Two popular flexi cap mutual funds HDFC Flexi Cap Fund Direct Growth (earlier known as HDFC Equity Fund) and ICICI Prudential Flexicap Fund Direct Growth are often compared by investors. Both aim for long-term capital appreciation but differ in size, cost, performance, and portfolio style. Here is a clear comparison based on the latest figures from Groww as of May 2026.
Fund Basics
- HDFC Flexi Cap Fund: NAV ₹2,128.27 (as of 15 May 2026), AUM ₹1,00,479 Cr, Expense Ratio 0.91%, Minimum SIP ₹100, Rating 5 stars
- ICICI Prudential Flexicap Fund: NAV ₹19.75 (as of 14 May 2026), AUM ₹20,936 Cr, Expense Ratio 0.83%, Minimum SIP ₹100, Rating 4 stars
- Risk Rating for both funds: Very High
Returns Comparison
- 1 Year Returns: HDFC Flexi Cap Fund has shown returns around -0.40% to -2.59% (SIP basis), while ICICI Prudential Flexicap Fund delivered around +4.9% annualised.
- 3 Year Annualised Returns: HDFC Flexi Cap Fund has delivered +18.6%, outperforming ICICI Prudential Flexicap Fund at +17.1%.
- Over longer periods (5 years and 10 years), HDFC Flexi Cap Fund has stronger historical numbers in several comparisons.
Past performance is not indicative of future results.
Portfolio Style and Holdings
- HDFC Flexi Cap Fund: Holds around 68 stocks. It has a heavy allocation to the financial sector. Top holdings include ICICI Bank (8.69%), Axis Bank (6.83%), HDFC Bank (6.81%), and State Bank of India (4.74%).
- ICICI Prudential Flexicap Fund: Holds around 83 stocks. It features a diversified mix with notable exposure to automobiles and services. Top holdings include TVS Motor Company (8.87%), ICICI Bank (6.48%), Maruti Suzuki India (6.23%), and Avenue Supermarts (4.68%).
Investment Objective
Both funds aim for long-term capital appreciation by investing predominantly in equity and equity-related instruments across market capitalisations (large, mid, and small caps). They are benchmarked against broad market indices such as Nifty 500 or BSE 500 Total Return Index.
Which Fund Is Right for You?
- Consider HDFC Flexi Cap Fund if you prefer a much larger fund size, stronger recent 3-year performance, higher star rating, and a more concentrated portfolio with heavy financials exposure.
- Consider ICICI Prudential Flexicap Fund if you want a slightly lower expense ratio, better 1-year performance, and a more diversified portfolio with higher allocation to automobile and other sectors.
Bottom line: There is no single winner. HDFC Flexi Cap Fund leads on fund size, 3-year returns, and ratings, while ICICI Prudential Flexicap Fund offers competitive costs and different sector exposure. Your choice should depend on your risk tolerance, investment horizon (ideally 5+ years), and existing portfolio allocation. Many investors hold multiple flexi cap funds for better diversification.
Disclaimer: Mutual fund investments are subject to market risks. Please read the scheme information document and other related documents carefully before investing. Past performance is not indicative of future results. The information provided in this article is for informational purposes only and should not be construed as investment advice. Consult a financial advisor before making any investment decisions.