Parag Parikh Flexi Cap Fund, the flagship scheme of PPFAS Mutual Fund managed by CIO Rajeev Thakkar, made several notable portfolio changes in December, adding exposure to select domestic and global stocks while trimming its stake in Infosys.
ITC emerged as a key addition during the month. The fund bought around 39.28 lakh shares of the FMCG major, taking its total holding to 18.9 crore shares. This increased ITC’s weight in the portfolio to about 3.6 percent, reflecting renewed confidence in the company’s steady cash flows, strong cigarette business, and improving prospects in FMCG and hotels.
Alongside ITC, the fund also increased its exposure to banking stocks, signalling a positive view on the sector amid expectations of stable asset quality and long-term credit growth. In the infrastructure and utilities space, Power Grid Corporation of India was another notable addition, in line with the fund’s preference for cash-generating businesses with strong balance sheets.
On the global side, the fund added to its holding in Amazon, indicating continued conviction in the long-term growth potential of the US-based e-commerce and cloud services giant, despite near-term volatility in global technology stocks.
At the same time, the scheme trimmed its exposure to Infosys, reflecting a cautious stance on the IT sector amid slowing global demand, pressure on discretionary spending, and a muted near-term outlook for Indian IT services companies.
Overall, the December portfolio changes suggest a tilt towards relatively defensive, cash-rich companies and selective global opportunities, while reducing exposure to segments facing near-term growth challenges.
