HDFC, ICICI, Parag Parikh, Mirae: Do India's Top Flexi-Cap Mutual Funds Share More Than Just Their Objective?

In India, numerous flexi-cap mutual funds promise the flexibility to invest across different cap sizes. However, funds like HDFC, ICICI, Parag Parikh, and Mirae operate distinctly despite their similar objectives. 

Diving into Top Flexi-Cap Funds: A Comparison 

Among these prominent funds, HDFC Flexi Cap Fund stands out with an AUM of over ₹91,000 crore, managed by Amit Ganatra.  

It has a beta of 0.82 and a standard deviation of 0.77. The Fama ratio is slightly negative at -0.01 while the Sharpe ratio is 0.02, indicating its preference for long-term stability over short-term returns. 

ICICI, Parag Parikh, and Mirae: Diverse Approaches 

ICICI Prudential Flexi Cap Fund, managed by Rajat Chandak, reflects a strategy of higher risk with its beta sitting at 1.02 and a standard deviation of 0.94.  

Its Fama ratio is at 0.02 and Sharpe at 0.04, reflecting the strong one-year returns. Launched in 2021, it has quickly made its mark with an AUM of ₹18,458 crore. 

The Parag Parikh Flexi Cap Fund, under Rajeev Thakkar, takes a conservative approach. With a beta of 0.56 and standard deviation of 0.57, it prioritises stability. Its neutral Fama and Sharpe ratio of 0.03 exemplify this ethos. This fund's large AUM of ₹1,28,966 crore highlights the trust it has garnered. 

Mirae Asset Flexi Cap Fund, managed by Varun Goel since 2023, is relatively new. It exhibits a moderate profile with a beta of 0.95 and standard deviation of 0.87. The Fama ratio is 0.01 and Sharpe matches Parag Parikh at 0.03. 

Read More: Best Performing Equity Mutual Funds For April 2026 Based on 5-Yr CAGR: SBI PSU Fund, Aditya Birla SL PSU Fund and More! 

Evaluating Fund Metrics 

Metrics like beta and standard deviation indicate a fund's volatility relative to the market, while the Fama ratio assesses whether a fund is outperforming expectations. The Sharpe ratio determines the returns relative to the risk undertaken. 

Conclusion 

While the HDFC, ICICI, Parag Parikh, and Mirae Flexi Cap funds all occupy the flexi-cap category, they differ significantly in risk profiles and management styles. Investors should carefully assess these differences in conjunction with their own risk appetites when choosing a fund. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities or companies mentioned are only examples and not recommendations. This does not constitute a personal recommendation or investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Mutual Fund investments are subject to market risks, read all scheme-related documents carefully.