Parag Parikh Flexi Cap Fund
Direct · GrowthAI Summary
Parag Parikh Flexi Cap Fund has delivered strong SIP XIRR across all horizons, ranging from 18.90% (12Y) to 20.85% (1Y), consistently outperforming category averages by roughly 3-5 percentage points. Against the NIFTY 50, the fund has generated substantial alpha over longer periods, including 10.21% over 7Y and 8.28% over 10Y, with lump-sum CAGRs of 17.40% (10Y) versus the benchmark's 10.91%. The 1Y period shows a rare underperformance with negative alpha of -3.11%, though longer-term outperformance remains intact.
The fund exhibits low beta (0.57-0.70) versus the NIFTY 50, with downside capture consistently below upside capture across all periods — for example, 53.91% downside versus 65.66% upside capture over 10Y — indicating strong downside protection. The maximum drawdown of just -0.31% with a 40-day duration and 105-day recovery reflects remarkable resilience, though 5 drawdown events exceeding 10% have occurred historically. Calmar ratios of roughly 0.61-0.66 across horizons indicate solid risk-adjusted returns.
The 58-stock portfolio is anchored by HDFC Bank (7.55%), Power Grid (5.98%), and ITC (5.74%), with banks forming the largest sector allocation at 20.2%. IT-Software (10.3%), Automobiles (6.7%), Power (6.0%), and Diversified FMCG (5.8%) round out the top sectors, providing a blend of financials, defensives, and cyclicals. The top 10 holdings account for roughly 49.9% of NAV, indicating moderate concentration with meaningful diversification beyond.
The fund beats category average SIP XIRR at every measured horizon, with the widest gaps over 7Y (20.31% vs 15.57%) and 12Y (18.90% vs 15.40%). Calendar year returns show strong consistency, with positive returns in 12 of the last 14 years and standout years including 2021 (46.76%), 2014 (44.92%), and 2023 (37.49%). Recent years have been softer, with 2025 at 8.22% and 2026 year-to-date at -4.09%, suggesting some near-term momentum loss.
This fund suits investors seeking long-term wealth creation with lower-than-market volatility, given its low beta and strong downside capture characteristics. A minimum horizon of 5-7 years is appropriate to fully benefit from its compounding track record, as demonstrated by 19%+ rolling 5Y returns. It is well-suited to moderate risk tolerance investors who want flexi-cap exposure with a quality-tilted, drawdown-conscious approach.
- Consistent alpha generation versus NIFTY 50, with 7Y alpha of 10.21% and 10Y alpha of 8.28%
- Superior downside protection with downside capture of 50.80-65.13% across all periods, well below its upside capture
- SIP XIRR beats category averages at every horizon, including 20.31% over 7Y versus the category's 15.57%
- Recent 1Y performance has lagged, with negative alpha of -3.11% and a -4.09% calendar year return in 2026
- Banking sector concentration of 20.2% exposes the portfolio to financial sector-specific risks
Generated on 06-09-2026, 7:54 PM. 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 | ₹12.88 L | 20.8% | -44.8% | 79.5% |
| 3 Years | ₹36.00 L | ₹46.27 L | 19.0% | -12.3% | 45.6% |
| 5 Years | ₹60.00 L | ₹97.07 L | 19.3% | -1.7% | 31.0% |
| 7 Years | ₹84.00 L | ₹1.72 Cr | 20.3% | 5.5% | 25.9% |
| 10 Years | ₹1.20 Cr | ₹3.45 Cr | 20.0% | 17.3% | 22.6% |
| 12 Years | ₹1.44 Cr | ₹4.96 Cr | 18.9% | 17.0% | 20.4% |
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 | 20.8% | 14.4% | 15.6% | +6.5% |
| 3 Years | 19.0% | 11.1% | 14.9% | +7.9% |
| 5 Years | 19.3% | 10.4% | 15.6% | +8.9% |
| 7 Years | 20.3% | 10.6% | 15.6% | +9.7% |
| 10 Years | 20.0% | 11.5% | 16.1% | +8.6% |
| 12 Years | 18.9% | 11.4% | 15.4% | +7.5% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 20.5% | 17.4% | -21.4% | 100.1% | 0.77 | 3.87 | 91% | — | — |
| 3 Years | 19.2% | 19.2% | 0.7% | 37.6% | 2.20 | 43.41 | 100% | — | — |
| 5 Years | 19.3% | 19.0% | 4.1% | 34.0% | 2.54 | 126.57 | 100% | — | — |
| 10 Years | 19.0% | 19.0% | 17.2% | 21.5% | 13.27 | — | 100% | — | — |
Calmar Ratio by Duration
Compared against NIFTY 50
| Duration | Alpha | Beta | Upside Capture | Downside Capture | Fund CAGR | Bench CAGR |
|---|---|---|---|---|---|---|
| 1 Year | -3.11 | 0.61 | 60.8% | 61.6% | -2.0% | -2.4% |
| 3 Years | +7.30 | 0.66 | 72.6% | 61.2% | 14.7% | 7.8% |
| 5 Years | +5.76 | 0.70 | 74.3% | 65.1% | 13.2% | 7.9% |
| 7 Years | +10.21 | 0.62 | 70.3% | 58.2% | 20.1% | 11.9% |
| 10 Years | +8.28 | 0.59 | 65.7% | 53.9% | 17.4% | 10.9% |
| 12 Years | +8.14 | 0.59 | 64.1% | 52.3% | 16.6% | 9.8% |
| 15 Years | +7.58 | 0.57 | 63.3% | 50.8% | 15.9% | 9.6% |
| # | Stock | % of NAV |
|---|---|---|
| 1 | HDFC Bank Limited | 7.63% |
| 2 | ICICI Bank Limited | 5.67% |
| 3 | Power Grid Corporation of India Limited | 5.58% |
| 4 | ITC Limited | 5.26% |
| 5 | Bajaj Holdings & Investment Limited | 5.14% |
| 6 | Coal India Limited | 5.02% |
| 7 | Kotak Mahindra Bank Limited | 4.40% |
| 8 | HCL Technologies Limited | 4.15% |
| 9 | Mahindra & Mahindra Limited | 3.97% |
| 10 | Infosys Limited | 3.29% |