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Flexi-cap funds are back in favour. But do they really offer the best diversification?
Investor money has swung decisively towards flexi-cap funds in recent months. From May to November 2025, flexi-cap schemes accounted for 28.7% of total net inflows into diversified equity mutual fund categories.The timing of this surge is telling.
After a prolonged rally in mid- and small-cap stocks, valuation comfort has begun to shift back towards large-caps. As a result, flexi-cap funds, by virtue of their tilt towards large-cap stocks, have started to outperform others.This has reinforced a popular belief among investors: flexi-cap funds offer diversification without forcing exposure to expensive segments of the market.
But flexi-caps are not the only category that promises diversification across market caps. Multi-cap funds, too, invest across large-, mid- and small-caps, but with some fixed allocation mandate.That raises a key question: are flexi-cap funds truly the best option, or do multi-cap funds offer a better diversification framework over time?The renewed interest in flexi-cap funds coincides with a visible shift in market leadership.
Over the past year, large-caps have begun to regain relative strength as valuations in mid-cap and small-cap stocks have stretched.“Going by the key market cap indices to total market ratio, large caps are currently trading at reasonable levels,” said Sriram BKR, senior investment strategist, Geojit Investments.Large-caps, he noted, are available at a 6-7% discount to their 10-year average valuations. In contrast, small-caps trade at a 12% premium, mid-caps at a 20.7% premium, and micro-caps at a steep 38% premium.
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