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Flexi Cap Fund SEBI Risk: Very High AMC: PPFAS Mutual Fund

Parag Parikh Flexi Cap Fund - Direct Plan - Growth

Benchmark: NIFTY 500 TRI • Manager: Rajeev Thakkar / Raunak Onkar • Portfolio Date: 2026-09-30
Composite Health Score
85.4/100
INSTITUTIONAL_ALPHA
⚠️ Fiduciary Surveillance Alerts Triggered (1)
  • Top 10 concentration is elevated at 62.8%, indicating high single-stock dependency.
🔒 Deep Dive

Look-Through Forensics & Audit Narrative

The free report already shows fees, active share, holdings and the headline health score. The Deep Dive opens up what sits underneath the portfolio.

  • Weighted moat score and the top compounder holdings
  • Look-through accounting risk (ASRI) and promoter pledge exposure, with the flagged holdings named
  • Weighted margin of safety: is the portfolio at a DCF discount or premium
  • The written 7-pillar audit narrative, and the Forensic Desk can answer questions on all of it
One-time, permanent for this scheme

01: Dual-Sleeve Constituent Decomposition

Equity holdings evaluated via Forensic Equity Engine; Debt/bonds evaluated via Credit & Solvency Engine.
Equity: 69.3% (Score: 83.1) Debt: 9.5% (Score: 92.0) Cash / TREPS: 6.5%
Identifier Security Name Type Weight Sector / Rating Engine Score Diagnostic Notes
IN0020230085 ↗ 7.18% Central Government Sovereign G-Sec 2033 DEBT 9.5% SOVEREIGN 92.0 Rating: SOVEREIGN
HDFCBANK ↗ HDFC Bank Ltd EQUITY 8.4% Private Banks 82.0 Verified 7-Pillar Equity Dossier Available
INFY ↗ Infosys Ltd EQUITY 6.8% IT Services 82.0 Verified 7-Pillar Equity Dossier Available
TREPS Tri-Party Repo (TREPS) & Cash Margin CASH_EQUIVALENT 6.5% CASH 100.0 Liquid Cash / Sovereign Collateral
ITC ↗ ITC Ltd EQUITY 6.2% FMCG 82.0 Verified 7-Pillar Equity Dossier Available
BAJFINANCE ↗ Bajaj Finance Ltd EQUITY 5.9% NBFC 82.0 Verified 7-Pillar Equity Dossier Available
RELIANCE ↗ Reliance Industries Ltd EQUITY 5.4% Energy & Petrochemicals 82.0 Verified 7-Pillar Equity Dossier Available
TCS ↗ Tata Consultancy Services EQUITY 4.8% IT Services 82.0 Verified 7-Pillar Equity Dossier Available
GOOGL Alphabet Inc (Google) FOREIGN_EQUITY 4.8% US Tech 88.0 High-Quality Capital Compounder (Pending 7-Pillar Audit)
ICICIBANK ↗ ICICI Bank Ltd EQUITY 4.5% Private Banks 82.0 Verified 7-Pillar Equity Dossier Available
MSFT Microsoft Corp FOREIGN_EQUITY 4.5% US Tech 90.0 High-Quality Capital Compounder (Pending 7-Pillar Audit)
AXISBANK ↗ Axis Bank Ltd EQUITY 4.1% Private Banks 82.0 Verified 7-Pillar Equity Dossier Available
HCLTECH ↗ HCL Technologies Ltd EQUITY 3.9% IT Services 82.0 Verified 7-Pillar Equity Dossier Available
MARUTI ↗ Maruti Suzuki India EQUITY 3.8% Automobiles 82.0 Verified 7-Pillar Equity Dossier Available
META Meta Platforms Inc FOREIGN_EQUITY 3.6% US Tech 85.0 High-Quality Capital Compounder (Pending 7-Pillar Audit)
AMZN Amazon.com Inc FOREIGN_EQUITY 2.6% US Consumer Tech 82.0 High-Quality Capital Compounder (Pending 7-Pillar Audit)

02: True Diversification & Active Share

Exposing Closet Indexing: Active Share AS = 0.5 × ∑|w_fund - w_bench|
Active Share Score
76.5%
TRUE_ACTIVE_ALPHA

High Active Share: Portfolio significantly deviates from the passive benchmark, justified active fee.

Top 10 Holdings Concentration: 62.8%

03 & 04: Risk-Adjusted Alpha & Downside Capture

Evaluating asymmetrical compounding: Downside Capture Ratio vs Upside Capture Ratio.
Sortino Ratio
2.15
Downside Risk Only
Downside Capture
64.2%
Benchmark: ≤ 75%
Capture Spread
+40.3%
UCR (104.5%) - DCR
Hurst Exponent (H)
0.68
Persistent Momentum
3-Year Rolling Return Consistency: 88.5% of windows

05: Intermediary Fee Drag & Wealth Destruction

Direct Plan vs Regular Plan: Compounded wealth transfer to distributor commissions over time.
Annual Distributor Commission Drag
71.0 bps / yr (1.33% - 0.62%)
Time Horizon Direct Plan Value (Net) Regular Plan Value (Net) Cumulative Wealth Lost Percentage Corpus Destroyed
5 Years ₹1,714,100 ₹1,660,158 -₹53,941 3.1%
10 Years ₹2,938,138 ₹2,756,126 -₹182,011 6.2%
15 Years ₹5,036,261 ₹4,575,606 -₹460,654 9.1%
20 Years ₹8,632,653 ₹7,596,232 -₹1,036,421 12.0%

💡 Fiduciary Takeaway: A ₹10.0 Lakh investment loses ₹182,011 over 10 years purely to distributor commissions in the Regular plan.

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