Parag Parikh Flexi Cap Fund
Direct · GrowthAI Summary
Parag Parikh Flexi Cap Fund has delivered strong long-term SIP returns, with 10Y XIRR of 19.85% and 5Y XIRR of 20.31%, consistently outpacing the category average SIP XIRR (10Y: 15.97%, 5Y: 16.09%) by roughly 4 percentage points. Against the NIFTY 50, the fund shows substantial alpha across longer horizons, including 9.99% over 7Y and 8.17% over 12Y, with fund CAGR of 18.66% versus benchmark 9.99% over 7Y. The 1Y XIRR of 10.21% is modest but still ahead of the category's 9.55%.
The fund exhibits low beta (0.59-0.69 across horizons) and notably low downside capture (50.93% over 15Y, 54.41% over 10Y), meaning it has historically fallen much less than the NIFTY 50 in weak markets. Calmar ratios remain stable around 0.60-0.65 across all durations, indicating consistent risk-adjusted returns, and the current max drawdown of just -0.31% recovered in 105 days. However, 5 drawdown events exceeding 10% have occurred, so meaningful interim losses are possible in sharp corrections.
The 52-stock portfolio is anchored in financials, with Banks at 20.5% and three banks (HDFC Bank 7.75%, ICICI Bank 5.24%, Kotak Mahindra Bank 4.44%) among the top seven holdings. IT-Software (9.4%), Automobiles (6.4%), Power (5.6%), and FMCG (5.5%) provide diversification across defensive and cyclical sectors. The top 10 holdings total roughly 49.7%, indicating a moderately concentrated but well-diversified large-cap-oriented book.
The fund beats the category average SIP XIRR at every horizon, from 10.21% vs 9.55% over 1Y to 19.85% vs 15.97% over 10Y, demonstrating sustained peer leadership. Calendar year returns show strong consistency, with positive years in 11 of the last 14 and standout gains of 46.76% (2021), 44.92% (2014), and 37.49% (2023). Losses in down years like 2022 (-6.51%) and 2026 (-6.28%) have been relatively contained.
This fund suits investors seeking a core flexi cap holding with a long-term horizon of 7-10 years or more, given its returns compound best over extended periods. Its low downside capture and moderate beta make it appropriate for moderate-risk investors who want equity growth with softer drawdowns than the broad market. SIP investors in particular benefit from its track record of category-beating XIRR across all measured windows.
- Consistent category outperformance: SIP XIRR beats the category average at every horizon, e.g., 19.85% vs 15.97% over 10Y and 20.31% vs 16.09% over 5Y
- Strong downside protection with downside capture of 50.93% over 15Y and 54.41% over 10Y versus the NIFTY 50
- Substantial long-term alpha of 7.69% to 9.99% over the 7Y, 10Y, 12Y, and 15Y windows
- Negative 1Y alpha of -1.25% and fund CAGR of -6.68% versus benchmark -12.71% over the past year, showing recent relative momentum has softened
- Sector concentration in Banks at 20.5% of the portfolio creates sensitivity to financial sector underperformance
Generated on 25-10-2026, 2:23 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 | ₹12.87 L | 20.5% | -44.8% | 79.5% |
| 3 Years | ₹36.00 L | ₹46.21 L | 18.7% | -12.3% | 45.6% |
| 5 Years | ₹60.00 L | ₹96.77 L | 19.1% | -1.7% | 31.0% |
| 7 Years | ₹84.00 L | ₹1.72 Cr | 20.2% | 5.5% | 25.9% |
| 10 Years | ₹1.20 Cr | ₹3.44 Cr | 19.8% | 16.1% | 22.6% |
| 12 Years | ₹1.44 Cr | ₹4.86 Cr | 18.6% | 16.1% | 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 | 20.5% | 14.3% | 9.6% | +6.2% |
| 3 Years | 18.7% | 11.0% | 14.8% | +7.7% |
| 5 Years | 19.1% | 10.4% | 16.1% | +8.7% |
| 7 Years | 20.2% | 10.6% | 15.5% | +9.6% |
| 10 Years | 19.8% | 11.4% | 16.0% | +8.4% |
| 12 Years | 18.6% | 11.3% | 15.2% | +7.3% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 20.1% | 17.2% | -21.4% | 100.1% | 0.74 | 3.60 | 89% | — | — |
| 3 Years | 19.1% | 19.0% | 0.7% | 37.6% | 2.18 | 43.42 | 100% | — | — |
| 5 Years | 19.1% | 18.9% | 4.1% | 34.0% | 2.47 | 126.29 | 100% | — | — |
| 10 Years | 18.9% | 18.9% | 16.4% | 21.5% | 11.99 | — | 100% | — | — |
Calmar Ratio by Duration
Compared against NIFTY 50
| Duration | Alpha | Beta | Upside Capture | Downside Capture | Fund CAGR | Bench CAGR |
|---|---|---|---|---|---|---|
| 1 Year | -1.25 | 0.62 | 63.4% | 61.1% | -6.7% | -12.7% |
| 3 Years | +6.49 | 0.65 | 70.9% | 60.2% | 12.3% | 5.4% |
| 5 Years | +5.70 | 0.69 | 73.5% | 64.8% | 10.8% | 4.5% |
| 7 Years | +9.99 | 0.62 | 70.5% | 58.5% | 18.7% | 10.0% |
| 10 Years | +7.85 | 0.60 | 65.7% | 54.4% | 16.4% | 10.0% |
| 12 Years | +8.17 | 0.59 | 64.0% | 52.2% | 16.2% | 9.1% |
| 15 Years | +7.69 | 0.57 | 63.4% | 50.9% | 15.7% | 9.1% |
| # | Stock | % of NAV |
|---|---|---|
| 1 | HDFC Bank Limited | 7.75% |
| 2 | Power Grid Corporation of India Limited | 5.60% |
| 3 | ITC Limited | 5.49% |
| 4 | Coal India Limited | 5.39% |
| 5 | ICICI Bank Limited | 5.24% |
| 6 | Bajaj Holdings & Investment Limited | 4.96% |
| 7 | Kotak Mahindra Bank Limited | 4.44% |
| 8 | HCL Technologies Limited | 3.96% |
| 9 | Mahindra & Mahindra Limited | 3.89% |
| 10 | Infosys Limited | 2.93% |