Parag Parikh Flexi Cap Fund (PPFAS), with assets under management (AUM) of ₹1.48 lakh crore, is the largest among the four. Its portfolio has 70.2% in domestic equity, 11.1% in international equities, 12.4% in debt and 2.3% in cash, with 4.1% in REITs.
This makes PPFAS the most defensive of the four funds in terms of overall asset allocation. Its international exposure is also notable, with Alphabet accounting for 4.3% of the portfolio.
HDFC Flexi Cap Fund, with AUM of ₹1.11 lakh crore, has a much higher 94.2% equity allocation, alongside 3.6% debt and 2.2% REITs. Kotak Flexicap Fund and Aditya Birla Sun Life Flexi Cap Fund are even more aggressively invested, with equity allocations of 98.2% and 97.6%, respectively.
DO CHECK: ICICI Prudential AMC renames 19 mutual fund schemes, revises scheme types of 23 funds
Market-cap strategies differ sharply
The biggest contrast emerges in market-cap allocation. PPFAS has 91% of its equity portfolio in large caps, with only 4% in mid caps and 5% in small caps.
HDFC is relatively more balanced, with 76% large caps, 15% mid caps and 10% small caps. Kotak has 73% in large caps, 24% in mid caps and 3% in small caps.
Aditya Birla is the most diversified towards smaller companies, with 57% large caps, 28% mid caps and 16% small caps. Thus, investors choosing between these funds are effectively taking different levels of market-cap risk despite all four being categorised as flexicap funds.
PPFAS vs HDFC vs Kotak vs Aditya Birla Flexicap: Key portfolio differences
| Parameter | PPFAS Flexi Cap | HDFC Flexi Cap | Kotak Flexicap | Aditya Birla Sun Life Flexi Cap |
|---|---|---|---|---|
| AUM | ₹1.48 lakh crore | ₹1.11 lakh crore | ₹56,119 crore | ₹28,112 crore |
| Equity allocation | 70.2% | 94.2% | 98.2% | 97.6% |
| Debt allocation | 12.4% | 3.6% | 0.3% | 1.7% |
| Cash allocation | 2.3% | 0.0% | 1.4% | 0.7% |
| REITs | 4.1% | 2.2% | — | — |
| Large-cap | 91% | 76% | 73% | 57% |
| Mid-cap | 4% | 15% | 24% | 28% |
| Small-cap | 5% | 10% | 3% | 16% |
| Top holding | HDFC Bank (7.5%) | ICICI Bank (9.2%) | ICICI Bank (5.6%) | ICICI Bank (6.1%) |
| Banking allocation | 20.0% | 28.9% | 23.1% | 19.0% |
| Key differentiated bets | Power Grid, Alphabet | InterGlobe Aviation, SBI Life | Bharat Electronics, Jindal Steel | Bharat Forge, United Spirits |
NEW FUND ALERT: ICICI Prudential, Wealth Company launch NFOs: Dynamic asset allocation vs multi-cap strategy
Banks are the common conviction
Banking is the largest sector allocation across all four portfolios. It accounts for 20% of PPFAS, 28.9% of HDFC, 23.1% of Kotak and 19% of Aditya Birla’s portfolios.
ICICI Bank and HDFC Bank are particularly prominent across the funds. ICICI Bank is the top holding in HDFC at 9.2%, Kotak at 5.6% and Aditya Birla at 6.1%, while it is also among PPFAS’s major holdings.
HDFC Bank features among the top holdings of all four funds as well, highlighting a strong consensus around large private-sector banks.
Where the fund managers differ
The individual stock picks reveal the active bets behind the portfolios. PPFAS has a distinctive allocation to Power Grid (6%) and Alphabet (4.3%). HDFC stands out with InterGlobe Aviation (3%) and SBI Life (3.6%).
Kotak has a notable 5.1% allocation to Bharat Electronics, reflecting its exposure to the defence theme. Aditya Birla, meanwhile, includes Bharat Forge (2.2%) and United Spirits (1.9%) among its differentiated holdings.
Overall, the comparison shows that “flexicap” does not imply identical portfolio construction. PPFAS prioritises large-cap exposure and diversification, HDFC combines large caps with greater mid-cap participation, Kotak has a stronger mid-cap tilt, while Aditya Birla takes the highest mid- and small-cap exposure. For investors, the choice therefore depends not only on past returns but also on the level of market and portfolio risk they are comfortable taking.
ALSO READ: PPFAS GIFT cuts minimum investment in S&P 500, Nasdaq 100 funds from $5,000 to $500
Disclaimer: Business Today provides market and personal news for informational purposes only and should not be construed as investment advice. All mutual fund investments are subject to market risks. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.