The highly popular Parag Parikh Flexi Cap Fund (PPFCF) stands out for its exposure to overseas stocks and its sizeable Assets Under Management (AUM). Parag Parikh Flexi Cap Fund’s total Assets Under Management have crossed Rs 1.25 trillion. As of October 31, 2025, the Parag Parikh Financial Advisory Services Limited’s (PPFAS) PPFCF fund’s AUM stood at Rs 1,25,799.63 crores.
The AUM of PPFCF has grown almost 4 times since early 2023, when the total Assets Under Management were about Rs 30,000 crores. Today, the fund sits on that much cash. PPFCF cash holdings, including debt and money market instruments, and arbitrage positions, are 25.31% of its portfolio.
Including the arbitrage positions in stocks, the fund’s total exposure to Indian equities is 65.97% while 11.5% is allocated to overseas stocks.
PPFCF Portfolio
The fund’s total allocation to international stocks constitutes 11.50% of its AUM, with exposure to four major foreign stocks: Microsoft Corporation (2.68%), Alphabet (3.75%), Amazon (2.37%), and Meta Platforms (2.70%). In percentage terms, these 4 foreign stocks are among the top 15 stocks in the PPFCF portfolio.
The performance of these four Nasdaq-listed stocks may have helped PPFCF become one of the top-performing funds in the flexi-cap category.
Microsoft is up by 18%, Alphabet by over 57%, Amazon by 12%, and Meta by 5% over the last 12 months.
The top five Indian companies in the PPFCF portfolio are HDFC Bank Limited, Power Grid Corporation of India, Bajaj Holdings, Coal India, and ITC, comprising 30% of the PPFCF portfolio.
Fund Features
As of October 31, 2025, the Net Asset Value (NAV) for PPFCF’s Regular Plan was Rs 86.4685, while the NAV for the Direct Plan was Rs 94.4065.
The expense ratio for the Regular Plan is 1.28% while for the Direct Plan it is 0.63%, including additional expenses and GST on management fees. The Tier 1 Benchmark for PPFCF is NIFTY 500 (TRI) index, while the Additional Benchmark is NIFTY 50 (TRI).
Fund Performance
Since its inception PPFCF Regular plan has generated 18.92% while the PPFCF Direct plan has delivered 19.77% as the benchmark Nifty 500 returns of 15.21% and Nifty 50’s 13.84% return, respectively. The inception date of PPFCF is May 24, 2013.
For the year ending October 2025, the fund delivered a 1-year return of 9.07%, outperforming the Nifty 500 (5.56%) and the Nifty 50 (7.59%). Since its inception on May 24, 2013, PPFCF has achieved a Compound Annual Growth Rate (CAGR) of 19.70%, compared to 13.96% for the Nifty 50. Over the last 10 years, the fund has generated a return of approximately 17.58%.
PPFCF Strategy
PPFCF is sitting on cash of over Rs 30,000 crores. According to the fund house, fund managers continue to look at individual investments on their own merits and do not hesitate to invest if an opportunity looks attractive. Their investment stance does not depend much on the macro-economic situation but is focused on individual companies.
The fund house has consistently communicated its strategy of holding cash when market opportunities are unattractive, rather than being fully invested.
During such periods, the fund focuses on arbitrage opportunities in the cash and futures equity markets, as well as special situations arbitrage, such as open offers, delisting, or merger events. Additionally, funds are parked in money market and debt securities while awaiting deployment in core equity investments.
PPFCF is a flexi-cap mutual fund targeted at Indian investors looking to diversify internationally. It is an open-ended, equity-oriented scheme that has a mandate to allocate at least 65% to Indian equities and up to 35% to overseas equities, along with investments in domestic debt or money market instruments.
To know more about the Flexi-cap fund category and why they are a better bet over longer periods, click here.
Disclaimer: The above content is for informational purposes only. Mutual Fund investments are subject to market risks. Please consult your financial advisor before investing.
