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

Bandhan Flexi Cap Fund Direct Growth Plan is at ₹233.829 as of 28 August 2026, with scheme AUM of ₹7,575 Cr. Its 1-year, 3-year and 5-year returns are 3.89%, 12.60% and 11.37%, and the fund carries a High Risk label. Our view is that the fund has built reasonable longer-term compounding, but the recent 1-year pace is much softer than its 3-year track and also trails the benchmark, so it suits investors who can stay patient through swings.

The portfolio has a clear large-cap tilt, but it still keeps meaningful mid-cap and small-cap exposure. That mix can support participation beyond the largest names, while also keeping the fund exposed to sharper moves in risk appetite. For investors who want an equity fund with a more diversified style than a pure large-cap approach, this combination may be relevant.

Quick facts

Detail	Value
NAV	₹233.829
AUM	₹7,575 Cr
Expense Ratio	1.14%
Launch Date	01 January 2013
Min SIP	₹100
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Equity
Exit Load	Nil up to 10% of investment and 1% for remaining investment on or before 365 days; no exit load after the holding period
Fund Managers	Manish Gunwani, Viraj Kulkarni

The fund is managed by Manish Gunwani and Viraj Kulkarni.

Source data date: as of 28 Aug 2026

Performance

Period	Fund return	Benchmark return
1M	-0.15%	-0.85%
3M	4.62%	3.39%
1Y	3.89%	-2.29%
3Y	12.60%	6.40%
5Y	11.37%	7.13%

Over the recent 1-month window, the fund was slightly negative, but the decline was smaller than the benchmark’s drop. That tells us the fund has not been immune to short-term weakness, yet it has been somewhat steadier than the index in the latest stretch.

The 3-month figure shows a clearer rebound. The fund also stayed ahead of the benchmark over that period, which fits the broader pattern of recovery visible in the longer time frame. The rise has not been smooth, though, so the path to that return has involved noticeable ups and downs rather than a straight line.

The more important signal is in the 1-year, 3-year and 5-year numbers. The fund is ahead of the benchmark in all three periods, and the gap is widest over 3 years and 5 years. Our view is that this points to a fund that has been able to compound better than the benchmark over full market cycles, even if the latest 1-year pace is much softer than the 3-year trend.

That split matters for investors. The short-term numbers show some pressure, while the longer-term numbers still support the case for patient holding periods. In plain terms, recent behaviour looks less robust than the fund’s longer track record, but the broader trend still compares favourably with the benchmark.

Source data date: as of 28 Aug 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.

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Peer comparison

Fund	1Y return	3Y return	5Y return
Bandhan Flexi Cap Fund Direct Growth Plan	3.89%	12.60%	11.37%
Bank of India Flexi Cap Fund Direct Growth Plan	18.05%	22.17%	18.21%
ITI Flexi Cap Fund Direct Growth Plan	17.78%	20.00%	Data not available
Navi Flexi Cap Fund Direct Growth Plan	15.64%	13.15%	13.03%
LIC MF Multi Cap Fund Direct Growth Plan	15.46%	19.73%	Data not available
TRUSTMF Flexi Cap Fund Direct Growth Plan	14.21%	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 well below the stronger peer figures shown here, while its 3-year and 5-year returns also sit behind the leading longer-term numbers available in the group. That said, the comparison is not one-sided: the fund’s longer-term record is still solid enough to sit above several peers on the same time horizons, especially where both 3-year and 5-year figures are available.

What stands out is the difference between shorter and longer horizons. Several peers show stronger 1-year momentum, but the fund’s own 3-year and 5-year history is more balanced than its latest year suggests. So the peer set tells two stories at once: the fund has lagged recent return leaders, but its longer record still looks coherent rather than broken.

Source data date: as of 28 Aug 2026

Portfolio: where your money goes

The market-cap mix is 74.01% large cap, 10.30% mid cap, 11.30% small cap and 4.39% other. That tells us the fund is anchored by large-cap exposure, but it still keeps enough mid-cap and small-cap allocation to change how returns can behave when market leadership broadens.

Sector	Weight	Top holdings
BANK	32.20%	KOTAK MAHINDRA BANK LIMITED (12.51%), CITY UNION BANK LIMITED (4.47%)
FINANCE	12.75%	MULTI COMMODITY EXCHANGE OF INDIA LIMITED (5.40%), BAJAJ FINSERV LIMITED (1.00%)
INFRASTRUCTURE	8.97%	IRB INFRASTRUCTURE DEVELOPERS LTD (6.72%), LARSEN & TOUBRO LIMITED (0.88%)
CAPITAL GOODS	6.71%	KIRLOSKAR PNEUMATIC COMPANY LIMITED (4.28%), KIRLOSKAR PNEUMATIC CO.LTD (0.88%)
RETAILING	6.64%	TRENT LTD (2.14%), ETERNAL LIMITED (0.89%)

The Bank sector at 32.20% is materially larger than every other sector in the list, so it is likely to have the greatest influence on portfolio behaviour. Finance at 12.75% is the next meaningful sleeve, but it is far smaller than banking, which means the portfolio is not evenly spread across sectors.

The rest of the book is more moderate, with Infrastructure at 8.97%, Capital Goods at 6.71% and Retailing at 6.64%. This shape suggests the fund can benefit when financials and cyclical areas are supported, but the large banking weight also means sector-specific weakness there could matter more than it would in a broader spread portfolio.

Overall, the portfolio looks diversified across several equity themes, yet the sector mix is not neutral. The combination of a large-cap core and a strong bank tilt could make the fund’s returns more sensitive to the direction of financial stocks than a more evenly distributed flexi-cap portfolio.

Source data date: as of 28 Aug 2026

Who should invest

This fund fits investors who are comfortable with High Risk equity exposure and can hold through uneven short-term movements. The 1-year result is modest, but the 3-year and 5-year track record shows that the fund has been able to compound better over time than the benchmark.

The main trade-off is that you accept volatility in exchange for a portfolio that has still delivered competitive longer-term returns versus the benchmark. The large-cap core may help stability relative to a more small-cap-heavy approach, but the bank concentration and equity risk mean the ride can still be choppy. A longer horizon is more suitable than a short one.

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 28 Aug 2026

Frequently asked questions

What is the current NAV of Bandhan Flexi Cap Fund Direct Growth Plan?
The current NAV is ₹233.829 as of 28 August 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s 1-year return is 3.89%, its 3-year return is 12.60% and its 5-year return is 11.37%.

How does the fund compare with the Nifty 50 benchmark?
It has outperformed the benchmark over 1-year, 3-year and 5-year periods. The gap is most visible over the longer horizons.

How does the fund compare with peer funds on available returns?
Its 1-year return is below the stronger peer figures shown here, while its 3-year and 5-year numbers are also behind the leading peer returns available. The longer-term record still remains meaningful, but the recent pace is softer than several peers.

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

Who manages the fund and what is the exit load?
The fund is managed by Manish Gunwani and Viraj Kulkarni. Exit load is nil up to 10% of investment and 1% for the remaining investment on or before 365 days, and there is no exit load after the holding period.

Bottom line

Bandhan Flexi Cap Fund Direct Growth Plan shows a clear difference between recent and longer-term behaviour. The latest 1-year return is subdued, but the 3-year and 5-year record still compares well with the benchmark and stays constructive over a full cycle. The fund’s High Risk profile and large bank exposure mean it may move unevenly, yet the large-cap core and multi-sector spread give it a defined structure. It looks most suitable for investors who can stay invested long enough for the longer track record to matter.

Published on 31 August 2026 at 1:08 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.