New Delhi, Oct. 22 -- Only four of the 37 flexi-cap mutual funds delivered annualised returns of over 8% on three-year systematic investment plans (SIPs), while three schemes left investors with losses. The performance gap was substantial, with returns ranging from a high of 10.16% to a negative 8.42%.

What stands out is that some of the biggest flexi-cap funds failed to match their smaller peers. Parag Parikh Flexi Cap Fund, which manages over Rs.1.45 lakh crore, delivered a three-year SIP return of 4.22%, while HDFC Flexi Cap Fund, with assets exceeding Rs.1.08 lakh crore, generated 5.21%. SBI Flexicap Fund returned just 0.34%.

In contrast, ITI Flexi Cap Fund, with assets under management (AUM) of Rs.1,588 crore, topped the rankings w...