PPFAS Mutual Fund by the numbers: one fund is 87% of it

The house in one number

PPFAS Mutual Fund, the house behind the Parag Parikh funds, managed an average of ₹1,69,069 crore in July–September 2026. That is 1.94% of the industry's ₹87,21,848 crore and makes it the 14th largest fund house on AMFI's quarterly average AUM figures, which leave out domestic fund-of-funds so that no rupee is counted twice. Its fund house page carries the same figure.

It grew 27.9% in a year, from ₹1,32,181 crore, while the industry grew 13.1%. Among the 20 largest houses only Motilal Oswal (30.7%) and Invesco (28.4%) grew faster.

The longer record is steeper still:

That is 10.6 times in five years and 253 times in ten.

Seven schemes, and one of them is the house

Counting each scheme once, by its Direct Growth plan, PPFAS runs seven. Average assets below are for all plans of each scheme in July–September 2026.

Three equity funds, three hybrids and a liquid fund. There is no mid-cap, small-cap, sector or index fund, and no ETF.

The Flexi Cap fund is also the largest equity scheme in the country on this measure, ETFs and index funds aside: ₹1,47,064 crore against ₹1,10,925 crore for HDFC Flexi Cap, the next largest. A house this concentrated rises and falls with one portfolio.

Inside the flagship: 11.9% abroad

The Flexi Cap fund's September disclosure put its net assets at ₹1,45,057 crore on 30 September 2026. Its money sat like this:

The foreign slice is four US companies: Alphabet at 4.29% (₹6,231 crore), Meta Platforms at 2.83%, Microsoft at 2.48% and Amazon at 2.30%, about ₹17,270 crore in all. A month earlier it was ₹16,288 crore, or 11.05%, and that one fund held 43.6% of all the overseas money in Indian equity schemes, as our count of foreign stocks in Indian funds found. None of PPFAS's other six schemes held a foreign share on 30 September.

The Indian book is led by HDFC Bank (7.75%), Power Grid (5.60%), ITC (5.49%), Coal India (5.39%), ICICI Bank (5.24%), Bajaj Holdings (4.96%) and Kotak Mahindra Bank (4.44%), which together are 38.87% of the fund. The disclosure gives a portfolio turnover ratio of 17.09%; the guide to turnover explains what that measures.

How the equity funds rank in their categories

Returns are for Direct Growth plans, annualised over three and five years, to 9 October 2026 (8 October for the Flexi Cap fund, whose latest NAV on file is a day older). Ranks are among the Direct Growth funds in each category with that much history.

Over ten years the Flexi Cap fund returned 16.45% a year, second of 18 flexi-cap funds with a ten-year record, behind Quant Flexi Cap at 18.42%. Its three-year volatility, 9.85%, was the lowest of those 18.

The last year has been its weakest stretch in the table: below the category middle, and the ELSS fund last of 49. The ELSS fund holds no foreign shares and fell further, so the US slice is not what dragged the year down.

The hybrids have done better against their peers. Conservative Hybrid's three-year return of 9.15% a year was first of 17 in its category, against a median of 7.58%. Dynamic Asset Allocation was fourth of 36 over one year. The Large Cap fund is eight months old; its NAV is 9.6% below its first one, too short a record to rank.

Costs, loads and minimums

PPFAS's direct plans are cheap for their categories, on the expense ratios filed with AMFI in early October 2026:

The Flexi Cap fund's exit load is 2% on units sold within a year and 1% in the second year, beyond a free 10% of each purchase. The Scheme Summary Documents give a ₹1,000 minimum SIP for all seven schemes.

The managers

Rajeev Thakkar and Raunak Onkar have run the Flexi Cap fund since its launch in May 2013; the scheme documents name Onkar for its overseas equity. Rukun Tarachandani joined in May 2022 and Raj Mehta in September 2025. The same four are named on every scheme except the liquid fund, so one equity team runs the equity side of all six.

What the numbers do not tell you

Size is not skill. PPFAS's growth reflects inflows as much as returns, and an average AUM is a quarter's average, not the 30 September figure.

The foreign slice has limits outside the fund's control. Indian funds invest abroad within an industry-wide cap that SEBI sets, and the rupee moves those holdings' value as much as the share prices do.

One year is one year. The table shows a fund behind its category over twelve months and ahead over ten years. Neither tells you the next five.

None of this is a recommendation to buy or sell any fund. For the industry league table, see the largest fund houses by AUM; for how much the big flexi-cap funds share, see the overlap of the largest flexi-cap funds.