Bandhan Flexi Cap Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Bandhan Flexi Cap Fund Direct Growth Plan has a NAV of ₹227.268 as of 09 Sep 2026 and an AUM of ₹7,575 Cr. Its 1-year, 3-year and 5-year returns are -0.31%, 10.38% and 9.78%, and the scheme is tagged High Risk. Our view is that the fund has shown a mixed recent pattern, but its longer track record is steadier than the last year suggests, which makes it more suitable for investors who can stay invested through equity swings.

The portfolio is built around large financials, technology and other quality names, with the top 10 holdings carrying meaningful weight. That mix can support diversification across sectors, but it also means the fund’s outcome will depend on how its larger positions perform. For investors with a long horizon and comfort with volatility, this is a flexi-cap option to study closely rather than a low-variation core holding.

Quick facts

Particular	Details
NAV	₹227.268 as of 09 Sep 2026
AUM	₹7,575 Cr
Expense Ratio	1.14%
Launch Date	01 Jan 2013
Min SIP	₹100
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Equity
Exit Load	Nil upto 10% of investment and 1% for remaining investment on or before 365D, Nil after 365D
Fund Managers	Manish Gunwani, Viraj Kulkarni

The fund is managed by Manish Gunwani and Viraj Kulkarni.

Source data date: as of 09 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-4.02%	-4.69%
3M	3.03%	0.93%
1Y	-0.31%	-7.16%
3Y	10.38%	6%
5Y	9.78%	5.87%

The recent picture is uneven. Over 1 month, the fund fell less than the benchmark, and over 3 months it recovered more strongly than the NIFTY 50. That suggests the portfolio has been able to absorb short-term market swings somewhat better than the index in the latest stretch, even though the month-to-month path remains choppy.

The 1-year return is still negative, but it is materially better than the benchmark’s decline. This matters because it shows the fund protected capital better than the index over a difficult period, even if absolute performance was not positive. The 3-year and 5-year returns then turn clearly positive, and both sit above the benchmark, which tells us the longer compounding record has been healthier than the recent 12-month number alone suggests.

Our view is that this is a fund where the medium- to long-term pattern is more informative than the latest year. The 5-year return is below the 3-year return, which points to some give-back after a stronger earlier phase, but the fund still remains ahead of the benchmark across the 3-year and 5-year windows. That combination usually fits investors who can tolerate a period of uneven returns in exchange for a better long-run outcome than the index.

Source data date: as of 09 Sep 2026

Should you BUY or HOLD Bandhan 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 Bandhan Flexi Cap? Thinking of investing now?

Get your portfolio analysed for FREE by SEBI-registered Investment Adviser (RIA) through Univest MF Premium

Peer comparison

Fund	1Y return	3Y return	5Y return
Bandhan Flexi Cap Fund Direct Growth Plan	-0.31%	10.38%	9.78%
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 current fund trails the peer set on 1-year return, where several peers are firmly positive while this fund is slightly negative. That makes the latest 12-month stretch look soft even though the fund still held up better than the benchmark.

On longer periods, the picture is more balanced but still mixed. The 3-year and 5-year returns are positive and respectable, yet several peers with available data are ahead on those windows too. The short-term comparison therefore looks weaker than the longer-term one, while the longer-term comparison shows the fund remaining competitive rather than dominant.

Source data date: as of 09 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
HDFC Bank Limited	Bank	8.39%
ICICI Bank Limited	Bank	7.71%
Reliance Industries Limited	Crude Oil	5.13%
Infosys Limited	IT	4.03%
Kotak Mahindra Bank Limited	Bank	4.02%
Tata Consultancy Services Limited	IT	3.53%
Bharti Airtel Limited	Telecom	3.51%
Bajaj Finserv Limited	Finance	3.16%
ITC Limited	FMCG	3.15%
Axis Bank Limited	Bank	2.99%

The top 10 holdings account for approximately 45.62% of the portfolio.

To see all holdings, visit the Bandhan Flexi Cap Fund Direct Growth Plan page

The largest holding, HDFC Bank Limited, stands at 8.39%, which is large enough to matter but not so large that the fund is dominated by a single stock. The gap from the first to the tenth holding narrows to 2.99%, so the portfolio still keeps a visible spread across multiple large positions.

The weight profile tapers gradually rather than collapsing after the top few names. That means the bigger positions may have greater influence on returns, yet the long tail beyond the top 10 still matters because the disclosed holdings extend to 53 names in total. With the top 10 accounting for 45.62%, the fund appears moderately concentrated rather than highly concentrated.

That structure can be useful for investors who want active equity exposure with meaningful conviction in a smaller set of companies, but it also means stock-specific moves may show up in performance. The mix of banks, IT, telecom, finance and FMCG suggests broad sector spread at the top, though the largest positions remain important drivers of outcomes.

Source data date: as of 09 Sep 2026

Who should invest

This fund is better suited to investors who are comfortable with High Risk equity exposure and can stay invested for multiple years. The 1-year return has been weak, but the 3-year and 5-year numbers are positive and ahead of the benchmark, so the fund needs time for its longer-cycle pattern to matter.

It may appeal to investors who want flexi-cap exposure and can accept periods when short-term returns lag peers or turn negative. The main trade-off is clear: the portfolio has enough concentration in its larger holdings to matter, but that same active positioning can lead to uneven near-term results. A long horizon and tolerance for volatility are important here.

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: Nil up to 10% of investment and 1% for the remaining investment on or before 365 days; no exit load after the holding period.

Source data date: as of 09 Sep 2026

Frequently asked questions

What is the current NAV of Bandhan Flexi Cap Fund Direct Growth Plan?
The current NAV is ₹227.268 as of 09 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The 1-year return is -0.31%, the 3-year return is 10.38%, and the 5-year return is 9.78%.

How does the fund compare with the benchmark?
It has beaten the benchmark over 3 years and 5 years, and it also fell less than the benchmark over 1 year. The 1-month and 3-month moves show the fund has still been affected by near-term volatility.

How does it compare with the peer funds listed here?
Its latest 1-year return is weaker than the peer funds shown here, while its 3-year and 5-year returns are mixed versus peers with available numbers. The long-term picture is better than the recent 12-month stretch, but several peers have stronger trailing returns.

What is the minimum SIP amount?
The minimum SIP amount is ₹100.

Who manages the fund and what does the portfolio look like?
The fund is managed by Manish Gunwani and Viraj Kulkarni. Its top holdings are led by HDFC Bank Limited, ICICI Bank Limited and Reliance Industries Limited, and the top 10 holdings together account for approximately 45.62% of the portfolio.

Bottom line

Bandhan Flexi Cap Fund Direct Growth Plan has had a weaker recent year, but its 3-year and 5-year returns are still positive and ahead of the benchmark, which suggests the longer record is more useful than the latest 12 months alone. Against the peers shown here, the short-term return looks softer, while the longer-term picture is more mixed. The fund carries High Risk and keeps meaningful weight in its larger holdings, so it is best viewed as a long-horizon equity option for investors who can handle uneven periods.

Published on 10 September 2026 at 10:14 AM IST

Explore mutual funds with Univest

Review mutual fund data, compare performance and explore fund insights on Univest.

Explore Univest

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.