 22.66%
- 3-Year Return: 86.5%
- 5-Year Return: 163.2%
HDFC Flexi Cap Direct Plan-Growth uses the Nifty 500 Total Return Index as its benchmark fund and is managed by Amit Ganatra and Dhruv Muchhal. Its top 3 holdings include ICICI Bank, HDFC Bank, and Axis Bank.
5. Bank of India Flexi Cap Fund (5-year CAGR:20.66%)
- NAV: ₹38.28
- AUM: ₹2,167.16Cr
- Expense Ratio: 0.58%
- 1-Year Return:18.15%
- 3-Year CAGR: 23.24%
- 3-Year Return: 89.2%
- 5-Year Return: 155.9%
Bank of India Flexi Cap Fund uses the BSE 500 Total Return Index as the benchmark index and is managed by Alok Singh. Its top 3 holdings include State Bank of India, Hindustan Aeronautics, and Vedanta Ltd.
6. ICICI Prudential Diversified Equity All Cap Omni FoF Direct Growth (5-year CAGR:20.33%)
- NAV: ₹32.93
- AUM: ₹262.52Cr
- Expense Ratio: 0.45%
- 1-Year Return: 14.55%
- 3-Year CAGR: 21.69%
- 3-Year Return: 81.1%
- 5-Year Return: 157.9%
ICICI Prudential Diversified Equity All Cap Omni FoF Direct Growth uses the BSE 500 Total Return Index and is managed by Dharmesh Kakkad, Sharmila D’Silva, and Masoomi Jhurmarvala. Its top 3 holdings include ICICI Prudential Focused Equity Fund Direct-Growth, Parag Parikh Flexi Cap Fund Direct Growth, and HDFC Nifty Smallcap 250 ETF-Growth.
7. ICICI Prudential Focused Equity Fund (5-year CAGR:20.47%)
- NAV: ₹112.08
- AUM: ₹14,935.49Cr
- Expense Ratio: 0.58%
- 1-Year Return: 22.69%
- 3-Year CAGR: 24.70%
- 3-Year Return: 94.3%
- 5-Year Return: 155.4%
ICICI Prudential Focused Equity Fund uses the BSE 500 Total Return Index and is managed by Vaibhav Dusad and Sharmila D’Silva. Its top 3 holdings include ICICI Bank, HDFC Bank, and Britannia Industries.
Who Should Consider These Funds?
Flexi-cap mutual funds are suitable for investors seeking capital growth and who are okay with moderate to high market risk. They work well for individuals with an investment horizon of at least five years and who prefer the flexibility to invest in large-, mid-, and small-cap stocks without managing allocations themselves.
These funds can benefit salaried professionals, young investors seeking to build wealth, and investors looking to diversify their equity portfolios. However, conservative investors with short-term financial goals might find these funds less appropriate because of possible market volatility.
Conclusion
While past returns offer helpful insights, they should not be the only factor in investment choices. Other factors, such as expense ratios, assets under management, fund goals, and the investor’s risk tolerance and investment horizon, should be considered. Flexi-cap funds are a smart choice for long-term investors seeking growth and flexibility; however, performance can vary with market conditions.
Disclaimer: The information provided in this article is for educational purposes only and should not be construed as financial advice or investment recommendation. Returns mentioned are based on historical performance and may not be sustained in the future. Mutual fund investments are subject to market risks, including potential loss of capital. Investors are advised to assess their risk appetite, financial goals, and consult a certified financial advisor before investing.
Written by Nila Maria Jacob
