Three-year ranking, August 2026 portfolio, data as of 30 September 2026
Bank of India Flexi Cap Fund Ranked First of 37 Flexi Cap Funds Over Three Years
A 66.00% three-year return and a place in the 95th percentile or higher over one, two and three years. Flexi-cap freedom lets a manager choose almost anything, so the useful question is what this fund chose.
Flexi-cap funds have the widest brief in Indian equity. They can hold large, mid and small companies in any mix, and they can keep some money outside shares. Over three years, one Direct Growth flexi-cap fund has used that freedom better than the other 36 in DirectGrowth's data.
Bank of India Flexi Cap Fund (Direct Growth) gained 66.00% between 29 September 2023 and 30 September 2026. That is the highest three-year return among the 37 Direct Growth flexi-cap funds with a three-year record. It also ranked in the 98th percentile over one year and the 95th over two.
The fund in numbers
Bank of India Flexi Cap Fund in numbers
The returns are point-to-point and end on 30 September 2026. They start from NAVs of ₹37.44 (30 September 2025), ₹39.43 (30 September 2024) and ₹25.12 (29 September 2023). The yearly equivalent of the three-year figure is our own conversion. The peer percentiles are DirectGrowth's own calculation across Direct Growth flexi-cap funds: a fund in the 98th percentile was ahead of 98% of the others.
Against the benchmark proxy
DirectGrowth shows a benchmark proxy for this fund, built from index-tracker NAVs for the BSE 500 TRI. It is a validated estimate and not an exact index value. Over one year the proxy shows -2.62% against the fund's 11.38%. Over two years it shows -8.29% against the fund's 5.76%.
The gap is 14.0 percentage points over one year and 14.05 over two. In a period when the broad market proxy fell, the fund's NAV rose. That is the clearest sign in the data that the lead does not simply reflect rising markets.
How the three-year return is made up
From ₹25.12 on 29 September 2023 to ₹39.43 on 30 September 2024, the NAV rose 56.97%. From ₹39.43 to ₹41.70 on 30 September 2026, the gain was 5.76% over two years. As with several strong three-year records, the largest share of the gain came early.
The path included a fall. In the NAV history DirectGrowth holds from September 2024, the largest drop from a peak ran from 11 December 2024 to 28 February 2025 and measured 23.7%. The fund's high is ₹42.91 on 28 August 2026, and the latest NAV is 2.82% below it. From the one-year low of ₹34.77 on 30 March 2026, the NAV has recovered 19.93%.
The one-year return also hides a dip. The NAV fell to ₹34.77 on 30 March 2026, which was 7.13% below its ₹37.44 level on 30 September 2025. It has since gained 16.94% over six months to 30 September 2026. The most recent stretch is flatter: 1.76% over three months and -2.50% over the last month.
What this fund chose in August
The 31 August 2026 disclosure lists 78 lines. Equity is 88.93% of net assets across 65 holdings. Triparty repo is 5.97%, certificates of deposit 5.08% and a treasury bill 0.02%, so about 11% of the portfolio is outside shares. The scheme page of Bank of India Mutual Fund states that the fund invests 65% to 100% of its assets in equity and equity-related instruments, and an equity share of 88.93% sits inside that range.
| Holding | 31 Aug 2026 | 31 Jul 2026 |
|---|---|---|
| State Bank of India | 5.01% | 5.14% |
| ICICI Bank | 3.94% | 4.12% |
| Hindustan Aeronautics | 2.99% | 3.07% |
| Sky Gold and Diamonds | 2.90% | 2.95% |
| Quality Power Electrical Equipments | 2.84% | 2.37% |
| Balrampur Chini Mills | 2.76% | 2.28% |
| Mankind Pharma | 2.70% | 2.92% |
| Dr. Reddy's Laboratories | 2.47% | 2.60% |
| Bharti Airtel | 2.45% | 2.56% |
| Entero Healthcare Solutions | 2.43% | 1.77% |
The ten largest equity holdings add up to 30.49% of net assets, with State Bank of India the largest at 5.01%. The list mixes a large public sector bank, a defence manufacturer and several smaller companies, which is the flexi-cap brief in practice.
Banks are the largest single sector, but no sector dominates. Aerospace and defence at 6.34% is a notable weight for a fund that is not a thematic one.
Changes between July and August
Fourteen lines, together about 9.31% of net assets, appear in August and not in July. Eleven lines, together about 6.94%, left. The equity share of net assets slipped from 93.86% on 30 June to 90.31% on 31 July and 88.93% on 31 August 2026.
The pattern is a fund adding new names at the edges and holding a growing slice outside equity, while the biggest positions moved only a little. Most of the top ten changed by less than half a percentage point. The exceptions were Entero Healthcare Solutions, up 0.66 percentage points, and Balrampur Chini Mills and Quality Power Electrical Equipments, up 0.48 and 0.47.
Size and the direction of money
Month-end assets under management rose from ₹2,615.05 crore on 30 June 2026 to ₹2,786.40 crore on 31 July and ₹2,953.00 crore on 31 August 2026. That is an increase of about 12.9%, against a NAV rise of about 4.9% over the same two months.
Removing the market-driven part leaves an estimated net inflow of about ₹209 crore, or about 8.0% of the opening assets. This is our own estimate, not a disclosed figure.
How the Vriddhi Score has behaved
The Vriddhi Score of 89.60 on 30 September 2026 placed the fund 17th among 1,207 eligible equity funds. Across the 21 daily score files for September 2026, it ranged from 75.1 to 89.6 and was above 80 on 15 of them. The month closed at the top of that range. In the category snapshot frozen on 1 September 2026, the fund was 8th of 44 flexi-cap funds.
What the data does not tell us
Three years is a short window for a fund whose strategy can change with the market. The data does not explain why the fund has led, whether the growing cash share reflects caution or a pause in deployment, or how a larger fund will manage the smaller companies that sit in its portfolio.
The ranking is also not fixed. It is recalculated from NAVs as they are published, so a fund that ranks first among its peers today can rank lower at the next review.
The current expense ratio and exit load are left to the fund house's own documents, since both can change.
What to watch next
The next disclosure will show whether the equity share keeps falling from 88.93%. It will also show whether the weights of the newer holdings, such as Entero Healthcare Solutions and Quality Power Electrical Equipments, keep rising. Beyond those, the one-year gap to the benchmark proxy is the number that has to hold up for the lead to persist.
Sources and notes
- Bank of India Flexi Cap Fund, scheme page, Bank of India Mutual Fund: scheme category, asset allocation range and date of allotment (29 June 2020).
Holdings, NAV, AUM and returns come from DirectGrowth's validated database, which is built from the fund house's monthly portfolio disclosure and published NAVs. NAV and return figures are as of 30 September 2026, holdings and AUM as of 31 August 2026, and the Vriddhi Score as of 30 September 2026 (data generated 30 September 2026, 17:59 UTC). Peer percentiles are DirectGrowth's own calculation across Direct Growth funds of the same category. The benchmark figures are a validated proxy built from index-tracker NAVs. Estimated inflows are our own calculation from month-end AUM and NAV. Figures change after publication.
This article is for information and education only. It is not investment advice or a recommendation to buy, sell or hold any scheme. The Vriddhi Score is DirectGrowth's own analysis and changes as new data arrives. Past performance may or may not be sustained in future. Mutual fund investments are subject to market risks. Read all scheme-related documents carefully before making any investment decisions, and consult your financial advisor.