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By Dalal Street Investment Journal (DSIJ)
Top 5 Performing Flexi Cap Mutual Funds for May 2026: ICICI Pru Retirement Fund Pure Equity leads with a 22.36% 5 year return, while HDFC Flexi Cap follows with 19.56% and has the lowest expense ratio among the listed funds at 1.35%. The list compares returns, AUM, expense ratio, Sharpe ratio, beta and standard deviation for a clearer performance snapshot.
Flexi cap funds sit at the intersection of flexibility and ambition. Unlike large cap funds constrained to the top 100 stocks or mid cap funds locked to a specific segment, a flexi cap fund manager can go anywhere: large, mid or small in whatever proportion conviction and market conditions demand. That freedom makes the category one of the most interesting in Indian mutual funds. It also means fund manager quality and portfolio construction discipline matter more here than in almost any other equity category.
The data below covers the top performers flexi cap mutual funds based on 5-year trailing returns.
Fund | AUM ( ₹ cr) | Expense Ratio (%) | 5-Year Return (%) | Sharpe Ratio | Beta | Std Dev |
ICICI Pru Retirement Fund - Pure Equity | 1,609 | 2.02 | 22.36 | 0.35 | 1.06 | 14.87 |
HDFC Flexi Cap | 91,335 | 1.35 | 19.56 | 0.31 | 0.85 | 11.93 |
Bank of India Flexi Cap | 2,034 | 1.92 | 18.56 | 0.27 | 1.09 | 16.76 |
JM Flexicap | 4,505 | 1.86 | 17.16 | 0.22 | 1.09 | 15.8 |
HDFC Retirement Savings - Equity | 6,236 | 1.78 | 15.93 | 0.2 | 0.89 | 12.26 |
Note: All returns are trailing returns. Data sourced from RupeeVest.
Two observations stand out immediately before looking at individual funds.
ICICI Pru Retirement Fund - Pure Equity tops the list with a return of 22.36% over five years. HDFC Flexi Cap is the second flexicap fund to appear, delivering a 19.56% return over five years.
ICICI Prudential Retirement Fund - Pure Equity Plan leads the ranking rankings. The 5-year trailing return of 22.36% places it above every other fund in the category. The fund carries a beta of 1.06 moving broadly in line with the broader market and a Sharpe ratio of 0.35, which is the highest in this group. Sharpe ratio measures risk-adjusted performance. Standard deviation of 14.87% is moderate.
HDFC Flexi Cap is the most consistent large-scale performer in this analysis. It ranks second by 5-year returns at 19.56%. Managing AUM of ₹91,335 crore makes this the second largest flexi cap fund in India, and sustaining strong returns at this scale is a genuine achievement that smaller funds cannot claim. Beta of 0.85 means the fund absorbs less downside than the market while still generating above-benchmark returns that balance shows up in the lowest standard deviation of 11.93% among the top performers and one of the better Sharpe ratios at 0.31. The expense ratio of 1.35% is the lowest in this group.
Bank of India Flexi Cap Fund is the surprise entry in this analysis and it ranks third in the 5-year list at 18.56%. It carries a relatively small AUM of ₹2,034 crore. The beta of 1.09 is among the higher values in this group, meaning the fund takes on more market risk than the index which explains some of the strong returns in bull phases. Standard deviation of 16.76% is the highest in this table.
JM Flexicap ranks fourth in the list with returns of 17.16% over five. The most notable characteristic is the turnover ratio of 156.52%, the highest in the entire flexi cap universe by a wide margin. A turnover ratio above 100% means the entire portfolio is effectively replaced more than once annually; this is an actively traded fund rather than a buy-and-hold vehicle. That approach has delivered strong numbers but creates higher transaction costs within the fund and requires genuine stock-picking skill to sustain. The AUM of JM flexicap stands at ₹4,505 crore. The Sharpe ratio of 0.22 is the lowest in the table, suggesting the returns relative to risk taken are less efficient than peers even though absolute returns are competitive.
HDFC Retirement Savings Fund - Equity Plan ranks fifth with a 5-year return of 15.93%. The fund manages ₹6,236 crore with a beta of 0.89 and standard deviation of 12.26%, making it one of the lower-volatility options in this group alongside HDFC Flexi Cap.
Note: All returns are trailing returns. Data sourced from RupeeVest. All funds listed are Regular Plan options. Past performance does not guarantee future returns. This article is for informational purposes only and not investment advice.
SEBI Registered Research Analyst (INH000006396).
Founded in 1986, Dalal Street Investment Journal (DSIJ) brings decades of experience in India’s equity markets. DSIJ's research combines fundamental analysis with price action, guided by disciplined risk management and capital preservation. They follow a structured, data-driven approach designed to help investors and traders make informed decisions beyond short-term market noise.
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