Flexi Cap mutual funds offer fund managers the flexibility to invest across large-cap, mid-cap and small-cap stocks depending on market conditions. This flexibility enables portfolio allocation to change with evolving market trends.
Based on historical performance, the following flexi cap mutual funds delivered positive returns in each of the calendar years 2023, 2024 and 2025, while also ranking among the highest on average returns over the period.
The ICICI Pru Retirement Fund – Pure Equity Plan delivered returns of 38.11% in 2023, 23.35% in 2024 and 14.02% in 2025. Based on these calendar-year returns, it recorded an average return of approximately 25.16% across the 3 years.
The fund is managed by Sanket Gaidhani. The fund's NAV stood at ₹33.40 as of June 10, 2026, while its assets under management (AUM) were ₹1,923.8 crore as of May 31, 2026.
The Parag Parikh Flexi Cap Fund posted returns of 36.57% in 2023, 23.92% in 2024 and 7.84% in 2025. The fund recorded an average return of approximately 22.77% over the 3 calendar years.
The fund is managed by Rajeev Thakkar. The fund had an NAV of ₹80.79 as of June 10, 2026, with an AUM of ₹1,41,446.7 crore as of May 31, 2026.
The HDFC Flexi Cap Fund generated returns of 30.60% in 2023, 23.48% in 2024 and 11.43% in 2025. Its average return across the 3-year period stood at around 21.83%.
The fund is managed by Amit Ganatra. The fund's NAV stood at ₹1,926.22 as of June 10, 2026, while its assets under management (AUM) were ₹1,01,821.8 crore as of May 31, 2026.
The HSBC Flexi Cap Fund delivered 31.78% in 2023, 28.62% in 2024 and 1.39% in 2025. The fund's average return across the period was approximately 20.59%.
The fund is managed by Abhishek Gupta. The fund's NAV was ₹216.38 as of June 10, 2026, while its AUM stood at ₹5,538.5 crore as of May 31, 2026.
The Edelweiss Flexi Cap Fund recorded returns of 29.29% in 2023, 25.38% in 2024 and 5.37% in 2025, resulting in an average return of approximately 20.01% over the 3 calendar years.
The fund is managed by Trideep Bhattacharya. The fund reported an NAV of ₹36.83 as of June 10, 2026, while its AUM stood at ₹3,320.5 crore as of April 30, 2026.
Fund Name | Fund Manager | 2023 | 2024 | 2025 |
ICICI Pru Retirement Fund – Pure Equity Plan (G) | Sanket Gaidhani | 38.11% | 23.35% | 14.02% |
Parag Parikh Flexi Cap Fund – Regular (G) | Rajeev Thakkar | 36.57% | 23.92% | 7.84% |
HDFC Flexi Cap Fund (G) | Amit Ganatra | 30.60% | 23.48% | 11.43% |
HSBC Flexi Cap Fund – Regular (G) | Abhishek Gupta | 31.78% | 28.62% | 1.39% |
Edelweiss Flexi Cap Fund – Regular (G) | Trideep Bhattacharya | 29.29% | 25.38% | 5.37% |
The selection was based on 2 criteria. First, only funds that delivered positive returns in each of the calendar years 2023, 2024, and 2025 were considered. Funds that posted negative returns in any of these years were excluded from the list.
Second, the remaining funds were ranked based on their simple average return across the 3 calendar years.
The above flexi cap mutual funds recorded positive returns across 2023, 2024 and 2025 based on historical calendar-year performance data. The list is based on the criteria for maintaining positive annual returns during the period and ranking among the highest average returns across the 3 calendar years.
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Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/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.
Investments in the securities market are subject to market risks, read all the related documents carefully before investing.
Published on: Jun 11, 2026, 5:14 PM IST
Rakesh Deshmukh
Rakesh Deshmukh is a financial content specialist with around 3 years of experience writing impactful content across equities, mutual funds, IPOs, and personal finance. At Angel One, he decodes real-time market trends and breaking news, helping investors and traders stay updated. He also helps investors make informed decisions by simplifying market fundamentals and technical analysis. He holds a bachelor’s degree in commerce.
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