Motilal Oswal Flexi Cap Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 11, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
Motilal Oswal Flexi Cap Fund Direct Growth Plan has a NAV of ₹71.9056 as of 10 Sep 2026 and an AUM of ₹14,159 Cr. Its 1-year, 3-year and 5-year returns are 3.04%, 18.02% and 13.14%, and the scheme carries a High Risk tag. Our view is that this is a growth-oriented flexi-cap fund with meaningful long-term compounding, but the latest 1-year outcome has been much softer than the medium-term record.
The portfolio is built around a fairly visible set of individual positions, with the top 10 holdings accounting for 46.59% across 33 disclosed holdings. That pattern suggests a fund where stock selection can matter a lot, even though the allocation still leaves room for diversification. We think it suits investors who can stay invested through uneven stretches and who want a portfolio that is not tied to a single style or market-cap pocket.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹71.9056 as of 10 Sep 2026 |
| AUM | ₹14,159 Cr |
| Expense Ratio | 0.87% |
| Launch Date | 28 Apr 2014 |
| Min SIP | ₹500 |
| Risk Category | High Risk |
| Benchmark | Nifty 50 |
| Fund Category | Equity |
| Exit Load | 1% on or before 365D, Nil after 365D |
| Fund Managers | Ajay Khandelwal, Ankit Agarwal, Varun Sharma, Rakesh Shetty |
The fund is managed by Ajay Khandelwal, Ankit Agarwal, Varun Sharma and Rakesh Shetty.
Source data date: as of 10 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | 0.82% | -4.06% |
| 3M | 17.22% | 1.37% |
| 1Y | 3.04% | -7.31% |
| 3Y | 18.02% | 6.07% |
| 5Y | 13.14% | 5.91% |
The recent pattern is mixed, but not weak across every horizon. The fund has delivered a sharp 3-month rebound after a softer 1-year stretch, which tells us the trajectory has been uneven rather than steadily one-directional.
Over 1 year, the fund is positive while the benchmark is negative, so it has protected capital better than the index in a difficult market phase. That said, the 1-year gain is still modest compared with the fund’s own 3-year and 5-year outcomes, so the recent period has not matched the longer compounding record.
The 3-year return of 18.02% and 5-year return of 13.14% both sit well above the benchmark’s 6.07% and 5.91% for the same windows. This gap supports the case that the strategy has added value over longer holding periods. The shorter-dated movement also suggests the fund can move with changing market leadership, which is typical of a flexi-cap portfolio that is free to rotate across opportunities.
For investors, the main takeaway is that this is not a smooth, low-volatility compounder. The better long-run figures are encouraging, but the recent 1-year stretch shows that returns can soften even when the multi-year profile remains stronger than the index.
Source data date: as of 10 Sep 2026
Should you BUY or HOLD Motilal Oswal Flexi Cap?
A fund’s past returns alone don’t tell you whether you should buy it today or continue holding it.
The right decision depends on factors such as your current allocation, purchase price, risk profile, investment horizon and the role this fund plays in your overall portfolio.
Already holding Motilal Oswal Flexi Cap? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| Motilal Oswal Flexi Cap Fund Direct Growth Plan | 3.04% | 18.02% | 13.14% |
| ITI Flexi Cap Fund Direct Growth Plan | 13.94% | 18.35% | Data not available |
| Bank of India Flexi Cap Fund Direct Growth Plan | 13.69% | 19.33% | 16.84% |
| Navi Flexi Cap Fund Direct Growth Plan | 11.62% | 11.14% | 11.62% |
| LIC MF Multi Cap Fund Direct Growth Plan | 10.93% | 17.78% | Data not available |
| TRUSTMF Flexi Cap Fund Direct Growth Plan | 10.58% | Data not available | Data not available |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.
The 1-year number trails the stronger short-term figures shown by several peers, while the 3-year and 5-year numbers remain competitive in the group where data is available. That gives the fund a split profile: it has not matched the best recent one-year outcomes, yet its longer-run record still looks solid relative to several peers with disclosed multi-year returns.
The short-term comparison tells one story, and the longer-term comparison tells another. In the near term, the fund has lagged the faster movers, but over 3 years and 5 years it remains in a stronger position than some peers and close to the better long-run results in the set. For us, that combination suggests a fund whose merit is more visible in patience than in momentum.
Source data date: as of 10 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| Kalyan Jewellers India Limited | Diamond & Jewellery | 8.79% |
| Eternal Limited | Retailing | 5.97% |
| CG Power and Industrial Solutions Limited | Capital Goods | 5.57% |
| Coforge Limited | IT | 4.26% |
| Shriram Finance Limited | Finance | 4.23% |
| Ather Energy Limited | Domestic Equities | 3.89% |
| Indusind Bank Limited | Bank | 3.63% |
| Persistent Systems Ltd | IT | 3.53% |
| Diamond Power Infrastructure Ltd. | Electricals | 3.37% |
| Apollo Hospitals Enterprise Limited | Healthcare | 3.35% |
The largest holding, Kalyan Jewellers India Limited, is 8.79%, which is large enough to matter at the stock level without dominating the fund on its own. From there, the weights step down gradually, but not sharply; the tenth holding still stands at 3.35%, so the portfolio does not look like a one-position story.
The top 10 holdings together account for approximately 46.59% of the portfolio, which suggests a meaningful core-position structure. At the same time, the fund discloses 33 holdings in total, so the visible list is only part of the full spread and the remaining positions may continue to add diversification beyond the largest names.
That mix points to moderate concentration in a set of high-conviction ideas rather than an extremely broad, index-like spread. In our view, the combination may allow successful stock picks to influence results while still leaving room for other holdings to reduce dependence on the top few names.
To see all holdings, visit the Motilal Oswal Flexi Cap Fund Direct Growth Plan page
Source data date: as of 10 Sep 2026
Who should invest
This fund suits investors who are comfortable with High Risk equity exposure and can stay invested for a long horizon. The 3-year and 5-year numbers are much stronger than the 1-year figure, so the profile is better aligned with investors who can tolerate periods of weaker near-term performance while waiting for the strategy to play out.
The benchmark comparison is also useful here: the fund has beaten the index over 1 year, 3 years and 5 years, but the recent 1-year return is still well below the fund’s own longer-run pace. That means the main trade-off is accepting uneven short-term outcomes in exchange for a strategy that has shown better longer-term compounding than the benchmark.
The portfolio also looks like a selective flexi-cap structure rather than a very wide spread of tiny positions. That can be appealing for investors who want active stock selection across market opportunities, but it also means returns may depend more on the success of the larger holdings.
Tax and exit load
| Holding period | Tax rate | Description |
|---|---|---|
| Units held less than 1 year | 20% | Short-term capital gains tax |
| Units held more than 1 year | 12.5% | Long-term capital gains tax |
Exit load: 1% if units are sold on or before 365 days; nil after 365 days.
Source data date: as of 10 Sep 2026
Frequently asked questions
What is the current NAV of Motilal Oswal Flexi Cap Fund Direct Growth Plan?
The current NAV is ₹71.9056 as of 10 Sep 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
The 1-year return is 3.04%, the 3-year return is 18.02% and the 5-year return is 13.14%.
How does the fund compare with the benchmark?
It has outperformed the benchmark across 1 year, 3 years and 5 years. The benchmark returns for those periods are -7.31%, 6.07% and 5.91%.
How does it compare with peer funds on available return data?
Its 1-year return is lower than several peers in the comparison set, but its 3-year and 5-year figures remain competitive where those figures are available. The fund’s longer-term record is stronger than its recent one-year stretch.
Is there a minimum SIP amount?
No minimum SIP amount is stated in the available fund facts.
What are the fund’s risk level, managers and exit load?
The fund is tagged High Risk and is managed by Ajay Khandelwal, Ankit Agarwal, Varun Sharma and Rakesh Shetty. The exit load is 1% if units are sold on or before 365 days, and nil after 365 days.
Bottom line
Motilal Oswal Flexi Cap Fund Direct Growth Plan has a mixed recent record, but its longer-term numbers are stronger than its 1-year performance and remain ahead of the benchmark across the periods shown. The peer comparison tells a similar story: the fund is not the strongest on the latest one-year figure, yet its 3-year and 5-year outcomes stay relevant where peers have disclosed them. The portfolio is moderately concentrated in a set of larger positions, which can support active alpha but also adds stock-specific dependence.
Published on 11 September 2026 at 1:58 PM IST
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RIA disclosure
Mutual fund investments are subject to market risks. Read all scheme-related documents carefully before investing. This review is prepared by Uniapps Investment Adviser Pvt. Ltd. (earlier known as Uniapps Global Research Pvt. Ltd.) under SEBI Registered Investment Adviser registration INA000017639 for general informational purposes and is not personalized investment advice.