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

Union Flexi Cap Fund Direct Growth Plan has a NAV of ₹59.14 as of 09 Sep 2026 and an AUM of ₹2,452 Cr. Its 1-year, 3-year and 5-year returns are 4.14%, 11.25% and 10.59% respectively, and the scheme sits in the High Risk bucket. In our view, this is a flexi-cap fund that has shown better longer-term compounding than its short-term run, while carrying a portfolio tilted toward banks and select growth names.

The mix may suit investors who can stay invested through uneven phases and want a portfolio with meaningful large-cap exposure but not a narrow style bet. Recent performance has been softer than the medium-term track, so the fund looks better judged over a longer horizon than on the latest year alone.

Quick facts

Particular	Details
NAV	₹59.14 as of 09 Sep 2026
AUM	₹2,452 Cr
Expense Ratio	0.92%
Launch Date	01 Jan 2013
Min SIP	₹500
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Equity
Exit Load	1% on or before 15D, Nil after 15D
Fund Managers	Sanjay Bembalkar, Vinod Malviya

The fund is managed by Sanjay Bembalkar and Vinod Malviya.

Source data date: as of 09 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-1.47%	-4.69%
3M	7.64%	0.93%
1Y	4.14%	-7.16%
3Y	11.25%	6%
5Y	10.59%	5.87%

The latest month was mildly weak, but the fund still held up better than the benchmark over the same period. The 3-month stretch shows a clearer recovery, with the fund moving ahead of the index by a wide margin. That matters because the recent path has not been a straight line; there has been volatility, but the direction over the last few months is better than the one-year result alone suggests.

Over 1 year, the fund stayed in positive territory while the benchmark fell, which points to better relative resilience. The longer picture is steadier. The 3-year and 5-year returns both remain ahead of the benchmark, and that is the more useful frame for a flexi-cap fund that can move across market caps and styles. Our view is that the fund has not been a defensive, low-volatility holding, but it has produced a respectable long-run outcome relative to the benchmark.

The difference between the recent one-year run and the medium-term track is important. The one-year number is much lower than the 3-year and 5-year figures, which tells us the fund has gone through a softer phase after a better prior stretch. Investors looking at this fund for a shorter holding period may therefore focus too much on the latest year and miss the better compounding pattern that appears over longer periods.

Source data date: as of 09 Sep 2026

Should you BUY or HOLD Union 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
Union Flexi Cap Fund Direct Growth Plan	4.14%	11.25%	10.59%
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. On available return data, the fund’s 1-year result trails several peers, especially the stronger 1-year figures from Bank of India Flexi Cap Fund Direct Growth Plan and ITI Flexi Cap Fund Direct Growth Plan. The same pattern continues over 3 years and 5 years, where the fund is also below the stronger peer figures shown here. That makes the short-term and longer-term peer picture broadly consistent rather than conflicting.

Even so, the fund’s own longer-term numbers remain comfortably ahead of the benchmark. So while the peer set shown here looks stronger on raw returns, the fund still offers a workable multi-year track for investors who prefer the Union house style and can accept a rougher short-term phase.

Source data date: as of 09 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
ICICI Bank Ltd.	Bank	6.58%
HDFC Bank Ltd.	Bank	3.76%
Axis Bank Ltd.	Bank	3.66%
State Bank of India	Bank	3.50%
TREPS	Cash & Cash Equivalents and Net Assets	3.20%
Bharti Airtel Ltd.	Telecom	2.55%
Ather Energy Ltd.	Domestic Equities	2.30%
Bajaj Finance Ltd.	Finance	2.28%
Eternal Ltd.	Retailing	2.14%
One 97 Communications Ltd.	IT	2.10%

The top 10 holdings account for approximately 32.07% of the portfolio.

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

ICICI Bank Ltd. is the largest individual position at 6.58%, and the next four holdings are all below 4%, which shows a noticeable step-down after the first holding. That means the fund is likely to have greater influence from its top bank exposure, even though the rest of the list is not dominated by one single theme alone.

The spread from the largest holding to the tenth holding is fairly wide, falling from 6.58% to 2.10%. That gap suggests the portfolio is not evenly weighted across the top positions. Instead, it has a clear core position at the top, followed by a cluster of smaller exposures that may help balance the portfolio but may not offset the influence of the leading name in the short term.

Because the top 10 holdings make up 32.07% of the portfolio and the scheme has 69 disclosed holdings, the rest of the book is spread across a long tail. That points to a mix of concentration and diversification: the visible core is meaningful, but there is still room for a broader set of positions to shape the overall outcome over time.

Source data date: as of 09 Sep 2026

Who should invest

This fund fits investors who are comfortable with High Risk equity exposure and can stay invested for several years. The 3-year and 5-year numbers are stronger than the 1-year figure, so the fund looks better suited to patient investors than to anyone who wants a smooth short-term path. Its benchmark comparison is constructive over longer periods, but the recent year has been softer than the medium-term track.

The main trade-off is between the possibility of longer-run compounding and the acceptance of uneven shorter-term performance. The portfolio is led by banks, so investors should be comfortable with a meaningful financials tilt while still recognising that the scheme holds 69 names in total. In our view, it is more appropriate for investors who want flexi-cap exposure and can tolerate swings rather than for those seeking stability or low drawdown risk.

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: 1% if units are sold on or before 15 days; no exit load after that holding period.

Source data date: as of 09 Sep 2026

Frequently asked questions

What is the current NAV of Union Flexi Cap Fund Direct Growth Plan?
The current NAV is ₹59.14 as of 09 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s returns are 4.14% for 1 year, 11.25% for 3 years and 10.59% for 5 years.

How does the fund compare with its benchmark?
It is ahead of the Nifty 50 over 3 years and 5 years, and it also stayed positive over 1 year while the benchmark was negative.

What is the risk category of the scheme?
The scheme is in the High Risk category, so it suits investors who can tolerate equity market swings.

Which fund managers manage this scheme?
Sanjay Bembalkar and Vinod Malviya manage the fund.

What does the portfolio look like at the top?
The biggest positions are led by ICICI Bank Ltd. at 6.58%, followed by HDFC Bank Ltd., Axis Bank Ltd. and State Bank of India. The top 10 holdings together account for approximately 32.07% of the portfolio.

Bottom line

Union Flexi Cap Fund Direct Growth Plan has a softer 1-year result than its 3-year and 5-year track, so the fund reads better as a longer-horizon holding than as a recent momentum story. It remains ahead of the benchmark over the medium term, though the peer set shown here has stronger return figures on the same horizons. The portfolio is led by banks, with ICICI Bank Ltd. as the largest holding, and the scheme carries a High Risk profile that fits investors who can handle uneven phases.

Published on 10 September 2026 at 3:27 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.