Same shelf. Two different rulebooks.
Both keep most of the money in stocks. The split is where SEBI forces it to sit. These are the minimum shares of the fund, in pct, that each category has to hold.
| Minimum floor |
Multicap |
Flexicap |
| Large caps | 25 | 0 |
| Mid caps | 25 | 0 |
| Small caps | 25 | 0 |
| Total in equity | 75 | 65 |
Large caps are the biggest 100 companies. Mid is 101 to 250. Small is 251 and smaller. SEBI wrote the multicap 25 . 25 . 25 rule in Sep 2020. Then in Nov 2020 it opened the flexicap category, and most big fund houses converted their multicaps to flexicaps within weeks. The thing they were escaping was that forced 25 in small caps.