SBI Flexicap Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

SBI Flexicap Fund Direct Growth Plan has a NAV of ₹123.5318 as of 21 August 2026 and an AUM of ₹22,896 Cr. Its 1-year, 3-year and 5-year returns are 1.21%, 10.25% and 9.96%, and the scheme sits in the High Risk bucket. Our view is that it has delivered steadier longer-term compounding than its near-term result suggests, but the recent pace remains modest relative to the fund’s broader history.

The portfolio leans toward large-cap exposure but keeps meaningful mid-cap and small-cap allocations too. That mix, along with a heavy tilt to banking, can make the fund more sensitive to market leadership in financials even as it retains flexi-cap breadth.

Quick facts

The fund is managed by Anup Upadhyay.

Source data date: as of 21 Aug 2026

Performance

In the short term, the fund has stayed positive, with both the 1-month and 3-month returns above the benchmark. That tells us the portfolio has participated in the recent up-move, even though the gains have been measured rather than sharp.

The 1-year return is also better than the benchmark, which was slightly negative over the same horizon. That gap matters because it suggests the fund has handled a weaker market backdrop reasonably well, but the absolute 1-year outcome is still modest.

Longer-term numbers are more constructive. The 3-year and 5-year returns are both ahead of the benchmark, and the 5-year figure is close to 10%, which indicates the strategy has compounded at a pace that is useful for long-horizon equity investors. Our reading is that the fund’s recent behaviour does not fully mirror the longer-term trend: the recent path is calmer, while the longer run shows more consistent wealth creation.

That said, the movement pattern has not been smooth. The fund has gone through noticeable phases of weakness and recovery, which is typical of an equity portfolio with meaningful exposure to cyclical sectors and market-sensitive stocks. For investors, that means the return record is better understood as a long-horizon compounding story than as a steady short-term income-like pattern.

Source data date: as of 21 Aug 2026

Peer comparison

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639. The fund’s 1-year return trails the stronger peer figures visible here, while its 3-year and 5-year numbers are also below the better-performing comparables. At the same time, the gap is less stark on the longer horizon than on the recent one, which suggests the fund has been competitive enough over time without matching the fastest peer compounding in this set.

What stands out is the mismatch between short-term and long-term comparison. The current fund has held up better than the benchmark over every listed horizon, but several peers have produced much stronger absolute returns, especially over 1 year and 3 years. That means the fund’s relative case is built more on consistency versus its benchmark than on peer-leading return strength.

Source data date: as of 21 Aug 2026

Portfolio: where your money goes

The market-cap mix is 53.53% large-cap, 22.38% mid-cap, 14.73% small-cap and 9.35% other. That makes the fund meaningfully diversified across market sizes, with large-cap holdings forming the core but not the whole story.

The sector mix is clearly led by banking, and the gap to the next sector is large enough to matter. BANK at 41.58% is materially bigger than AUTOMOBILE & ANCILLARIES at 10.59%, so financials are likely to have the greatest influence on portfolio behaviour. Within that, KOTAK MAHINDRA BANK LTD. alone is a very important holding.

Even so, the allocation is not a single-theme portfolio. Large-cap exposure remains the biggest block, but the combined mid-cap and small-cap share is substantial enough to add growth sensitivity and volatility. That blend can help the fund participate when broader market leadership widens beyond the largest names.

Our view is that the portfolio balance may suit investors who want a diversified equity fund without losing sight of sector concentration risk. The banking tilt is strong enough that fund returns may still be shaped by how financial stocks behave, even though the market-cap spread keeps the portfolio from being narrowly confined to one style.

Source data date: as of 21 Aug 2026

Who should invest

This fund fits investors who are comfortable with High Risk and can stay invested for a longer horizon. The 1-year return is modest, but the 3-year and 5-year figures are more supportive, so the fund looks better suited to patient investors than to anyone seeking quick stability.

The main trade-off is clear: you get a flexi-cap structure with meaningful large-cap support and a broad market-cap spread, but you also accept a heavy banking tilt and the possibility of uneven short-term performance. Compared with the benchmark, the fund has been ahead across the listed periods, yet several peers have delivered much stronger absolute returns. That makes it more appropriate for investors who prioritise diversified equity exposure and can tolerate performance that may lag the strongest peer numbers in some stretches.

Tax and exit load

Exit load: 0.10% if units are sold on or before 30 days. No exit load applies after 30 days.

Source data date: as of 21 Aug 2026

Frequently asked questions

What is the current NAV of SBI Flexicap Fund Direct Growth Plan?
The current NAV is ₹123.5318 as of 21 August 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s 1-year, 3-year and 5-year returns are 1.21%, 10.25% and 9.96%.

How has the fund performed versus the benchmark?
It has outpaced the Nifty 50 across 1 month, 3 months, 1 year, 3 years and 5 years. The gap is especially clear over the longer periods.

How does it compare with peer funds on available return data?
Its recent and longer-term returns are below several peer funds in this comparison set, although the gap is smaller over 3 years and 5 years than over 1 year.

What is the minimum SIP amount?
The minimum SIP amount is ₹500.

What are the fund manager and exit-load details?
The fund is managed by Anup Upadhyay. The exit load is 0.10% if units are sold on or before 30 days, and nil after 30 days.

Bottom line

SBI Flexicap Fund Direct Growth Plan shows a stronger longer-term picture than its latest 1-year result, and it has stayed ahead of the benchmark across the listed horizons. Against peers, however, its absolute return numbers are more restrained than the strongest comparables. The portfolio’s large-cap base with a heavy banking tilt gives it a distinct shape, while the mid-cap and small-cap allocations keep it from becoming fully concentrated in one segment. For investors who can handle High Risk and prefer a diversified flexi-cap approach with a clear financials influence, it remains a relevant long-horizon option.

Published on 25 August 2026 at 12:59 PM IST