New Delhi, Oct. 23 -- Flexi-cap mutual funds, often called go-anywhere funds, can invest across large-, mid- and small-cap stocks, which is why they are seen as offering broad diversification. Multi-cap funds are often considered an alternative, as they also invest across market caps but in a structured way. Both categories spread money across market caps, but their mandates and approaches set them apart.

So has the flexible approach delivered better returns? We compare the top funds in each category, looking at their market-cap allocations and returns.

Here are the top 10 flexi-cap funds by assets under management (AUM), with their asset allocations and returns.

How these funds performed over 1, 3 and 5 years:

Most flexi-cap funds ha...