Kotak Flexi Cap Fund - Growth

Regular

Regular and Direct options of the funds are exactly same except commission to your mutual fund broker/distributor. As an investor you do not need to pay any additional fees to purchase any of these options. However both have different expense ratios. Regular funds have higher expense ratio and direct funds have lower expense ratio. This difference is because of commission paid to broker/distributor. Lower expense ratio leads to higher returns for investors.
Direct

Regular and Direct options of the funds are exactly same except commission to your mutual fund broker/distributor. As an investor you do not need to pay any additional fees to purchase any of these options. However both have different expense ratios. Regular funds have higher expense ratio and direct funds have lower expense ratio. This difference is because of commission paid to broker/distributor. Lower expense ratio leads to higher returns for investors.

Category : Flexi Cap Fund

Equity Holding : 97.68% | F&O Holdings : 0.00%| Foreign Equity Holdings : 0.00%| Total : 97.68%

No of Stocks : 59 (Category Avg - 63.60) | Large Cap Investments : 51.67%| Mid Cap Investments : 26.83% | Small Cap Investments : 4.2% | Other : 14.98%

Portfolio Summary (as on 30th Nov,2025)

Particulars	This Scheme	Category
No. of Stocks	59	63.19
Top 5 Stock Weight	26.05%	25.4%
Top 10 Stock Weight	42.82%	40.44%
Top 3 Sector Weight	30.05%	31.21%

Category - Flexi Cap Fund

Particulars	This Scheme	Category
Average mcap (Cr)	121508.53	95725.14
Holdings in large cap stocks	51.67%	40.82%
Holdings in mid cap stocks	26.83%	12.95%
Holdings in small cap stocks	4.2%	10.84%

Category - Flexi Cap Fund

Top 10 Stocks holding in Portfolio (as on 30th Nov,2025)

Stock Invested in	Sector	Value(Mn)	% of Total Holdings	1M Change	1Y Highest Holding	1Y Lowest Holding	Quantity	1M Change in Qty
# HDFC Bank Ltd.	Private sector bank	39800.2	7.00%	0.00%	6.34% (Oct 2025)	5.53% (Jan 2025)	3.95 Cr	35.00 L
# Bharat Electronics Ltd.	Aerospace & defense	32940	5.79%	0.00%	6.61% (Jun 2025)	5.26% (Feb 2025)	8.00 Cr	0.00
# ICICI Bank Ltd.	Private sector bank	30553.6	5.37%	0.00%	7.44% (Apr 2025)	6% (Oct 2025)	2.20 Cr	-0.30 Cr
# State Bank Of India	Public sector bank	23300.2	4.10%	0.00%	3.98% (Oct 2025)	3.56% (Aug 2025)	2.38 Cr	0.00
# Larsen & Toubro Ltd.	Civil construction	21568.9	3.79%	0.00%	4.14% (Nov 2024)	3.65% (Sep 2025)	53.00 L	0.00
# Axis Bank Ltd.	Private sector bank	20475.2	3.60%	0.00%	3.73% (Apr 2025)	3.12% (Aug 2025)	1.60 Cr	0.00
# Jindal Steel Ltd.	Iron & steel products	19843.6	3.49%	0.00%	3.74% (Sep 2025)	3.06% (Jan 2025)	1.90 Cr	0.00
# Eternal Ltd.	E-retail/ e-commerce	19206.4	3.38%	0.00%	3.61% (Sep 2025)	2.12% (Mar 2025)	6.40 Cr	10.00 L
# SRF Ltd.	Specialty chemicals	18295.6	3.22%	0.00%	3.85% (Feb 2025)	2.76% (Nov 2024)	62.50 L	0.00
# Infosys Ltd.	Computers - software & consulting	17509.1	3.08%	0.00%	4.59% (Jan 2025)	3.04% (Oct 2025)	1.12 Cr	-2.77 L

- indicates change in weight in the portfolio. # indicates a new entry.

View complete holding

Complete equity Portfolio (as on 30th Nov,2025)

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Sector
M-Cap

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Stock Invested in	Sector	Sector Total	Value(Mn)	% of Total Holdings	1M Change	1Y Highest Holding	1Y Lowest Holding	Quantity	1M Change in Qty	M-Cap	GroupName
# HDFC Bank Ltd.	Private sector bank	17.35	39800.2	7.00%	0.00%	6.34% (Oct 2025)	5.53% (Jan 2025)	3.95 Cr	35.00 L	Other	14.98
# Bharat Electronics Ltd.	Aerospace & defense	5.79	32940	5.79%	0.00%	6.61% (Jun 2025)	5.26% (Feb 2025)	8.00 Cr	0.00	Mid Cap	26.83
# ICICI Bank Ltd.	Private sector bank	17.35	30553.6	5.37%	0.00%	7.44% (Apr 2025)	6% (Oct 2025)	2.20 Cr	-0.30 Cr	Large Cap	51.67
# State Bank Of India	Public sector bank	4.1	23300.2	4.10%	0.00%	3.98% (Oct 2025)	3.56% (Aug 2025)	2.38 Cr	0.00	Large Cap	51.67
# Larsen & Toubro Ltd.	Civil construction	3.79	21568.9	3.79%	0.00%	4.14% (Nov 2024)	3.65% (Sep 2025)	53.00 L	0.00	Large Cap	51.67
# Axis Bank Ltd.	Private sector bank	17.35	20475.2	3.60%	0.00%	3.73% (Apr 2025)	3.12% (Aug 2025)	1.60 Cr	0.00	Large Cap	51.67
# Jindal Steel Ltd.	Iron & steel products	3.49	19843.6	3.49%	0.00%	3.74% (Sep 2025)	3.06% (Jan 2025)	1.90 Cr	0.00	Mid Cap	26.83
# Eternal Ltd.	E-retail/ e-commerce	3.64	19206.4	3.38%	0.00%	3.61% (Sep 2025)	2.12% (Mar 2025)	6.40 Cr	10.00 L	Other	14.98
# SRF Ltd.	Specialty chemicals	3.22	18295.6	3.22%	0.00%	3.85% (Feb 2025)	2.76% (Nov 2024)	62.50 L	0.00	Mid Cap	26.83
# Infosys Ltd.	Computers - software & consulting	6.87	17509.1	3.08%	0.00%	4.59% (Jan 2025)	3.04% (Oct 2025)	1.12 Cr	-2.77 L	Large Cap	51.67
# Bharti Airtel Ltd.	Telecom - cellular & fixed line services	3.18	17383.2	3.06%	0.00%	3.04% (Apr 2025)	2.6% (Dec 2024)	82.71 L	0.00	Large Cap	51.67
# Ultratech Cement Ltd.	Cement & cement products	5.83	15950	2.80%	0.00%	4.1% (Mar 2025)	2.93% (Oct 2025)	13.75 L	0.00	Large Cap	51.67
# InterGlobe Aviation Ltd.	Airline	2.8	15934.1	2.80%	0.00%	2.94% (Jul 2025)	2.26% (Nov 2024)	27.00 L	0.00	Large Cap	51.67
# Reliance Industries Ltd.	Refineries & marketing	4.81	15675	2.76%	0.00%	2.77% (Apr 2025)	2.41% (Dec 2024)	1.00 Cr	0.00	Large Cap	51.67
# Solar Industries India Ltd.	Explosives	2.33	13272	2.33%	0.00%	3.21% (Jun 2025)	1.92% (Feb 2025)	10.00 L	0.00	Small Cap	4.2
# Maruti Suzuki India Ltd.	Passenger cars & utility vehicles	2.24	12720	2.24%	0.00%	2.37% (Sep 2025)	1.72% (Dec 2024)	8.00 L	0.00	Large Cap	51.67
# Hero Motocorp Ltd.	2/3 wheelers	2.17	12349	2.17%	0.00%	2.02% (Sep 2025)	1.36% (Apr 2025)	20.00 L	0.00	Large Cap	51.67
# Bajaj Finance Ltd.	Non banking financial company (nbfc)	2.27	10790	1.90%	0.00%	1.67% (Oct 2025)	0% (Nov 2024)	1.04 Cr	14.00 L	Other	14.98
# Zydus Lifesciences Ltd.	Pharmaceuticals	2.88	9896.3	1.74%	0.00%	2.07% (Jan 2025)	1.83% (Oct 2025)	1.05 Cr	0.00	Mid Cap	26.83
# Bharat Forge Ltd.	Castings & forgings	2.39	9463.1	1.66%	0.00%	1.71% (Nov 2024)	1.36% (Aug 2025)	66.00 L	0.00	Mid Cap	26.83
# Au Small Finance Bank Ltd.	Other bank	1.49	8501.7	1.49%	0.00%	1.39% (Oct 2025)	0.97% (Mar 2025)	89.00 L	0.00	Mid Cap	26.83
# Tata Consultancy Services Ltd.	Computers - software & consulting	6.87	8157.5	1.43%	0.00%	2.43% (Jan 2025)	1.47% (Oct 2025)	26.00 L	-1.00 L	Large Cap	51.67
# The Ramco Cements Ltd.	Cement & cement products	5.83	7988.8	1.40%	0.00%	1.7% (Jul 2025)	1.4% (Sep 2025)	77.00 L	0.00	Mid Cap	26.83
# Kotak Mahindra Bank Ltd.	Private sector bank	17.35	7860.3	1.38%	0.00%	1.64% (Mar 2025)	1.27% (Nov 2024)	37.00 L	0.00	Large Cap	51.67
# BSE Ltd.	Exchange and data platform	1.33	7546.2	1.33%	0.00%	1.22% (May 2025)	0.73% (Nov 2024)	26.00 L	2.00 L	Small Cap	4.2
# Tech Mahindra Ltd.	Computers - software & consulting	6.87	7131.3	1.25%	0.00%	1.54% (Feb 2025)	1.19% (Oct 2025)	47.00 L	0.00	Large Cap	51.67
# Petronet LNG Ltd.	Lpg/cng/png/lng supplier	1.84	7068.1	1.24%	0.00%	1.79% (Dec 2024)	1.3% (Oct 2025)	2.60 Cr	0.00	Large Cap	51.67
# Bharat Petroleum Corporation Ltd.	Refineries & marketing	4.81	6822.9	1.20%	0.00%	1.21% (Oct 2025)	0.99% (Feb 2025)	1.90 Cr	0.00	Large Cap	51.67
# Thermax Ltd.	Heavy electrical equipment	1.67	6424.2	1.13%	0.00%	2.01% (Nov 2024)	1.26% (Oct 2025)	22.00 L	0.00	Mid Cap	26.83
# Hindustan Unilever Ltd.	Diversified fmcg	1.13	6413.2	1.13%	0.00%	1.31% (Jan 2025)	1.09% (Jun 2025)	26.00 L	0.00	Large Cap	51.67
# HCL Technologies Limited	Computers - software & consulting	6.87	6334.4	1.11%	0.00%	1.48% (Dec 2024)	1% (Sep 2025)	39.00 L	0.00	Large Cap	51.67
# Hindalco Industries Ltd.	Aluminium	1.07	6063	1.07%	0.00%	1.13% (Oct 2025)	0.72% (May 2025)	75.00 L	0.00	Large Cap	51.67
# MRF Ltd.	Tyres & rubber products	2.22	5792	1.02%	0.00%	1.07% (Oct 2025)	0.76% (Mar 2025)	38.00 k	0.00	Mid Cap	26.83
# Cipla Ltd.	Pharmaceuticals	2.88	5436.1	0.96%	0.00%	1.27% (Feb 2025)	0.95% (Oct 2025)	35.50 L	0.00	Large Cap	51.67
# Dalmia Bharat Ltd.	Cement & cement products	5.83	5425.4	0.95%	0.00%	1.02% (Sep 2025)	0% (Nov 2024)	27.00 L	1.00 L	Mid Cap	26.83
# Power Grid Corporation of India Ltd.	Power - transmission	0.95	5399	0.95%	0.00%	1.28% (Nov 2024)	1.03% (Aug 2025)	2.00 Cr	0.00	Large Cap	51.67
# National Thermal Power Corporation Ltd.	Power generation	0.92	5223.2	0.92%	0.00%	1.02% (May 2025)	0% (Nov 2024)	1.60 Cr	0.00	Large Cap	51.67
# Indian Oil Corporation Ltd.	Refineries & marketing	4.81	4852.5	0.85%	0.00%	0.89% (Oct 2025)	0.75% (Feb 2025)	3.00 Cr	0.00	Large Cap	51.67
# Max Financial Services Ltd.	Life insurance	0.81	4595.7	0.81%	0.00%	0.81% (Jun 2025)	0.59% (Feb 2025)	27.00 L	0.00	Mid Cap	26.83
# AIA Engineering Ltd.	Castings & forgings	2.39	4142.6	0.73%	0.00%	0.8% (Jan 2025)	0.61% (Sep 2025)	10.72 L	0.00	Mid Cap	26.83
# Billionbrains Garage Ventures Ltd.	Stockbroking & allied	0.7	3972	0.70%	0.70%	0% (Dec 2025)	0% (Dec 2025)	2.50 Cr	2.50 Cr	Other	14.98
# Balkrishna Industries Ltd.	Tyres & rubber products	2.22	3925.1	0.69%	0.00%	1.1% (Dec 2024)	0.69% (Oct 2025)	17.00 L	0.00	Mid Cap	26.83
# Ambuja Cements Ltd.	Cement & cement products	5.83	3851.4	0.68%	0.00%	0.87% (Jul 2025)	0.79% (Oct 2025)	70.00 L	-8.00 L	Large Cap	51.67
# 360 ONE WAM Ltd.	Other financial services	0.64	3667.9	0.64%	0.00%	0.9% (Dec 2024)	0.59% (Sep 2025)	31.00 L	0.00	Other	14.98
# Coromandel International Ltd.	Fertilizers	0.63	3573.2	0.63%	0.00%	0.76% (Jul 2025)	0.52% (Nov 2024)	15.00 L	0.00	Mid Cap	26.83
# United Breweries Ltd.	Breweries & distilleries	0.62	3508	0.62%	0.00%	0.91% (Jan 2025)	0.67% (Oct 2025)	20.75 L	0.00	Large Cap	51.67
# BEML Ltd.	Construction vehicles	0.61	3473.2	0.61%	0.00%	0.79% (Nov 2024)	0.51% (Feb 2025)	19.00 L	9.50 L	Other	14.98
# Indraprastha Gas Ltd.	Lpg/cng/png/lng supplier	1.84	3389.5	0.60%	0.00%	0.71% (Feb 2025)	0.54% (Nov 2024)	1.70 Cr	0.00	Mid Cap	26.83
# KEC International Ltd.	Heavy electrical equipment	1.67	3085.9	0.54%	0.00%	1.26% (Dec 2024)	0.66% (Oct 2025)	45.00 L	0.00	Small Cap	4.2
# Tata Chemicals Ltd.	Commodity chemicals	0.53	3001.5	0.53%	0.00%	0.81% (Nov 2024)	0.6% (Oct 2025)	37.50 L	0.00	Mid Cap	26.83
# Apollo Tyres Limited	Tyres & rubber products	2.22	2878.4	0.51%	0.00%	0.52% (Apr 2025)	0.31% (Dec 2024)	56.00 L	0.00	Mid Cap	26.83
# Godrej Consumer Products Ltd	Personal care	0.5	2864	0.50%	0.00%	0.62% (Apr 2025)	0.35% (Sep 2025)	25.00 L	0.00	Large Cap	51.67
# GAIL (India) Ltd.	Gas transmission/marketing	0.48	2729.4	0.48%	0.00%	0.66% (Nov 2024)	0.55% (Oct 2025)	1.55 Cr	-0.15 Cr	Large Cap	51.67
# Shriram Finance Ltd.	Non banking financial company (nbfc)	2.27	2084	0.37%	0.00%	0.35% (Nov 2024)	0.22% (Jan 2025)	24.47 L	0.00	Other	14.98
# Torrent Power Ltd.	Integrated power utilities	0.26	1478.8	0.26%	0.00%	0.34% (Apr 2025)	0% (Nov 2024)	11.25 L	0.00	Mid Cap	26.83
# Swiggy Ltd.	E-retail/ e-commerce	3.64	1460.8	0.26%	0.00%	0.41% (Dec 2024)	0.24% (Apr 2025)	38.61 L	0.00	Other	14.98
# GlaxoSmithKline Pharmaceuticals Ltd.	Pharmaceuticals	2.88	1026.1	0.18%	0.00%	0.25% (May 2025)	0.16% (Jan 2025)	3.99 L	0.00	Mid Cap	26.83
# Container Corporation Of India Ltd.	Logistics solution provider	0.13	766.9	0.13%	0.00%	1% (Nov 2024)	0.55% (Aug 2025)	15.00 L	-0.41 Cr	Large Cap	51.67
# Bharti Airtel Ltd. - Partly Paid	Telecom - cellular & fixed line services	3.18	682.2	0.12%	0.00%	0.12% (Aug 2025)	0.1% (Jan 2025)	4.29 L	0.00	Other	14.98

- indicates change in weight in the portfolio. # indicates a new entry.

New Stocks added in Portfolio (in 1 month period ending 30th Nov,2025)

Stock Invested in	Sector	Value(Mn)	% of Total Holdings	1M Change	1Y Highest Holding	1Y Lowest Holding	Quantity	1M Change in Qty
# Billionbrains Garage Ventures Ltd.	Stockbroking & allied	3972	0.70%	0.70%	0% (Dec 2025)	0% (Dec 2025)	2.50 Cr	25000000

Stocks removed from Portfolio (in 1 month period ending 30th Nov,2025)

Stock Invested in	Sector	Value(Mn)	% of Total Holdings	1M Change	1Y Highest Holding	1Y Lowest Holding	Quantity	1M Change in Qty
No complete exits in the portfolio in the last month.

Trend in stock holdings (Top 15 Holding)

Stock	Nov 2025	Oct 2025	Sep 2025	Aug 2025	Jul 2025	Jun 2025	May 2025	Apr 2025	Mar 2025	Feb 2025	Jan 2025	Dec 2024	Nov 2024
ICICI Bank Ltd.	5.37%	6.00%	6.61%	6.91%	7.37%	6.99%	7.29%	7.44%	7.27%	7.02%	6.76%	6.74%	6.72%
HDFC Bank Ltd.	7.00%	6.34%	5.63%	5.68%	6.06%	5.84%	5.92%	6.06%	5.95%	6.10%	5.53%	5.63%	5.60%
Bharat Electronics Ltd.	5.79%	6.08%	6.05%	5.92%	6.18%	6.61%	6.33%	5.69%	5.92%	5.26%	5.78%	5.64%	5.83%
Larsen & Toubro Ltd.	3.79%	3.81%	3.65%	3.76%	3.82%	3.75%	3.92%	3.72%	4.05%	3.97%	4.14%	4.08%	4.14%
State Bank Of India	4.10%	3.98%	3.84%	3.56%	3.56%	3.56%	3.68%	3.69%	3.74%	3.61%	3.75%	3.75%	3.89%
Ultratech Cement Ltd.	2.80%	2.93%	3.11%	4.07%	3.96%	3.80%	3.68%	3.95%	4.10%	3.90%	4.09%	3.97%	3.82%
Infosys Ltd.	3.08%	3.04%	3.07%	3.15%	3.26%	3.36%	3.42%	3.54%	3.84%	4.46%	4.59%	4.29%	4.17%
Jindal Steel Ltd.	3.49%	3.62%	3.74%	3.35%	-	-	-	-	-	-	-	-	-
Jindal Steel & Power Ltd.	-	-	-	-	3.44%	3.26%	3.43%	3.35%	3.53%	3.58%	3.06%	3.51%	3.36%
Axis Bank Ltd.	3.60%	3.52%	3.35%	3.12%	3.21%	3.50%	3.63%	3.73%	3.59%	3.58%	3.21%	3.38%	3.55%
SRF Ltd.	3.22%	3.27%	3.26%	3.31%	3.57%	3.69%	3.40%	3.70%	3.74%	3.85%	3.58%	2.77%	2.76%
Eternal Ltd.	3.38%	3.57%	3.61%	3.07%	2.98%	2.49%	2.34%	2.36%	4.24%	-	-	-	-
Zomato Ltd.	-	-	-	-	-	-	-	-	-	2.52%	2.32%	2.85%	2.82%
Bharti Airtel Ltd.	3.06%	3.03%	2.87%	2.91%	2.97%	3.03%	2.92%	3.04%	2.92%	2.86%	2.74%	2.60%	2.62%
InterGlobe Aviation Ltd.	2.80%	2.71%	2.74%	2.79%	2.94%	2.89%	2.69%	2.74%	2.76%	2.61%	2.33%	2.39%	2.26%