Flexi cap mutual funds’ portfolio changes in May 2026: HDFC, ICICI, SBI, Kotak and others compared

Every month, mutual fund portfolio disclosures offer a peek into what fund managers have been doing behind the scenes.

The changes reveal where fund managers are spotting new opportunities, which sectors are gaining favour, and which stocks are gradually losing conviction.

The latest disclosures from some of India's largest flexi cap funds show exactly that. In May, fund managers added exposure to companies across healthcare, financial services, manufacturing and consumption, while also trimming or exiting a handful of existing positions.

From HDFC Flexi Cap and ICICI Prudential Flexi Cap to SBI Flexi Cap, Kotak Flexi Cap and Aditya Birla Sun Life Flexi Cap, the broad portfolio strategy remains largely intact. What stands out are the selective additions and exits that offer clues about where these fund managers are placing their bets.

We looked at the latest portfolio disclosures of the largest flexi cap funds by assets under management (AUM) to see what changed during May.

Before reading further, please note that this is just for informational purposes only and not intended to recommend any of the schemes mentioned below. You should make an investment decision based on your personal financial goals and risk appetite.

HDFC Flexi Cap fund

The fund added positions in ABB India, Neuland Laboratories, Hexaware Technologies, TVS Motor Company, ICICI Prudential AMC, Nippon Life India AMC and Lenskart.

At the same time, it exited Tata Consultancy Services, Multi Commodity Exchange of India and Cohance Lifesciences.

ICICI Prudential Flexi Cap

The fund added Lenskart, PB Fintech and Sedemac Mechatronics during the month, while exiting Zydus Lifesciences.

The additions indicate exposure to themes such as organised retail, digital financial services and engineering-led manufacturing.

SBI Flexi Cap Fund

New additions included Apollo Hospitals, Bharti Airtel, Divi's Laboratories, JSW Energy and Varun Beverages.

The fund, meanwhile, exited several stocks including JSW Steel, Bank of Baroda, Coal India, Persistent Systems, BSE, SBI Life Insurance, Fractal Analytics and Relaxo Footwears.

Aditya Birla Sun Life Flexi Cap

The fund added Astral while exiting Exide Industries and Aditya Birla Capital.

Kotak Flexi Cap Fund

Flexi Cap Fund portfolio adjustments

While fund managers made selective changes to their portfolios, the biggest positions across most flexi cap funds continue to look strikingly similar.

Names such as HDFC Bank, ICICI Bank, State Bank of India, Larsen & Toubro, Bharat Electronics, Infosys, TCS, HCL Technologies, Bharti Airtel, Titan and Maruti Suzuki continue to feature prominently across portfolios.

Flexi cap funds remain one of the most popular equity fund categories among retail investors. However, investor appetite moderated in May, with net inflows into the category falling 49% month-on-month to Rs 5,175 crore, according to AMFI data.