Best PPFAS Mutual Funds in India for 2025
PPFAS Asset Management Private Limited manages schemes under the Parag Parikh Mutual Fund brand. The AMC was incorporated in 2011 and began operations in 2013 with the launch of its flagship equity scheme. PPFAS Asset Management is sponsored by Parag Parikh Financial Advisory Services Limited, a boutique investment advisory firm established in 1992 by the late Parag Parikh. As of October 2025, the fund house manages assets worth approximately ₹1,25,800 cr.
List of Top PPFAS Mutual Funds for 2025
Here are the top PPFAS mutual funds in India sorted according to their AUM:
| Fund Name | AUM (in cr.) | CAGR 3Y (%) | Expense Ratio (%) | NAV | Exit Load (%) | Absolute Returns - 1Y |
|---|---|---|---|---|---|---|
| Parag Parikh Flexi Cap Fund | 125,799.63 | 21.85 | 0.63 | 95.00 | 2.00 | 9.95 |
| Parag Parikh ELSS Tax Saver Fund | 5,790.91 | 17.44 | 0.62 | 34.58 | 0.00 | 7.27 |
| Parag Parikh Liquid Fund | 3,866.94 | 6.71 | 0.1 | 1,494.00 | 0.01 | 6.42 |
| Parag Parikh Conservative Hybrid Fund | 3,096.58 | 11.53 | 0.34 | 15.58 | 1.00 | 7.71 |
| Parag Parikh Dynamic Asset Allocation Fund | 2,605.81 | 0.00 | 0.33 | 11.51 | 1.00 | 5.98 |
| Parag Parikh Arbitrage Fund | 1,930.24 | 0.00 | 0.3 | 11.55 | 0.25 | 6.66 |
Note: The data on the list of the PPFAS mutual funds is from 1st December 2025. This data is derived from the Tickertape Mutual Funds Screener.
- AMC: PPFAS Asset Management Pvt. Ltd.
- Plan: Growth
- AUM: Sorted from highest to lowest
Pro Tip: You can use Tickertape’s Mutual Fund Screener to research and evaluate funds with over 50+ pre-loaded filters and parameters.
Key Information About PPFAS Asset Management Private Limited
| Category | Details |
| Sponsor | Parag Parikh Financial Advisory Services Limited |
| Trustee | PPFAS Trustee Company Private Limited |
| Investment Manager (AMC) | PPFAS Asset Management Private Limited |
| Date of Incorporation | 8th August, 2011 |
| Chairman & CEO | Neil Parag Parikh |
| Chief Investment Officer – Equity | Rajeev Thakkar |
| Registrar & Transfer Agent | Computer Age Management Services Limited (CAMS) – SEBI Reg: INR000002813 |
| Custodian | Deutsche Bank AG, Mumbai |
| Auditors | M/s. M. M. Nissim & Co. |
| Registered Office | 81/82, 8th Floor, Sakhar Bhavan, Ramnath Goenka Marg, 230, Nariman Point, Mumbai – 400 021 |
Overview of the Top PPFAS Mutual Funds in India
Parag Parikh Flexi Cap Fund
The Parag Flexi Cap Fund invests across market capitalisations with the flexibility to allocate between large, mid, and small cap stocks. The fund can also invest up to 35% in international equities, providing global diversification opportunities alongside domestic holdings.
Parag Parikh ELSS Tax Saver Fund
Parag Parikh ELSS Tax Saver Fund offers tax deductions under Section 80C with a three-year lock-in period. This equity-linked savings scheme invests primarily in equity and equity-related instruments across various market caps, combining tax benefits with long-term wealth creation potential.
Parag Parikh Liquid Fund
Parag Parikh Liquid Fund focuses on short-term debt and money market instruments with maturity up to 91 days. The fund aims to provide liquidity and capital preservation while generating returns through investments in treasury bills, commercial papers, and certificates of deposit.
Parag Parikh Conservative Hybrid Fund
Parag Parikh Conservative Hybrid Fund allocates predominantly to debt instruments (75-90%) with a smaller equity component (10-25%). This balanced approach seeks to generate steady income from debt while capturing some equity growth potential with lower overall volatility.
Parag Parikh Dynamic Asset Allocation Fund
Parag Parikh Dynamic Asset Allocation Fund actively adjusts allocation between equity and debt based on market conditions and valuations. The fund employs a flexible investment strategy, shifting between asset classes to optimise risk-adjusted returns across different market cycles.
Parag Parikh Arbitrage Fund
Parag Parikh Arbitrage Fund exploits price differentials between cash and derivative markets through arbitrage opportunities. The fund primarily engages in low-risk arbitrage transactions while maintaining some debt exposure, offering potential tax-efficient returns with relatively lower risk.
How to invest in PPFAS Mutual Funds?
You can easily start to invest in PPFAS mutual funds by following these steps:
- To invest in the best PPFAS mutual funds, you can visit a mutual fund investment platform such as smallcase.
- The next step is to research and identify the PPFAS mutual funds that match your financial goals. Tools like the Tickertape Mutual Fund Screener can help you filter and compare different Parag Parikh MFs based on parameters such as returns, expense ratio, and fund size.
- Once you shortlist the funds, visit smallcase, log in, go to the ‘Discover’ section, and search for the fund by name. You can then choose the investment mode (SIP or lump sum) and start investing.
However, if you’re confused about which stocks to pick, you can explore smallcases:
- smallcases are readymade model portfolios of stocks/ETFs, that are based on a theme idea or strategy
- They’re created and managed by SEBI-registered investment experts (also known as smallcase managers)
- smallcase offers over 500+ stock portfolios, created by 200+ managers
Here are a few popular smallcases among new investors:
Disclosures for aforementioned smallcases
Top PPFAS Mutual Fund Managers
Rajeev Thakkar
Rajeev Thakkar serves as Chief Investment Officer – Equity and Director at PPFAS Asset Management. He joined PPFAS Limited in 2001 and became CIO in 2007. He manages the flagship Parag Parikh Flexi Cap Fund, which has grown to over ₹1 lakh cr in AUM. He is a qualified Chartered Accountant, Cost Accountant, and Chartered Financial Analyst with over three decades of experience across fund management and securities broking.
Raj Mehta
Raj Mehta has been a Fund Manager at PPFAS Mutual Fund since 2016. He manages the Parag Parikh Liquid Fund and co-manages the Parag Parikh Flexi Cap Fund. He began his career at K. P. Mehta & Co. and joined PPFAS as a Research Trainee in 2012. He holds B.Com and M.Com degrees from Narsee Monjee College of Commerce and Economics.
Rukun Tarachandani
Rukun Tarachandani serves as Fund Manager at PPFAS Asset Management. He is involved in equity fund management and portfolio construction. His approach combines fundamental research with long-term value investing principles followed by the fund house.
Raunak Onkar
Raunak Onkar has been Head of Research and Fund Manager of Overseas Securities at PPFAS Asset Management since 2012. He manages international equity investments for the Parag Parikh Flexi Cap Fund. He joined the company as a Research Trainee in 2008 and holds a B.Sc. in Information Technology and an MMS in Finance from the University of Mumbai.
Neil Parag Parikh
Neil Parag Parikh serves as Chairman and CEO of PPFAS Asset Management. He joined PPFAS Limited in 2004 and has held various strategic roles within the organisation. He holds an MBA from IESE Business School, Spain, and a BA in Economics from the University of North Carolina at Chapel Hill.
Taxation on PPFAS Mutual Funds in India
Equity Mutual Funds
| Type of Gain | Holding Period | New Rate |
| Short-Term Capital Gains (STCG) | Less than 12 months | 20% |
| Long-Term Capital Gains (LTCG) | More than 12 months | 12.5% (Gains up to ₹1.25 lakh exempt) |
Debt Mutual Funds
| Type of Gain | Holding Period | Tax Rate | Indexation Benefit |
| Short-Term Capital Gains (STCG) | Less than 36 months | Taxed as per income tax slab | Not applicable |
| Long-Term Capital Gains (LTCG) | More than 36 months | 12.50% | Not available |
Hybrid Mutual Funds
| Type of Fund | STCG | LTCG | Indexation Benefit |
| Equity-Oriented Hybrid Funds | 20% for holdings < 1 year | 12.5% for holdings > 1 year; gains up to ₹1.25 lakh exempt | Not available |
| Debt-Oriented Hybrid Funds | Taxed as per slab for holdings < 3 years | 12.5% for holdings > 3 years | Not available |
Documents Required to Invest in PPFAS Mutual Funds
Here are the documents required to invest in Parag Parikh MFs:
- PAN Card details (mandatory for mutual fund investments).
- KYC acknowledgement letter from any SEBI-registered KYC Registration Agency.
- Personal information, including full name, mobile number, and email address.
- Address proof, such as Aadhaar (front and back), passport, or any SEBI-accepted document.
- Bank account details, along with a cancelled cheque for verification.
- Nominee details and FATCA/CRS declarations are part of the regulatory requirements.
Risks of Investing in PPFAS Mutual Funds
- Market risk and international exposure: PPFAS equity schemes expose you to both domestic and international markets. The flagship Parag Parikh Flexi Cap Fund keeps 20-35% in international equities—US tech stocks like Microsoft, Alphabet, Amazon, and Meta. You face currency risk when USD/INR rates fluctuate and deal with foreign market volatility on top of domestic market swings. Federal Reserve policy decisions and global events directly hit your portfolio performance.
- High concentration risk: PPFAS builds concentrated portfolios with 25-35 stocks across schemes. The Parag Parikh Flexi Cap Fund holds significantly fewer stocks than other funds in its category. This reflects their research depth and conviction, but individual stock movements hit harder. When a single position drops 20-30%, your overall NAV takes a material hit.
- Value investing cycle risk: PPFAS sticks strictly to value investing principles that Warren Buffett and Charlie Munger inspired. This strategy lags when momentum, growth, or thematic stocks lead markets. The fund house often holds 10-20% in cash when markets look overvalued, which means you miss rallies. You need patience when the fund underperforms.
- Limited product diversification: PPFAS runs only six schemes versus the 50-100+ schemes that larger AMCs offer. The flagship Parag Parikh Flexi Cap Fund dominates with over 90% of total AUM (₹1.25 lakh cr of ₹1.30 lakh cr total). This AMC-level concentration leaves you with limited alternatives within the fund family when the flagship strategy underperforms or doesn’t match your needs.
- Exit load structure: PPFAS charges 2% exit load when you redeem within 365 days and 1% when you redeem between 365 and 730 days (for investments above 10% of scheme units). This two-year exit load runs longer than the 1-year loads many peers charge. It reduces your liquidity as a short-term investor and creates potential redemption pressure during market corrections.
Factors to Consider Before Investing in PPFAS Mutual Funds
- Investment philosophy alignment: PPFAS follows strict value investing principles and focuses on intrinsic value over market prices. The fund house explicitly tells investors to plan 5+ year horizons and may pause lump sum investments when markets look overvalued. This disciplined approach demands patience when growth or momentum strategies dominate. Check whether this philosophy matches your temperament and expectations.
- International equity exposure comfort: The Parag Parikh Flexi Cap Fund typically keeps 20-35% in foreign stocks (Microsoft, Alphabet, Amazon, Meta, others). You get USD/INR currency risk, foreign tax implications, and exposure to US market cycles. You need comfort with global diversification and should understand that 30-35% of your returns depend on US market performance and dollar movements.
- Concentrated portfolio acceptance: PPFAS holds 25-35 stocks, while many peers hold 50-80+. They build high-conviction positions where the top 10 holdings often make up 50-60% of the portfolio. This concentration delivers outperformance but also amplifies volatility. When single-stock moves of 5-10% impact your overall NAV and this makes you uncomfortable, consider more diversified alternatives or complement PPFAS with broader index funds.
- Time horizon and exit load implications: PPFAS charges 2% exit load within 1 year and 1% between 1-2 years (above 10% holdings). They designed this structure for long-term investors, and it penalises shorter holding periods more than the industry standard 1-year loads. Factor these exit loads into your liquidity planning, especially for large investments where even 1-2% represents significant amounts.
To Wrap It Up
Each PPFAS scheme carries its own objective, risk profile, cost structure, and tax treatment. The fund house’s value investing philosophy, concentrated portfolio approach, and international equity exposure differentiate it from many peers. Understanding how these Parag Parikh funds are positioned, what they hold, and how they have behaved across market phases provides useful context on where they fit within a broader portfolio. Investors can explore and track PPFAS Mutual Fund schemes on platforms such as smallcase and research them in detail using tools like the Tickertape Mutual Fund Screener, while relying on their own analysis or professional advice instead of any implied recommendation.
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Frequently Asked Questions on PPFAS Mutual Fund
There is no single “best” PPFAS mutual fund. Here are the top PPFAS mutual fund schemes sorted according to their AUM:
– Parag Parikh Flexi Cap Fund
– Parag Parikh ELSS Tax Saver Fund
– Parag Parikh Liquid Fund
– Parag Parikh Conservative Hybrid Fund
– Parag Parikh Dynamic Asset Allocation Fund
Note: This data on this list was taken on 1st December 2025. The Parag Parikh funds are listed for educational purposes and are not meant to be recommendatory.
PPFAS stands for Parag Parikh Financial Advisory Services. The mutual fund is named after its founder, Late Parag Parikh, and is managed by PPFAS Asset Management Private Limited. The AMC was incorporated in 2011 and began operations in 2013, focusing on long-term, value-based investing.
– Parag Parikh Flexi Cap Fund: ₹1,000 for both lump sum and SIP
– Parag Parikh ELSS Tax Saver Fund: ₹500 for lump sum, ₹1,000 for SIP
– Parag Parikh Liquid Fund: ₹5,000 for lump sum, ₹1,000 for SIP
– Parag Parikh Conservative Hybrid Fund: ₹5,000 for lump sum, ₹1,000 for SIP
Note: This information was taken on 1st December 2025. Please check the specific scheme document (SID) for exact requirements.
PPFAS has a unique two-tier exit load structure (for investments above 10% of scheme units):
– 2% exit load if redeemed within 365 days
– 1% exit load if redeemed after 365 days but within 730 days
– Nil exit load after 730 days (2 years)
Note: This information was taken on 1st December 2025. Please check the specific scheme document (SID) for the exact applicable exit load.
The Parag Parikh Flexi Cap Fund typically maintains 20-35% exposure to international equities (Microsoft, Alphabet, Amazon, Meta, and others) for global diversification. This provides exposure to high-quality businesses not available in India, reduces single-country risk, and allows participation in global growth opportunities. However, it also introduces currency risk.
PPFAS follows strict value investing principles inspired by Warren Buffett and Charlie Munger. The fund house focuses on buying quality businesses at reasonable prices (intrinsic value).
It maintains a concentrated portfolio of 25-35 stocks. It also follows a buy-and-hold approach with low portfolio churn.
Yes, NRIs can invest in Parag Parikh Funds on both a repatriation and a non-repatriation basis, provided they comply with FEMA (Foreign Exchange Management Act) guidelines.
