Definition of 'Flexible Fund'
A mutual fund or other pooled investment that may change its investment strategy as it sees fit, as opposed to sticking to one particular investment vehicle, company size, or asset allocation. If a fund is flexible in its strategy, this will usually be stated in the prospectus and/or other marketing material.
Investopedia explains 'Flexible Fund'
Peter Lynch ran a flexible fund when he managed the Fidelity Magellan fund in the 1980s and early 1990s. Today, most mutual funds are pegged to a particular "style box", such as large-cap growth or small-cap value, which helps them to reach out to a specific audience of investors.
A flexible fund will often state that its main objective is maximizing total return, and will choose the best investments to meet that goal. Many investors, however, appreciate knowing a mutual fund's focus because it helps them to diversify investments across several funds. Because of this, many flexible funds operating today are run by experienced, respected money managers who can often market the fund on their names alone.