Flexi-cap stars so far this year: HDFC, ICICI Prudential, LIC MF deliver winning returns

Flexi-cap mutual funds continued to demonstrate their strength across market cycles, offering investors a blend of agility and diversification. As per the latest performance data as of October 25, 2025, a range of Flexi-Cap and focused equity schemes topped the charts across various time frames—from short-term momentum-driven funds to long-term wealth builders like HDFC and ICICI Prudential schemes.

Dynamic allocation, consistent results

Flexi-cap funds are designed to invest dynamically across large-, mid-, and small-cap companies, offering fund managers the flexibility to shift strategies as market conditions evolve. Under SEBI regulations, these schemes must maintain at least 65% exposure to equities but are free to diversify across market caps, enabling balance between risk and return.

This adaptability has helped the category outperform during periods of volatility. According to Kotak Mutual Fund, Flexi-Cap funds invest “across all market capitalizations,” while Axis Mutual Fund highlights that they can “allocate freely depending on where opportunities lie.”

Short-term leaders

In the 1-week and 1-month periods, focused and momentum-based strategies topped the list. The Old Bridge Focused Fund – Direct Plan led the 1-week chart with a 1.24% gain, followed closely by Bandhan Focused Fund and ICICI Prudential BSE 500 ETF FOF.

Over one month, all three top performers delivered identical returns of 3.56%, led by Motilal Oswal Nifty 500 Momentum 50 ETF, its Index Fund counterpart, and the Nippon India Nifty 500 Momentum 50 Index Fund. These results underscore investors’ recent tilt toward momentum and factor-based investing amid short bursts of market optimism.

Mid-term winners

At the 3-month mark, the ICICI Prudential Flexicap Fund – Direct Plan emerged as the top performer with a 6.56% return, followed by two low-volatility index funds from Nippon India and Groww.

Over six months, returns turned more robust as specialized schemes outperformed. The ICICI Prudential Retirement Fund – Pure Equity Plan – Direct Plan led with 14.26%, followed closely by the LIC MF Flexi Cap Fund and ICICI Prudential Flexicap Fund, both exceeding 13%. The trend suggests investors favored diversified and defensive strategies during a moderately bullish phase.

Long-term consistency

For the 1-year period, ICICI Prudential Retirement Fund – Pure Equity Plan again topped the list with 12.57%, outpacing the SBI Focused Fund and Helios Flexi Cap Fund.

In the longer horizons—3-year and 5-year annualized returns—ICICI Prudential and HDFC schemes stood out for their consistency and superior compounding. The ICICI Prudential Retirement Fund – Pure Equity Plan posted an impressive 26.87% annualized return over three years, followed by Invesco India Focused Fund and ICICI Prudential Focused Equity Fund.

Over five years, the HDFC Focused Fund – Direct Plan topped the leaderboard with a 30.26% annualized return, trailed closely by HDFC Flexi Cap Fund (29.43%) and ICICI Prudential Retirement Fund (29.31%).

1-week return
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Rank | Fund Name                                           | Return (%)
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1    | Old Bridge Focused Fund – Direct Plan               | 1.24%
2    | Bandhan Focused Fund – Direct Plan                  | 1.23%
3    | ICICI Prudential BSE 500 ETF FOF – Direct Plan      | 1.18%

1-month return
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Rank | Fund Name                                           | Return (%)
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1    | Motilal Oswal Nifty 500 Momentum 50 ETF             | 3.56%
2    | Motilal Oswal Nifty 500 Momentum 50 Index Fund – DP | 3.56%
3    | Nippon India Nifty 500 Momentum 50 Index Fund – DP  | 3.56%

3-month return
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Rank | Fund Name                                           | Return (%)
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1    | ICICI Prudential Flexicap Fund – Direct Plan        | 6.56%
2    | Nippon India Nifty 500 Low Volatility 50 Index Fund | 6.05%
3    | Groww Nifty 500 Low Volatility 50 ETF               | 6.00%

6-month return
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Rank | Fund Name                                           | Return (%)
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1    | ICICI Prudential Retirement Fund – Pure Equity – DP | 14.26%
2    | LIC MF Flexi Cap Fund – Direct Plan                 | 14.20%
3    | ICICI Prudential Flexicap Fund – Direct Plan        | 13.24%

1-year return
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Rank | Fund Name                                           | Return (%)
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1    | ICICI Prudential Retirement Fund – Pure Equity – DP | 12.57%
2    | SBI Focused Fund – Direct Plan                      | 11.77%
3    | Helios Flexi Cap Fund – Direct Plan                 | 11.66%

3-year return (Annualised)
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Rank | Fund Name                                           | Return (%)
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1    | ICICI Prudential Retirement Fund – Pure Equity – DP | 26.87%
2    | Invesco India Focused Fund – Direct Plan            | 25.29%
3    | ICICI Prudential Focused Equity Fund – Direct Plan  | 24.90%

5-year return (Annualised)
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Rank | Fund Name                                           | Return (%)
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1    | HDFC Focused Fund – Direct Plan                     | 30.26%
2    | HDFC Flexi Cap Fund – Direct Plan                   | 29.43%
3    | ICICI Prudential Retirement Fund – Pure Equity – DP | 29.31%

Data: Value Research

Investor takeaways

Short-term winners were largely index-linked or momentum-based funds with modest but consistent returns, reflecting short-term sentiment-driven rallies. Medium- and long-term performers were dominated by diversified, actively managed funds that leveraged flexibility and disciplined allocation.

In essence, the data reaffirms the “all-rounder” nature of Flexi-Cap funds — capable of adapting, balancing, and performing across market conditions. For investors seeking a single-category solution that blends growth, stability, and professional management, Flexi-Cap funds remain one of the most resilient equity choices in 2025.