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

ITI Flexi Cap Fund Direct Growth Plan currently has a NAV of ₹20.8373 as of 17 Sep 2026 and manages ₹1,588 Cr. Its 1-year, 3-year and 5-year returns are 9.54%, 17.61% and 0%, respectively, and it sits in the High Risk bucket.

Our view is that the fund has shown better medium-term strength than its latest 1-year number suggests, but the longer record is still short because it launched in February 2023. The portfolio is tilted toward large financials and selective growth names, so it can suit investors who can handle equity volatility and want a flexi-cap allocation with active stock selection.

Quick facts

Particular	Details
NAV	₹20.8373 as of 17 Sep 2026
AUM	₹1,588 Cr
Expense Ratio	0.59%
Launch Date	17 Feb 2023
Min SIP	₹500
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Equity
Exit Load	0.50% on or before 3M, NIL after 3M
Fund Managers	Dhimant Shah, Nilay Dalal

The fund is managed by Dhimant Shah and Nilay Dalal.

Source data date: as of 17 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-1.60%	-3.66%
3M	3.37%	-3.71%
1Y	9.54%	-7.13%
3Y	17.61%	5.82%
5Y	Data not available	Data not available

The recent pattern is constructive. Over 1 month, the fund was negative, but it still held up better than the benchmark, and over 3 months it moved back into positive territory while the benchmark remained negative. That tells us the fund has been more resilient than the Nifty 50 in the shorter window covered here.

The 1-year figure is also positive at 9.54%, while the benchmark is down 7.13% over the same span. That gap matters because it suggests the fund was able to add value even in a difficult benchmark environment. For investors, this kind of outperformance is useful, but it should be viewed alongside the fund’s High Risk label and the fact that the scheme is still young.

The 3-year number is stronger at 17.61%, which shows that the fund has been able to compound at a faster pace over a longer stretch than the benchmark’s 5.82%. We would still treat the 5-year field as not available rather than reading anything into it, because the scheme does not have that full history. The main takeaway is that short-term volatility has been present, but the medium-term trend has been healthier than the benchmark.

Source data date: as of 17 Sep 2026

Should you BUY or HOLD ITI 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
ITI Flexi Cap Fund Direct Growth Plan	9.54%	17.61%	Data not available
Bank of India Flexi Cap Fund Direct Growth Plan	10.10%	18.09%	16.01%
Navi Flexi Cap Fund Direct Growth Plan	7.90%	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.

On the latest 1-year figure, this fund is close to Bank of India Flexi Cap Fund Direct Growth Plan and ahead of Navi Flexi Cap Fund Direct Growth Plan, LIC MF Multi Cap Fund Direct Growth Plan and Aditya Birla SL Flexi Cap Fund Direct Growth Plan. That tells us the recent result is competitive, even if it does not stand far above the stronger peer numbers.

Over 3 years, the fund’s 17.61% return is again near the stronger end of this set, trailing Bank of India Flexi Cap Fund Direct Growth Plan’s 18.09% but ahead of Navi Flexi Cap Fund Direct Growth Plan and Aditya Birla SL Flexi Cap Fund Direct Growth Plan. For 5 years, the comparison is limited because this scheme does not have a 5-year record, while some peers do. The short-term picture and the medium-term picture point in the same direction: the fund has been reasonably competitive, but not uniquely dominant.

Source data date: as of 17 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
ICICI Bank Limited	Bank	4.80%
Reliance Industries Limited	Crude Oil	3.74%
HDFC Bank Limited	Bank	3.57%
TREPS 01-Sep-2026	Cash & Cash Equivalents and Net Assets	3.26%
Net Receivables / (Payables)	Cash & Cash Equivalents and Net Assets	2.99%
Bharti Airtel Limited	Telecom	2.34%
Larsen & Toubro Limited	Infrastructure	2.23%
State Bank of India	Bank	2.17%
Ather Energy Limited	Domestic Equities	2.13%
Aditya Infotech Limited	Domestic Equities	2.07%

The largest disclosed holding is ICICI Bank Limited at 4.8%, which is meaningful but not extreme for an actively managed flexi-cap fund. The tenth holding is 2.07%, so the drop from the first position to the tenth is present but not steep, which suggests the core book is fairly spread out across several positions.

The top 10 holdings account for approximately 29.3% of the portfolio, and the scheme shows 75 disclosed holding rows in total. That combination tells us the fund may be carrying a broad tail beyond the largest positions, even though the visible list still leans on a handful of banks, one large industrial name, and a small cash-like component. In our view, that can make single-stock influence more moderate than in a tightly concentrated portfolio, while still leaving the fund’s stock selection meaningful.

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

Source data date: as of 17 Sep 2026

Who should invest

This fund fits investors who are comfortable with High Risk equity exposure and can stay invested long enough for the portfolio to work through short-term swings. The 1-year return is positive but only modestly above the benchmark’s negative move, while the 3-year result is stronger and shows better medium-term compounding than the index.

The trade-off is clear: you are accepting volatility and an uneven short-run path in exchange for a chance at stronger medium-term equity returns. It is better suited to investors who want flexi-cap exposure, can tolerate drawdowns, and do not need predictable near-term outcomes. The portfolio’s large-bank and selective stock mix can support this style, but it does not reduce the need for patience.

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: 0.50% if units are sold within 3 months; nil after 3 months.

Source data date: as of 17 Sep 2026

Frequently asked questions

What is the current NAV of ITI Flexi Cap Fund Direct Growth Plan?

The current NAV is ₹20.8373 as of 17 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?

The fund’s 1-year return is 9.54% and its 3-year return is 17.61%. The 5-year figure is Data not available.

How has the fund done versus the benchmark?

It has beaten the Nifty 50 over 1 month, 3 months, 1 year and 3 years. The benchmark has been negative over the shorter windows and lower over 3 years.

How does it compare with peer funds on the available return data?

Its 1-year and 3-year returns are competitive with the peer set shown here. It trails Bank of India Flexi Cap Fund Direct Growth Plan slightly on both 1-year and 3-year figures, but it is ahead of the weaker peer numbers in the table.

What is the minimum SIP amount?

The minimum SIP amount is ₹500.

What are the risk label, fund managers and exit load?

The fund is in the High Risk category and is managed by Dhimant Shah and Nilay Dalal. The exit load is 0.50% if units are sold within 3 months and nil after 3 months.

Bottom line

ITI Flexi Cap Fund Direct Growth Plan has a short record, but the pattern so far is better in the medium term than in the immediate term. It has also stayed ahead of the benchmark across the periods shown, while the peer comparison places it in a competitive but not standout position. The risk label is High Risk, and the portfolio leans on a few large financial holdings while still keeping a fairly broad tail. That makes it suitable for investors who can tolerate volatility and want a flexi-cap fund with active stock selection and patience.

Published on 18 September 2026 at 11:38 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.