Parag Parikh Flexi Cap Fund on WebNotes

History of PPFAS (1979 to present)

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The history of PPFAS spans more than four and a half decades, from the 1979 founding of a Mumbai-based stock-broking and advisory practice by Parag Parikh at the age of twenty-five, through the 1992 incorporation of the practice as Parag Parikh Financial Advisory Services Limited , the 1996 launch of the Cognito discretionary Portfolio Management Service , the 2011 incorporation of PPFAS Asset Management Private Limited , the 2012 set-up of the mutual fund trust, the 2013 launch of the Parag Parikh Long Term Value Fund (subsequently renamed twice and now the Parag Parikh Flexi Cap Fund ), the watershed of the founder’s death in May 2015, the succession of Neil Parag Parikh as Chairman and CEO, and the subsequent expansion of the scheme range to seven active funds by February 2026. In May 2025 the flagship became the first actively managed equity scheme in India to cross Rs 1 lakh crore in AUM.

Parag Parikh Flexi Cap Fund

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The Parag Parikh Flexi Cap Fund (commonly PPFCF) is the flagship equity mutual fund scheme of PPFAS Mutual Fund , formally an open-ended equity-oriented mutual fund scheme of the Flexi Cap category under the SEBI Mutual Funds Regulations 1996 framework. PPFCF was launched on 24 May 2013 by PPFAS Asset Management Private Limited and has been continuously managed by Rajeev Thakkar (Chief Investment Officer of PPFAS Mutual Fund) since its launch, with Raunak Onkar (Head of Research) and Raj Mehta (debt and overseas allocation) as co-fund managers.

PPFAS flagship rename history: PPLTVF to PPLTEF to PPFCF

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The PPFAS flagship rename history documents the two formal name and category changes of the flagship equity scheme of PPFAS Mutual Fund since its launch on 24 May 2013. The scheme has operated under three successive names corresponding to three successive SEBI-recognised category classifications, with each rename driven by SEBI regulatory initiatives rather than by AMC strategic repositioning. The three successive names are:

Parag Parikh Long Term Value Fund (PPLTVF), the launch name from 24 May 2013 to 15 February 2018, operating under the pre-rationalisation open-ended multi-capitalisation mandate.
Parag Parikh Long Term Equity Fund (PPLTEF), the post-rationalisation name from 16 February 2018 to 12 January 2021, operating under the SEBI Multi-Cap Fund category established by the SEBI scheme rationalisation circular 2017 dated 6 October 2017.
Parag Parikh Flexi Cap Fund (PPFCF), the current name from 13 January 2021 onward, operating under the SEBI Flexi Cap Fund category established by SEBI in November 2020.

The two renames were administrative regulatory events: in each case, the AMC migrated the scheme to a new SEBI-defined category and adopted the corresponding standardised category-specific nomenclature, without altering the scheme’s fundamental investment philosophy, fund-management team (lead by Rajeev Thakkar continuously since the May 2013 launch), benchmark (Nifty 500 TRI), operational parameters, or the structural up-to-35-per-cent overseas allocation provision that has distinguished the scheme since its launch.

PPFAS Monthly Factsheet

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The PPFAS monthly factsheet is the long-form investor-communication publication issued each month by PPFAS Asset Management Private Limited, the asset management company of PPFAS Mutual Fund . The factsheet accompanies the regulatory portfolio disclosure for each of the AMC’s seven active schemes and is published on the AMC’s downloads hub at amc.ppfas.com/downloads/factsheet/ . Within the Indian mutual fund industry , the PPFAS factsheet is widely regarded as structurally distinctive on account of its multi-page commentary tradition, anchored in narrative essays by Chief Investment Officer (Equity) Rajeev Thakkar and the periodic letter from Chairman and CEO Neil Parikh .

PPFAS Mutual Fund

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PPFAS Mutual Fund is an Indian asset management company , formally constituted as PPFAS Asset Management Private Limited (the AMC) and sponsored by Parag Parikh Financial Advisory Services Limited (PPFAS Ltd, the sponsor). The fund house is among the most distinctively positioned AMCs in India, operating a deliberately small scheme portfolio of seven active funds anchored by the Parag Parikh Flexi Cap Fund (PPFCF), a globally diversified equity scheme that combines Indian equities with a substantial allocation to international stocks (predominantly US-listed mega-cap technology and financial companies) alongside a cash and arbitrage overlay.

PPFCF International Allocation: Tax Implications

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The international equity allocation of the Parag Parikh Flexi Cap Fund (PPFCF) carries significant tax implications under the Income-tax Act, 1961 , shaped principally by the 65 per cent Indian-equity threshold that the scheme must maintain to qualify as an equity-oriented mutual fund under Section 112A and Section 111A . PPFCF allocates up to 35 per cent of its assets to overseas listed equities (including Alphabet Inc., Microsoft Corporation, Amazon.com Inc., Meta Platforms Inc., and historically Berkshire Hathaway Class B), with the residual at least 65 per cent in Indian listed equities and a small debt-and-cash component.

PPFCF vs HDFC Flexi Cap Fund

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The Parag Parikh Flexi Cap Fund (PPFCF) and the HDFC Flexi Cap Fund are the two largest schemes in the flexi cap mutual fund category in India, between them accounting for a material share of the category’s industry-wide assets under management . Both schemes operate under the flexi cap categorisation created by SEBI in November 2020, which permits a fund to invest across large, mid, and small market-capitalisation segments without any minimum allocation constraint to any single segment, subject only to a minimum 65 per cent in equity and equity-related instruments. Despite operating under the same regulatory category, the two schemes differ materially in investment philosophy, portfolio construction, international allocation, fund manager tenure, distribution architecture, and the way each AMC interprets the flexi cap freedom.

Raj Mehta

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Raj Mehta is the Executive Vice President and Fund Manager (Debt) at PPFAS Asset Management Private Limited, the asset management company of PPFAS Mutual Fund . He is a named co-fund manager of the Parag Parikh Flexi Cap Fund (PPFCF), where he is principally responsible for the debt allocation and the overseas equity allocation, and is also a named fund manager across several of the AMC’s debt and hybrid schemes including the Parag Parikh Liquid Fund, the Parag Parikh ELSS Tax Saver Fund, the Parag Parikh Conservative Hybrid Fund, the Parag Parikh Arbitrage Fund, the Parag Parikh Dynamic Asset Allocation Fund and the Parag Parikh Large Cap Fund.

Rajeev Thakkar

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Rajeev Thakkar is the Chief Investment Officer (Equity) and a Director of PPFAS Asset Management Private Limited (the AMC of PPFAS Mutual Fund ), and the lead fund manager of the Parag Parikh Flexi Cap Fund (PPFCF) since its launch on 24 May 2013. Rajeev Thakkar has been associated with the broader PPFAS group since 2001, predating the mutual fund launch by approximately 12 years, and has been the principal continuity figure of PPFAS’s investment process through the May 2015 transition following the death of founder Parag Parikh.

Raunak Onkar

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Raunak Onkar is the Head of Research at PPFAS Asset Management Private Limited, the asset management company of PPFAS Mutual Fund , and a co-fund manager of the Parag Parikh Flexi Cap Fund (PPFCF) since the scheme’s launch on 24 May 2013. Onkar has been associated with the PPFAS group since 2008, when he joined as a research intern, and is one of the longest-tenured members of the AMC’s investment team after Rajeev Thakkar , the Chief Investment Officer (Equity).

Rukun Tarachandani

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Rukun Tarachandani is the Executive Vice President and Fund Manager (Equity) at PPFAS Asset Management Private Limited, the asset management company of PPFAS Mutual Fund . He is a named co-fund manager of the Parag Parikh Flexi Cap Fund (PPFCF), the AMC’s flagship and India’s largest actively managed equity mutual fund , and of several other active equity and hybrid schemes including the Parag Parikh ELSS Tax Saver Fund, the Parag Parikh Arbitrage Fund, the Parag Parikh Dynamic Asset Allocation Fund and the Parag Parikh Large Cap Fund.

Taxation of Parag Parikh Flexi Cap Fund (PPFCF)

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The taxation of the Parag Parikh Flexi Cap Fund (PPFCF) is governed by the equity-oriented mutual fund tax regime under the Income-tax Act, 1961, as the scheme maintains a minimum 65 per cent Indian equity allocation that satisfies the statutory definition of an equity-oriented fund. Capital gains on PPFCF units accordingly fall under Section 112A for long-term capital gains (LTCG) and Section 111A for short-term capital gains (STCG), and not under the residual capital-gains provisions that apply to debt-oriented mutual funds or international fund-of-fund schemes.