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

HSBC Flexi Cap Fund Direct Growth Plan currently has a NAV of ₹263.7741 as of 09 Sep 2026 and a scheme AUM of ₹5,999 Cr. Its 1-year, 3-year and 5-year returns are 8.29%, 15.87% and 13.47%, and the fund sits in the High Risk category.

Our view is that this is a flexi-cap fund for investors who can tolerate swings in returns and want a portfolio that has still compounded well over 3 and 5 years. The recent period has been softer than the longer trend, but the fund remains meaningfully ahead of the benchmark over 3 and 5 years, which keeps the overall picture constructive rather than defensive.

Quick facts

Particular	Details
NAV	₹263.7741 as of 09 Sep 2026
AUM	₹5,999 Cr
Expense Ratio	1.17%
Launch Date	01 Jan 2013
Min SIP	₹500
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 1Y, Nil after 1Y
Fund Managers	Abhishek Gupta

The fund is managed by Abhishek Gupta.

Source data date: as of 09 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-0.17%	-4.69%
3M	8.56%	0.93%
1Y	8.29%	-7.16%
3Y	15.87%	6.00%
5Y	13.47%	5.87%

The short-term picture has improved relative to the benchmark. Over 1 month, the fund was only slightly negative while the benchmark fell more sharply, and over 3 months the fund turned in a much stronger gain than the index. That suggests the fund has handled the recent phase better than the broad market benchmark.

The 1-year return is still positive, while the benchmark is negative over the same period. That gap is useful, but the more important message is that the fund has not simply relied on a single recent surge: it has also posted solid 3-year and 5-year returns, which indicates a more durable compounding pattern.

Over 3 years and 5 years, the fund remains ahead of the benchmark by a comfortable margin. The longer series also shows interruptions and pullbacks along the way, so the return path has not been smooth, but the overall direction has stayed upward over the longer horizon.

What we take from this is that the fund has mixed short-term volatility with stronger medium- and long-term compounding. For investors, that means recent weakness does not erase the longer track record, but it does reinforce that this is not a low-volatility equity option.

Source data date: as of 09 Sep 2026

Should you BUY or HOLD HSBC 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
HSBC Flexi Cap Fund Direct Growth Plan	8.29%	15.87%	13.47%
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 trails the stronger peer figures in this set, even though it stays ahead of the benchmark. On 3 years and 5 years, it is still competitive, but several peers have posted higher numbers where data is available, which means the fund looks more modest in the short run than in the longer-run comparison.

The pattern is therefore mixed. Short-term peer comparison is weaker than the stronger peer entries, while the medium-term picture is more balanced because the fund’s 3-year and 5-year outcomes remain solid. In other words, the fund’s recent stretch does not stand out as strongly as some peers, but its longer compounding record still supports its case for investors who care more about consistency across market cycles than about the latest one-year lead.

Source data date: as of 09 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
ICICI Bank Limited	Bank	4.49%
HDFC Bank Limited	Bank	2.76%
Reliance Industries Limited	Crude Oil	2.54%
TREPS	Cash & Cash Equivalents and Net Assets	2.51%
TD Power Systems Limited	Capital Goods	2.18%
Coforge Limited	IT	2.12%
Shriram Finance Limited	Finance	2.12%
Karnataka Bank Ltd	Bank	2.06%
Multi Commodity Exchange of India Ltd.	Finance	1.96%
Samvardhana Motherson International Ltd	Automobile & Ancillaries	1.91%

The top 10 holdings account for approximately 24.65% of the portfolio.

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

The largest holding, ICICI Bank Limited, is 4.49%, which is meaningful but not overwhelming for a flexi-cap portfolio. The gap from the first holding to the tenth is fairly measured rather than extreme, and that may help reduce dependence on a single stock outcome.

The list also shows a blend of banks, finance names, IT, capital goods, crude oil and auto ancillaries. That mix could give the fund a wider set of return drivers, while the 24.65% combined weight of the top 10 indicates that the disclosed core positions still matter materially.

Because the fund discloses 80 holdings in total, the visible names are only part of a longer tail. In our view, that combination of a moderate top-weight cluster and a broad residual book may leave the portfolio less concentrated than a small set of very large positions, while still allowing the main holdings to influence outcomes.

Source data date: as of 09 Sep 2026

Who should invest

This fund suits investors who are comfortable with High Risk equity volatility and can stay invested for at least a medium to long horizon. The 1-year return is positive but clearly softer than the 3-year and 5-year numbers, so the recent stretch is not as strong as the longer record.

The main trade-off is simple: you get a fund that has outpaced the benchmark over 3 and 5 years, but you must accept uneven short-term performance and equity-market swings. The mix of large financial holdings, a cash position and a broad 80-holding portfolio may appeal to investors who want diversified flexi-cap exposure without expecting a smooth month-to-month path.

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 if units are sold on or before 1 year; no exit load after the holding period.

Source data date: as of 09 Sep 2026

Frequently asked questions

What is the current NAV of HSBC Flexi Cap Fund Direct Growth Plan?
Its NAV is ₹263.7741 as of 09 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s returns are 8.29% over 1 year, 15.87% over 3 years and 13.47% over 5 years.

How does the fund compare with Nifty 50?
It has outperformed Nifty 50 over 1 year, 3 years and 5 years. The benchmark return is -7.16% over 1 year, 6.00% over 3 years and 5.87% over 5 years.

How does it compare with the peer funds listed here?
Its 1-year return is lower than several peers in this group, but its 3-year and 5-year numbers remain competitive. The peer comparison shows a mixed picture rather than a uniform lead or lag.

What is the fund’s minimum SIP amount?
This is not stated here, so we are not listing a minimum SIP figure.

What are the risk level, key holdings and manager name?
The fund is classified as High Risk and is managed by Abhishek Gupta. Its top holding is ICICI Bank Limited at 4.49%, and the disclosed top 10 holdings together account for 24.65% of the portfolio.

Bottom line

HSBC Flexi Cap Fund Direct Growth Plan has a mixed short-term picture but a stronger medium- to long-term record. It remains ahead of the benchmark over 3 and 5 years, while recent returns have been less striking than the peer leaders in this comparison set. The portfolio is spread across 80 holdings, with a meaningful but not dominant top position and a 24.65% combined weight in the top 10. That makes it suitable for investors who can handle High Risk equity swings and want flexible, diversified exposure.

Published on 10 September 2026 at 9:25 AM 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.