New Delhi, Aug. 10 -- Flexi-cap funds have emerged as a popular choice for investors who want equity exposure without committing to a particular market-cap segment. Unlike large-cap, mid-cap or small-cap funds, flexi-cap schemes can move across large-, mid- and small-cap stocks based on the fund manager's assessment of where opportunities lie.

That flexibility, however, does not automatically translate into superior returns. The category itself has delivered about 12.9% annually over the past 10 years, while a smaller group of funds has managed to cross the 15% mark.

A Value Research analysis shows that nine flexi-cap funds delivered more than 15% in 10-year SIP returns through their direct plans. A monthly investment of Rs.10,000 in th...