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HDFC vs Kotak vs Parag Parikh: Flexi cap fund AUM, returns and portfolio compared
6 min read | Updated on February 17, 2026, 09:54 IST
SUMMARY
This article takes a closer look at the top three flexi cap funds in India by assets under management (AUM): HDFC Flexi Cap Fund, and Kotak Flexi Cap Fund.
The comparison among the top three flexi cap schemes ( Parag, HDFC, Kotak) by AUM highlights distinct investment styles. | Image: Shutterstock.
HDFC Flexi Cap Fund has recently crossed the ₹1 lakh crore assets under management (AUM) milestone, strengthening its position as one of the largest flexi cap mutual fund schemes in the country.
This article takes a closer look at the top three flexi cap funds in India by assets under management (AUM): HDFC Flexi Cap Fund, Parag Parikh Flexi Cap Fund, and Kotak Flexi Cap Fund. In this story, we will compare their portfolio composition, sector allocation, risk metrics, and performance to help investors understand how these schemes differ in strategy and returns.
Flexi-cap funds can offer more investment options and diversification opportunities to fund managers by allowing them to invest in high-quality companies, regardless of market capitalisation, whether large-cap, mid-cap, or small-cap.
Before reading further, please note that this is just for informational purposes only and not intended to recommend any of the schemes mentioned below.
As of January 31, 2026, the data available on ACE MF shows the fund managed ₹97,451 crore. The other two largest flexi cap funds by assets under management are Parag Parikh Flexi Cap Fund, which manages ₹1.33 lakh crore, and Kotak Flexi Cap Fund with ₹56,478 crore in AUM.
Portfolio composition: HDFC vs Kotak vs Parag
This makes HDFC’s performance more closely linked to financial sector movements. Kotak’s portfolio is relatively diversified across capital goods, IT, chemicals and construction materials, while Parag Parikh shows broader allocations across power, FMCG, mining and telecom alongside banking exposure.
Top holdings of HDFC Flexi Cap Fund, Parag Parikh Flexi Cap Fund, and Kotak Flexi Cap Fund
In terms of top holdings, all three schemes have allocations to large private banks such as HDFC Bank and ICICI Bank, though the degree of concentration varies.
HDFC Flexi Cap’s top three holdings together account for over one-fifth of its portfolio, indicating relatively higher concentration compared to peers. Kotak Flexi Cap features exposure to Bharat Electronics and Larsen & Toubro alongside banks, while Parag Parikh Flexi Cap includes Power Grid, Coal India and ITC among its major positions, reflecting a differentiated allocation strategy.
HDFC Flexi Cap vs Parag Parikh Flexi Cap vs Kotak Flexi Cap Fund: 1 and 3 year returns
Over three years, HDFC Flexi Cap leads with 21.85%, followed by Parag Parikh at 19.74% and Kotak at 17.45%. The five-year numbers also show HDFC ahead at 20.34%, compared to 17.06% for Parag Parikh and 13.83% for Kotak.
Comparison of Flexi Cap Funds
| Attribute | HDFC Flexi Cap Fund (G) | Kotak Flexi Cap | Parag Parikh Flexi Cap Fund – Reg (G) |
|---|---|---|---|
| Scheme Type | Open ended scheme | Open ended scheme | Open ended scheme |
| Launch Date | 01‑Jan‑1995 | 11‑Sep‑2009 | 24‑May‑2013 |
| Fund Manager | Amit Ganatra | Harsha Upadhyaya | Rajeev Thakkar |
| Benchmark | NIFTY 500 – TRI | NIFTY 500 – TRI | NIFTY 500 – TRI |
| AUM (As on 31‑Jan‑2026) | 97,451.56 | 56,478.65 | 133,969.81 |
| Volatility – Fama | 0.01 | 0.01 | -0.01 |
| Volatility – Std Dev | 0.64 | 0.78 | 0.53 |
| Volatility – Beta | 0.76 | 0.94 | 0.55 |
| Volatility – Sharpe | 0.08 | 0.08 | 0.03 |
| Performance – As on | 16‑Feb‑2026 | 16‑Feb‑2026 | 13‑Feb‑2026 |
| 3 Months (Returns / Benchmark) | 0.97% / -1.42% | 1.29% / -1.42% | -2.22% / -1.42% |
| 6 Months (Returns / Benchmark) | 5.86% / 3.78% | 5.51% / 3.78% | -0.27% / 3.78% |
| 1 Year (Returns / Benchmark) | 17.05% / 14.73% | 19.61% / 14.73% | 6.11% / 14.73% |
| 3 Years (Returns / Benchmark) | 21.85% / 16.97% | 17.45% / 16.97% | 19.74% / 16.97% |
| 5 Years (Returns / Benchmark) | 20.34% / 14.32% | 13.83% / 14.32% | 17.06% / 14.32% |
| Since Inception (Returns) | 18.70% | 14.17% | 18.21% |
| Top 10 Companies (Weight %) | ICICI Bank 8.90% HDFC Bank 7.82% Axis Bank 7.59% SBI 4.86% SBI Life Insurance 4.10% Kotak Mahindra Bank 3.81% HCL Tech. 3.13% Maruti Suzuki 3.00% Cipla 2.85% Power Grid Corp 2.40% | HDFC Bank 6.50% Bharat Electronics 6.36% ICICI Bank 5.28% SBI 4.54% Axis Bank 3.88% Jindal Steel 3.81% Larsen & Toubro 3.69% SRF 3.12% Eternal 3.10% Ultratech Cement 3.09% | HDFC Bank 8.04% Power Grid Corp 6.00% Coal India 5.26% ITC 5.05% ICICI Bank 4.99% Bajaj Holdings & Investment 4.82% Kotak Mahindra Bank 3.75% Mahindra & Mahindra 3.58% Axis Bank 3.40% Bharti Airtel 3.11% |
| Top 10 Sectors (Weight %) | Banks 34.58% Automobile & Ancillaries 12.66% Healthcare 6.72% IT 6.30% Insurance 4.10% Iron & Steel 3.35% Power 2.40% Telecom 2.22% Crude Oil 1.52% Construction Materials 1.48% | Banks 23.88% Automobile & Ancillaries 8.54% Capital Goods 8.07% IT 7.91% Chemicals 6.60% Construction Materials 6.24% Finance 5.03% Crude Oil 4.56% Infrastructure 4.22% Iron & Steel 3.81% | Banks 20.51% Automobile & Ancillaries 7.37% IT 6.97% Power 6.76% FMCG 5.84% Finance 5.54% Mining 5.27% Healthcare 4.15% Telecom 3.13% Crude Oil 0.69% |
Volatility measures comparison
Kotak Flexi Cap has the highest standard deviation at 0.78 and a beta of 0.94, indicating greater sensitivity to market movements. Parag Parikh Flexi Cap has the lowest volatility, with a standard deviation of 0.53 and a beta of 0.55, suggesting a more defensive profile. HDFC Flexi Cap stands between the two on volatility, with a beta of 0.76, combining relatively moderate risk with strong medium-term performance.
The comparison among the top three flexi cap schemes by AUM highlights distinct investment styles. HDFC has higher banking concentration and strong medium-term returns, Kotak has higher market sensitivity and recent one-year outperformance, and Parag Parikh has a relatively defensive positioning and diversified sector exposure.
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