LIC MF Flexi Cap Fund
Direct · GrowthAI Summary
LIC MF Flexi Cap Fund has delivered SIP XIRR of 12.89% over 3Y and 12.61% over 5Y, consistently beating the NIFTY 50 on a lump-sum basis with positive alpha of 3.38% (3Y) and 3.16% (5Y). However, it trails the category average SIP XIRR across all horizons, lagging by 1.89% at 3Y and 3.48% at 5Y. Over the long term (10Y-15Y), alpha versus the NIFTY 50 has essentially converged to zero, indicating benchmark-level rather than outperforming returns.
The fund shows a defensive risk profile with downside capture below 100% across all periods (88.27% at 10Y) and beta declining to 0.87-0.93 over longer windows, meaning it falls less than the market in corrections. Calmar ratios of roughly 0.31-0.38 across horizons reflect reasonable risk-adjusted efficiency, and 2026's -6.74% calendar return came against a benchmark CAGR of -12.71%, demonstrating superior downside protection. The trade-off is muted upside capture (87.52%-98.55%), so the fund is unlikely to lead in strong rallies.
The 41-stock portfolio is well diversified, with the top holding ICICI Bank at just 4.71% and the top ten positions totaling around 33.9% of NAV. Sector allocation is balanced across Banks (12.2%), Chemicals & Petrochemicals (10.4%), Pharmaceuticals (9.9%), Auto Components (8.3%), and Finance (7.3%), avoiding concentration risk. Holdings like Solar Industries, Navin Fluorine, and InterGlobe Aviation indicate a willingness to take selective mid-cap and thematic positions within the flexi-cap mandate.
Despite solid alpha versus the NIFTY 50 in the 3Y-5Y windows, the fund underperforms the flexi-cap category on SIP XIRR at every measured horizon, suggesting peers have generated stronger SIP outcomes. Its consistency lies in capital protection rather than return leadership, with downside capture consistently below the benchmark and a 12-year XIRR of 11.58%. Investors seeking category-leading returns may find better options, while those prioritizing stability may find the profile acceptable.
This fund suits conservative-to-moderate investors who want broad-market flexi-cap exposure with lower downside capture and a high expense tolerance at 1.65% TER. A horizon of at least 5-7 years is appropriate, as returns have been steady but unspectacular over long periods. It is less suitable for investors seeking top-quartile category performance or maximum upside participation in bull markets.
- Consistent positive alpha versus NIFTY 50 over 3Y (3.38%) and 5Y (3.16%) with downside capture below 93% in those windows
- Well-diversified 41-stock portfolio with no single holding above 4.71% and balanced sector spread
- Defensive character in weak markets, evidenced by 2026 return of -6.74% against a benchmark CAGR of -12.71%
- SIP XIRR trails the category average at every horizon, including 12.61% vs 16.09% over 5Y
- Long-term alpha has faded to near zero (0.16% at 10Y, 0.03% at 12Y) while the 1.65% expense ratio weighs on net returns
Generated on 26-10-2026, 2:13 AM. Verify before investing.
Gives more importance to longer time periods (10Y, 20Y) than shorter ones (1Y, 3Y). This balances out recent outperformance and gives a more realistic picture of what long-term returns might look like.
The largest peak-to-trough decline in the fund's NAV. Shows the worst-case loss an investor would have experienced at any point in the fund's history.
If you invested ₹1,00,000 every month via SIP, here's how this fund has historically performed across different time horizons.
| Duration | Invested | Median Value | XIRR | Min XIRR | Max XIRR |
|---|---|---|---|---|---|
| 1 Year | ₹12.00 L | ₹12.64 L | 13.9% | -50.4% | 69.3% |
| 3 Years | ₹36.00 L | ₹41.54 L | 10.9% | -16.8% | 30.0% |
| 5 Years | ₹60.00 L | ₹79.52 L | 11.3% | -7.4% | 23.9% |
| 7 Years | ₹84.00 L | ₹1.27 Cr | 11.6% | -2.4% | 19.6% |
| 10 Years | ₹1.20 Cr | ₹2.25 Cr | 12.1% | 8.3% | 15.8% |
| 12 Years | ₹1.44 Cr | ₹3.00 Cr | 11.6% | 9.2% | 14.1% |
SIP returns vs benchmark & category
Annualised SIP return (XIRR) over each rolling horizon — like-for-like, not lump-sum.
| Duration | Fund SIP XIRR | NIFTY 50 | Category avg | Fund edge |
|---|---|---|---|---|
| 1 Year | 13.9% | 14.3% | 9.5% | -0.4% |
| 3 Years | 10.9% | 11.0% | 14.7% | -0.1% |
| 5 Years | 11.3% | 10.4% | 16.1% | +0.9% |
| 7 Years | 11.6% | 10.6% | 15.5% | +1.1% |
| 10 Years | 12.1% | 11.4% | 16.0% | +0.7% |
| 12 Years | 11.6% | 11.3% | 15.2% | +0.3% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 12.9% | 8.8% | -25.9% | 67.0% | 0.38 | 0.96 | 78% | — | — |
| 3 Years | 11.3% | 12.0% | -5.0% | 23.4% | 0.93 | 3.01 | 98% | — | — |
| 5 Years | 11.0% | 11.1% | -3.0% | 21.6% | 1.06 | 3.58 | 99% | — | — |
| 10 Years | 11.1% | 11.2% | 7.3% | 13.3% | 4.03 | — | 100% | — | — |
Calmar Ratio by Duration
Compared against NIFTY 50
| Duration | Alpha | Beta | Upside Capture | Downside Capture | Fund CAGR | Bench CAGR |
|---|---|---|---|---|---|---|
| 1 Year | +7.47 | 1.00 | 98.5% | 88.5% | -4.9% | -12.5% |
| 3 Years | +4.11 | 0.97 | 97.5% | 91.6% | 10.0% | 5.8% |
| 5 Years | +3.48 | 0.93 | 93.1% | 88.0% | 8.5% | 4.9% |
| 7 Years | +1.76 | 0.87 | 87.5% | 84.6% | 11.1% | 9.8% |
| 10 Years | +0.48 | 0.88 | 89.4% | 88.0% | 10.2% | 10.1% |
| 12 Years | +0.24 | 0.90 | 91.2% | 90.1% | 9.0% | 9.1% |
| 15 Years | +0.53 | 0.91 | 92.3% | 90.8% | 9.5% | 9.3% |
| # | Stock | % of NAV |
|---|---|---|
| 1 | ICICI Bank Ltd. | 4.71% |
| 2 | Solar Industries India Ltd. | 4.02% |
| 3 | Samvardhana Motherson International Ltd. | 3.39% |
| 4 | Navin Fluorine International Ltd. | 3.39% |
| 5 | Eternal Ltd. | 3.18% |
| 6 | IndusInd Bank Ltd. | 3.10% |
| 7 | Shriram Finance Ltd. | 3.09% |
| 8 | Torrent Pharmaceuticals Ltd. | 3.03% |
| 9 | InterGlobe Aviation Ltd. | 3.03% |
| 10 | Larsen & Toubro Ltd. | 3.02% |