TRUSTMF Flexi Cap Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 18, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
TRUSTMF Flexi Cap Fund Direct Growth Plan currently has a NAV of ₹12.61 as of 17 Sep 2026 and a scheme AUM of ₹1,041 Cr. Its 1-year, 3-year and 5-year returns are 5.81%, Data not available and Data not available. The fund sits in the High Risk category, so our view is that it fits investors who can tolerate wide swings and who are assessing it with a multi-year horizon.
Recent movement has been uneven, but the 1-year return is still positive while the benchmark has been weaker over the same period. With a concentrated top holding list and a flexi-cap mandate, this fund may suit investors who want diversified equity exposure but can live with short-term volatility rather than seeking steady near-term compounding.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹12.61 as of 17 Sep 2026 |
| AUM | ₹1,041 Cr |
| Expense Ratio | 0.49% |
| Launch Date | 26 Apr 2024 |
| Min SIP | ₹1,000 |
| Risk Category | High Risk |
| Benchmark | Nifty 50 |
| Fund Category | Equity |
| Exit Load | 1% on or before 180D, Nil after 180D |
| Fund Managers | Mihir Vora, Saurabh Kataria, Aakash Manghani |
The fund is managed by Mihir Vora, Saurabh Kataria and Aakash Manghani.
Source data date: as of 17 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -2.7% | -3.66% |
| 3M | 5% | -3.71% |
| 1Y | 5.81% | -7.13% |
| 3Y | Data not available | Data not available |
| 5Y | Data not available | Data not available |
The fund has recovered over the past three months and the 1-year return is comfortably above the benchmark. That matters because the benchmark has been negative across all three visible periods, so the fund has held up better than the market reference even though the path has not been smooth.
The 1-month stretch was weak, which tells us the fund is still vulnerable to short-term drawdowns. But the 3-month and 1-year figures suggest a clearer rebound, and that is more useful for investors who can ignore month-to-month noise. Our view is that the recent pattern is better than the benchmark but still needs time to prove itself over a fuller market cycle.
The longer-term picture is limited because the fund has been live only since April 2024, so 3-year and 5-year returns are not available. That makes the 1-year reading especially important, but it also means investors should avoid over-reading a short history. The main takeaway is that the fund has shown better resilience than Nifty 50 in the available windows, while also exhibiting enough volatility to justify the High Risk tag.
Source data date: as of 17 Sep 2026
Should you BUY or HOLD TRUSTMF 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 TRUSTMF Flexi Cap? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| TRUSTMF Flexi Cap Fund Direct Growth Plan | 5.81% | Data not available | Data not available |
| Bank of India Flexi Cap Fund Direct Growth Plan | 10.1% | 18.09% | 16.01% |
| ITI Flexi Cap Fund Direct Growth Plan | 9.54% | 17.61% | Data not available |
| Navi Flexi Cap Fund Direct Growth Plan | 7.9% | 10.18% | 10.89% |
| LIC MF Multi Cap Fund Direct Growth Plan | 7.11% | 17.04% | Data not available |
| Aditya Birla SL Flexi Cap Fund Direct Growth Plan | 5.94% | 13.33% | 10.98% |
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 in this set, while its own 3-year and 5-year rows cannot be compared because the fund does not yet have those track records. On the available numbers, the fund is closer to the lower end of the recent return spread, though it still stays ahead of the benchmark over 1 year. That creates a mixed picture: short-term relative strength versus the benchmark, but softer recent performance than several peer funds.
Because longer histories are available for some peers, the comparison also shows how much work remains for this fund to build a fuller record. The short-term story is not the same as the long-term peer story, which leans more heavily on established compounding histories. For an investor, that means the fund is easier to judge on recent resilience than on enduring track record.
Source data date: as of 17 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| ICICI Bank Limited | Bank | 5.83% |
| Titan Company Limited | Diamond & Jewellery | 3.51% |
| Shriram Finance Limited | Finance | 3.42% |
| Eternal Limited | Retailing | 3.3% |
| Bajaj Finance Limited | Finance | 2.84% |
| Bharti Airtel Limited | Telecom | 2.82% |
| TREPS 01-Sep-2026 | Cash & Cash Equivalents and Net Assets | 2.79% |
| Lenskart Solutions Limited | Domestic Equities | 2.46% |
| Larsen & Toubro Limited | Infrastructure | 2.32% |
| Muthoot Finance Limited | Finance | 2.27% |
The top 10 holdings account for approximately 31.56% of the portfolio.
To see all holdings, visit the TRUSTMF Flexi Cap Fund Direct Growth Plan page
The largest holding, ICICI Bank Limited, stands at 5.83%, which is large enough to have greater influence on day-to-day fund movement than the smaller positions below it. The drop from the first holding to the tenth is gradual rather than abrupt, moving from 5.83% to 2.27%, so the visible book is not dominated by a single outsized position.
That said, the top 10 together make up about 31.56% of the portfolio, and the table still leaves room for a long tail because 67 holdings are disclosed in total. Our view is that this suggests a spread-out structure at the disclosed holding level, with several mid-sized positions likely contributing alongside the largest names. The mix may help limit reliance on any one stock, but the current weights still leave the biggest holdings important for returns.
Source data date: as of 17 Sep 2026
Who should invest
This fund may suit investors who can tolerate High Risk exposure and who are comfortable with a new-age equity product that has not yet built a long history. The available record shows a positive 1-year return, but the short 1-month phase was weak, so patience is important.
It looks more suitable for a multi-year horizon than for anyone focused on stable near-term outcomes. The main trade-off is that the fund has shown better resilience than the benchmark in the visible windows, but the track record is still short and the peer set includes funds with deeper histories and stronger longer-run figures.
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% on or before 180D, Nil after 180D.
Source data date: as of 17 Sep 2026
Frequently asked questions
What is the current NAV of TRUSTMF Flexi Cap Fund Direct Growth Plan?
The current NAV is ₹12.61 as of 17 Sep 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
The 1-year return is 5.81%. The 3-year and 5-year returns are Data not available because the fund does not yet have those track records.
How has it performed versus the benchmark?
It has done better than Nifty 50 in the available windows. The 1-month, 3-month and 1-year benchmark returns are -3.66%, -3.71% and -7.13%, while the fund’s corresponding returns are -2.7%, 5% and 5.81%.
How does it compare with peer funds on recent returns?
Its 1-year return is lower than several peers in this set, including Bank of India Flexi Cap Fund Direct Growth Plan at 10.1% and ITI Flexi Cap Fund Direct Growth Plan at 9.54%. It is still ahead of the benchmark over the same period.
Is there a minimum SIP amount?
Yes. The minimum SIP amount is ₹1,000.
Who manages the fund and what is the exit load?
The fund is managed by Mihir Vora, Saurabh Kataria and Aakash Manghani. The exit load is 1% on or before 180D, and nil after 180D.
Bottom line
TRUSTMF Flexi Cap Fund Direct Growth Plan has shown a better recent shape than its benchmark, but its short history means there is not yet a deep compounding record to lean on. The available peer set shows stronger 1-year figures elsewhere, while this fund’s portfolio is spread across many holdings, with the largest position meaningful but not overwhelming. Our view is that it fits investors who can handle High Risk equity exposure and are willing to judge it over a longer horizon rather than on a few months of performance.
Published on 18 September 2026 at 1:16 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.