PPFAS Mutual Fund on WebNotes

PPFAS Mutual Fund on WebNoteshttps://v2.webnotes.in/tags/ppfas-mutual-fund/Recent content in PPFAS Mutual Fund on WebNotesHugoen-INSun, 17 May 2026 00:00:00 +0000PPFAS Mutual Fund knowledge basehttps://v2.webnotes.in/ppfas-mutual-fund-knowledge-base/Sun, 17 May 2026 00:00:00 +0000https://v2.webnotes.in/ppfas-mutual-fund-knowledge-base/<p>The PPFAS coverage on v2.webnotes.in runs to over 230 articles. This page is the table of contents.</p> <p>If you have never invested in a PPFAS scheme and you are trying to decide whether to, the natural starting point is the entity article on <a href="https://v2.webnotes.in/ppfas-mutual-fund/">PPFAS Mutual Fund</a> , followed by the flagship <a href="https://v2.webnotes.in/parag-parikh-flexi-cap-fund/">Parag Parikh Flexi Cap Fund</a> , the umbrella <a href="https://v2.webnotes.in/ppfas-investment-philosophy/">PPFAS investment philosophy</a> , and the practical <a href="https://v2.webnotes.in/how-to-open-ppfas-selfinvest-account/">how to open a PPFAS SelfInvest direct-plan account</a> . That sequence will take a few hours and gives you most of what an informed first-time investor needs.</p>Aishwarya Dharhttps://v2.webnotes.in/aishwarya-dhar-ppfas/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/aishwarya-dhar-ppfas/<p><strong>Aishwarya Dhar</strong> is a <strong>Fund Manager (Debt)</strong> at <strong>PPFAS Asset Management Private Limited</strong>, the asset management company of <a href="https://v2.webnotes.in/ppfas-mutual-fund/">PPFAS Mutual Fund</a> . She is a named co-fund manager of the <strong>Parag Parikh Liquid Fund</strong> (the AMC’s <a href="https://v2.webnotes.in/liquid-mutual-fund-india/">liquid mutual fund</a> ) and the <strong>Parag Parikh Large Cap Fund</strong> (PPLCF, launched 4 February 2026).</p> <p>Dhar has over eight years of professional experience in the Indian financial-services industry, with a career sequence that has spanned life-insurance and health-insurance investment functions before her March 2021 move to PPFAS:</p>Alphabet (Google) at PPFCFhttps://v2.webnotes.in/alphabet-at-ppfcf/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/alphabet-at-ppfcf/<h2 id="lead">Lead</h2> <p><a href="https://v2.webnotes.in/alphabet-at-ppfcf/">Alphabet Inc.</a> , the parent holding company of <a href="https://v2.webnotes.in/alphabet-at-ppfcf/">Google</a> , has been one of the most enduring international positions in the <a href="https://v2.webnotes.in/parag-parikh-flexi-cap-fund/">Parag Parikh Flexi Cap Fund</a> (PPFCF). It was among the first foreign-listed equities held by the scheme after its launch in May 2013, when the fund still carried the name Parag Parikh Long Term Value Fund (PPLTVF). The position became a foundational template for <a href="https://v2.webnotes.in/ppfas-mutual-fund/">PPFAS Mutual Fund</a> ’s international-diversification strategy and remains a cornerstone of the fund’s foreign-equity sleeve.</p>Amazon at PPFCFhttps://v2.webnotes.in/amazon-at-ppfcf/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/amazon-at-ppfcf/<h2 id="lead">Lead</h2> <p><a href="https://v2.webnotes.in/amazon-at-ppfcf/">Amazon.com, Inc.</a> has been one of the most significant international holdings of the <a href="https://v2.webnotes.in/parag-parikh-flexi-cap-fund/">Parag Parikh Flexi Cap Fund</a> (PPFCF) over its history. During a disclosure period in 2025 it was the single largest equity position in the scheme at 8.51 per cent of net assets, edging ahead of <a href="https://v2.webnotes.in/itc-at-ppfcf/">ITC at PPFCF</a> at 7.99 per cent and <a href="https://v2.webnotes.in/alphabet-at-ppfcf/">Alphabet at PPFCF</a> at 7.08 per cent. The position was first established when PPFCF still carried the name Parag Parikh Long Term Value Fund (PPLTVF) and has been retained through the Amazon Web Services (AWS) scaling, the international e-commerce expansion and the post-pandemic capital-allocation reset.</p>Bajaj Holdings at PPFCFhttps://v2.webnotes.in/bajaj-holdings-at-ppfcf/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/bajaj-holdings-at-ppfcf/<h2 id="lead">Lead</h2> <p><a href="https://v2.webnotes.in/bajaj-holdings-at-ppfcf/">Bajaj Holdings and Investment Limited</a> is among the long-running domestic equity anchors of the <a href="https://v2.webnotes.in/parag-parikh-flexi-cap-fund/">Parag Parikh Flexi Cap Fund</a> (PPFCF). The position has appeared in PPFCF factsheets across multiple cycles and is widely cited as one of the textbook expressions of the <a href="https://v2.webnotes.in/ppfas-value-investing/">PPFAS value investing</a> approach to holding-company structures. Bajaj Holdings owns large stakes in Bajaj Auto Limited and Bajaj Finserv Limited (the holding parent of Bajaj Finance and the Bajaj insurance businesses) and trades at a structural discount to the underlying intrinsic value of those stakes.</p>Behavioural finance influence at PPFAShttps://v2.webnotes.in/ppfas-behavioural-finance/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/ppfas-behavioural-finance/<p>The <strong>behavioural finance influence at PPFAS</strong> is the explicit integration of the academic behavioural-finance literature into the investment philosophy and portfolio decision-making framework at <a href="https://v2.webnotes.in/ppfas-mutual-fund/">PPFAS Mutual Fund</a> . The doctrine draws principally on the heuristics-and-biases research programme of Daniel Kahneman and Amos Tversky, the irrational-exuberance and narrative-economics work of Robert Shiller, the standard-causes-of-human-misjudgement framework articulated by Charlie Munger, and the behavioural-investing writings of James Montier, and was systematically applied to the Indian equity market by founder <a href="https://v2.webnotes.in/parag-parikh/">Parag Parikh</a> in his 2009 Tata McGraw-Hill book <strong>Value Investing and Behavioral Finance: Insights into Indian Stock Market Realities</strong> (ISBN 978-0-07-007763-8). The behavioural-finance lens is one of the principal features distinguishing PPFAS from peer Indian asset management companies, the majority of which operate without explicit articulation of behavioural-finance principles in portfolio construction or investor communication.</p>Berkshire Hathaway class B at PPFCF (historic)https://v2.webnotes.in/berkshire-hathaway-at-ppfcf/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/berkshire-hathaway-at-ppfcf/<h2 id="lead">Lead</h2> <p><a href="https://v2.webnotes.in/berkshire-hathaway-at-ppfcf/">Berkshire Hathaway Inc.</a> class B shares have appeared periodically in the foreign-equity sleeve of the <a href="https://v2.webnotes.in/parag-parikh-flexi-cap-fund/">Parag Parikh Flexi Cap Fund</a> (PPFCF) over the scheme’s history. Unlike the four continuously held technology anchors, <a href="https://v2.webnotes.in/alphabet-at-ppfcf/">Alphabet at PPFCF</a> , <a href="https://v2.webnotes.in/microsoft-at-ppfcf/">Microsoft at PPFCF</a> , <a href="https://v2.webnotes.in/amazon-at-ppfcf/">Amazon at PPFCF</a> and <a href="https://v2.webnotes.in/meta-platforms-at-ppfcf/">Meta Platforms at PPFCF</a> , Berkshire has been a periodic rather than continuous holding. The position has appeared and disappeared from various factsheets depending on valuation, currency considerations and the relative attractiveness of other foreign opportunities.</p>Boutique AMC concept in Indiahttps://v2.webnotes.in/boutique-amc-india/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/boutique-amc-india/<p>A <strong>boutique asset management company</strong> in the Indian mutual fund industry is a fund house that combines a deliberately small scheme portfolio, a focused investment doctrine, founder-or-team-led ownership and a relatively modest assets-under-management base, in contrast to the large bank-and-insurance-sponsored asset managers that dominate the upper tiers of the industry by AUM. The boutique category in India includes <a href="https://v2.webnotes.in/ppfas-mutual-fund/">PPFAS Mutual Fund</a> , <a href="https://v2.webnotes.in/quantum-mutual-fund/">Quantum Mutual Fund</a> , <a href="https://v2.webnotes.in/quant-mutual-fund/">Quant Mutual Fund</a> , WhiteOak Capital Mutual Fund, <a href="https://v2.webnotes.in/bandhan-mutual-fund/">Bandhan Mutual Fund</a> , <a href="https://v2.webnotes.in/edelweiss-mutual-fund/">Edelweiss Mutual Fund</a> and several others, each occupying a distinct niche within the broader industry structure governed by the <a href="https://v2.webnotes.in/sebi-mutual-funds-regulations-1996/">SEBI (Mutual Funds) Regulations, 1996</a> .</p>Cash holdings as portfolio tool at PPFAShttps://v2.webnotes.in/ppfas-cash-holdings/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/ppfas-cash-holdings/<p>The <strong>cash holdings doctrine at PPFAS</strong> is the deliberate willingness of the <a href="https://v2.webnotes.in/ppfas-mutual-fund/">PPFAS Mutual Fund</a> investment team to hold material cash and cash-equivalent positions in the <a href="https://v2.webnotes.in/parag-parikh-flexi-cap-fund/">Parag Parikh Flexi Cap Fund</a> and related equity schemes when management has assessed equity valuations as broadly uncompelling. The doctrine has been operationalised during the 2024 to 2026 period through PPFCF cash levels of approximately <strong>18 to 25 per cent of corpus</strong>, materially higher than the near-fully-invested positioning of peer Indian flexi-cap funds where cash levels are typically below 5 per cent. The willingness to hold material cash is one of the most structurally distinctive features of PPFAS within the Indian <a href="https://v2.webnotes.in/mutual-fund-industry-india/">mutual fund industry</a> , and is a direct application of the value-investing principle that capital should not be deployed where the <a href="https://v2.webnotes.in/ppfas-margin-of-safety/">margin of safety</a> threshold cannot be established at the entry point.</p>Cipla at PPFCFhttps://v2.webnotes.in/cipla-at-ppfcf/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/cipla-at-ppfcf/<h2 id="lead">Lead</h2> <p><a href="https://v2.webnotes.in/cipla-at-ppfcf/">Cipla Limited</a> is among the periodic pharmaceutical holdings of the <a href="https://v2.webnotes.in/parag-parikh-flexi-cap-fund/">Parag Parikh Flexi Cap Fund</a> (PPFCF). The position has appeared in PPFCF factsheet portfolio listings across multiple cycles, alongside other healthcare holdings such as <a href="https://v2.webnotes.in/ipca-laboratories-at-ppfcf/">IPCA Laboratories at PPFCF</a> .</p> <p>The Cipla thesis combines several elements of the broader <a href="https://v2.webnotes.in/ppfas-investment-philosophy/">PPFAS investment philosophy</a> . First, respiratory-leadership: Cipla is among the global leaders in respiratory generics, with a deep portfolio of metered-dose inhalers, dry-powder inhalers and other delivery systems. Its respiratory franchise has been a key competitive advantage in both India and key export markets including South Africa, Europe and increasingly the United States. Second, US generics scale: Cipla has built a meaningful US business with a portfolio of complex generics including respiratory generics, peptides and other niche products. Third, disciplined valuation-driven entry: the team has typically built or added to the position during cyclical compression windows.</p>Coal India at PPFCFhttps://v2.webnotes.in/coal-india-at-ppfcf/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/coal-india-at-ppfcf/<h2 id="lead">Lead</h2> <p><a href="https://v2.webnotes.in/coal-india-at-ppfcf/">Coal India Limited</a> (CIL) is one of the top three domestic equity holdings of the <a href="https://v2.webnotes.in/parag-parikh-flexi-cap-fund/">Parag Parikh Flexi Cap Fund</a> (PPFCF) in the April 2026 disclosure. The April 2026 factsheet, reflecting AUM of Rs 1,40,949 crore (up 9.29 per cent month-on-month from Rs 1,28,966 crore in March 2026), showed Coal India at 5.95 per cent of net assets, behind <a href="https://v2.webnotes.in/hdfc-bank-at-ppfcf/">HDFC Bank at PPFCF</a> at 7.94 per cent and <a href="https://v2.webnotes.in/power-grid-corporation-at-ppfcf/">Power Grid Corporation at PPFCF</a> at 6.99 per cent.</p>Contrarian investing at PPFAShttps://v2.webnotes.in/ppfas-contrarian-investing/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/ppfas-contrarian-investing/<p><strong>Contrarian investing at PPFAS</strong> is the deliberate willingness of the <a href="https://v2.webnotes.in/ppfas-mutual-fund/">PPFAS Mutual Fund</a> investment team to build and hold portfolio positions in sectors and securities subject to negative broader-market sentiment, when the disciplined fundamental analysis and intrinsic-value estimation supports the underlying business thesis. The doctrine is closely related to, but conceptually distinct from, the <a href="https://v2.webnotes.in/ppfas-margin-of-safety/">margin of safety</a> discipline and the <a href="https://v2.webnotes.in/ppfas-owner-mindset/">owner-mindset</a> doctrine: contrarian positioning is the specific behavioural willingness to act against prevailing sentiment when the analysis supports doing so, with attendant tolerance for extended periods of category-relative underperformance and willingness to accept the discomfort of holding out-of-favour positions through their sentiment cycle.</p>Focused portfolio approach at PPFAShttps://v2.webnotes.in/ppfas-focused-portfolio/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/ppfas-focused-portfolio/<p>The <strong>focused portfolio approach at PPFAS</strong> is the deliberate portfolio-construction discipline through which the <a href="https://v2.webnotes.in/parag-parikh-flexi-cap-fund/">Parag Parikh Flexi Cap Fund</a> and related schemes at <a href="https://v2.webnotes.in/ppfas-mutual-fund/">PPFAS Mutual Fund</a> maintain a compact portfolio of typically <strong>25 to 37 stocks</strong> across Indian and international holdings, materially more concentrated than the 50 to 80 stocks typical of peer Indian flexi-cap funds. The approach is anchored in the focused-investing tradition articulated by Charlie Munger at Berkshire Hathaway, by Philip Fisher in <strong>Common Stocks and Uncommon Profits</strong> (1958), and by Robert Hagstrom in <strong>The Warren Buffett Portfolio: Mastering the Power of the Focus Investment Strategy</strong> (1999, Wiley), and it operationalises the principle that meaningful portfolio outperformance requires that each holding be a material contributor to performance rather than a diversification-driven dilution of the highest-conviction views.</p>HCL Technologies at PPFCFhttps://v2.webnotes.in/hcl-technologies-at-ppfcf/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/hcl-technologies-at-ppfcf/<h2 id="lead">Lead</h2> <p><a href="https://v2.webnotes.in/hcl-technologies-at-ppfcf/">HCL Technologies Limited</a> is among the periodic Indian-IT-services holdings of the <a href="https://v2.webnotes.in/parag-parikh-flexi-cap-fund/">Parag Parikh Flexi Cap Fund</a> (PPFCF). The position has appeared in PPFCF factsheet portfolio listings across multiple cycles, alongside other technology-sector holdings such as <a href="https://v2.webnotes.in/infosys-at-ppfcf/">Infosys at PPFCF</a> , <a href="https://v2.webnotes.in/tcs-at-ppfcf/">TCS at PPFCF</a> and <a href="https://v2.webnotes.in/persistent-systems-at-ppfcf/">Persistent Systems at PPFCF</a> .</p> <p>The HCL Technologies thesis combines several elements of the broader <a href="https://v2.webnotes.in/ppfas-investment-philosophy/">PPFAS investment philosophy</a> . First, mid-tier IT differentiation: HCL has historically had a different service mix from the top-two Indian IT companies (TCS and Infosys), with a higher share of infrastructure services and a distinct products-and-platforms business through HCLSoftware. Second, products portfolio: HCL’s acquired and proprietary software products (BigFix, AppScan, Commerce Cloud, Domino, Connections, Notes and several others, including a portfolio acquired from IBM in 2018) provide a recurring-revenue stream that is less common among Indian IT-services peers. Third, disciplined valuation-driven entry that has produced multi-period holding patterns.</p>HDFC Bank at PPFCFhttps://v2.webnotes.in/hdfc-bank-at-ppfcf/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/hdfc-bank-at-ppfcf/<h2 id="lead">Lead</h2> <p><a href="https://v2.webnotes.in/hdfc-bank-at-ppfcf/">HDFC Bank Limited</a> has been the most enduring domestic anchor holding of the <a href="https://v2.webnotes.in/parag-parikh-flexi-cap-fund/">Parag Parikh Flexi Cap Fund</a> (PPFCF) and emerged as the single largest equity position in the April 2026 factsheet at 7.94 per cent of net assets. The position has been built over many years and through multiple cycles, including the July 2023 reverse-merger with parent company Housing Development Finance Corporation Limited (HDFC Ltd) and the subsequent integration period.</p>History of PPFAS (1979 to present)https://v2.webnotes.in/ppfas-history-1979-to-present/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/ppfas-history-1979-to-present/<p>The <strong>history of PPFAS</strong> spans more than four and a half decades, from the 1979 founding of a Mumbai-based stock-broking and advisory practice by <a href="https://v2.webnotes.in/parag-parikh/">Parag Parikh</a> at the age of twenty-five, through the 1992 incorporation of the practice as <a href="https://v2.webnotes.in/parag-parikh-financial-advisory-services-limited/">Parag Parikh Financial Advisory Services Limited</a> , the 1996 launch of the Cognito discretionary <a href="https://v2.webnotes.in/parag-parikh-financial-advisory-services-limited/">Portfolio Management Service</a> , the 2011 incorporation of <a href="https://v2.webnotes.in/ppfas-asset-management-private-limited/">PPFAS Asset Management Private Limited</a> , 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 <a href="https://v2.webnotes.in/parag-parikh-flexi-cap-fund/">Parag Parikh Flexi Cap Fund</a> ), the watershed of the founder’s death in May 2015, the succession of <a href="https://v2.webnotes.in/neil-parikh-ppfas/">Neil Parag Parikh</a> 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.</p>ICICI Bank at PPFCFhttps://v2.webnotes.in/icici-bank-at-ppfcf/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/icici-bank-at-ppfcf/<h2 id="lead">Lead</h2> <p><a href="https://v2.webnotes.in/icici-bank-at-ppfcf/">ICICI Bank Limited</a> has been a long-running domestic holding of the <a href="https://v2.webnotes.in/parag-parikh-flexi-cap-fund/">Parag Parikh Flexi Cap Fund</a> (PPFCF) and one of the two large private-sector bank anchors in the scheme. The position has run alongside <a href="https://v2.webnotes.in/hdfc-bank-at-ppfcf/">HDFC Bank at PPFCF</a> as a paired exposure to the high-quality private-banking thesis that has been a recurring theme in PPFAS’s domestic-equity allocation.</p> <p>For <a href="https://v2.webnotes.in/ppfas-mutual-fund/">PPFAS Mutual Fund</a> and the fund management team led by <a href="https://v2.webnotes.in/rajeev-thakkar-ppfas/">Rajeev Thakkar</a> , <a href="https://v2.webnotes.in/raunak-onkar/">Raunak Onkar</a> and <a href="https://v2.webnotes.in/rukun-tarachandani-ppfas/">Rukun Tarachandani</a> , ICICI Bank represented one of the cleanest turnaround narratives in Indian financial services. After a difficult period of corporate-loan stress and governance controversy in the 2016 to 2018 cycle, the bank was reshaped under Sandeep Bakhshi (who became MD and CEO in October 2018) into a higher-quality, retail-focused, technology-driven franchise. The turnaround offered the kind of contrarian, multi-year accumulation opportunity consistent with the <a href="https://v2.webnotes.in/ppfas-investment-philosophy/">PPFAS investment philosophy</a> and <a href="https://v2.webnotes.in/ppfas-contrarian-investing/">PPFAS contrarian investing</a> .</p>Infosys at PPFCFhttps://v2.webnotes.in/infosys-at-ppfcf/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/infosys-at-ppfcf/<h2 id="lead">Lead</h2> <p><a href="https://v2.webnotes.in/infosys-at-ppfcf/">Infosys Limited</a> is among the periodic Indian-IT-services holdings of the <a href="https://v2.webnotes.in/parag-parikh-flexi-cap-fund/">Parag Parikh Flexi Cap Fund</a> (PPFCF). The position has appeared in PPFCF factsheet portfolio listings across multiple cycles, alongside other technology-sector holdings such as <a href="https://v2.webnotes.in/tcs-at-ppfcf/">TCS at PPFCF</a> , <a href="https://v2.webnotes.in/hcl-technologies-at-ppfcf/">HCL Technologies at PPFCF</a> and <a href="https://v2.webnotes.in/persistent-systems-at-ppfcf/">Persistent Systems at PPFCF</a> .</p> <p>The Infosys thesis combines several elements of the broader <a href="https://v2.webnotes.in/ppfas-investment-philosophy/">PPFAS investment philosophy</a> . First, business-quality: Infosys is among the world’s largest IT services companies, with a diversified client base, strong delivery capability, deep digital and cloud transformation expertise and dollar-revenue exposure that provides natural rupee-depreciation hedging. Second, cyclical valuation-driven entry: the team has typically built or added to the position during cyclical compression windows when valuations have moved below long-term averages.</p>Intrinsic value estimation methodology at PPFAShttps://v2.webnotes.in/ppfas-intrinsic-value-methodology/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/ppfas-intrinsic-value-methodology/<p>The <strong>intrinsic value estimation methodology at PPFAS</strong> is the systematic framework through which the investment team at <a href="https://v2.webnotes.in/ppfas-mutual-fund/">PPFAS Mutual Fund</a> estimates the fundamental value of equity securities considered for inclusion in the <a href="https://v2.webnotes.in/parag-parikh-flexi-cap-fund/">Parag Parikh Flexi Cap Fund</a> and the broader scheme range. The methodology operationalises the value-investing principle that price and value are distinct concepts, with intrinsic value derived from the discounted stream of future cash flows that the underlying business is expected to generate. The methodology is documented at amc.ppfas.com/schemes/investment-process/ and is operationalised by Chief Investment Officer (Equity) <a href="https://v2.webnotes.in/rajeev-thakkar-ppfas/">Rajeev Thakkar</a> , Head of Research <a href="https://v2.webnotes.in/raunak-onkar/">Raunak Onkar</a> , equity fund manager Rukun Tarachandani, and the broader PPFAS research team.</p>IPCA Laboratories at PPFCFhttps://v2.webnotes.in/ipca-laboratories-at-ppfcf/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/ipca-laboratories-at-ppfcf/<h2 id="lead">Lead</h2> <p><a href="https://v2.webnotes.in/ipca-laboratories-at-ppfcf/">IPCA Laboratories Limited</a> is among the periodic pharmaceutical mid-cap holdings of the <a href="https://v2.webnotes.in/parag-parikh-flexi-cap-fund/">Parag Parikh Flexi Cap Fund</a> (PPFCF). The position has appeared in PPFCF factsheet portfolio listings across multiple cycles, alongside other healthcare holdings such as <a href="https://v2.webnotes.in/cipla-at-ppfcf/">Cipla at PPFCF</a> .</p> <p>The IPCA Laboratories thesis combines several elements of the broader <a href="https://v2.webnotes.in/ppfas-investment-philosophy/">PPFAS investment philosophy</a> . First, specialty therapy-area leadership: IPCA has historically been one of India’s largest manufacturers of anti-malarial active pharmaceutical ingredients (APIs) and formulations and has built strong franchises in cardiovascular, pain management and rheumatology. Second, generics and branded formulations mix: the company operates a balanced revenue mix across regulated-market generics exports, semi-regulated and emerging markets and Indian branded formulations. Third, disciplined valuation-driven entry: the team has typically built or added to the position during cyclical compression windows.</p>ITC at PPFCFhttps://v2.webnotes.in/itc-at-ppfcf/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/itc-at-ppfcf/<h2 id="lead">Lead</h2> <p><a href="https://v2.webnotes.in/itc-at-ppfcf/">ITC Limited</a> is among the most studied and most discussed domestic holdings of the <a href="https://v2.webnotes.in/parag-parikh-flexi-cap-fund/">Parag Parikh Flexi Cap Fund</a> (PPFCF). The position is widely treated as the canonical illustration of <a href="https://v2.webnotes.in/ppfas-contrarian-investing/">PPFAS contrarian investing</a> on the Indian side of the portfolio: a multi-year build during a period of consumer-staples underperformance and persistent environmental, social and governance (ESG) scepticism around cigarettes, followed by a sharp re-rating that lifted ITC into the top three weights of the scheme.</p>Kotak Mahindra Bank at PPFCFhttps://v2.webnotes.in/kotak-mahindra-bank-at-ppfcf/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/kotak-mahindra-bank-at-ppfcf/<h2 id="lead">Lead</h2> <p><a href="https://v2.webnotes.in/kotak-mahindra-bank-at-ppfcf/">Kotak Mahindra Bank Limited</a> is among the periodic significant banking holdings of the <a href="https://v2.webnotes.in/parag-parikh-flexi-cap-fund/">Parag Parikh Flexi Cap Fund</a> (PPFCF). The position has appeared in PPFCF factsheet portfolio listings across multiple cycles, alongside the other private-sector-bank holdings <a href="https://v2.webnotes.in/hdfc-bank-at-ppfcf/">HDFC Bank at PPFCF</a> and <a href="https://v2.webnotes.in/icici-bank-at-ppfcf/">ICICI Bank at PPFCF</a> .</p> <p>The Kotak Mahindra Bank thesis combines several elements of the broader <a href="https://v2.webnotes.in/ppfas-investment-philosophy/">PPFAS investment philosophy</a> . First, conservative underwriting: Kotak has historically operated with one of the most conservative credit cultures among Indian banks, with a focus on returns rather than growth-at-all-costs. Second, promoter-led management: Uday Kotak’s hands-on stewardship across more than three decades has been a defining feature of the franchise. Third, deposit franchise quality: Kotak has built a high-quality retail-and-current-account deposit base. Fourth, disciplined valuation-driven entry that has produced multi-period holding patterns.</p>Mahindra and Mahindra at PPFCFhttps://v2.webnotes.in/mahindra-and-mahindra-at-ppfcf/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/mahindra-and-mahindra-at-ppfcf/<h2 id="lead">Lead</h2> <p><a href="https://v2.webnotes.in/mahindra-and-mahindra-at-ppfcf/">Mahindra and Mahindra Limited</a> (M&M) is among the recurring domestic equity holdings of the <a href="https://v2.webnotes.in/parag-parikh-flexi-cap-fund/">Parag Parikh Flexi Cap Fund</a> (PPFCF). The position has appeared in PPFCF factsheet portfolio listings across multiple disclosure cycles, alongside <a href="https://v2.webnotes.in/maruti-suzuki-at-ppfcf/">Maruti Suzuki at PPFCF</a> , <a href="https://v2.webnotes.in/icici-bank-at-ppfcf/">ICICI Bank at PPFCF</a> , Hero MotoCorp, <a href="https://v2.webnotes.in/bajaj-holdings-at-ppfcf/">Bajaj Holdings at PPFCF</a> and other long-running Indian anchors that the <a href="https://v2.webnotes.in/ppfas-mutual-fund/">PPFAS Mutual Fund</a> team has held through multiple cycles.</p> <p>The Mahindra and Mahindra thesis combines several elements of the broader <a href="https://v2.webnotes.in/ppfas-investment-philosophy/">PPFAS investment philosophy</a> . First, utility-vehicle leadership: M&M is among the top three SUV makers in India, with strong franchises in the Bolero, Scorpio, XUV and Thar nameplates. Second, tractor-segment dominance: Mahindra is India’s largest tractor manufacturer with significant rural-economy exposure. Third, conglomerate-discount opportunity through M&M’s holdings in listed subsidiaries (Mahindra Lifespace, Mahindra Logistics, Mahindra Holidays, Tech Mahindra and others). Fourth, disciplined valuation-driven entry that has produced multi-period holding patterns rather than short-term trades.</p>Mansi Kariyahttps://v2.webnotes.in/mansi-kariya-ppfas/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/mansi-kariya-ppfas/<p><strong>Mansi Kariya</strong> is a <strong>Co-Fund Manager (Debt)</strong> at <strong>PPFAS Asset Management Private Limited</strong>, the asset management company of <a href="https://v2.webnotes.in/ppfas-mutual-fund/">PPFAS Mutual Fund</a> . She is a named co-fund manager of the <strong>Parag Parikh Liquid Fund</strong> (the AMC’s <a href="https://v2.webnotes.in/liquid-mutual-fund-india/">liquid mutual fund</a> ) and the <strong>Parag Parikh Dynamic Asset Allocation Fund</strong> (PPDAAF), and is part of the debt-team that supports the fixed-income allocation across the AMC’s broader scheme menu.</p> <p>Kariya joined PPFAS in <strong>2018</strong> as a <strong>Debt Dealer</strong>, predating the <strong>9 May 2018</strong> launch of the Parag Parikh Liquid Fund and the <strong>4 July 2019</strong> launch of the Parag Parikh ELSS Tax Saver Fund. Her career progression at PPFAS has taken her from Debt Dealer through Credit Research Analyst to Co-Fund Manager (Debt), reflecting the AMC’s structural preference for internal training and progression rather than external lateral hires for senior fund-management designations.</p>Margin of safety doctrine at PPFAShttps://v2.webnotes.in/ppfas-margin-of-safety/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/ppfas-margin-of-safety/<p>The <strong>margin of safety doctrine at PPFAS</strong> is the foundational risk-management and entry-discipline principle that governs portfolio construction at <a href="https://v2.webnotes.in/ppfas-mutual-fund/">PPFAS Mutual Fund</a> across its scheme range, beginning with the flagship <a href="https://v2.webnotes.in/parag-parikh-flexi-cap-fund/">Parag Parikh Flexi Cap Fund</a> launched on 24 May 2013. The doctrine, articulated by Benjamin Graham in <strong>Security Analysis</strong> (1934) and <strong>The Intelligent Investor</strong> (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 <a href="https://v2.webnotes.in/rajeev-thakkar-ppfas/">Rajeev Thakkar</a> , and operationalised through entry-point discipline across the <a href="https://v2.webnotes.in/parag-parikh-flexi-cap-fund/">Parag Parikh Flexi Cap Fund</a> , the <a href="https://v2.webnotes.in/parag-parikh-elss-tax-saver-fund/">Parag Parikh ELSS Tax Saver Fund</a> , the <a href="https://v2.webnotes.in/parag-parikh-conservative-hybrid-fund/">Parag Parikh Conservative Hybrid Fund</a> , and (with category-specific adaptations) the <a href="https://v2.webnotes.in/parag-parikh-arbitrage-fund/">Parag Parikh Arbitrage Fund</a> and the <a href="https://v2.webnotes.in/parag-parikh-liquid-fund/">Parag Parikh Liquid Fund</a> .</p>Maruti Suzuki at PPFCFhttps://v2.webnotes.in/maruti-suzuki-at-ppfcf/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/maruti-suzuki-at-ppfcf/<h2 id="lead">Lead</h2> <p><a href="https://v2.webnotes.in/maruti-suzuki-at-ppfcf/">Maruti Suzuki India Limited</a> is among the recurring domestic equity holdings of the <a href="https://v2.webnotes.in/parag-parikh-flexi-cap-fund/">Parag Parikh Flexi Cap Fund</a> (PPFCF). The position has appeared in PPFCF factsheet portfolio listings across multiple disclosure cycles, alongside <a href="https://v2.webnotes.in/icici-bank-at-ppfcf/">ICICI Bank at PPFCF</a> , <a href="https://v2.webnotes.in/mahindra-and-mahindra-at-ppfcf/">Mahindra and Mahindra at PPFCF</a> , Hero MotoCorp, <a href="https://v2.webnotes.in/bajaj-holdings-at-ppfcf/">Bajaj Holdings at PPFCF</a> and other long-running Indian anchors that the <a href="https://v2.webnotes.in/ppfas-mutual-fund/">PPFAS Mutual Fund</a> team has held through multiple cycles.</p> <p>The Maruti Suzuki thesis combines several elements of the broader <a href="https://v2.webnotes.in/ppfas-investment-philosophy/">PPFAS investment philosophy</a> . First, market-share leadership: Maruti Suzuki has been the largest passenger-vehicle manufacturer in India by volume since the mid-1980s, with current market share of approximately 40 to 42 per cent. Second, dealer-network scale: the company’s distribution and service footprint is the deepest in India, providing a structural moat that newer entrants struggle to replicate. Third, disciplined valuation-driven entry: the PPFAS team has typically built or added to the position during periods of cyclical weakness when valuations have compressed below long-term averages.</p>Meta Platforms at PPFCFhttps://v2.webnotes.in/meta-platforms-at-ppfcf/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/meta-platforms-at-ppfcf/<h2 id="lead">Lead</h2> <p><a href="https://v2.webnotes.in/meta-platforms-at-ppfcf/">Meta Platforms, Inc.</a> , formerly Facebook, Inc., has been one of the four anchor international holdings of the <a href="https://v2.webnotes.in/parag-parikh-flexi-cap-fund/">Parag Parikh Flexi Cap Fund</a> (PPFCF) since the early years of the scheme. The position was initiated when the company was still listed as Facebook Inc. on <a href="https://v2.webnotes.in/nasdaq/">Nasdaq</a> and has been retained through the corporate rebranding to Meta Platforms in October 2021, the substantial Reality Labs investment cycle and the subsequent reset towards artificial intelligence and operational discipline.</p>Microsoft at PPFCFhttps://v2.webnotes.in/microsoft-at-ppfcf/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/microsoft-at-ppfcf/<h2 id="lead">Lead</h2> <p><a href="https://v2.webnotes.in/microsoft-at-ppfcf/">Microsoft Corporation</a> has been a sustained, long-term international holding of the <a href="https://v2.webnotes.in/parag-parikh-flexi-cap-fund/">Parag Parikh Flexi Cap Fund</a> (PPFCF) since the earlier years of the scheme. The position was built when PPFCF still carried the name Parag Parikh Long Term Value Fund (PPLTVF), and it has been retained through the Satya Nadella reinvention of the company, the rise of Microsoft Azure as the second-largest public cloud, and the post-2022 transition into artificial intelligence and Copilot products.</p>Neil Parikhhttps://v2.webnotes.in/neil-parikh-ppfas/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/neil-parikh-ppfas/<p><strong>Neil Parag Parikh</strong> is the <strong>Chairman and Chief Executive Officer</strong> of <strong>PPFAS Asset Management Private Limited</strong>, the asset management company of <a href="https://v2.webnotes.in/ppfas-mutual-fund/">PPFAS Mutual Fund</a> . The son of the late founder <strong><a href="https://v2.webnotes.in/parag-parikh/">Parag Parikh</a> </strong> and the second-generation leader of the broader PPFAS group, Neil Parikh succeeded his father as Chairman and CEO following the latter’s death in a road accident in Omaha, Nebraska on 3 May 2015. Under Neil Parikh’s leadership through 2015 to 2026, PPFAS Mutual Fund has substantially expanded its scheme portfolio from a single equity scheme to seven active schemes, and the AMC’s assets under management have grown from approximately Rs 5,000 crore in 2018 to over Rs 1.4 lakh crore by mid-2026.</p>Neil Parikh Public Speaking and Interviewshttps://v2.webnotes.in/neil-parikh-public-speaking/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/neil-parikh-public-speaking/<p><strong>Neil Parag Parikh’s public speaking and interview activity</strong> constitutes a significant component of <a href="https://v2.webnotes.in/ppfas-mutual-fund/">PPFAS Mutual Fund</a> ’s communications tradition. As Chairman and CEO of <a href="https://v2.webnotes.in/ppfas-asset-management-private-limited/">PPFAS Asset Management Private Limited</a> , Neil Parikh is the institutional voice of the AMC, with his public engagement spanning the annual hosting of the <a href="https://v2.webnotes.in/ppfas-annual-unitholders-meet/">PPFAS Annual Unitholders’ Meet</a> , press interviews with Mint, the Economic Times, Business Standard, Outlook Business, Business Today, CNBC TV18, ET NOW and Bloomberg Quint, participation in <a href="https://v2.webnotes.in/amfi-association-of-mutual-funds/">AMFI</a> and CafeMutual industry forums, appearances on Indian personal-finance podcasts and YouTube creator channels and the annual Buffett-style letter to unitholders.</p>Owner-mindset doctrine at PPFAShttps://v2.webnotes.in/ppfas-owner-mindset/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/ppfas-owner-mindset/<p>The <strong>owner-mindset doctrine at PPFAS</strong> is the foundational orientation through which the investment team at <a href="https://v2.webnotes.in/ppfas-mutual-fund/">PPFAS Mutual Fund</a> treats equity ownership as fractional ownership of underlying businesses rather than as trading in tradable financial securities. The doctrine, articulated by Benjamin Graham in <strong>The Intelligent Investor</strong> (1949) and developed by Warren Buffett at Berkshire Hathaway from 1965 onwards, requires that every investment decision be assessed on the basis of the underlying business’s competitive position, capital allocation, management quality, and cash-flow generation, rather than on price-action signals, momentum indicators, or short-term market sentiment. At PPFAS, the doctrine is operationalised through long holding periods, willingness to tolerate short-term price volatility, active monitoring of portfolio-company management, and deliberate avoidance of decisions driven by chart patterns or short-duration price movements.</p>Parag Parikhhttps://v2.webnotes.in/parag-parikh/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/parag-parikh/<p><strong>Parag Parikh</strong> (1954 to 3 May 2015) was an Indian value investor, equity broker, author, and the founder of <strong>Parag Parikh Financial Advisory Services Limited</strong> (PPFAS Ltd) in 1979 and of <strong>PPFAS Asset Management Private Limited</strong> (the asset management company of <a href="https://v2.webnotes.in/ppfas-mutual-fund/">PPFAS Mutual Fund</a> ) in 2011 to 2013. Through his approximately 36-year career in Indian capital markets, Parag Parikh was a foundational figure in the popularisation of long-term value-investing principles in India and one of the earliest Indian advocates of integrating behavioural-finance insights into retail-investor education and portfolio management.</p>Parag Parikh Arbitrage Fundhttps://v2.webnotes.in/parag-parikh-arbitrage-fund/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/parag-parikh-arbitrage-fund/<p>The <strong>Parag Parikh Arbitrage Fund</strong> is an open-ended arbitrage scheme of <a href="https://v2.webnotes.in/ppfas-mutual-fund/">PPFAS Mutual Fund</a> , launched on <strong>27 October 2023</strong> by PPFAS Asset Management Private Limited following a new fund offer that ran from <strong>23 October 2023 to 27 October 2023</strong>. It is the fifth open-ended scheme in the PPFAS Mutual Fund product line, after the flagship <a href="https://v2.webnotes.in/parag-parikh-flexi-cap-fund/">Parag Parikh Flexi Cap Fund</a> (24 May 2013), the <a href="https://v2.webnotes.in/parag-parikh-liquid-fund/">Parag Parikh Liquid Fund</a> (9 May 2018), the <a href="https://v2.webnotes.in/parag-parikh-elss-tax-saver-fund/">Parag Parikh ELSS Tax Saver Fund</a> (4 July 2019), and the <a href="https://v2.webnotes.in/parag-parikh-conservative-hybrid-fund/">Parag Parikh Conservative Hybrid Fund</a> (28 May 2021). The scheme is benchmarked to the <strong>Nifty 50 Arbitrage Total Return Index</strong>.</p>Parag Parikh Arbitrage Fund Taxationhttps://v2.webnotes.in/ppfas-arbitrage-fund-taxation/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/ppfas-arbitrage-fund-taxation/<p>The <strong><a href="https://v2.webnotes.in/parag-parikh-arbitrage-fund/">Parag Parikh Arbitrage Fund</a> </strong> is the <a href="https://v2.webnotes.in/ppfas-mutual-fund/">PPFAS Mutual Fund</a> arbitrage scheme, launched on <strong>27 October 2023</strong> following an NFO that ran from <strong>23 October 2023 to 27 October 2023</strong>. The scheme is benchmarked to the <strong>Nifty 50 Arbitrage Total Return Index</strong> and operates under the <strong>SEBI Arbitrage Fund</strong> category mandate defined in the <a href="https://v2.webnotes.in/sebi-scheme-rationalisation-circular-2017/">SEBI scheme rationalisation circular 2017</a> , which requires a minimum <strong>65 per cent in equity and equity-related instruments</strong>, primarily through cash-futures arbitrage strategies.</p>Parag Parikh Conservative Hybrid Fundhttps://v2.webnotes.in/parag-parikh-conservative-hybrid-fund/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/parag-parikh-conservative-hybrid-fund/<p>The <strong>Parag Parikh Conservative Hybrid Fund</strong> is an open-ended conservative hybrid scheme of <a href="https://v2.webnotes.in/ppfas-mutual-fund/">PPFAS Mutual Fund</a> , launched on <strong>28 May 2021</strong> by PPFAS Asset Management Private Limited following a new fund offer (NFO) that ran from <strong>7 May 2021 to 21 May 2021</strong>. It is the fourth open-ended scheme in the PPFAS Mutual Fund product line, after the flagship <a href="https://v2.webnotes.in/parag-parikh-flexi-cap-fund/">Parag Parikh Flexi Cap Fund</a> (24 May 2013), the <a href="https://v2.webnotes.in/parag-parikh-liquid-fund/">Parag Parikh Liquid Fund</a> (9 May 2018), and the <a href="https://v2.webnotes.in/parag-parikh-elss-tax-saver-fund/">Parag Parikh ELSS Tax Saver Fund</a> (4 July 2019). The scheme is benchmarked to the <strong>CRISIL Hybrid 85+15 Conservative Index TRI</strong>, the standard benchmark for SEBI Conservative Hybrid Fund category schemes.</p>Parag Parikh Conservative Hybrid Fund Taxationhttps://v2.webnotes.in/ppfas-conservative-hybrid-fund-taxation/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/ppfas-conservative-hybrid-fund-taxation/<p>The <strong><a href="https://v2.webnotes.in/parag-parikh-conservative-hybrid-fund/">Parag Parikh Conservative Hybrid Fund</a> </strong> is the <a href="https://v2.webnotes.in/ppfas-mutual-fund/">PPFAS Mutual Fund</a> conservative-hybrid scheme, launched on <strong>28 May 2021</strong> following an NFO that ran from <strong>7 May 2021 to 21 May 2021</strong>. The scheme is benchmarked to the <strong>CRISIL Hybrid 85+15 Conservative Index TRI</strong> and follows the <strong>SEBI Conservative Hybrid Fund</strong> category mandate under the <a href="https://v2.webnotes.in/sebi-scheme-rationalisation-circular-2017/">SEBI scheme rationalisation circular 2017</a> , which requires <strong>10 per cent to 25 per cent</strong> in equity and equity-related instruments and <strong>75 per cent to 90 per cent</strong> in debt instruments.</p>Parag Parikh Dynamic Asset Allocation Fundhttps://v2.webnotes.in/parag-parikh-dynamic-asset-allocation-fund/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/parag-parikh-dynamic-asset-allocation-fund/<p>The <strong>Parag Parikh Dynamic Asset Allocation Fund (PPDAAF)</strong> is an open-ended balanced advantage / dynamic asset allocation scheme of <a href="https://v2.webnotes.in/ppfas-mutual-fund/">PPFAS Mutual Fund</a> , launched on <strong>22 February 2024</strong> by PPFAS Asset Management Private Limited following a new fund offer that ran from <strong>20 February 2024 to 22 February 2024</strong>. It is the sixth open-ended scheme in the PPFAS Mutual Fund product line, after the flagship <a href="https://v2.webnotes.in/parag-parikh-flexi-cap-fund/">Parag Parikh Flexi Cap Fund</a> (24 May 2013), the <a href="https://v2.webnotes.in/parag-parikh-liquid-fund/">Parag Parikh Liquid Fund</a> (9 May 2018), the <a href="https://v2.webnotes.in/parag-parikh-elss-tax-saver-fund/">Parag Parikh ELSS Tax Saver Fund</a> (4 July 2019), the <a href="https://v2.webnotes.in/parag-parikh-conservative-hybrid-fund/">Parag Parikh Conservative Hybrid Fund</a> (28 May 2021), and the <a href="https://v2.webnotes.in/parag-parikh-arbitrage-fund/">Parag Parikh Arbitrage Fund</a> (27 October 2023). The scheme is benchmarked to the <strong>CRISIL Hybrid 50+50 Moderate Index</strong>.</p>Parag Parikh ELSS Tax Saver Fundhttps://v2.webnotes.in/parag-parikh-elss-tax-saver-fund/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/parag-parikh-elss-tax-saver-fund/<p>The <strong>Parag Parikh ELSS Tax Saver Fund</strong> is an open-ended equity-linked savings scheme of <a href="https://v2.webnotes.in/ppfas-mutual-fund/">PPFAS Mutual Fund</a> , launched on <strong>4 July 2019</strong> by PPFAS Asset Management Private Limited as the third open-ended scheme in the AMC’s product line, after the flagship <a href="https://v2.webnotes.in/parag-parikh-flexi-cap-fund/">Parag Parikh Flexi Cap Fund</a> (24 May 2013) and the <a href="https://v2.webnotes.in/parag-parikh-liquid-fund/">Parag Parikh Liquid Fund</a> (9 May 2018). It was originally launched as the <strong>Parag Parikh Tax Saver Fund</strong> and subsequently renamed to <strong>Parag Parikh ELSS Tax Saver Fund</strong> to align with the <a href="https://v2.webnotes.in/amfi-association-of-mutual-funds/">AMFI</a> and SEBI directive that all equity-linked savings schemes carry the standardised “ELSS” prefix in scheme nomenclature. The scheme is benchmarked to the <strong>Nifty 500 Total Return Index</strong> (<a href="https://v2.webnotes.in/nifty-500-tri/">Nifty 500 TRI</a> ).</p>Parag Parikh Flexi Cap Fundhttps://v2.webnotes.in/parag-parikh-flexi-cap-fund/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/parag-parikh-flexi-cap-fund/<p>The <strong>Parag Parikh Flexi Cap Fund</strong> (commonly <strong>PPFCF</strong>) is the flagship equity mutual fund scheme of <a href="https://v2.webnotes.in/ppfas-mutual-fund/">PPFAS Mutual Fund</a> , formally an open-ended equity-oriented mutual fund scheme of the <a href="https://v2.webnotes.in/flexi-cap-mutual-fund-india/">Flexi Cap category</a> under the <a href="https://v2.webnotes.in/sebi-mutual-funds-regulations-1996/">SEBI Mutual Funds Regulations 1996</a> framework. PPFCF was launched on <strong>24 May 2013</strong> by PPFAS Asset Management Private Limited and has been continuously managed by <strong><a href="https://v2.webnotes.in/rajeev-thakkar-ppfas/">Rajeev Thakkar</a> </strong> (Chief Investment Officer of PPFAS Mutual Fund) since its launch, with <strong>Raunak Onkar</strong> (Head of Research) and <strong>Raj Mehta</strong> (debt and overseas allocation) as co-fund managers.</p>Parag Parikh Large Cap Fundhttps://v2.webnotes.in/parag-parikh-large-cap-fund/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/parag-parikh-large-cap-fund/<p>The <strong>Parag Parikh Large Cap Fund (PPLCF)</strong> is an open-ended large cap equity scheme of <a href="https://v2.webnotes.in/ppfas-mutual-fund/">PPFAS Mutual Fund</a> , launched on <strong>4 February 2026</strong> (date of unit allotment) following a new fund offer that ran from <strong>19 January 2026 to 30 January 2026</strong>, with continuous-offer reopen on <strong>6 February 2026</strong>. It is the seventh and most recent open-ended scheme in the PPFAS Mutual Fund product line, completing the seven-scheme line-up alongside the flagship <a href="https://v2.webnotes.in/parag-parikh-flexi-cap-fund/">Parag Parikh Flexi Cap Fund</a> (24 May 2013), the <a href="https://v2.webnotes.in/parag-parikh-liquid-fund/">Parag Parikh Liquid Fund</a> (9 May 2018), the <a href="https://v2.webnotes.in/parag-parikh-elss-tax-saver-fund/">Parag Parikh ELSS Tax Saver Fund</a> (4 July 2019), the <a href="https://v2.webnotes.in/parag-parikh-conservative-hybrid-fund/">Parag Parikh Conservative Hybrid Fund</a> (28 May 2021), the <a href="https://v2.webnotes.in/parag-parikh-arbitrage-fund/">Parag Parikh Arbitrage Fund</a> (27 October 2023), and the <a href="https://v2.webnotes.in/parag-parikh-dynamic-asset-allocation-fund/">Parag Parikh Dynamic Asset Allocation Fund</a> (22 February 2024). The scheme is benchmarked to the <strong>Nifty 100 Total Return Index</strong> (<a href="https://v2.webnotes.in/nifty-50/">Nifty 100 TRI</a> ).</p>Parag Parikh Liquid Fundhttps://v2.webnotes.in/parag-parikh-liquid-fund/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/parag-parikh-liquid-fund/<p>The <strong>Parag Parikh Liquid Fund</strong> is an open-ended liquid scheme of <a href="https://v2.webnotes.in/ppfas-mutual-fund/">PPFAS Mutual Fund</a> , launched on <strong>9 May 2018</strong> by PPFAS Asset Management Private Limited as the second scheme in the AMC’s product line after the flagship <a href="https://v2.webnotes.in/parag-parikh-flexi-cap-fund/">Parag Parikh Flexi Cap Fund</a> . It is a <a href="https://v2.webnotes.in/liquid-mutual-fund-india/">liquid mutual fund</a> under the <a href="https://v2.webnotes.in/sebi-mutual-funds-regulations-1996/">SEBI Mutual Funds Regulations 1996</a> , benchmarked to the <strong>CRISIL Liquid Debt B-I Index</strong>, and managed jointly by Tejas Soman, Aishwarya Dhar and Mansi Kariya, with all three operating from the PPFAS debt desk at the AMC’s Nariman Point headquarters.</p>Parag Parikh Liquid Fund Tax Treatmenthttps://v2.webnotes.in/parag-parikh-liquid-fund-tax/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/parag-parikh-liquid-fund-tax/<p>The <strong><a href="https://v2.webnotes.in/parag-parikh-liquid-fund/">Parag Parikh Liquid Fund</a> </strong> is the <a href="https://v2.webnotes.in/ppfas-mutual-fund/">PPFAS Mutual Fund</a> liquid scheme, launched on <strong>9 May 2018</strong> and benchmarked to the <strong>CRISIL Liquid Debt B-I Index</strong>. As a <strong>debt-oriented mutual fund</strong> under the <a href="https://v2.webnotes.in/sebi-mutual-funds-regulations-1996/">SEBI Mutual Funds Regulations 1996</a> liquid-fund category, the scheme is taxed under the <strong>debt-oriented mutual fund</strong> framework, which was materially restructured by the <strong>Finance Act 2023</strong> through the insertion of <strong>Section 50AA</strong> into the <a href="https://v2.webnotes.in/income-tax-india/">Income-tax Act, 1961</a> , effective <strong>1 April 2023</strong>.</p>Persistent Systems at PPFCFhttps://v2.webnotes.in/persistent-systems-at-ppfcf/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/persistent-systems-at-ppfcf/<h2 id="lead">Lead</h2> <p><a href="https://v2.webnotes.in/persistent-systems-at-ppfcf/">Persistent Systems Limited</a> is among the periodic mid-cap Indian-IT-services holdings of the <a href="https://v2.webnotes.in/parag-parikh-flexi-cap-fund/">Parag Parikh Flexi Cap Fund</a> (PPFCF). The position has appeared in PPFCF factsheet portfolio listings across multiple cycles, alongside other technology-sector holdings such as <a href="https://v2.webnotes.in/infosys-at-ppfcf/">Infosys at PPFCF</a> , <a href="https://v2.webnotes.in/tcs-at-ppfcf/">TCS at PPFCF</a> and <a href="https://v2.webnotes.in/hcl-technologies-at-ppfcf/">HCL Technologies at PPFCF</a> .</p> <p>The Persistent Systems thesis combines several elements of the broader <a href="https://v2.webnotes.in/ppfas-investment-philosophy/">PPFAS investment philosophy</a> . First, engineering-services and platform-engineering exposure: Persistent has historically specialised in software product engineering, intellectual property (IP)-led services and platform development for global software and technology clients. Second, mid-cap operational beta: Persistent’s smaller scale (relative to TCS and Infosys) translates into higher growth potential when client wins materialise, providing different return characteristics from the large-cap IT cluster. Third, disciplined valuation-driven entry: the team has typically built or added to the position during cyclical compression windows.</p>Power Grid Corporation at PPFCFhttps://v2.webnotes.in/power-grid-corporation-at-ppfcf/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/power-grid-corporation-at-ppfcf/<h2 id="lead">Lead</h2> <p><a href="https://v2.webnotes.in/power-grid-corporation-at-ppfcf/">Power Grid Corporation of India Limited</a> (Power Grid) is one of the top three domestic equity holdings of the <a href="https://v2.webnotes.in/parag-parikh-flexi-cap-fund/">Parag Parikh Flexi Cap Fund</a> (PPFCF) in the April 2026 disclosure. The April 2026 factsheet, reflecting AUM of Rs 1,40,949 crore (up 9.29 per cent month-on-month from Rs 1,28,966 crore in March 2026), showed Power Grid at 6.99 per cent of net assets, behind <a href="https://v2.webnotes.in/hdfc-bank-at-ppfcf/">HDFC Bank at PPFCF</a> at 7.94 per cent and ahead of <a href="https://v2.webnotes.in/coal-india-at-ppfcf/">Coal India at PPFCF</a> at 5.95 per cent.</p>PPFAS Annual Unitholders' Meethttps://v2.webnotes.in/ppfas-annual-unitholders-meet/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/ppfas-annual-unitholders-meet/<p>The <strong>PPFAS Annual Unitholders’ Meet</strong> is the annual open meeting held by <a href="https://v2.webnotes.in/ppfas-mutual-fund/">PPFAS Mutual Fund</a> 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 <a href="https://v2.webnotes.in/mutual-fund/">mutual fund</a> industry’s closest analogue to the <strong>Berkshire Hathaway annual general meeting</strong> held each May in Omaha, Nebraska, an event the late founder <a href="https://v2.webnotes.in/parag-parikh/">Parag Parikh</a> 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 <a href="https://v2.webnotes.in/ppfas-monthly-factsheet/">communications</a> tradition.</p>PPFAS Asset Management Private Limitedhttps://v2.webnotes.in/ppfas-asset-management-private-limited/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/ppfas-asset-management-private-limited/<p><strong>PPFAS Asset Management Private Limited</strong> is the SEBI-registered <strong>asset management company</strong> (AMC) that operates <a href="https://v2.webnotes.in/ppfas-mutual-fund/">PPFAS Mutual Fund</a> . The AMC was incorporated on <strong>8 August 2011</strong> under the Companies Act, 1956 as a private limited company, predating the formal setup of PPFAS Mutual Fund (the trust) by approximately 14 months. The AMC is the operational entity that conducts day-to-day management of the seven active mutual fund schemes of PPFAS Mutual Fund, employs the investment-management and operations teams, and discharges the regulatory and disclosure obligations imposed on AMCs under the <a href="https://v2.webnotes.in/sebi-mutual-funds-regulations-1996/">SEBI Mutual Funds Regulations 1996</a> .</p>PPFAS custodian, RTA and auditor relationshipshttps://v2.webnotes.in/ppfas-custodian-rta-auditor-relationships/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/ppfas-custodian-rta-auditor-relationships/<p>The <strong>third-party service provider relationships of PPFAS Mutual Fund</strong>, comprising the <a href="https://v2.webnotes.in/mutual-fund-custodian/">custodian</a> , the <a href="https://v2.webnotes.in/mutual-fund-rta/">Registrar and Transfer Agent</a> (RTA) and the statutory auditor, are core elements of the operational infrastructure that allows <a href="https://v2.webnotes.in/ppfas-asset-management-private-limited/">PPFAS Asset Management Private Limited</a> to discharge its investment management responsibilities for the seven active schemes of <a href="https://v2.webnotes.in/ppfas-mutual-fund/">PPFAS Mutual Fund</a> . The three principal service providers are Deutsche Bank AG (Mumbai branch) as custodian, Computer Age Management Services Limited (<a href="https://v2.webnotes.in/cams/">CAMS</a> ) as the Registrar and Transfer Agent, and M.M. Nissim and Co. LLP as the statutory auditor.</p>PPFAS flagship rename history: PPLTVF to PPLTEF to PPFCFhttps://v2.webnotes.in/ppltvf-ppltef-ppfcf-rename-history/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/ppltvf-ppltef-ppfcf-rename-history/<p>The <strong>PPFAS flagship rename history</strong> documents the two formal name and category changes of the flagship equity scheme of <a href="https://v2.webnotes.in/ppfas-mutual-fund/">PPFAS Mutual Fund</a> 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:</p> <ol> <li><strong>Parag Parikh Long Term Value Fund (PPLTVF)</strong>, the launch name from <strong>24 May 2013</strong> to <strong>15 February 2018</strong>, operating under the pre-rationalisation open-ended multi-capitalisation mandate.</li> <li><strong>Parag Parikh Long Term Equity Fund (PPLTEF)</strong>, the post-rationalisation name from <strong>16 February 2018</strong> to <strong>12 January 2021</strong>, operating under the SEBI Multi-Cap Fund category established by the <a href="https://v2.webnotes.in/sebi-scheme-rationalisation-circular-2017/">SEBI scheme rationalisation circular 2017</a> dated 6 October 2017.</li> <li><strong>Parag Parikh Flexi Cap Fund (PPFCF)</strong>, the current name from <strong>13 January 2021</strong> onward, operating under the SEBI Flexi Cap Fund category established by SEBI in <strong>November 2020</strong>.</li> </ol> <p>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 <a href="https://v2.webnotes.in/rajeev-thakkar-ppfas/">Rajeev Thakkar</a> 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.</p>PPFAS Monthly Factsheethttps://v2.webnotes.in/ppfas-monthly-factsheet/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/ppfas-monthly-factsheet/<p>The <strong>PPFAS monthly factsheet</strong> is the long-form investor-communication publication issued each month by <strong>PPFAS Asset Management Private Limited</strong>, the asset management company of <a href="https://v2.webnotes.in/ppfas-mutual-fund/">PPFAS Mutual Fund</a> . 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 <a href="https://amc.ppfas.com/downloads/factsheet/">amc.ppfas.com/downloads/factsheet/</a> . Within the Indian <a href="https://v2.webnotes.in/mutual-fund-industry-india/">mutual fund industry</a> , 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) <a href="https://v2.webnotes.in/rajeev-thakkar-ppfas/">Rajeev Thakkar</a> and the periodic letter from Chairman and CEO <a href="https://v2.webnotes.in/neil-parikh-ppfas/">Neil Parikh</a> .</p>PPFAS Mutual Fundhttps://v2.webnotes.in/ppfas-mutual-fund/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/ppfas-mutual-fund/<p><strong>PPFAS Mutual Fund</strong> is an Indian <a href="https://v2.webnotes.in/mutual-fund-industry-india/">asset management company</a> , formally constituted as <strong>PPFAS Asset Management Private Limited</strong> (the AMC) and sponsored by <strong>Parag Parikh Financial Advisory Services Limited</strong> (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 <strong>Parag Parikh Flexi Cap Fund</strong> (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.</p>PPFAS office and team structurehttps://v2.webnotes.in/ppfas-office-and-team-structure/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/ppfas-office-and-team-structure/<p>The <strong>office and team structure of PPFAS Mutual Fund</strong>, formally <a href="https://v2.webnotes.in/ppfas-asset-management-private-limited/">PPFAS Asset Management Private Limited</a> acting as the investment manager for <a href="https://v2.webnotes.in/ppfas-mutual-fund/">PPFAS Mutual Fund</a> , comprises a single headquarters office in Mumbai supplemented by a network of <a href="https://v2.webnotes.in/ppfas-distributor-channel-history/">Investor Service Centres</a> in thirteen Indian cities, with a compact senior team that has remained substantially continuous through the post-2015 succession from founder <a href="https://v2.webnotes.in/parag-parikh/">Parag Parikh</a> to his son <a href="https://v2.webnotes.in/neil-parikh-ppfas/">Neil Parag Parikh</a> as Chairman and CEO. The team scale is materially smaller than the personnel counts at the largest Indian asset managers, consistent with the broader <a href="https://v2.webnotes.in/boutique-amc-india/">boutique AMC</a> positioning of the firm, but is sufficient to manage the seven active schemes that the AMC operates as of 2026.</p>PPFAS Sponsor Commitment and Skin in the Gamehttps://v2.webnotes.in/ppfas-sponsor-commitment-skin-in-the-game/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/ppfas-sponsor-commitment-skin-in-the-game/<p>The <strong>sponsor commitment</strong> of <a href="https://v2.webnotes.in/parag-parikh-financial-advisory-services-limited/">Parag Parikh Financial Advisory Services Limited</a> (PPFAS Ltd) to <a href="https://v2.webnotes.in/ppfas-mutual-fund/">PPFAS Mutual Fund</a> , together with the personal capital invested by members of the Parikh family and the senior fund-management team in the schemes they manage, is a structural attribute that PPFAS publicly emphasises as a differentiator from larger Indian asset managers. The combined doctrine, often referred to in fund-house literature and in the <a href="https://v2.webnotes.in/ppfas-mutual-fund/">Annual Unitholders’ Meet</a> discourse as “skin in the game”, encompasses three distinct layers: the regulatory minimum sponsor contribution prescribed under the <a href="https://v2.webnotes.in/sebi-mutual-funds-regulations-1996/">SEBI (Mutual Funds) Regulations, 1996</a> , the additional voluntary investment by the sponsor entity in scheme units, and the personal scheme investments held by the founder family, directors, key personnel and fund managers of the <a href="https://v2.webnotes.in/ppfas-asset-management-private-limited/">PPFAS Asset Management Private Limited</a> (the AMC).</p>PPFAS stance on derivatives, futures and optionshttps://v2.webnotes.in/ppfas-derivatives-stance/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/ppfas-derivatives-stance/<p>The <strong>PPFAS stance on derivatives, futures and options</strong> is the deliberate doctrinal position adopted at <a href="https://v2.webnotes.in/ppfas-mutual-fund/">PPFAS Mutual Fund</a> that the equity-oriented schemes do <strong>not</strong> use directional futures or options for portfolio positioning, leverage, or speculative purposes. The stance is publicly articulated on the official philosophy page at <a href="https://www.ppfas.com/about/our-philosophy/">www.ppfas.com/about/our-philosophy/</a> and is operationalised across the <a href="https://v2.webnotes.in/parag-parikh-flexi-cap-fund/">Parag Parikh Flexi Cap Fund</a> , the <a href="https://v2.webnotes.in/parag-parikh-elss-tax-saver-fund/">Parag Parikh ELSS Tax Saver Fund</a> , the <a href="https://v2.webnotes.in/parag-parikh-conservative-hybrid-fund/">Parag Parikh Conservative Hybrid Fund</a> , and the recently launched Parag Parikh Large Cap Fund. The doctrine is structurally tied to the broader <a href="https://v2.webnotes.in/ppfas-investment-philosophy/">PPFAS investment philosophy</a> of value-investing and long-duration business ownership, and reflects the principle that equity investing should be direct fractional ownership of underlying businesses rather than synthetic exposure through derivative contracts.</p>PPFAS stance on not chasing AUMhttps://v2.webnotes.in/ppfas-stance-on-not-chasing-aum/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/ppfas-stance-on-not-chasing-aum/<p>The <strong>PPFAS stance on not chasing AUM</strong> is a publicly articulated and operationally demonstrated principle by which <a href="https://v2.webnotes.in/ppfas-mutual-fund/">PPFAS Mutual Fund</a> and its investment manager <a href="https://v2.webnotes.in/ppfas-asset-management-private-limited/">PPFAS Asset Management Private Limited</a> decline to pursue <a href="https://v2.webnotes.in/mutual-fund-industry-india/">assets under management</a> growth as a primary corporate objective, in contrast to the prevailing industry norm at most large Indian asset managers. The stance manifests in a deliberately small scheme portfolio of seven active funds, a selective and infrequent New Fund Offer calendar averaging roughly one launch every two years, a willingness to restrict or suspend inflows when capacity is reached or when valuations are unattractive, and a publicly stated orientation toward long-term unit-holder outcomes rather than short-term AUM-growth-maximisation.</p>PPFAS Trustee Company Private Limitedhttps://v2.webnotes.in/ppfas-trustee-company-private-limited/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/ppfas-trustee-company-private-limited/<p><strong>PPFAS Trustee Company Private Limited</strong> is the <strong>trustee entity</strong> of <a href="https://v2.webnotes.in/ppfas-mutual-fund/">PPFAS Mutual Fund</a> , holding the assets of the mutual fund in trust for the benefit of unitholders and discharging the fiduciary supervisory function over <a href="https://v2.webnotes.in/ppfas-asset-management-private-limited/">PPFAS Asset Management Private Limited</a> (the AMC). The trustee company was incorporated in 2011 under the Companies Act, 1956, with <strong>Corporate Identification Number U65100MH2011PTC221203</strong>. The trustee company operates as a structurally independent layer of the broader <a href="https://v2.webnotes.in/ppfas-mutual-fund/">PPFAS Mutual Fund</a> corporate architecture, providing the fiduciary oversight required by the <a href="https://v2.webnotes.in/sebi-mutual-funds-regulations-1996/">SEBI Mutual Funds Regulations 1996</a> .</p>PPFAS vs Marcellus PMShttps://v2.webnotes.in/ppfas-vs-marcellus-pms/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/ppfas-vs-marcellus-pms/<p><strong>PPFAS Mutual Fund</strong> and <strong>Marcellus Investment Managers</strong> are two India-based investment management firms that often appear together in discussions of high-conviction value-oriented investing in Indian equities. However, the two are fundamentally different vehicle types under Indian financial regulation. <a href="https://v2.webnotes.in/ppfas-mutual-fund/">PPFAS Mutual Fund</a> is a SEBI-registered mutual fund AMC offering open-ended schemes available to retail investors with a minimum investment of Rs 1,000. Marcellus is a SEBI-registered Portfolio Management Service (PMS) provider offering discretionary portfolio management to wealthy individuals with a regulatory minimum investment of Rs 50 lakh (raised from Rs 25 lakh in 2020 by SEBI).</p>PPFAS vs Motilal Oswal Mutual Fundhttps://v2.webnotes.in/ppfas-vs-motilal-oswal-mutual-fund/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/ppfas-vs-motilal-oswal-mutual-fund/<p><strong>PPFAS Mutual Fund</strong> and <strong>Motilal Oswal Mutual Fund</strong> are two Indian asset management companies that share a focused-portfolio approach to equity investing while differing in scheme set scope, international allocation, and the underlying investment doctrines. <a href="https://v2.webnotes.in/ppfas-mutual-fund/">PPFAS Mutual Fund</a> was set up on 10 October 2012 by founder <a href="https://v2.webnotes.in/parag-parikh/">Parag Parikh</a> and operates seven active schemes as of May 2026, with the flagship <a href="https://v2.webnotes.in/parag-parikh-flexi-cap-fund/">Parag Parikh Flexi Cap Fund</a> maintaining a <a href="https://v2.webnotes.in/ppfas-focused-portfolio/">focused portfolio</a> of 25 to 37 stocks and up to 35 per cent overseas allocation. <a href="https://v2.webnotes.in/motilal-oswal-mutual-fund/">Motilal Oswal Mutual Fund</a> was set up in 2008 by the Motilal Oswal Financial Services group and operates approximately 20 schemes, with the flagship Motilal Oswal Focused 25 Fund maintaining a strictly concentrated portfolio of 20 to 25 stocks under the AMC’s signature buy right sit tight investment doctrine.</p>PPFAS vs Quant Mutual Fundhttps://v2.webnotes.in/ppfas-vs-quant-mutual-fund/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/ppfas-vs-quant-mutual-fund/<p><strong>PPFAS Mutual Fund</strong> and <strong>Quant Mutual Fund</strong> are two Indian asset management companies that operate at structurally opposite ends of the investment-philosophy spectrum. <a href="https://v2.webnotes.in/ppfas-mutual-fund/">PPFAS Mutual Fund</a> , set up on 10 October 2012 by founder <a href="https://v2.webnotes.in/parag-parikh/">Parag Parikh</a> , operates an explicit long-term value-investing philosophy with low portfolio turnover, focused portfolios, and a doctrinal commitment to <a href="https://v2.webnotes.in/ppfas-margin-of-safety/">margin of safety</a> and <a href="https://v2.webnotes.in/ppfas-behavioural-finance/">behavioural finance</a> integration. <a href="https://v2.webnotes.in/quant-mutual-fund/">Quant Mutual Fund</a> , relaunched in 2018 after the Quant Capital group acquired the Escorts Mutual Fund licence, operates a quantitative-momentum framework called Variable Liquidity Risk Tolerance (VLRT) that drives high portfolio turnover and rapid sector and stock rotation.</p>PPFAS vs Quantum Mutual Fundhttps://v2.webnotes.in/ppfas-vs-quantum-mutual-fund/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/ppfas-vs-quantum-mutual-fund/<p><strong>PPFAS Mutual Fund</strong> and <strong>Quantum Mutual Fund</strong> are widely regarded as the two most prominent boutique value-oriented asset management companies operating in the Indian mutual fund industry. Both AMCs operate with deliberately compact scheme sets, articulate explicit value-investing philosophies, and prioritise long-term unitholder interests over scale-driven asset gathering. <a href="https://v2.webnotes.in/ppfas-mutual-fund/">PPFAS Mutual Fund</a> was set up on 10 October 2012 by founder <a href="https://v2.webnotes.in/parag-parikh/">Parag Parikh</a> and his team, with the flagship <a href="https://v2.webnotes.in/parag-parikh-flexi-cap-fund/">Parag Parikh Flexi Cap Fund</a> launched on 24 May 2013. <a href="https://v2.webnotes.in/quantum-mutual-fund/">Quantum Mutual Fund</a> was set up in 2005 by Ajit Dayal and was India’s first direct-only mutual fund AMC, with the flagship Quantum Long Term Equity Value Fund (QLTEVF) launched in March 2006.</p>Raj Mehtahttps://v2.webnotes.in/raj-mehta-ppfas/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/raj-mehta-ppfas/<p><strong>Raj Mehta</strong> is the <strong>Executive Vice President and Fund Manager (Debt)</strong> at <strong>PPFAS Asset Management Private Limited</strong>, the asset management company of <a href="https://v2.webnotes.in/ppfas-mutual-fund/">PPFAS Mutual Fund</a> . He is a named co-fund manager of the <a href="https://v2.webnotes.in/parag-parikh-flexi-cap-fund/">Parag Parikh Flexi Cap Fund</a> (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.</p>Rajeev Thakkarhttps://v2.webnotes.in/rajeev-thakkar-ppfas/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/rajeev-thakkar-ppfas/<p><strong>Rajeev Thakkar</strong> is the <strong>Chief Investment Officer (Equity)</strong> and a Director of <strong>PPFAS Asset Management Private Limited</strong> (the AMC of <a href="https://v2.webnotes.in/ppfas-mutual-fund/">PPFAS Mutual Fund</a> ), and the lead fund manager of the <a href="https://v2.webnotes.in/parag-parikh-flexi-cap-fund/">Parag Parikh Flexi Cap Fund</a> (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.</p>Rajeev Thakkar Public Talks and Interviewshttps://v2.webnotes.in/rajeev-thakkar-public-talks/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/rajeev-thakkar-public-talks/<p><strong>Rajeev Thakkar’s public talks and interviews</strong> constitute the most extensive public-speaking activity by any senior office-bearer of <a href="https://v2.webnotes.in/ppfas-mutual-fund/">PPFAS Mutual Fund</a> . As Chief Investment Officer (Equity) and Director of <a href="https://v2.webnotes.in/ppfas-asset-management-private-limited/">PPFAS Asset Management Private Limited</a> and as primary fund manager of <a href="https://v2.webnotes.in/parag-parikh-flexi-cap-fund/">Parag Parikh Flexi Cap Fund</a> since its 24 May 2013 launch (then named Parag Parikh Long Term Value Fund per the <a href="https://v2.webnotes.in/ppltvf-ppltef-ppfcf-rename-history/">PPLTVF, PPLTEF and PPFCF rename history</a> ), Thakkar is the principal investment voice of the AMC. His Chartered Accountant, Cost Accountant and CFA Charterholder credentials, his unusually long tenure managing the same flagship scheme and his measured presentation style have made him one of the most-requested investment speakers in the Indian investing community.</p>Raunak Onkarhttps://v2.webnotes.in/raunak-onkar/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/raunak-onkar/<p><strong>Raunak Onkar</strong> is the <strong>Head of Research</strong> at <strong>PPFAS Asset Management Private Limited</strong>, the asset management company of <a href="https://v2.webnotes.in/ppfas-mutual-fund/">PPFAS Mutual Fund</a> , and a co-fund manager of the <a href="https://v2.webnotes.in/parag-parikh-flexi-cap-fund/">Parag Parikh Flexi Cap Fund</a> (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 <a href="https://v2.webnotes.in/rajeev-thakkar-ppfas/">Rajeev Thakkar</a> , the Chief Investment Officer (Equity).</p>Rukun Tarachandanihttps://v2.webnotes.in/rukun-tarachandani-ppfas/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/rukun-tarachandani-ppfas/<p><strong>Rukun Tarachandani</strong> is the <strong>Executive Vice President and Fund Manager (Equity)</strong> at <strong>PPFAS Asset Management Private Limited</strong>, the asset management company of <a href="https://v2.webnotes.in/ppfas-mutual-fund/">PPFAS Mutual Fund</a> . He is a named co-fund manager of the <a href="https://v2.webnotes.in/parag-parikh-flexi-cap-fund/">Parag Parikh Flexi Cap Fund</a> (PPFCF), the AMC’s flagship and India’s largest actively managed equity <a href="https://v2.webnotes.in/mutual-fund/">mutual fund</a> , 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.</p>Stocks to Riches (2005) by Parag Parikhhttps://v2.webnotes.in/stocks-to-riches-parag-parikh/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/stocks-to-riches-parag-parikh/<p><strong>Stocks to Riches: Insights on Investor Behaviour</strong> is a 2005 book authored by <a href="https://v2.webnotes.in/parag-parikh/">Parag Parikh</a> , the founder of <a href="https://v2.webnotes.in/ppfas-mutual-fund/">PPFAS Mutual Fund</a> and of Parag Parikh Financial Advisory Services Limited. The book was published by <strong>Tata McGraw-Hill Education</strong> (the Indian subsidiary of McGraw-Hill Education at the time, later restructured as McGraw Hill India). It is the first of two books written by Parag Parikh, the second being <strong>Value Investing and Behavioral Finance: Insights into Indian Stock Market Realities</strong> (2009), also published by Tata McGraw-Hill. Both books are referenced on the <a href="https://v2.webnotes.in/ppfas-investor-education-programme/">PPFAS investor education programme</a> Knowledge Centre at <a href="https://amc.ppfas.com/knowledge-center/parags-views/books/">amc.ppfas.com/knowledge-center/parags-views/books/</a> .</p>Sundaram Finance at PPFCF (historic)https://v2.webnotes.in/sundaram-finance-at-ppfcf/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/sundaram-finance-at-ppfcf/<h2 id="lead">Lead</h2> <p><a href="https://v2.webnotes.in/sundaram-finance-at-ppfcf/">Sundaram Finance Limited</a> was a periodic significant non-banking financial company (NBFC) holding of the <a href="https://v2.webnotes.in/parag-parikh-flexi-cap-fund/">Parag Parikh Flexi Cap Fund</a> (PPFCF) in earlier years. The position is documented in PPFCF factsheet portfolio listings from the multi-cap years (when the scheme was named Parag Parikh Long Term Value Fund and later Parag Parikh Long Term Equity Fund) and into the early Flexi Cap phase before the position was reduced and eventually exited.</p>Tax-aware portfolio management at PPFAShttps://v2.webnotes.in/ppfas-tax-aware-portfolio-management/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/ppfas-tax-aware-portfolio-management/<p><strong>Tax-aware portfolio management at PPFAS</strong> is the operational discipline through which the <a href="https://v2.webnotes.in/ppfas-mutual-fund/">PPFAS Mutual Fund</a> investment team explicitly considers the post-tax compounding effect on unitholder returns when making portfolio decisions, principally through maintenance of portfolio turnover ratios materially below the Indian flexi-cap category median. The principal manifestation of the discipline is the <a href="https://v2.webnotes.in/parag-parikh-flexi-cap-fund/">Parag Parikh Flexi Cap Fund</a> portfolio turnover, which has typically been below 25 per cent annually across the May 2013 to May 2026 period, compared to peer Indian flexi-cap funds operating with portfolio turnover of 40 to 100 per cent. The low-turnover discipline produces three compounding benefits to unitholders: deferred realisation of long-term capital gains (LTCG) under <a href="https://v2.webnotes.in/section-112a/">Section 112A</a> of the Income Tax Act, 1961, reduced transaction costs (brokerage and Securities Transaction Tax), and reinforced long-term-business-ownership orientation that flows from the broader <a href="https://v2.webnotes.in/ppfas-investment-philosophy/">PPFAS investment philosophy</a> .</p>TCS at PPFCFhttps://v2.webnotes.in/tcs-at-ppfcf/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/tcs-at-ppfcf/<h2 id="lead">Lead</h2> <p><a href="https://v2.webnotes.in/tcs-at-ppfcf/">Tata Consultancy Services Limited</a> (TCS) is among the periodic Indian-IT-services holdings of the <a href="https://v2.webnotes.in/parag-parikh-flexi-cap-fund/">Parag Parikh Flexi Cap Fund</a> (PPFCF). The position has appeared in PPFCF factsheet portfolio listings across multiple cycles, alongside other technology-sector holdings such as <a href="https://v2.webnotes.in/infosys-at-ppfcf/">Infosys at PPFCF</a> , <a href="https://v2.webnotes.in/hcl-technologies-at-ppfcf/">HCL Technologies at PPFCF</a> and <a href="https://v2.webnotes.in/persistent-systems-at-ppfcf/">Persistent Systems at PPFCF</a> .</p> <p>The TCS thesis combines several elements of the broader <a href="https://v2.webnotes.in/ppfas-investment-philosophy/">PPFAS investment philosophy</a> . First, competitive-advantage: TCS is India’s largest IT services company by revenue and market capitalisation, with the deepest client relationships, the broadest service portfolio and the largest delivery footprint among Indian IT-services peers. Second, scale economics: TCS’s revenue base supports investments in proprietary platforms, AI capabilities and bench strength that smaller peers struggle to match. Third, disciplined valuation-driven entry: the team has typically built or added to the position during cyclical compression windows when valuations have moved below long-term averages.</p>Tejas Somanhttps://v2.webnotes.in/tejas-soman-ppfas/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/tejas-soman-ppfas/<p><strong>Tejas Soman</strong> is a <strong>Fund Manager (Debt)</strong> at <strong>PPFAS Asset Management Private Limited</strong>, the asset management company of <a href="https://v2.webnotes.in/ppfas-mutual-fund/">PPFAS Mutual Fund</a> . He is a named co-fund manager of the <strong>Parag Parikh Liquid Fund</strong> (the AMC’s <a href="https://v2.webnotes.in/liquid-mutual-fund-india/">liquid mutual fund</a> ) and the <strong>Parag Parikh Large Cap Fund</strong> (PPLCF, launched 4 February 2026).</p> <p>Soman is a senior lateral hire into the PPFAS debt team, with over a decade of fixed-income experience accumulated across the leading domestic-debt and primary-dealership desks of the Indian financial-services industry, including:</p>Value investing at PPFAShttps://v2.webnotes.in/ppfas-value-investing/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/ppfas-value-investing/<p><strong>Value investing at PPFAS</strong> is the foundational investment doctrine of <a href="https://v2.webnotes.in/ppfas-mutual-fund/">PPFAS Mutual Fund</a> , a SEBI-registered asset management company whose entire scheme range, beginning with the <a href="https://v2.webnotes.in/parag-parikh-flexi-cap-fund/">Parag Parikh Flexi Cap Fund</a> launched on 24 May 2013, has been constructed around the value-investing framework codified by Benjamin Graham in <strong>Security Analysis</strong> (1934) and <strong>The Intelligent Investor</strong> (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 <strong>margin of safety</strong> 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.</p>