Flexicap funds: 90.6% large caps vs 55.2% small caps — 10 biggest portfolio differences

Flexicap funds are allowed to move across large-, mid- and small-cap stocks, but the latest August 2026 snapshot shows just how differently fund managers are using that flexibility. Across 24 tracked funds with ₹5.16 lakh crore in assets under management, large-cap allocation ranges from 21.3% to 90.6%, while small-cap exposure varies from 3.2% to 55.2%.

Flexicap funds continued to attract strong investor interest in August, with inflows of ₹5,059.42 crore, according to AMFI data. While this was slightly lower than the ₹5,231.31 crore recorded in July, flexicap funds remained firmly in positive territory.

In comparison, large-cap funds witnessed outflows of ₹1,147.36 crore in August, marking the second consecutive month of net withdrawals. Mid-cap funds, meanwhile, continued to see robust inflows, attracting ₹6,989.4 crore in August, their highest monthly inflow in the period shown.

Here are 10 of the biggest differences in portfolio construction.

1. PPFAS has the highest large-cap allocation: 90.6%

Parag Parikh Flexi Cap Fund (PPFAS) has the highest large-cap exposure at 90.6% of its equity portfolio. Franklin follows at 76.1%, while HDFC has 74.2%.

2. Capitalmind leads in mid-cap exposure: 37.6%

Capitalmind Flexicap Fund has the highest mid-cap allocation at 37.6%, followed by Motilal Oswal at 34.9% and Aditya Birla at 27.2%. This is substantially higher than PPFAS, where mid-caps account for just 4.1%.

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3. AlphaGrep has the highest small-cap exposure: 55.2%

The recently launched AlphaGrep Flexicap Fund stands out with 55.2% of its equity portfolio in small caps. Old Bridge follows at 50.8%, while Bank of India has 39.2%.

4. JioBlackRock has the highest equity allocation: 99.6%

JioBlackRock Flexicap Fund has the highest equity allocation in the snapshot at 99.6%. Mirae Asset follows closely at 99.4%, while WhiteOak has 99.2%.

5. Quant has the highest debt allocation: 29.2%

Quant Flexi Cap Fund is an outlier on the debt side, with 29.2% allocated to debt. Edelweiss follows at 8%, while WhiteOak has 6.8%.

6. AlphaGrep holds the most cash: 21.9%

AlphaGrep also has the highest cash allocation at 21.9%. Franklin is a distant second at 4.3%, followed by JM at 1.4%.

7. AlphaGrep has the lowest large-cap allocation: 21.3%

At the other end of the spectrum, AlphaGrep has just 21.3% in large caps. Old Bridge is next at 26.3%, while Capitalmind has 33.9%.

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8. Kotak has the lowest small-cap exposure: 3.2%

Kotak Flexicap Fund has the lowest small-cap allocation at just 3.2%, compared with AlphaGrep’s 55.2%.

9. AlphaGrep has the lowest equity allocation: 73.3%

AlphaGrep’s 73.3% equity allocation is the lowest among the funds in the snapshot, reflecting its relatively high cash holding and other allocations.

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10. Cash allocations vary sharply across funds

Several established funds have very small cash allocations, while some show negative cash figures in the snapshot. SBI has -0.6%, Quant -25.3% and WhiteOak -6.1%, highlighting that the reported cash figure can differ substantially across portfolios.

The data shows that the “flexicap” label does not translate into a uniform portfolio structure. From PPFAS’s 90.6% large-cap exposure to AlphaGrep’s 55.2% small-cap allocation, funds within the same category are taking markedly different approaches to market-cap allocation and asset positioning.

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