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 .

PPFAS investment philosophy

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

The PPFAS investment philosophy is the distinctive value-investing and behavioural-finance framework that guides portfolio construction and management at PPFAS Mutual Fund . The philosophy was articulated by founder Parag Parikh through his two books, Stocks to Riches (2005) and Value Investing and Behavioral Finance (2009), and through his client letters and media writings during his career at Parag Parikh Financial Advisory Services Limited. Following Parag Parikh’s death in the 3 May 2015 Omaha road accident, the philosophy has been continuously developed and codified by Chief Investment Officer Rajeev Thakkar (the lead fund manager of the Parag Parikh Flexi Cap Fund since launch on 24 May 2013), Head of Research Raunak Onkar, and the broader PPFAS investment team, with continuing oversight from Chairman and CEO Neil Parikh .

Margin of Safety on WebNotes

Margin of safety doctrine at PPFAS

PPFAS investment philosophy