SBI Flexicap Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- August 25, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
SBI Flexicap Fund Direct Growth Plan has a NAV of ₹122.3562 as of 08 Sep 2026 and an AUM of ₹23,234 Cr. Its 1-year, 3-year and 5-year returns are 0.8%, 8.46% and 8.61%, and the scheme sits in the High Risk category.
Our view is that the fund looks better suited to investors who can stay patient through uneven stretches, because the recent return profile is softer than the longer-term track record, while the portfolio still carries meaningful stock-specific and sector-specific exposure. The benchmark has also been easier to beat over the 3-year and 5-year windows than over the past year, so this is more of a long-horizon equity allocation than a short-term outcome story.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹122.3562 as of 08 Sep 2026 |
| AUM | ₹23,234 Cr |
| Expense Ratio | 0.84% |
| Launch Date | 04 Jan 2013 |
| Min SIP | ₹500 |
| Risk Category | High Risk |
| Benchmark | Nifty 50 |
| Fund Category | Equity |
| Exit Load | 0.10% on or before 30D, Nil after 30D |
| Fund Managers | Anup Upadhyay |
The fund is managed by Anup Upadhyay.
Source data date: as of 08 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -1.13% | -4.69% |
| 3M | 5.26% | 0.93% |
| 1Y | 0.8% | -7.16% |
| 3Y | 8.46% | 6% |
| 5Y | 8.61% | 5.87% |
In the near term, the fund has been steadier than the benchmark. The 1-month figure was negative, but the decline was smaller than the index move, and the 3-month return improved more quickly than the benchmark did. That tells us the recent patch has been uneven, yet not especially weak relative to the market.
The 1-year return is modest at 0.8%, but it still stays ahead of the benchmark’s negative 1-year outcome. That matters because it shows the fund held up better than the index through a difficult year, even if the absolute gain for investors has been limited.
The longer window looks better. Over 3 years and 5 years, the fund has stayed ahead of the benchmark by a clear margin, which points to better compounding once the holding period is long enough. The pattern is not smooth, though; the return path has had several pullbacks, so the journey has required tolerance for swings rather than a straight line upward.
Our reading is that the fund’s recent softness does not break the longer-term picture, but it does remind investors that the fund can move through choppier phases before the broader compounding shows up.
Source data date: as of 08 Sep 2026
Should you BUY or HOLD SBI Flexicap?
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 SBI Flexicap? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| SBI Flexicap Fund Direct Growth Plan | 0.8% | 8.46% | 8.61% |
| Bank of India Flexi Cap Fund Direct Growth Plan | 14.64% | 19.35% | 16.86% |
| ITI Flexi Cap Fund Direct Growth Plan | 14.58% | 18.35% | Data not available |
| Navi Flexi Cap Fund Direct Growth Plan | 12.17% | 11.19% | 11.65% |
| LIC MF Multi Cap Fund Direct Growth Plan | 11.62% | 17.78% | Data not available |
| TRUSTMF Flexi Cap Fund Direct Growth Plan | 10.87% | Data not available | Data not available |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639. The fund’s 1-year return is far below the peer set shown here, while several peers have posted double-digit gains over the same horizon. That gap is visible in both the 3-year and 5-year comparisons as well, where the fund trails the stronger peer numbers available in the table.
At the same time, the story is not identical across time frames. The fund’s 3-year and 5-year returns are higher than its 1-year return, which suggests that its longer-horizon profile is sturdier than the recent patch. Against peers, that makes it look less competitive over the short term, but still more consistent than some peers whose longer-run figures are not available in the table.
Source data date: as of 08 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| ICICI Bank Ltd. | Bank | 7.22% |
| HDFC Bank Ltd. | Bank | 5.55% |
| Larsen & Toubro Ltd. | Infrastructure | 3.86% |
| Bajaj Auto Ltd. | Automobile & Ancillaries | 3.85% |
| Coforge Ltd. | IT | 2.97% |
| Aurobindo Pharma Ltd. | Healthcare | 2.96% |
| Eicher Motors Ltd. | Automobile & Ancillaries | 2.6% |
| JSW Infrastructure Ltd. | Logistics | 2.55% |
| State Bank of India | Bank | 2.28% |
| Life Insurance Corporation of India | Insurance | 2.21% |
The largest holding is ICICI Bank Ltd. at 7.22%, which is large enough to matter but not so dominant that it alone defines the portfolio. The next few positions also stay meaningful, so the fund likely has several names that can influence returns rather than depending on one stock.
The drop from the largest holding to the tenth is fairly gradual, moving from 7.22% to 2.21%. That suggests the visible book is not extremely top-heavy, even though the first few holdings still carry more weight than the later ones in the list.
The top 10 holdings account for approximately 36.05% of the portfolio, and there are 59 disclosed holdings in total. That combination points to a portfolio that may still have a long tail beyond the largest names, while the displayed holdings remain important enough to shape short- and medium-term outcomes.
To see all holdings, visit the SBI Flexicap Fund Direct Growth Plan page
Source data date: as of 08 Sep 2026
Who should invest
This fund may suit investors who can handle High Risk equity exposure and stay invested for multiple years. The 1-year return has been weak, but the 3-year and 5-year numbers are better, so the fund fits better as a patient allocation than as a short-horizon idea.
The main trade-off is that the fund has shown enough volatility to test shorter holding periods, even though its longer-run record is more acceptable and it has stayed ahead of the benchmark over 3 years and 5 years. Investors who want smoother outcomes or who cannot tolerate a difficult year may find that trade-off uncomfortable.
Its holding mix also suggests that a few large positions can matter, while the rest of the book gives the portfolio breadth. That makes it more suitable for investors who are comfortable with active stock selection and can absorb periods when recent returns do not look compelling.
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: 0.10% on or before 30D, Nil after 30D.
Source data date: as of 08 Sep 2026
Frequently asked questions
What is the current NAV of SBI Flexicap Fund Direct Growth Plan?
The current NAV is ₹122.3562 as of 08 Sep 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s returns are 0.8% over 1 year, 8.46% over 3 years and 8.61% over 5 years.
How does the fund compare with the benchmark?
It has stayed ahead of the benchmark over 3 years and 5 years, and it also held up better than the benchmark over 1 year. The recent 1-month performance was negative, but less weak than the benchmark.
Which fund managers run this scheme?
The fund is managed by Anup Upadhyay.
What is the minimum SIP amount?
The minimum SIP amount is ₹500.
What is the exit load and risk profile?
The scheme is in the High Risk category. The exit load is 0.10% on or before 30D, and nil after 30D.
Bottom line
SBI Flexicap Fund Direct Growth Plan has a mixed short-term picture but a firmer longer-term one. Its 1-year return is modest, while the 3-year and 5-year numbers are more comfortable and remain ahead of the benchmark. The portfolio is also built around a set of meaningful positions rather than a single dominant bet, which may help explain why the ride can still be uneven. It fits better for investors who can hold through volatility and care more about multi-year compounding than near-term smoothness.
Published on 10 September 2026 at 1:28 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.