ICICI Prudential Flexicap Fund and Motilal Oswal Flexi Cap Fund represent two distinct investment philosophies within India’s flexi cap mutual fund category. ICICI Prudential offers a diversified approach with strong automobile sector conviction and exceptional cost efficiency, whilst Motilal Oswal follows an extremely concentrated high-conviction strategy with minimal large-cap exposure. This comprehensive comparison analyses returns, portfolio composition, expense ratios, and investment strategies to help investors understand which flexi cap fund aligns with their wealth creation objectives.
ICICI Prudential Flexicap fund and Motilal Oswal Flexi Cap fund: Key metrics at a glance
Here is a detailed comparison of essential fund parameters as of November 2025:
| Parameter | ICICI Prudential Flexicap Fund | Motilal Oswal Flexi Cap Fund |
|---|---|---|
| NAV (21 Nov 2025) | ₹20.89 | ₹62.28 |
| Fund Size (AUM) | ₹19,620.81 Cr | ₹14,319.21 Cr |
| Expense Ratio | 0.77% | 1.71% |
| Crisil Rating | ⭐⭐⭐⭐ (4 Stars) | ⭐⭐⭐ (3 Stars) |
| Risk Level | Very High | Very High |
| Portfolio Turnover | 25.00% | 128.00% |
| Number of Stocks | 71 | 16 |
| Fund House | ICICI Prudential Mutual Fund | Motilal Oswal Mutual Fund |
| Inception Date | 17-Jul-2021 | 28-Apr-2014 |
ICICI Prudential Flexicap Fund manages larger assets at ₹19,620.81 crore compared to Motilal Oswal’s ₹14,319.21 crore. The most striking contrast lies in portfolio concentration—ICICI’s diversified 71-stock portfolio versus Motilal Oswal’s highly concentrated 16-stock holdings. Portfolio turnover differences are equally dramatic, with Motilal Oswal’s aggressive 128% turnover dwarfing ICICI’s moderate 25%. ICICI Prudential’s remarkably low 0.77% expense ratio offers substantial cost advantages compared to Motilal Oswal’s 1.71%.
ICICI Prudential Flexicap fund vs Motilal Oswal Flexi Cap fund: One-year and short-term returns
Recent performance data reveals significant divergence between these funds:
| Period | ICICI Prudential Returns | Motilal Oswal Returns | Category Average |
|---|---|---|---|
| 1 Week | 0.48% | -0.05% | -0.22% |
| 1 Month | -0.67% | -0.95% | -0.26% |
| 3 Months | 4.45% | 0.62% | 1.88% |
| 6 Months | 10.06% | 4.20% | 5.23% |
| YTD | 9.83% | -3.11% | 3.36% |
| 1 Year | 12.74% | 5.09% | 6.78% |
ICICI Prudential Flexicap Fund has substantially outperformed with 12.74% one-year returns against Motilal Oswal Flexi Cap Fund’s 5.09%. The performance gap is particularly pronounced in year-to-date figures—ICICI generating 9.83% whilst Motilal Oswal shows negative returns of -3.11%. Motilal Oswal’s one-year returns of 5.09% trail the category average of 6.78%, explaining its recent Crisil rating downgrade from 5 to 3 stars.
ICICI Prudential Flexicap fund and Motilal Oswal Flexi Cap fund: Long-term returns comparison
Long-term performance comparison reveals interesting patterns across market cycles:
| Period | ICICI Prudential Annualised Returns | Motilal Oswal Annualised Returns | Category Average |
|---|---|---|---|
| 2 Years | 21.05% | 23.72% | 16.38% |
| 3 Years | 20.71% | 22.31% | 16.59% |
| 5 Years | N/A | 17.35% | 18.12% |
| 10 Years | N/A | 13.51% | 14.21% |
| Since Inception | 18.45% | 17.12% | 14.19% |
Interestingly, Motilal Oswal Flexi Cap Fund outperforms ICICI Prudential over two and three-year periods with 23.72% and 22.31% annualised returns respectively, compared to ICICI’s 21.05% and 20.71%. However, Motilal Oswal’s five-year returns of 17.35% fall slightly below the category average of 18.12%, and its 10-year returns of 13.51% also trail the category average. This pattern suggests the fund’s concentrated strategy delivers during favourable conditions but underperforms during challenging market phases.
ICICI Prudential Flexicap fund vs Motilal Oswal Flexi Cap fund: SIP returns analysis
Systematic Investment Plan returns reflect real wealth creation experience for retail investors:
| SIP Period | ICICI Absolute Returns | ICICI Annualised | Motilal Oswal Absolute Returns | Motilal Oswal Annualised |
|---|---|---|---|---|
| 1 Year (₹12,000 invested) | 10.18% | 19.31% | 4.11% | 7.67% |
| 2 Years (₹24,000 invested) | 16.14% | 15.08% | 13.87% | 13.00% |
| 3 Years (₹36,000 invested) | 33.75% | 19.79% | 36.20% | 21.08% |
| 5 Years (₹60,000 invested) | N/A | N/A | 58.75% | 18.52% |
| 10 Years (₹1,20,000 invested) | N/A | N/A | 116.58% | 14.77% |
ICICI Prudential Flexicap Fund delivers superior one-year SIP returns with 10.18% absolute gains versus Motilal Oswal’s 4.11%. However, over three years, Motilal Oswal edges ahead with 36.20% absolute returns and 21.08% annualised returns compared to ICICI’s 33.75% and 19.79%. This mid-term SIP outperformance reflects Motilal Oswal’s strong performance during the 2022-2024 period before recent challenges emerged.
ICICI Prudential Flexicap fund and Motilal Oswal Flexi Cap fund: Portfolio allocation strategy
Portfolio composition reveals fundamentally different investment approaches:
| Asset Class | ICICI Prudential Flexicap Fund | Motilal Oswal Flexi Cap Fund |
|---|---|---|
| Total Equity | 96.39% | 89.28% |
| Debt | 0.28% | 0.00% |
| Others | 3.33% | 10.72% |
| Large Cap | 43.40% | 5.17% |
| Mid Cap | 13.73% | 7.96% |
| Small Cap | 6.58% | 6.17% |
| Other Equity | 32.68% | 69.99% |
| Number of Stocks | 71 | 16 |
The portfolio allocation differences are dramatic. ICICI Prudential maintains conventional diversification with 43.40% large-cap allocation across 71 stocks. Motilal Oswal’s approach is radically different—just 5.17% in large-caps with a massive 69.99% in “Other” equity categories, concentrated in merely 16 stocks. This makes Motilal Oswal one of the most unconventional flexi cap funds, essentially operating as a concentrated mid and small-cap strategy despite its flexi cap classification.
ICICI Prudential Flexicap fund vs Motilal Oswal Flexi Cap fund: Top 10 holdings comparison
Stock selection philosophies differ dramatically between these funds:
| Rank | ICICI Prudential Holdings | Sector | % | Motilal Oswal Holdings | Sector | % |
|---|---|---|---|---|---|---|
| 1 | TVS Motor Company Ltd | 2/3 Wheelers | 9.47% | Persistent Systems Ltd | IT Services | 10.06% |
| 2 | Maruti Suzuki India Ltd | Automobiles | 7.92% | Eternal Ltd | E-commerce | 8.88% |
| 3 | ICICI Bank Ltd | Private Banking | 6.80% | Dixon Technologies Ltd | Consumer Electronics | 8.66% |
| 4 | HDFC Bank Ltd | Private Banking | 5.02% | Coforge Ltd | IT Services | 8.52% |
| 5 | Avenue Supermarts Ltd | Retail | 4.73% | Kalyan Jewellers India | Jewellery | 8.36% |
| 6 | Infosys Ltd | IT Services | 3.40% | Polycab India Ltd | Electricals | 8.29% |
| 7 | Ethos Ltd | Jewellery | 3.02% | Trent Limited | Retail | 7.38% |
| 8 | Larsen & Toubro Ltd | Construction | 2.62% | Cholamandalam Finance | NBFC | 6.96% |
| 9 | Axis Bank Ltd | Private Banking | 2.54% | CG Power & Industrial | Electrical Equipment | 6.17% |
| 10 | Pi Industries Ltd | Agrochemicals | 2.49% | Siemens Energy India | Power Generation | 4.45% |
ICICI Prudential Flexicap Fund demonstrates balanced exposure across automobiles, banking, and retail sectors. Motilal Oswal Flexi Cap Fund reveals an entirely different philosophy—extremely high-conviction positions in emerging growth companies. Each of Motilal Oswal’s top 10 holdings commands 4-10% weightage, with the entire top 10 comprising approximately 77.73% of the portfolio. The fund focuses heavily on IT services (Persistent, Coforge), consumer discretionary (Dixon, Kalyan, Trent), and electrical manufacturing (Polycab, CG Power).
ICICI Prudential Flexicap fund and Motilal Oswal Flexi Cap fund: Expense ratio and cost comparison
Investment costs significantly impact long-term wealth creation:
| Cost Parameter | ICICI Prudential Flexicap Fund | Motilal Oswal Flexi Cap Fund |
|---|---|---|
| Expense Ratio | 0.77% | 1.71% |
| Category Average | 1.89% | 1.89% |
| Cost Difference | Significantly Below Average | Below Average |
| Annual Cost on ₹10 Lakh | ₹7,700 | ₹17,100 |
| 10-Year Cost Impact on ₹10 Lakh | ₹77,000 | ₹1,71,000 |
| Cost Savings (ICICI vs Motilal) | ₹9,400/year | – |
ICICI Prudential Flexicap Fund offers substantial cost advantage with its remarkably low 0.77% expense ratio—less than half of Motilal Oswal’s 1.71%. Investors save approximately ₹9,400 annually per ₹10 lakh invested by choosing ICICI Prudential. Over a 10-year investment horizon, this difference amounts to ₹94,000 in savings. Additionally, Motilal Oswal’s extremely high portfolio turnover of 128% generates additional transaction costs not fully reflected in the expense ratio.
ICICI Prudential Flexicap fund vs Motilal Oswal Flexi Cap fund: Risk metrics and Crisil ratings
Risk assessment reveals significant differences in fund characteristics:
| Risk Parameter | ICICI Prudential Flexicap Fund | Motilal Oswal Flexi Cap Fund |
|---|---|---|
| Risk-O-Meter | Very High Risk | Very High Risk |
| Crisil Rating | 4 Stars | 3 Stars |
| Rating Description | Above Average Performance | Average Performance |
| Previous Rating | 3 Stars (Upgraded) | 5 Stars (Downgraded) |
| Portfolio Turnover | 25.00% | 128.00% |
| Number of Stocks | 71 | 16 |
| Concentration Risk | Moderate | Extremely High |
The contrasting rating trajectories tell an important story—ICICI Prudential upgraded from 3 to 4 stars whilst Motilal Oswal downgraded from 5 to 3 stars. The dramatic portfolio turnover difference (25% vs 128%) reflects fundamentally different trading philosophies. Motilal Oswal’s concentrated 16-stock portfolio carries substantially higher single-stock risk compared to ICICI Prudential’s diversified 71-stock holdings.
ICICI Prudential Flexicap fund and Motilal Oswal Flexi Cap fund: Concentration risk analysis
Motilal Oswal’s highly concentrated portfolio warrants detailed examination:
| Concentration Metric | ICICI Prudential Flexicap Fund | Motilal Oswal Flexi Cap Fund |
|---|---|---|
| Total Stocks | 71 | 16 |
| Top 5 Holdings Weight | 34.94% | 44.48% |
| Top 10 Holdings Weight | 48.01% | 77.73% |
| Category Average Stocks | 63.19 | 63.19 |
| Single Stock Max Weight | 9.47% (TVS Motor) | 10.06% (Persistent) |
| Large Cap Exposure | 43.40% | 5.17% |
| Banking Sector Weight | ~14% | 0% |
Motilal Oswal Flexi Cap Fund runs one of the most concentrated portfolios in the entire flexi cap category with just 16 stocks against the category average of 63 stocks. The top 10 holdings constitute a massive 77.73% of the portfolio—nearly 30 percentage points higher than ICICI Prudential’s 48.01%. This extreme concentration creates significant single-stock and sector-specific risks, amplifying both upside potential and downside vulnerability.
ICICI Prudential Flexicap fund and Motilal Oswal Flexi Cap fund: Sector allocation comparison
Sector distribution reveals contrasting investment convictions:
| Sector | ICICI Prudential Weight | Motilal Oswal Weight |
|---|---|---|
| Automobiles & Auto Components | ~17.4% | 0% |
| Private Banking | ~14.4% | 0% |
| IT Services & Technology | ~3.4% | ~18.6% |
| Consumer Electronics/Electricals | – | ~23.1% |
| Retail | ~4.7% | ~7.4% |
| Jewellery | ~3.0% | ~8.4% |
| NBFC/Financial Services | – | ~7.0% |
| Construction | ~2.6% | 0% |
| Power/Electrical Equipment | – | ~10.6% |
The sector allocation differences are striking. ICICI Prudential maintains heavy automobile (~17%) and banking (~14%) exposure reflecting conventional large-cap positioning. Motilal Oswal demonstrates zero exposure to automobiles and banking, instead focusing on technology (~19%), electrical/electronics manufacturing (~23%), retail, and jewellery. This divergent sector positioning explains their performance variations—ICICI benefits from auto and banking rallies whilst Motilal Oswal gains during technology and consumer discretionary upswings.
ICICI Prudential Flexicap fund and Motilal Oswal Flexi Cap fund: Investment philosophy comparison
Understanding core investment philosophies helps investors align fund selection with their beliefs:
| Philosophy Aspect | ICICI Prudential Flexicap Fund | Motilal Oswal Flexi Cap Fund |
|---|---|---|
| Investment Style | Diversified Quality Growth | Concentrated High-Conviction |
| Portfolio Approach | Balanced (71 stocks) | Extremely Concentrated (16 stocks) |
| Market Cap Focus | Large Cap Dominant (43%) | Mid/Small Cap Dominant (70%+) |
| Turnover Strategy | Moderate (25%) | Very High (128%) |
| Sector Focus | Auto, Banking, Retail | Technology, Electricals, Consumer |
| Risk Profile | Moderate-High | Very High |
| Track Record | 4+ Years | 11+ Years |
ICICI Prudential follows conventional diversified investing with large-cap quality focus across automobiles and banking. Motilal Oswal pursues an aggressive concentrated strategy betting heavily on emerging growth companies in technology and manufacturing. ICICI’s approach provides more predictable, stable returns, whilst Motilal Oswal’s strategy delivers potentially higher returns during favourable conditions but with substantially greater volatility.
ICICI Prudential Flexicap fund and Motilal Oswal Flexi Cap fund: Portfolio turnover impact
The dramatic turnover difference warrants detailed analysis:
| Turnover Aspect | ICICI Prudential Flexicap Fund | Motilal Oswal Flexi Cap Fund |
|---|---|---|
| Portfolio Turnover Ratio | 25.00% | 128.00% |
| Category Average Turnover | 148.82% | 148.82% |
| Implied Holding Period | ~4 Years | ~10 Months |
| Trading Frequency | Low-Moderate | Very High |
| Transaction Cost Impact | Lower | Higher |
| Tax Efficiency | Better | Lower |
| Investment Style | Buy and Hold | Active Trading |
Motilal Oswal’s 128% turnover means the fund manager essentially replaces the entire portfolio every 10 months on average. Whilst this enables quick capitalisation on emerging opportunities, it generates higher transaction costs and potentially lower tax efficiency. ICICI Prudential’s 25% turnover suggests a more patient buy-and-hold approach with implied holding periods of approximately four years, resulting in lower friction costs.
Which flexi cap fund is suitable for different investor profiles
Selecting between these funds requires understanding personal investment preferences:
| Investor Profile | Recommended Fund | Reason |
|---|---|---|
| Cost-conscious investors | ICICI Prudential Flexicap Fund | Significantly lower expense ratio (0.77% vs 1.71%) |
| Conservative investors | ICICI Prudential Flexicap Fund | Diversified 71-stock portfolio, 43% large-cap |
| High-conviction investors | Motilal Oswal Flexi Cap Fund | Concentrated 16-stock portfolio |
| Automobile sector bulls | ICICI Prudential Flexicap Fund | Heavy auto sector exposure (TVS, Maruti) |
| Technology sector believers | Motilal Oswal Flexi Cap Fund | Focus on Persistent, Coforge, Dixon |
| Banking sector bulls | ICICI Prudential Flexicap Fund | Significant private banking exposure |
| Consumer discretionary believers | Motilal Oswal Flexi Cap Fund | Kalyan Jewellers, Trent, Avenue holdings |
| Risk-averse investors | ICICI Prudential Flexicap Fund | Better rating, diversified holdings |
| Aggressive growth seekers | Motilal Oswal Flexi Cap Fund | Concentrated mid/small-cap exposure |
ICICI Prudential Flexicap fund and Motilal Oswal Flexi Cap fund: Performance trajectory analysis
Understanding recent trends helps investors assess current momentum:
| Performance Trajectory | ICICI Prudential Flexicap Fund | Motilal Oswal Flexi Cap Fund |
|---|---|---|
| Crisil Rating Trend | Upgraded (3→4 Stars) | Downgraded (5→3 Stars) |
| 1-Year Category Rank | 6/39 | 31/39 |
| YTD Performance vs Category | +6.47% above average | -6.47% below average |
| 6-Month Performance vs Category | +4.83% above average | -1.03% below average |
| Recent Momentum | Strong Positive | Weak/Negative |
| 2-Year vs 1-Year Performance | Consistent | Deteriorating |
The performance trajectories reveal stark contrast. ICICI Prudential demonstrates strong positive momentum with recent Crisil upgrade and top-quartile category ranking (6th of 39 funds). Motilal Oswal’s trajectory shows significant deterioration—ranking 31st of 39 funds with negative year-to-date returns despite previously holding a 5-star rating. This divergence reflects the challenging environment for concentrated mid-cap strategies in recent market conditions.
ICICI Prudential Flexicap fund and Motilal Oswal Flexi Cap fund: Ideal holding period
Investment horizon considerations differ significantly for these funds:
| Holding Period Consideration | ICICI Prudential Flexicap Fund | Motilal Oswal Flexi Cap Fund |
|---|---|---|
| Minimum Recommended Period | 3-4 Years | 5-7 Years |
| Optimal Period | 5+ Years | 7-10+ Years |
| Volatility Expectation | Moderate-High | Very High |
| Recovery Time Post-Drawdown | Moderate | Extended |
| Suitable for Goal-Based Investing | Yes | Requires Longer Horizon |
Given Motilal Oswal’s concentrated approach and higher volatility, investors should maintain longer investment horizons of 7-10+ years to navigate market cycles effectively. ICICI Prudential’s diversified portfolio suits moderate 5+ year horizons. Investors with shorter time frames or specific goal-based requirements may find ICICI Prudential’s approach more suitable.
Final verdict: ICICI Prudential Flexicap fund vs Motilal Oswal Flexi Cap fund
ICICI Prudential Flexicap Fund and Motilal Oswal Flexi Cap Fund represent polar opposite approaches within the flexi cap universe. ICICI Prudential’s 4-star Crisil rating, exceptional 0.77% expense ratio, superior one-year returns of 12.74%, and diversified 71-stock portfolio make it suitable for cost-conscious investors seeking consistent, above-average performance with manageable risk. The fund’s recent rating upgrade and balanced automobile/banking sector conviction position it well for sustained performance.
Motilal Oswal Flexi Cap Fund’s recent Crisil downgrade from 5 to 3 stars reflects challenging one-year performance of just 5.09%, trailing even the category average. However, its competitive two and three-year returns of 23.72% and 22.31% demonstrate potential during favourable market conditions. The fund’s extremely concentrated 16-stock portfolio, minimal 5.17% large-cap allocation, and aggressive 128% turnover ratio suit investors with very high risk tolerance, extended investment horizons, and conviction in the fund manager’s stock-picking abilities in technology and consumer discretionary sectors.
Investors prioritising cost efficiency, diversification, stability, and recent performance momentum should favour ICICI Prudential Flexicap Fund. Those comfortable with extreme concentration risk, higher volatility, longer holding periods, and conviction in emerging growth companies may consider Motilal Oswal Flexi Cap Fund, recognising its recent underperformance whilst acknowledging its potential for outperformance during growth-oriented market cycles.
Disclaimer: Mutual fund investments are subject to market risks. Past performance does not guarantee future returns. Investors should consult financial advisors before making investment decisions.
