Overlapping 39 stocks: How Rajeev Thakkar’s two PPFAS equity schemes stand apart 

A close examination of portfolio disclosures from PPFAS Mutual Fund reveals a significant overlap between two of its prominent equity offerings managed by Chief Investment Officer Rajeev Thakkar.

The Parag Parikh Flexi Cap Fund and the Parag Parikh Large Cap Fund currently hold 39 common stocks, prompting investors to closely examine how distinct the two strategies remain. A deeper analysis of the underlying portfolio structure highlights key strategic differences between the two funds.

Despite sharing dozens of underlying businesses, the funds diverge sharply in execution, exposure limits, and overall mandate. The Flexi Cap scheme maintains a dynamic allocation strategy, deploying capital across market capitalizations while incorporating foreign equity holdings and cash buffers.

In contrast, the Large Cap scheme operates under strict regulatory constraints, committing at least 80 percent of its assets to domestic top-100 companies by market capitalization.

The overlap in stock selections stems from a unified, value-oriented investment process driven by Rajeev Thakkar and his research team. However, individual stock weightages differ significantly between the two schemes.

While the Flexi Cap portfolio distributes weight across global tech majors, domestic mid-caps, and cash equivalents, the Large Cap portfolio carries heavier concentration risks in top-tier domestic financial, IT, and consumer giants.

Financial planners note that high stock overlap between funds from the same asset management company is common when guided by a single research universe. For unitholders, the crucial distinction lies in execution: the Flexi Cap offering provides wider asset allocation agility, whereas the Large Cap fund delivers targeted, steady exposure strictly tailored for conservative equity investors.