HDFC Bank at PPFCF

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

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HDFC Bank Limited has been the most enduring domestic anchor holding of the Parag Parikh Flexi Cap Fund (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.

ICICI Bank at PPFCF

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

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ICICI Bank Limited has been a long-running domestic holding of the Parag Parikh Flexi Cap Fund (PPFCF) and one of the two large private-sector bank anchors in the scheme. The position has run alongside HDFC Bank at PPFCF as a paired exposure to the high-quality private-banking thesis that has been a recurring theme in PPFAS’s domestic-equity allocation.

For PPFAS Mutual Fund and the fund management team led by Rajeev Thakkar , Raunak Onkar and Rukun Tarachandani , 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 PPFAS investment philosophy and PPFAS contrarian investing .

Private Sector Banks on WebNotes

HDFC Bank at PPFCF

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ICICI Bank at PPFCF

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