PPFAS vs HDFC vs Kotak vs Aditya Birla Flexicap: How the top 4 funds are investing your money

India’s four largest flexicap funds collectively manage about ₹3.43 lakh crore, but their portfolios reveal markedly different approaches to equity allocation, market-cap exposure and sector selection. A July 2026 comparison shows PPFAS taking a more conservative, large-cap-heavy stance, while Aditya Birla leans more towards mid- and small-cap stocks.

PPFAS stands apart on asset allocation

Parag Parikh Flexi Cap Fund (PPFAS), with assets under management (AUM) of ₹1.48 lakh crore, is the largest among the four. Its portfolio has 70.2% in domestic equity, 11.1% in international equities, 12.4% in debt and 2.3% in cash, with 4.1% in REITs.

This makes PPFAS the most defensive of the four funds in terms of overall asset allocation. Its international exposure is also notable, with Alphabet accounting for 4.3% of the portfolio.

HDFC Flexi Cap Fund, with AUM of ₹1.11 lakh crore, has a much higher 94.2% equity allocation, alongside 3.6% debt and 2.2% REITs. Kotak Flexicap Fund and Aditya Birla Sun Life Flexi Cap Fund are even more aggressively invested, with equity allocations of 98.2% and 97.6%, respectively.

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Market-cap strategies differ sharply

The biggest contrast emerges in market-cap allocation. PPFAS has 91% of its equity portfolio in large caps, with only 4% in mid caps and 5% in small caps.

HDFC is relatively more balanced, with 76% large caps, 15% mid caps and 10% small caps. Kotak has 73% in large caps, 24% in mid caps and 3% in small caps.

Aditya Birla is the most diversified towards smaller companies, with 57% large caps, 28% mid caps and 16% small caps. Thus, investors choosing between these funds are effectively taking different levels of market-cap risk despite all four being categorised as flexicap funds.

PPFAS vs HDFC vs Kotak vs Aditya Birla Flexicap: Key portfolio differences

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Banks are the common conviction

Banking is the largest sector allocation across all four portfolios. It accounts for 20% of PPFAS, 28.9% of HDFC, 23.1% of Kotak and 19% of Aditya Birla’s portfolios.

ICICI Bank and HDFC Bank are particularly prominent across the funds. ICICI Bank is the top holding in HDFC at 9.2%, Kotak at 5.6% and Aditya Birla at 6.1%, while it is also among PPFAS’s major holdings.

HDFC Bank features among the top holdings of all four funds as well, highlighting a strong consensus around large private-sector banks.

Where the fund managers differ

The individual stock picks reveal the active bets behind the portfolios. PPFAS has a distinctive allocation to Power Grid (6%) and Alphabet (4.3%). HDFC stands out with InterGlobe Aviation (3%) and SBI Life (3.6%).

Kotak has a notable 5.1% allocation to Bharat Electronics, reflecting its exposure to the defence theme. Aditya Birla, meanwhile, includes Bharat Forge (2.2%) and United Spirits (1.9%) among its differentiated holdings.

Overall, the comparison shows that “flexicap” does not imply identical portfolio construction. PPFAS prioritises large-cap exposure and diversification, HDFC combines large caps with greater mid-cap participation, Kotak has a stronger mid-cap tilt, while Aditya Birla takes the highest mid- and small-cap exposure. For investors, the choice therefore depends not only on past returns but also on the level of market and portfolio risk they are comfortable taking.

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