Parag Parikh Flexi Cap Fund (PPFCF), the country's most popular actively managed equity mutual fund, crossed Rs 1 lakh crore in AUM in April 2026 — becoming only the third mutual fund scheme in India to achieve this milestone after two large-cap index funds. The fund, managed by PPFAS Mutual Fund, has built a loyal investor base of over 80 lakh folios through its distinctive investment philosophy of buying quality businesses at fair prices and holding them for the long term with extremely low portfolio turnover.
The fund's AUM growth from Rs 40,000 crore in early 2024 to Rs 1 lakh crore in just two years reflects both strong market performance and massive net inflows from retail investors who identify with the fund's transparent, patient and research-driven investment approach. The fund has outperformed its benchmark Nifty 500 TRI by 4-6% annually over 5 and 7-year periods — a remarkable feat of consistent alpha generation in an era when most active funds struggle to beat passive indices.
The fund's unusual portfolio includes 10-15% allocation to international stocks including Alphabet, Meta, Berkshire Hathaway and Suzuki Motor, providing genuine international diversification. Its domestic portfolio is concentrated in 20-25 high-conviction ideas across financial services, technology and consumer sectors with a long-term view. The fund house has been upfront about potential challenges of managing performance at scale and has occasionally introduced temporary limits on fresh investments to protect existing investors' interests — a degree of investor-friendliness rare in the industry.
