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

Parag Parikh Flexi Cap Fund Direct Growth Plan has a NAV of ₹89.3946 as of 09 Sep 2026 and a scheme AUM of ₹1,47,404 Cr. Its 1-year, 3-year and 5-year returns are -3.94%, 12.3% and 11.58%, and it sits in the High Risk bucket. Our view is that it fits investors who can stay patient through stretches of weakness, because the recent 1-year slip is lighter than the steadier longer-term compounding pattern.

The fund’s mix of Indian banks, cash, overseas equities and other large positions gives it a diversified but still equity-heavy profile. That makes it more suitable for a medium-to-long horizon than for investors looking for smooth short-term outcomes.

Quick facts

Particular	Details
NAV	₹89.3946 as of 09 Sep 2026
AUM	₹1,47,404 Cr
Expense Ratio	0.63%
Launch Date	24 May 2013
Min SIP	₹1,000
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Equity
Exit Load	Nil upto 10% of units. For remaining units 2% on or before 365D, 1% after 365D but on or before 730D, Nil after 730D
Fund Managers	Rajeev Thakkar, Rukun Tarachandani, Raj Mehta, Mansi Kariya

The fund is managed by Rajeev Thakkar, Rukun Tarachandani, Raj Mehta and Mansi Kariya.

Source data date: as of 09 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-2.99%	-4.06%
3M	1.03%	1.37%
1Y	-3.94%	-7.31%
3Y	12.3%	6.07%
5Y	11.58%	5.91%

The recent pattern is softer than the medium-term record. Over 1 month and 1 year, the fund stayed negative, but the declines were still less severe than the benchmark’s moves over the same windows. That tells us the strategy has not been immune to weak equity conditions, yet it has held up better than Nifty 50 in the down periods shown here.

The 3-month picture is steadier, with both the fund and benchmark in positive territory. Even there, the benchmark has moved a touch faster, which suggests the recent recovery has been broad-based rather than fund-specific.

The broader message comes from 3-year and 5-year returns. At 12.3% over 3 years and 11.58% over 5 years, the fund has compounded well above the benchmark’s 6.07% and 5.91%. So while the short-term trend has been uneven, the longer record still shows a clearer compounding edge over the benchmark.

This split between near-term weakness and longer-term resilience matters for investors. The fund appears capable of participating in market recoveries, but the path can be choppy. For patient investors, the key question is less about short bursts of outperformance and more about whether the return pattern matches a willingness to tolerate drawdowns and uneven calendar-year outcomes.

Source data date: as of 09 Sep 2026

Should you BUY or HOLD Parag Parikh 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 Parag Parikh 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
Parag Parikh Flexi Cap Fund Direct Growth Plan	-3.94%	12.3%	11.58%
ITI Flexi Cap Fund Direct Growth Plan	13.94%	18.35%	Data not available
Bank of India Flexi Cap Fund Direct Growth Plan	13.69%	19.33%	16.84%
Navi Flexi Cap Fund Direct Growth Plan	11.62%	11.14%	11.62%
LIC MF Multi Cap Fund Direct Growth Plan	10.93%	17.78%	Data not available
TRUSTMF Flexi Cap Fund Direct Growth Plan	10.58%	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’s 1-year return trails the stronger recent figures posted by several peers, even though its decline is milder than the benchmark’s. On the longer horizon, its 3-year and 5-year returns remain competitive, but the group also includes peers with higher 1-year and 3-year numbers, especially Bank of India Flexi Cap Fund Direct Growth Plan and ITI Flexi Cap Fund Direct Growth Plan.

The broader read-through is mixed. The fund looks less forceful in the latest 12-month window than the better recent peer results, yet its longer record still holds up well against funds that have shorter or incomplete five-year histories. That makes the short-term and long-term comparisons tell different stories: recent momentum has been subdued, while the medium-term compounding record remains solid.

Source data date: as of 09 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
HDFC Bank Limited	Bank	7.63%
ICICI Bank Limited	Bank	5.67%
Power Grid Corporation of India Limited	Power	5.58%
ITC Limited	FMCG	5.26%
Bajaj Holdings & Investment Limited	Finance	5.14%
Coal India Limited	Mining	5.02%
TRP_010926	Cash & Cash Equivalents and Net Assets	4.85%
Kotak Mahindra Bank Limited	Bank	4.4%
HCL Technologies Limited	IT	4.15%
Alphabet Inc A	Overseas Equities	4.14%

The largest holding, HDFC Bank Limited, carries a weight of 7.63%, so no single position dominates the portfolio by itself. The drop from the first holding to the tenth is gradual rather than abrupt, which suggests the portfolio is spread across several meaningful positions instead of relying on one or two outsized bets.

The top 10 holdings together account for approximately 51.84% of the portfolio, and the fund discloses 30 holdings in total. That combination points to a fairly broad structure with a long tail of remaining positions, while still leaving the largest names likely to have greater influence on day-to-day movement than the smaller holdings.

Sector mix is also notable from the disclosed names alone. Banks appear multiple times, but the list also includes power, FMCG, finance, mining, cash-like instruments, IT and overseas equities, so the portfolio may respond to different drivers rather than a single narrow theme.

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

Source data date: as of 09 Sep 2026

Who should invest

This fund suits investors who can accept High Risk and stay invested through uneven short-term returns. The 1-year result is negative, but the 3-year and 5-year numbers show a stronger compounding pattern than the benchmark, which makes the fund more relevant for a longer horizon than for short holding periods.

The portfolio is diversified across several large holdings and includes overseas equities, which may appeal to investors who want a flexi-cap style allocation with some non-domestic exposure. The trade-off is clear: you may need to tolerate periods where the fund lags the benchmark or posts weak calendar-year returns, even if the longer record remains more constructive.

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

The exit load is nil for units sold after the holding period. For redemptions within the first year, the scheme allows nil up to 10% of units, while the remaining units attract 2% on or before 365D and 1% after 365D but on or before 730D.

Source data date: as of 09 Sep 2026

Frequently asked questions

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

The current NAV is ₹89.3946 as of 09 Sep 2026.

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

Its 1-year return is -3.94%, its 3-year return is 12.3%, and its 5-year return is 11.58%.

How does it compare with the benchmark?

The fund has done better than Nifty 50 over 3 years and 5 years, while also falling less than the benchmark over 1 year. That makes the longer-term pattern more supportive than the latest 12-month period.

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

Its 1-year return is weaker than several peers shown here, but its 3-year and 5-year figures remain competitive. The short-term picture is softer than the longer-term record.

What is the minimum SIP amount?

The minimum SIP amount is ₹1,000.

Who manages the fund and what is the exit load?

The fund is managed by Rajeev Thakkar, Rukun Tarachandani, Raj Mehta and Mansi Kariya. The exit load is nil for units sold after the holding period; before that, the scheme allows nil up to 10% of units and charges 2% on or before 365D and 1% after 365D but on or before 730D for the remaining units.

Bottom line

Parag Parikh Flexi Cap Fund Direct Growth Plan has a softer recent showing than its longer-term record, but the 3-year and 5-year numbers still compare well with the benchmark and remain competitive against peers on the available figures. The fund carries High Risk, so the return path can be uneven, yet the portfolio is spread across several major positions rather than a single large bet. That makes it more suitable for patient investors who can absorb short-term volatility in exchange for a steadier long-run compounding profile.

Published on 11 September 2026 at 10:32 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.