Rajeev Thakkar on WebNotes

Rajeev Thakkar on WebNoteshttps://v2.webnotes.in/tags/rajeev-thakkar/Recent content in Rajeev Thakkar on WebNotesHugoen-INTue, 19 May 2026 00:00:00 +0000Rajeev Thakkarhttps://v2.webnotes.in/rajeev-thakkar/Tue, 19 May 2026 00:00:00 +0000https://v2.webnotes.in/rajeev-thakkar/<p><strong>Rajeev Thakkar</strong> is the Chief Investment Officer and Equity Fund Manager at <a href="https://v2.webnotes.in/ppfas-mutual-fund/">PPFAS Mutual Fund</a> . He is one of the architects of PPFAS’s distinctive value-investing approach and the lead manager of the flagship Parag Parikh Flexi Cap Fund.</p> <h2 id="career">Career</h2> <p>Rajeev Thakkar has been with PPFAS since its early years, working closely with founder Parag Parikh on the firm’s distinctive value-investing philosophy. He became CIO and the principal equity fund manager. Under his management, the Parag Parikh Flexi Cap Fund has built a strong long-term performance record.</p>How to read the PPFAS Annual Letterhttps://v2.webnotes.in/how-to-read-ppfas-annual-letter/Sun, 17 May 2026 00:00:00 +0000https://v2.webnotes.in/how-to-read-ppfas-annual-letter/<p>The PPFAS Annual Letter is the AMC’s deepest annual communication, an essay rather than a data dump. Published each June or July after the just-completed financial year, authored jointly by Neil Parikh (Chairman/CEO) and Rajeev Thakkar (CIO), the letter sets out what the year actually was about and what the team is thinking heading into the next one. The tradition began in 2014 (the year after <a href="https://v2.webnotes.in/parag-parikh-flexi-cap-fund/">PPFCF</a> launched) and the back catalogue is a continuous record of PPFAS’s evolving philosophy across more than a decade of Indian markets.</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>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>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>Equity culture advocacy at PPFAShttps://v2.webnotes.in/ppfas-equity-culture-advocacy/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/ppfas-equity-culture-advocacy/<p>The <strong>equity culture advocacy at PPFAS</strong> is the body of investor-education programmes, content production and public engagement through which <a href="https://v2.webnotes.in/ppfas-mutual-fund/">PPFAS Mutual Fund</a> has advanced the development of the <strong>broader Indian equity culture</strong> since the May 2013 launch of the <a href="https://v2.webnotes.in/parag-parikh-flexi-cap-fund/">Parag Parikh Flexi Cap Fund</a> , and through the broader history of <a href="https://v2.webnotes.in/parag-parikh-financial-advisory-services-limited/">Parag Parikh Financial Advisory Services Limited</a> (PPFAS Ltd) since the 1979 founding of the predecessor stockbroking practice by <a href="https://v2.webnotes.in/parag-parikh/">Parag Parikh</a> . The equity culture advocacy programme is structurally distinctive within the <a href="https://v2.webnotes.in/mutual-fund-industry-india/">Indian mutual fund industry</a> for its substance, its consistency over multiple market cycles and its alignment with the broader <a href="https://v2.webnotes.in/ppfas-investment-philosophy/">PPFAS investment philosophy</a> .</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>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>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>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 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 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 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>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 approach to corporate governancehttps://v2.webnotes.in/ppfas-corporate-governance/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/ppfas-corporate-governance/<p>The <strong>PPFAS approach to corporate governance</strong> is the body of policy, process and disclosure through which <a href="https://v2.webnotes.in/ppfas-mutual-fund/">PPFAS Mutual Fund</a> , acting through <a href="https://v2.webnotes.in/ppfas-asset-management-private-limited/">PPFAS Asset Management Private Limited</a> as Investment Manager, exercises stewardship over the equity holdings of its schemes. The corporate governance approach is structurally consistent with the broader <a href="https://v2.webnotes.in/ppfas-investment-philosophy/">PPFAS investment philosophy</a> of <a href="https://v2.webnotes.in/ppfas-value-investing/">value investing</a> , <a href="https://v2.webnotes.in/ppfas-owner-mindset/">owner mindset</a> , <a href="https://v2.webnotes.in/ppfas-focused-portfolio/">focused portfolio</a> construction and long-term ownership orientation, and is operationally implemented through the <strong>voting policy framework</strong> disclosed in the Statement of Additional Information, the <strong>management-quality assessment</strong> within the <a href="https://v2.webnotes.in/ppfas-intrinsic-value-methodology/">investment process</a> , the <strong>engagement with portfolio companies</strong> through Annual General Meetings (AGMs) and through targeted communications, and the <strong>proxy-voting decisions</strong> documented in the periodic voting-disclosure reports required under the SEBI mutual fund regulations.</p>PPFAS approach to IPOs and new listingshttps://v2.webnotes.in/ppfas-ipo-new-listings-approach/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/ppfas-ipo-new-listings-approach/<p>The <strong>PPFAS approach to IPOs and new listings</strong> is the body of policy and discipline through which <a href="https://v2.webnotes.in/ppfas-mutual-fund/">PPFAS Mutual Fund</a> approaches Indian equity initial public offerings (IPOs) and other primary-market new-listings opportunities. The approach is characterised by a <strong>substantively cautious overall stance</strong>, a <strong>structural preference for established public-market track records</strong> over recent listings, the <strong>deliberate avoidance of grey-market-premium-driven and IPO-allotment-flipping speculation</strong>, and <strong>periodic participation in selected IPOs</strong> where the <a href="https://v2.webnotes.in/ppfas-value-investing/">value-investing framework</a> , 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-focused-portfolio/">focused portfolio</a> construction principles are satisfied.</p>PPFAS approach to small-cap and micro-cap allocationhttps://v2.webnotes.in/ppfas-small-cap-micro-cap/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/ppfas-small-cap-micro-cap/<p>The <strong>PPFAS approach to small-cap and micro-cap allocation</strong> is the body of policy and operational practice through which <a href="https://v2.webnotes.in/ppfas-mutual-fund/">PPFAS Mutual Fund</a> , at the <a href="https://v2.webnotes.in/parag-parikh-flexi-cap-fund/">Parag Parikh Flexi Cap Fund</a> and related schemes, addresses the small-cap (typically the 251st to 500th by market capitalisation) and micro-cap (typically below the 500th by market capitalisation) segments of the Indian listed equity universe. The approach is characterised by <strong>theoretical permission within the Flexi Cap regulatory framework</strong> combined with <strong>practical structural constraints</strong> that limit small-cap and micro-cap exposure to materially below the percentages typically observed at peer Flexi Cap and Multi-Cap funds.</p>PPFAS investment philosophyhttps://v2.webnotes.in/ppfas-investment-philosophy/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/ppfas-investment-philosophy/<p>The <strong>PPFAS investment philosophy</strong> is the distinctive <strong>value-investing and behavioural-finance framework</strong> that guides portfolio construction and management at <a href="https://v2.webnotes.in/ppfas-mutual-fund/">PPFAS Mutual Fund</a> . The philosophy was articulated by founder <strong><a href="https://v2.webnotes.in/parag-parikh/">Parag Parikh</a> </strong> through his two books, <strong>Stocks to Riches</strong> (2005) and <strong>Value Investing and Behavioral Finance</strong> (2009), and through his client letters and media writings during his career at Parag Parikh Financial Advisory Services Limited. Following Parag Parikh’s death in the 3 May 2015 Omaha road accident, the philosophy has been continuously developed and codified by Chief Investment Officer <strong><a href="https://v2.webnotes.in/rajeev-thakkar-ppfas/">Rajeev Thakkar</a> </strong> (the lead fund manager of the <a href="https://v2.webnotes.in/parag-parikh-flexi-cap-fund/">Parag Parikh Flexi Cap Fund</a> since launch on 24 May 2013), Head of Research Raunak Onkar, and the broader PPFAS investment team, with continuing oversight from Chairman and CEO <strong><a href="https://v2.webnotes.in/neil-parikh-ppfas/">Neil Parikh</a> </strong>.</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 philosophy vs HDFC AMC philosophyhttps://v2.webnotes.in/ppfas-vs-hdfc-amc-philosophy/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/ppfas-vs-hdfc-amc-philosophy/<p><strong>PPFAS Mutual Fund</strong> and <strong>HDFC Mutual Fund</strong> represent two structurally different positioning strategies within the Indian mutual fund industry. <a href="https://v2.webnotes.in/ppfas-mutual-fund/">PPFAS Mutual Fund</a> is a boutique AMC with seven active schemes as of May 2026, total AMC AUM of approximately Rs 1.6 lakh crore (driven primarily by the flagship <a href="https://v2.webnotes.in/parag-parikh-flexi-cap-fund/">Parag Parikh Flexi Cap Fund</a> ), and an explicitly articulated value-investing philosophy. <a href="https://v2.webnotes.in/hdfc-mutual-fund/">HDFC Mutual Fund</a> is one of India’s largest AMCs by AUM (over Rs 8 lakh crore as of early 2026), operating more than 60 active schemes spanning equity, debt, hybrid, ETF, FoF and thematic categories, with an implicit growth-and-quality philosophy that is observed through portfolio holdings rather than articulated in dedicated philosophy documents.</p>PPFAS philosophy vs ICICI Prudential AMC philosophyhttps://v2.webnotes.in/ppfas-vs-icici-prudential-amc-philosophy/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/ppfas-vs-icici-prudential-amc-philosophy/<p><strong>PPFAS Mutual Fund</strong> and <strong>ICICI Prudential Mutual Fund</strong> represent two distinct positioning strategies within the Indian mutual fund industry, differing in scale, scheme set composition, investment philosophy, and the methodological framework that underlies portfolio decisions. <a href="https://v2.webnotes.in/ppfas-mutual-fund/">PPFAS Mutual Fund</a> is a boutique AMC operating seven active schemes as of May 2026, with an explicit value-investing-and-behavioural-finance philosophy articulated through founder writings, monthly factsheets, and the <a href="https://v2.webnotes.in/ppfas-annual-unitholders-meet/">PPFAS annual unitholders meet</a> . <a href="https://v2.webnotes.in/icici-prudential-mutual-fund/">ICICI Prudential Mutual Fund</a> is one of India’s largest AMCs by total AUM, operating more than 60 active schemes, with an implicit multi-strategy approach that combines fundamental research, quantitative valuation frameworks, and tactical asset allocation.</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 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>PPFCF vs HDFC Flexi Cap Fundhttps://v2.webnotes.in/ppfcf-vs-hdfc-flexi-cap-fund/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/ppfcf-vs-hdfc-flexi-cap-fund/<p>The <strong>Parag Parikh Flexi Cap Fund (PPFCF)</strong> and the <strong>HDFC Flexi Cap Fund</strong> are the two largest schemes in the <a href="https://v2.webnotes.in/flexi-cap-mutual-fund-india/">flexi cap mutual fund category</a> in India, between them accounting for a material share of the category’s industry-wide <a href="https://v2.webnotes.in/amfi-monthly-aum-data/">assets under management</a> . Both schemes operate under the flexi cap categorisation created by <a href="https://v2.webnotes.in/sebi-mutual-funds-regulations-1996/">SEBI</a> 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.</p>PPFCF vs Kotak Flexi Cap Fundhttps://v2.webnotes.in/ppfcf-vs-kotak-flexi-cap-fund/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/ppfcf-vs-kotak-flexi-cap-fund/<p>The <strong>Parag Parikh Flexi Cap Fund (PPFCF)</strong> and the <strong>Kotak Flexi Cap Fund</strong> are two of the larger schemes in the <a href="https://v2.webnotes.in/flexi-cap-mutual-fund-india/">flexi cap mutual fund category</a> in India. While both schemes operate under the <a href="https://v2.webnotes.in/sebi-mutual-funds-regulations-1996/">SEBI</a> flexi cap categorisation created in November 2020, the two represent fundamentally different orientations within the category. PPFCF, the flagship scheme of <a href="https://v2.webnotes.in/ppfas-mutual-fund/">PPFAS Mutual Fund</a> , is an explicit value-investing scheme with a doctrinal commitment to <a href="https://v2.webnotes.in/international-diversification-ppfas/">international diversification</a> and a <a href="https://v2.webnotes.in/ppfas-focused-portfolio/">focused portfolio</a> of approximately 25 to 37 stocks. The Kotak Flexi Cap Fund, managed by <a href="https://v2.webnotes.in/kotak-mahindra-mutual-fund/">Kotak Mahindra Mutual Fund</a> , is a growth-at-reasonable-price scheme with a domestic-only mandate and a broader portfolio of approximately 50 to 65 stocks.</p>PPFCF vs Quant Flexi Cap Fundhttps://v2.webnotes.in/ppfcf-vs-quant-flexi-cap-fund/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/ppfcf-vs-quant-flexi-cap-fund/<p>The <strong>Parag Parikh Flexi Cap Fund (PPFCF)</strong> and the <strong>Quant Flexi Cap Fund</strong> are two schemes within the SEBI <a href="https://v2.webnotes.in/flexi-cap-mutual-fund-india/">flexi cap mutual fund</a> category that operate at opposite ends of the investment-philosophy spectrum. PPFCF, managed by <a href="https://v2.webnotes.in/ppfas-mutual-fund/">PPFAS Mutual Fund</a> , is a long-term value-investing scheme with a <a href="https://v2.webnotes.in/ppfas-focused-portfolio/">focused portfolio</a> of 25 to 37 stocks and a portfolio turnover ratio consistently below 25 per cent annually. The Quant Flexi Cap Fund, managed by <a href="https://v2.webnotes.in/quant-mutual-fund/">Quant Mutual Fund</a> , is a quantitative-momentum-driven scheme with substantially higher portfolio turnover, often exceeding 200 to 400 per cent annually, and rapid sector and stock rotation in response to changing momentum signals.</p>PPFCF vs SBI Flexi Cap Fundhttps://v2.webnotes.in/ppfcf-vs-sbi-flexi-cap-fund/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/ppfcf-vs-sbi-flexi-cap-fund/<p>The <strong>Parag Parikh Flexi Cap Fund (PPFCF)</strong> and the <strong>SBI Flexi Cap Fund</strong> represent two structurally different schemes within the same SEBI <a href="https://v2.webnotes.in/flexi-cap-mutual-fund-india/">flexi cap mutual fund</a> category. PPFCF, the flagship scheme of <a href="https://v2.webnotes.in/ppfas-mutual-fund/">PPFAS Mutual Fund</a> , is a focused value-investing scheme of approximately 25 to 37 stocks with the regulatory permission to allocate up to 35 per cent of net assets to overseas-listed equities. The SBI Flexi Cap Fund, managed by <a href="https://v2.webnotes.in/sbi-mutual-fund/">SBI Mutual Fund</a> (India’s largest AMC by AUM), is a domestic-only diversified scheme with a broader portfolio of approximately 55 to 75 stocks across large, mid, and small market-capitalisation segments.</p>PPFCF vs the multi-cap categoryhttps://v2.webnotes.in/ppfcf-vs-multi-cap-category/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/ppfcf-vs-multi-cap-category/<p>The <strong>Parag Parikh Flexi Cap Fund (PPFCF)</strong> sits in the <a href="https://v2.webnotes.in/flexi-cap-mutual-fund-india/">flexi cap mutual fund</a> category, while the multi-cap mutual fund category is a separate SEBI-defined category with a structurally different allocation mandate. The distinction between flexi cap and multi cap is a function of <a href="https://v2.webnotes.in/sebi-mutual-funds-regulations-1996/">SEBI</a> circulars issued in September and November 2020 that fundamentally altered how mutual fund schemes can allocate across large, mid, and small market-capitalisation segments. PPFCF, the flagship scheme of <a href="https://v2.webnotes.in/ppfas-mutual-fund/">PPFAS Mutual Fund</a> , was reclassified into the flexi cap category on 13 January 2021 in direct response to the new category creation.</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>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>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>Why PPFAS launched a semi-passive Large Cap Fundhttps://v2.webnotes.in/ppfas-large-cap-fund-rationale/Sat, 16 May 2026 00:00:00 +0000https://v2.webnotes.in/ppfas-large-cap-fund-rationale/<p>The <strong>PPFAS Large Cap Fund rationale</strong> is the body of strategic reasoning through which <a href="https://v2.webnotes.in/ppfas-mutual-fund/">PPFAS Mutual Fund</a> launched the <strong>Parag Parikh Large Cap Fund</strong> (PPLCF) in February 2026 as a <strong>semi-passive equity scheme</strong> tracking the <strong>Nifty 100 Total Return Index</strong> with an active overlay of <strong>Smart Execution Strategies</strong>. The launch was structurally distinctive at PPFAS in three principal respects: it represented the first PPFAS scheme launched in the SEBI Large Cap category, it represented the first PPFAS scheme operating with a semi-passive construction rather than a purely active framework, and it represented the first PPFAS scheme operating with a structurally domestic-only exposure profile without an <a href="https://v2.webnotes.in/international-diversification-ppfas/">international diversification</a> mandate.</p>