3 most widely held small caps by flexi-cap funds right now

Summary: These small caps are the most-repeated picks in flexi-cap portfolios—a rare overlap in a segment where consensus is usually scarce. What exactly these funds are holding and how much exposure they’ve taken—find the details below. 

Small-cap stocks sit where risk and ambition collide. They swing harder than large and mid caps, but they’re also where the next breakout names often emerge. Flexi-cap funds—free to invest across the market—dip into this space only when they see real potential. As a result, finding small-cap overlap in this segment is relatively uncommon. So when this happens, it’s a signal worth noting.

Our analysis shows that as of October 31, 2025, the highest number of flexi-cap funds holding any single small-cap stock was six. And there were three such companies, each appearing across six flexi-cap schemes.

Simply, these are the most widely held small caps by the number of portfolios they recur in. We have spotlighted them below:

1) Ujjivan Small Finance Bank

Flexi-cap funds and their % of net assets

• Bandhan Flexi Cap Fund: 0.31 per cent
• JM Flexicap Fund: 2.04 per cent
• LIC MF Flexi Cap Fund: 1.96 per cent
• The Wealth Company Flexi Cap Fund: 1.82 per cent
• Union Flexi Cap Fund: 0.99 per cent
• Bajaj Finserv Flexicap Fund: 1.78 per cent

Key metrics of the company

• Value Research Stock Rating: 5 stars
• P/B: 1.61 times
• Annual interest income growth in the last three years: 23.59 per cent
• Three-year average ROA: 3 per cent
• Three-year average ROE: 26.60 per cent

What does the company do

Ujjivan Small Finance Bank is a Bengaluru-based small finance bank that focuses on serving underserved and underbanked customer segments. Its offerings include microfinance loans, affordable housing loans, MSME lending, two-wheeler and personal loans, along with a growing suite of deposit products. As of March 31, 2025, it had 753 branches across 26 states/UTs, serving over 95 lakh customers.

2) Safari Industries (India)

Flexi-cap funds and their % of net assets

• ICICI Prudential Flexicap Fund: 0.87 per cent
• Invesco India Flexi Cap Fund: 0.88 per cent
• Mirae Asset Flexi Cap Fund: 0.65 per cent
• PGIM India Flexi Cap Fund: 0.09 per cent
• WhiteOak Capital Flexi Cap Fund: 0.40 per cent
• Bajaj Finserv Flexi Cap Fund: 0.26 per cent

Key metrics of the company

• Value Research Stock Rating: 3 stars
• P/E: 65.98 times
• Annual revenue growth in the last three years: 24.27
• Three-year average ROCE: 31.54
• Three-year average ROE: 24.26

What does the company do

Safari Industries is one of India’s leading luggage and travel accessories manufacturers. Known for its hard and soft luggage, backpacks and travel gear, the company has built a strong brand presence in the mid-priced category. With rising domestic travel, a shift toward branded luggage and expansion into modern retail formats, Safari has seen steady customer adoption across metros and smaller cities alike.

3) Awfis Space Solutions

Flexi-cap funds and their % of net assets

• Invesco India Flexi Cap Fund: 0.71 per cent
• JioBlackRock Flexi Cap Fund: 0.09 per cent
• Nippon India Flexi Cap Fund: 0.30 per cent
• HSBC Flexi Cap Fund: 1.14 per cent
• WhiteOak Capital Flexi Cap Fund: 0.50 per cent
• Bajaj Finserv Flexi Cap Fund: 0.40 per cent

Key metrics of the company

• Value Research Stock Rating: 3 stars
• P/E: 77.70 times
• Annual revenue growth in the last three years: 67.48 per cent
• Three-year average ROCE: 34.72 per cent
• Three-year average ROE: 13.34 per cent

What does the company do

Awfis Space Solutions operates a fast-growing co-working and flexible workspace platform catering to startups, SMEs and corporate clients. Its offerings range from shared desks to enterprise-grade custom offices, supported by meeting rooms, tech infrastructure and premium managed-office services. With the ongoing shift towards hybrid work and cost-efficient office models, the company has expanded rapidly across major Indian cities.

The bottom line

Flexi-cap funds have the freedom to allocate wherever opportunities emerge—which makes their small-cap choices especially telling. But popularity alone shouldn’t drive your decisions. Before adding any of these names to your portfolio, ensure the business fundamentals, valuations and your own risk capacity are in sync.

Which small-cap stocks should you buy today?

Flexi-cap overlaps can help you spot emerging leaders early—but they’re only the starting point. To truly separate promise from risk, you need deeper conviction: business strength, valuation discipline, longevity of growth and the ability to survive a downturn.

If you want a sharper, research-backed view of which small caps are genuinely worth owning—and which ones to avoid—explore Value Research Stock Advisor.

Our recommendations are built on decades of market study, rigorous analysis and a no-noise approach that helps long-term investors stay ahead of the crowd.

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Also read: 6 stocks that every top-rated multi-cap fund owns. Do you?