A flexi cap fund is an equity fund free to invest in companies of any size, in whatever mix of large, mid and small caps its manager chooses.
SEBI created the flexi cap category in November 2020. A flexi cap fund must keep at least 65% of its money in Indian shares, but there is no rule on how that is split between large caps, mid caps and small caps.
That freedom means two flexi cap funds can look very different. One may hold 75% in large caps and behave much like a large-cap fund. Another may hold half its money in mid and small caps and swing more. The mix can also shift over time as the manager's views change.
A multi cap fund is a separate category with fixed floors: at least 25% each in large, mid and small caps.
Because the mix varies, a flexi cap fund's benchmark is usually a broad index of about 500 companies. The fund's monthly portfolio shows its current split by company size, and comparing a few months shows how much the split moves.
Each fund page has its returns, risk, costs, managers and everything it holds.