PPFAS Mutual Fund, complying with SEBI's circular dated 6 November 2020, regarding Introduction of Flexi Cap Fund as a Scheme Categorisation has changed the Scheme category and Scheme Name of Parag Parikh Long Term Equity Fund.
The scheme has been renamed as the Parag Parikh Flexi Cap Fund under the Flexicap Fund category. Neil Parag Parikh, Chairman and CEO, PPFAS Mutual Fund, said, "Complying with the Regulation and after all the necessary approvals the required changes will be effective in our flagship scheme. However, there is no change in our portfolio, investment process. We will continue to manage the money the way we have been managing. A flexicap strategy will allow the fund manager to invest wherever value and opportunities are available without restrictions”.
Launched in May 2013, Parag Parikh Long Term Equity Fund, now Parag Parikh Flexi Cap Fund is one of only a handful of Indian mutual fund schemes to invest in a basket of Indian and Foreign stocks. The Scheme can invest up to 35% in the overseas market. As per the latest Factsheet (November 2020), the Fund House manages 5757.28 crores under this flagship schemes including 171.41 crores by the management and employees. Since the inception of the fund has given 17.60 % CAGR.
Besides the flagship scheme, PPFAS Mutual Fund offers two more schemes, a Liquid Fund and an ELSS. Parag Parikh Liquid Fund focuses on capital preservation and serves to facilitate Systematic Transfers / Switches into the two Equity Schemes. The ELSS – Parag Parikh Tax Saver Fund – launched in mid-2019 offers Income Tax benefit upto Rs. 1.50 lakhs u/s 80C. (Share Manthan, December 14, 2020)
