Margin of safety doctrine at PPFAS

Sat, 16 May 2026 00:00:00 +0000

The margin of safety doctrine at PPFAS is the foundational risk-management and entry-discipline principle that governs portfolio construction at PPFAS Mutual Fund across its scheme range, beginning with the flagship Parag Parikh Flexi Cap Fund launched on 24 May 2013. The doctrine, articulated by Benjamin Graham in Security Analysis (1934) and The Intelligent Investor (1949) as “the central concept of investment,” requires that any commitment of capital be made only at a price providing a meaningful discount to estimated intrinsic value, with the discount sized to absorb errors in valuation, deterioration in business fundamentals, and adverse market dynamics. At PPFAS, the doctrine is explicitly codified in the documented investment process published at amc.ppfas.com/schemes/investment-process/, articulated in monthly factsheet commentary by Chief Investment Officer Rajeev Thakkar , and operationalised through entry-point discipline across the Parag Parikh Flexi Cap Fund , the Parag Parikh ELSS Tax Saver Fund , the Parag Parikh Conservative Hybrid Fund , and (with category-specific adaptations) the Parag Parikh Arbitrage Fund and the Parag Parikh Liquid Fund .

Value investing at PPFAS

Sat, 16 May 2026 00:00:00 +0000

Value investing at PPFAS is the foundational investment doctrine of PPFAS Mutual Fund , a SEBI-registered asset management company whose entire scheme range, beginning with the Parag Parikh Flexi Cap Fund launched on 24 May 2013, has been constructed around the value-investing framework codified by Benjamin Graham in Security Analysis (1934) and The Intelligent Investor (1949), and subsequently developed by Warren Buffett and Charlie Munger at Berkshire Hathaway. The doctrine, as practised at PPFAS, treats equity ownership as fractional ownership of underlying businesses, demands an estimate of intrinsic value before any commitment of capital, requires a meaningful margin of safety between estimated intrinsic value and market price at the point of entry, and tolerates extended holding periods and material cash balances rather than forcing capital deployment at uncompelling valuations.

Benjamin Graham on WebNotes

Margin of safety doctrine at PPFAS

Value investing at PPFAS