Stocks Added to the Portfolio
Netflix was the fund’s biggest new investment, accounting for 3.06% of its assets under management (AUM) at the end of October.
Among domestic stocks, DLF received the largest allocation increase, rising by 0.88 percentage points from September. The fund also raised its holdings in Maruti Suzuki by 0.29 percentage points and Mahindra & Mahindra by 0.25 percentage points.
Other stocks that received higher allocations included Indus Towers, Petronet LNG, Mahanagar Gas, Coal India, Indraprastha Gas and EID Parry.
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Stocks Sold or Reduced
The fund completely exited Meta Platforms, which previously represented 2.80% of its AUM.
It also cut its Microsoft exposure by an amount equivalent to 1.05% of AUM. Its Microsoft holding declined from around 7.33 lakh shares in September to approximately 4.21 lakh shares in October.
Top 10 Holdings of PPFAS Flexi Cap Fund
As of October 31, 2026, the fund’s largest investments were:
| Stock | Portfolio Allocation |
|---|---|
| HDFC Bank | 7.49% |
| Power Grid | 5.60% |
| ITC | 5.49% |
| ICICI Bank | 5.24% |
| Coal India | 4.39% |
| Kotak Mahindra Bank | 4.44% |
| Bajaj Holdings & Investment | 4.96% |
| HCL Technologies | 3.96% |
| Mahindra & Mahindra | 3.89% |
| Infosys | 2.93% |
Together, these stocks represented approximately 50.49% of the fund’s net assets. Its total AUM stood at nearly ₹1.47 lakh crore.
The portfolio remained tilted towards large-cap companies. Large-cap stocks accounted for 67.22% of domestic equity investments, while mid-cap and small-cap stocks represented 8.43% and 5.50%, respectively.
PPFAS Flexi Cap Fund Returns: 3, 5 and 10 Years
The fund’s direct plan recorded higher average rolling returns than the Nifty 500 TRI benchmark across the three periods mentioned.
| Investment Period | Fund Returns | Nifty 500 TRI |
|---|---|---|
| 3 Years | 19.01% | 14.82% |
| 5 Years | 19.04% | 14.48% |
| 10 Years | 18.87% | 14.64% |
These figures represent average annualised rolling returns rather than point-to-point performance. Rolling returns assess performance across multiple overlapping periods and can help investors understand consistency over time.
However, the fund also experienced short-term weakness. As of October 30, 2026, its one-year lump-sum return stood at -5.48% for the direct plan and -6.06% for the regular plan. Both performed better than the Nifty 500 TRI, which declined 6.83% over the same period.
What Should Investors Understand?
The October 2026 portfolio changes highlight PPFAS Flexi Cap Fund‘s continued focus on established Indian companies, alongside selective investments in overseas businesses. Netflix’s entry and Meta’s exit were among the most notable international changes.
However, investors should not copy a mutual fund’s monthly stock transactions without considering their own financial goals. Before investing, evaluate the fund’s performance, valuation, risk level and investment horizon. Past returns do not guarantee future performance.
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