PPFAS Annual Unitholders' Meet

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The PPFAS Annual Unitholders’ Meet is the annual open meeting held by PPFAS Mutual Fund at which unitholders of the AMC’s schemes attend in person or by livestream and put direct questions to the fund team on holdings, philosophy and strategy. The meet is widely characterised as the Indian mutual fund industry’s closest analogue to the Berkshire Hathaway annual general meeting held each May in Omaha, Nebraska, an event the late founder Parag Parikh had attended for the first (and only) time in May 2015. The meet has been held annually since the inaugural 2014 edition and is among the most distinctive features of the AMC’s communications tradition.

The 12th edition of the meet was held on 22 November 2025 at Birla Matushree Sabhaghar, Marine Lines, Mumbai, at 4:00 PM IST, with the proceedings live-streamed on the PPFAS YouTube channel. The 12th edition featured presentations and a question-and-answer session led by Neil Parag Parikh (Chairman and CEO), Rajeev Thakkar (Chief Investment Officer, Equity) and Raunak Onkar (Head of Research and co-fund manager of the Parag Parikh Flexi Cap Fund). The event was open to all registered unitholders of any PPFAS Mutual Fund scheme.

The annual format of the meet reflects the founder Parag Parikh’s stated admiration for the Berkshire Hathaway AGM tradition pioneered by Warren Buffett and Charlie Munger, in which Berkshire shareholders gather annually to hear from the company’s leadership and to ask questions for several hours. The PPFAS meet borrows the same essential design: an open invitation to all unitholders, multiple-hour duration combining structured presentations with extended question-and-answer, and an explicit emphasis on candour, education and long-term investor relationship-building rather than short-term sales communication.

This article is the principal reference on the PPFAS Annual Unitholders’ Meet. Related references include the PPFAS Mutual Fund parent article, the PPFAS monthly factsheet (the written equivalent of the annual meet’s communication tradition), the PPFAS YouTube channel (the archival channel hosting livestream recordings) and the Parag Parikh family and Neil accession (the leadership context of the contemporary meets).

History

2014: Inaugural edition

The inaugural Annual Unitholders’ Meet was held in 2014, approximately one year after the May 2013 launch of the AMC’s flagship scheme then named the Parag Parikh Long Term Value Fund (PPLTVF). The 2014 edition was hosted in Mumbai and featured the founder Parag Parikh himself, along with Rajeev Thakkar and the early PPFAS team. At that stage the PPFCF AUM trajectory was modest (under Rs 1,000 crore) and the meet was attended primarily by a small group of early unitholders who had subscribed to the scheme during its NFO in May 2013.

The 2014 meet established the format that has been substantively retained in every subsequent edition:

  • A multi-hour duration (typically four to five hours including registration and informal interaction).
  • An afternoon-to-evening time slot.
  • A Mumbai location (typically a south or central Mumbai auditorium).
  • Structured presentations on portfolio, philosophy and operations followed by an extended question-and-answer session.
  • Open access to all unitholders without admission fee.
  • Refreshments and informal interaction between unitholders and the AMC team.

2015 to 2024: Continuity through transition

The annual meet continued each year from 2014 through 2024, including through the AMC’s most consequential leadership transition. The 2015 edition was the first edition following the 3 May 2015 death of founder Parag Parikh in a road accident in Omaha, Nebraska, while returning from his first attendance at the Berkshire Hathaway AGM. The 2015 meet marked the public introduction of Neil Parag Parikh as the AMC’s new Chairman and CEO, with the meet incorporating tributes to the founder and discussion of the leadership transition.

Subsequent editions tracked the AMC’s growth, the PPLTVF, PPLTEF and PPFCF rename history including the 16 February 2018 rename to Parag Parikh Long Term Equity Fund and the 13 January 2021 rename to Parag Parikh Flexi Cap Fund, the launch of the Parag Parikh Liquid Fund (9 May 2018), the Parag Parikh ELSS Tax Saver Fund (4 July 2019), the Parag Parikh Conservative Hybrid Fund (May 2021), the Parag Parikh Arbitrage Fund (October 2023) and the Parag Parikh Dynamic Asset Allocation Fund (February 2024). The 2020 and 2021 editions were conducted in fully virtual format due to the COVID-19 pandemic, with the entire programme delivered through the PPFAS YouTube channel livestream.

2025: 12th edition

The 12th Annual Unitholders’ Meet was held on 22 November 2025 at Birla Matushree Sabhaghar, Marine Lines, Mumbai, with the proceedings beginning at 4:00 PM IST. The venue, a historic auditorium administered by the Birla Education Trust, has hosted the PPFAS meet on multiple prior occasions. The event was open to all registered unitholders of any PPFAS scheme, with prior registration through the AMC website required for in-person attendance. The proceedings were live-streamed on the PPFAS YouTube channel and archived for subsequent viewing.

The 12th edition came at a milestone moment in the AMC’s history:

Format and proceedings

Programme structure

A typical PPFAS Annual Unitholders’ Meet follows a consistent programme structure that has been refined over editions since 2014:

  1. Welcome address by Neil Parikh: Neil Parag Parikh, the Chairman and CEO, opens the proceedings with a brief welcome, an acknowledgement of unitholders’ presence, and an overview of the AMC’s operational developments over the past year. This typically includes scheme launches, AUM milestones (including the December 2025 Rs 1 lakh crore PPFCF crossing), and any significant regulatory or policy developments.
  2. Investment commentary by Rajeev Thakkar: Rajeev Thakkar, the CIO (Equity), provides the principal investment-philosophy presentation. The presentation typically reviews portfolio holdings of the PPFCF flagship, discussions of buys, sells and trims over the year, commentary on Indian and global macroeconomic conditions, and themes from the PPFAS investment philosophy.
  3. Research insights by Raunak Onkar: Raunak Onkar, the Head of Research and co-fund manager of PPFCF, presents on specific portfolio companies or thematic research, frequently covering Technology, Pharma and Media sectors (his named coverage areas).
  4. Question-and-answer session: The longest single block of the meet, typically running for over two hours, is the open Q&A. Unitholders ask questions on holdings, philosophy, market conditions, operations and any topic of their choice. Submitted questions through the YouTube livestream are also addressed.
  5. Informal interaction: At the in-person venue, refreshments are served and unitholders interact informally with the AMC team after the formal programme concludes.

Question-and-answer session

The question-and-answer session is the most distinctive component of the PPFAS meet and the principal driver of the event’s reputation. Unlike most Indian mutual fund industry events (such as investor seminars or product road-shows), where questions are typically curated, scripted or limited to broad themes, the PPFAS Q&A is open and unfiltered. Unitholders ask questions on:

Questions are taken from in-person attendees through microphones placed in the aisles, and from the livestream audience through submitted text. The AMC team responds candidly, including admissions of past investment errors, declinations to forecast short-term movements and explicit references to the PPFAS margin of safety doctrine.

The Berkshire Hathaway AGM model

Parag Parikh’s Berkshire connection

The PPFAS Annual Unitholders’ Meet draws explicit inspiration from the Berkshire Hathaway Annual General Meeting held each May in Omaha, Nebraska, by Berkshire Hathaway, the holding company chaired by Warren Buffett and (until his 2023 death) vice-chairman Charlie Munger. The Berkshire AGM is widely regarded as the world’s most distinctive corporate AGM, drawing tens of thousands of shareholders to a multi-day weekend featuring the formal AGM (with an open Q&A spanning several hours), shareholder discounts on Berkshire-owned consumer brands, and a sense of community among value-investing practitioners.

Founder Parag Parikh had publicly cited the Berkshire AGM as an inspiration for the format of the PPFAS meet. Tragically, his first attendance at the Berkshire AGM (May 2015) was also his last: while returning from the Omaha AGM, the car he was travelling in was struck by a pickup truck en route to Eppley Airfield on the morning of 3 May 2015, and Parag Parikh died at Nebraska Medical Center. The vehicle had been driven by Rajeev Thakkar; other passengers included Raunak Onkar (treated for minor injuries and released) and Geeta Parikh (Parag Parikh’s wife, who was severely injured but survived).

The PPFAS meet has subsequently retained the Berkshire AGM model as a deliberate institutional homage, with the format perpetuated by the next generation of leadership under Neil Parikh.

Format comparisons

While drawing from the Berkshire AGM tradition, the PPFAS meet differs in several specific respects:

  • Scale: The PPFAS meet typically draws several hundred in-person attendees (within the capacity of the Birla Matushree Sabhaghar auditorium) and several thousand livestream viewers, whereas the Berkshire AGM draws tens of thousands of in-person attendees to the CHI Health Center in Omaha.
  • Duration: The PPFAS meet typically runs for four to five hours on a single afternoon, whereas the Berkshire AGM weekend runs across multiple days.
  • Commercial activity: The PPFAS meet is purely informational without any commercial sales activity, whereas the Berkshire AGM features Berkshire-owned-brand shopping opportunities.
  • Pre-recorded video: The PPFAS meet does not include the pre-recorded humour film that opens the Berkshire AGM each year, although recent PPFAS meets have included brief video tributes and educational segments.

Venue and logistics

Birla Matushree Sabhaghar

The 12th edition of the PPFAS meet was held at the Birla Matushree Sabhaghar, located on Sir Vithaldas Thackersey Marg in the Marine Lines area of South Mumbai. The auditorium, administered by the Birla Education Trust, has approximately 750 seats and is a frequent venue for Mumbai cultural and corporate events. The South Mumbai location is convenient for both the AMC team (the AMC’s registered office is at Sakhar Bhavan, Nariman Point, also in South Mumbai) and for traditional South Mumbai retail-investor unitholders.

Registration and access

Attendance at the in-person meet requires prior registration through the AMC website. Registration is open to any registered unitholder of any PPFAS scheme (across Parag Parikh Flexi Cap Fund, Parag Parikh Liquid Fund, Parag Parikh ELSS Tax Saver Fund, Parag Parikh Conservative Hybrid Fund, Parag Parikh Arbitrage Fund, Parag Parikh Dynamic Asset Allocation Fund and Parag Parikh Large Cap Fund once active). Entry is free of charge.

For unitholders unable to attend in person, the entire proceedings are livestreamed on the PPFAS YouTube channel at youtube.com/user/ppfasltd and are subsequently archived for on-demand viewing.

Communication architecture

The Annual Unitholders’ Meet is one of three principal pillars of the PPFAS Mutual Fund communication architecture, alongside:

The AMC’s content-led brand-growth approach has historically substituted long-form content (the factsheet, the meet, the YouTube channel and the PPFAS investor education programme) for the above-the-line advertising, sponsorship and distributor-incentive spend typically deployed by larger AMCs such as HDFC Mutual Fund, SBI Mutual Fund and Kotak Mahindra Mutual Fund.

The meet is thus best understood not as a standalone event but as the in-person annual culmination of a year-long content programme, with the factsheet running monthly and the YouTube channel publishing throughout the year. Together these three channels have driven the AMC’s heavy reliance on direct-plan subscriptions through the regular vs direct plan mutual fund cost differential, with direct plan adoption in India at PPFAS among the highest of any mainstream AMC.

Recent developments

12th edition headlines

The 12th edition of the PPFAS meet on 22 November 2025 featured discussion of:

  • The May 2025 Rs 1 lakh crore AUM milestone for the Parag Parikh Flexi Cap Fund, the first actively managed equity mutual fund scheme in India to cross this threshold.
  • The forthcoming launch of the Parag Parikh Large Cap Fund, with NFO planned for 19 to 30 January 2026.
  • Continued discussion of the AMC’s elevated cash allocation in PPFCF, then approaching the 18 to 25 per cent range subsequently reported in early 2026.
  • The SEBI mutual fund overseas investment cap and the AMC’s continuing engagement with regulators on the overseas-investment regime.
  • Operational developments including the planned February 2026 Borivali (West) Investor Service Centre.

Media coverage

The 12th edition was extensively covered by the Indian business press, including Mint, the Economic Times, Business Standard, Outlook Business, BusinessToday and the Tribune. The Tribune India coverage at tribuneindia.com/news/business/ppfas-mutual-fund-to-host-12th-unitholders-meet-on-22nd-november-2025/ provided the principal advance announcement. The meet’s reception is further documented under PPFAS press coverage.

Archival access

Full recordings of past editions of the Annual Unitholders’ Meet (from 2020 onwards, when the meet went hybrid due to COVID-19) are archived on the PPFAS YouTube channel. The archive functions as an extensive video record of the AMC’s articulated philosophy across time, complementing the monthly factsheet archive.

See also

External references

References

  1. Tribune India, “PPFAS Mutual Fund to host 12th Unitholders’ Meet on 22nd November 2025”, November 2025.
  2. PPFAS AMC, “About Us, Our Company”, amc.ppfas.com/about-us/our-company/, accessed May 2026.
  3. PPFAS AMC, “Letter from Neil Parikh”, amc.ppfas.com/about-us/letter-from-neil-parikh/, accessed May 2026.
  4. PPFAS AMC, “Knowledge Centre”, amc.ppfas.com/knowledge-center/, accessed May 2026.
  5. American Bazaar, “Prominent Mumbai investor Parag Parikh killed in car crash in Nebraska”, 4 May 2015.
  6. Business Standard, “Dalal Street veteran Parag Parikh dies in Omaha”, 4 May 2015.
  7. AngelOne, “Parag Parikh Flexi Cap Fund crosses one lakh crore AUM”, May 2025.
  8. BusinessToday, “Parag Parikh Flexi Cap crosses Rs 1.30 lakh crore AUM in November”, 17 December 2025.
  9. PPFAS AMC, “Investor Service Centres”, amc.ppfas.com/investor-desk/investor-service-centres/, accessed May 2026.
  10. PPFAS YouTube Channel, archived Annual Unitholders’ Meet recordings, youtube.com/user/ppfasltd, accessed May 2026.

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