Same Label, Different Roads: Decoding Why 'Flexi Cap' Funds Don't Behave Alike

Three of India's largest flexi cap schemes operate under the exact same SEBI mandate, yet their trailing 1-year returns span nearly 15 percentage points, from negative territory to strong double digits, in the same calendar year. Here is the mechanics behind the divergence, not a verdict on which is 'best.'

The Bottom Line

•SEBI's flexi cap mandate sets a 65% equity floor but leaves asset allocation entirely to manager conviction, driving sharp return divergence across peer funds.
•Investors should evaluate multi-year rolling returns, portfolio concentration, and expense ratio drag rather than chasing recent one-year performance.

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