India's largest active mutual fund scheme by assets under management, Parag Parikh Flexi Cap Fund, disclosed its September 2026 portfolio showing increased exposure to select existing holdings along with one complete exit. According to reports from Mint, the fund's AUM stood at ₹1,47,405 crore in August 2026, which declined to ₹1,45,070 crore in September 2026. The fund has delivered a 17.76% return since its inception on 24 May 2013, outperforming the 13.56% return generated by its benchmark index, Nifty 500 TRI. However, its performance over the last 1 year has been weaker, with the fund declining 3.54% as of 30 September 2026, compared with a fall of 2.03% for the Nifty 500 TRI.
The fund completely exited The Great Eastern Shipping Company from its portfolio in September 2026, with the holding standing at 12.74 lakh shares in August 2026, accounting for only 0.11% of AUM. As reported by Mint, the fund did not add any new stock during the month. However, the fund increased its holdings in 13 existing positions during September, with the largest increase in quantity seen in DLF, where the fund added 390.64 lakh shares, raising its holding from 137.10 lakh shares in August 2026 to 527.73 lakh shares in September 2026. According to CNBC-TV18, the fund has been actively deploying capital as valuations correct, with the fund's cash holdings reduced to 9.7% from around 24% a year ago.
According to CNBC-TV18 interviews with Raunak Onkar, Co-Fund Manager (Equity) and Head of Research at PPFAS Mutual Fund, the fund has been investing in companies like DLF and CMS Info Systems as valuations correct. DLF was added to the portfolio due to its substantial land bank, execution capabilities and deleveraged balance sheet, with the current opportunity lying in the company's ability to execute on that land bank while generating cash from commercial rental assets. The fund's investment in CMS Info Systems is based on the continuing role of cash in the economy and the infrastructure needed to manage cash transactions, with currency in circulation higher than during demonetisation and cash continuing to account for a portion of economic transactions.
According to Mint reports, Parag Parikh Flexi Cap Fund held 11.90% of its AUM in four international stocks in September 2026: Alphabet Inc A (4.29%), Meta Platforms (2.83%), Microsoft (2.48%) and Amazon (2.30%). HDFC Bank remained the fund's largest stock holding in September, accounting for 7.75% of net assets, followed by Power Grid Corporation of India at 5.60% and ITC at 5.49%. Among the top 10 holdings, only Mahindra & Mahindra and Bajaj Holdings & Investment saw an increase in their holdings during September 2026. As reported by CNBC-TV18, PPFAS maintains around 20% of its portfolio allocated to HDFC Bank, ICICI Bank, Axis Bank and Kotak Mahindra Bank, with the fund comfortable with this exposure and not seeing a need to increase allocations further.
