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Parag Parikh Flexi Cap Fund (PPFCF) overlapped 30.9% with HDFC Flexi Cap Fund and 24.1% with Nippon India Flexi Cap Fund in WealthKit’s full-portfolio comparisons dated August 31, 2026. Those figures are pairwise results, not an average for the entire flexi-cap category. WealthKit calculates weighted overlap by adding the smaller weight held by each fund in every stock they both own.
The percentage depends on the portfolio date, the securities included, and the calculator’s rules. A separate source reported 30.0% for the same PPFCF–HDFC pair and date, illustrating why a percentage should never be quoted without its methodology.
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The latest like-for-like figures
The strongest full-stock comparisons available for this question use holdings dated August 31, 2026. WealthKit compared Parag Parikh Flexi Cap Fund with two large flexi-cap peers as follows:
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| Comparator | Portfolio date | Common stocks | Weighted overlap | Largest shared contributions |
|---|---|---|---|---|
| HDFC Flexi Cap Fund | August 31, 2026 | 23 | 30.9% | HDFC Bank 5.71%; ICICI Bank 5.67%; Kotak Mahindra Bank 3.27%; Axis Bank 2.97% |
| Nippon India Flexi Cap Fund | August 31, 2026 | 15 | 24.1% | ICICI Bank 5.67%; HDFC Bank 5.48%; Axis Bank 2.97% |
Each contribution is the amount that the shared stock adds to the overlap calculation, not the two funds’ combined position. For example, if one fund holds 6% of a stock and the other holds 5%, that stock contributes 5 percentage points under the minimum-weight method.
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How portfolio overlap is calculated
Weighted overlap, not just matching names
WealthKit’s method identifies every stock held by both funds and, for each one, takes the smaller portfolio weight. It then sums those minimum weights. A fund pair with many tiny common positions can therefore have a lower overlap than a pair with fewer but larger common positions.
This is different from simply counting shared securities. The HDFC comparison has 23 common stocks and a 30.9% weighted overlap; the Nippon comparison has 15 common stocks and a 24.1% overlap. Neither the number of names nor the percentage alone describes the complete exposure.
Why the calculation universe matters
Fund portfolios can contain equities, cash, debt, treasury instruments, real-estate investment trusts, derivatives and hedges. A calculator that includes only common equities will produce a different result from one that includes other instruments. The source should state whether it excludes cash and net current assets, and whether it nets a stock position hedged with futures.
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Why two tools can report different percentages
Fundnama reported 30.0% for the PPFCF–HDFC pair on August 31, 2026, while WealthKit reported 30.9%. Fundnama’s page lists 12 common equity holdings, excludes cash, TREPS and net current assets, and nets stocks hedged with futures. WealthKit’s result lists 23 common stocks. The difference does not necessarily mean either figure is wrong; the tools may use different security mappings, inclusion rules, or calculation universes.
When citing an overlap number, identify the provider, holdings date, number of common positions and treatment of non-equity assets. Do not place two percentages side by side as though they were produced by an identical test unless their rules are actually the same.
Which holdings drive PPFCF’s shared exposure?
Against HDFC Flexi Cap Fund
In WealthKit’s August 31, 2026 comparison, the largest shared minimum weights were HDFC Bank at 5.71% of net assets, ICICI Bank at 5.67%, Kotak Mahindra Bank at 3.27% and Axis Bank at 2.97%. Together, these four positions account for a substantial part of the measured overlap, but they do not represent the funds’ total combined banking exposure.
Against Nippon India Flexi Cap Fund
The leading shared contributions were ICICI Bank at 5.67%, HDFC Bank at 5.48% and Axis Bank at 2.97%. The same company can contribute a different amount in each pair because the smaller holding weight changes from one comparator to another.
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Shared stocks versus distinct holdings
Overlap says nothing about the securities that appear in only one fund. Two funds may share a 5% position in a bank while differing markedly in technology, consumer, international or smaller-company holdings. To assess duplication in a portfolio, review both lists: the shared positions and the largest positions unique to each fund.
What the ICICI Prudential comparison does—and does not—show
A separate comparison dated September 15, 2026 reported 22.36% overlap between ICICI Prudential Flexi Cap Fund and Parag Parikh Flexi Cap Fund across 10 common top holdings. This is a narrower, top-holdings snapshot rather than the August full-stock calculation used for HDFC and Nippon India.
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Because the dates, coverage and methodology differ, 22.36% should not be ranked directly against 30.9% or 24.1%. It is useful as an example of how a newer snapshot can still answer a different question: how much the two funds’ displayed top holdings coincide, not how much their entire equity portfolios overlap.
Why PPFCF’s overlap can change
PPFCF is described by its manager as an open-ended dynamic equity scheme investing across large-, mid- and small-cap stocks. Its stated objective permits investment in Indian equities, foreign equities and related instruments, as well as debt securities. Portfolio weights therefore change when the manager buys or sells, when prices move at different rates, when companies enter or leave an index or when cash and hedges are adjusted.
An overlap percentage is consequently a dated observation, not a permanent characteristic of the fund. Two calculations made a month apart can differ even if neither manager made a large deliberate change, simply because market prices altered the weights.
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“However, there is no assurance that the investment objective of the Scheme will be achieved and the Scheme does not assure or guarantee any returns.”
This statement appears in the official scheme factsheet. Portfolio overlap can describe duplication of holdings; it cannot guarantee returns or establish that one fund is safer or superior.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How to compare PPFCF with another flexi-cap fund correctly
- Use the same holdings date. Obtain both portfolios for the same month-end, preferably from the funds’ official disclosures or a tool that identifies its data date. Do not compare one fund’s August portfolio with another fund’s September portfolio.
- Confirm the coverage. Check whether the report covers every disclosed stock or only the top 10, 20 or another cutoff. Label a top-holdings result as such.
- Read the instrument rules. Note whether cash, TREPS, debt, REITs, derivatives and current assets are included or excluded. If futures hedge an equity position, find out whether the provider nets them.
- Record the formula. A weighted method based on the smaller weight in each shared stock answers a different question from a simple count of common names or a percentage based on the combined weights.
- Inspect the contributors. List the shared positions with the largest minimum weights. This shows whether the overlap is concentrated in a few large companies or spread across many small positions.
- Review unique holdings. Compare each fund’s largest non-shared positions and its broad allocation by sector, geography and market-cap segment. Distinct holdings may be more important to your diversification than the headline percentage.
- Save the date and source. Keep the report or disclosure alongside your notes. If you revisit the comparison later, you can tell whether a change reflects a new portfolio or a different calculation rule.
How to interpret 30.9% and 24.1%
What the figures can tell you
- On WealthKit’s stated minimum-weight method and August 31, 2026 portfolios, PPFCF had more measured shared equity exposure with HDFC Flexi Cap Fund than with Nippon India Flexi Cap Fund.
- The HDFC pair’s 23 common stocks generated 30.9% of weighted overlap, while 15 common stocks generated 24.1% for the Nippon India pair.
- The banking stocks listed above were major contributors to both comparisons, so a holder owning several of these funds may have more repeated bank exposure than a name count suggests.
What they cannot tell you
- Overlap is not a return forecast, risk score or measure of manager skill.
- It does not show how the funds’ non-shared securities behave, how much foreign equity or debt each fund owns, or how quickly managers may change positions.
- It does not establish a category-wide average. No external statistic in the available material supports treating these two pairwise results as representative of all flexi-cap funds.
- It does not prove that two funds will move together every day. Correlation also depends on position sizes, sectors, currencies, market factors and the timing of trades.
Freshness, AUM and the limits of the available snapshot
The official PPFAS portfolio-disclosure page identified for this comparison showed August 31, 2026 holdings. The August pair calculations are therefore the latest like-for-like full-stock examples established here, not a claim that no newer holdings file exists. Portfolio data should be refreshed before making an investment decision.
PPFAS reported fund AUM of ₹145,070.50 crore as of September 30, 2026, and a NAV dated October 7, 2026. Those dates help identify the fund snapshot, but neither AUM nor NAV determines overlap. A larger asset base can affect trading capacity and position sizes, while NAV is simply the value per unit on a date; neither replaces a holdings comparison.
A practical decision framework for investors
If you already own PPFCF and are considering another flexi-cap fund, start with the purpose of the second holding rather than a target overlap percentage.
- Seeking genuine diversification: Examine the largest shared stocks and sectors first. A lower headline overlap can still conceal concentration in the same few companies.
- Seeking a different investment approach: Read the other fund’s mandate, market-cap mix, international exposure and debt policy, then check whether those differences appear in the unique holdings.
- Seeking simplicity: If the funds repeatedly own the same large positions, holding both may add administration without adding much distinct exposure. Verify this over several dated reports instead of relying on one month.
- Monitoring an existing portfolio: Repeat the same method at regular intervals and record the date. A rising or falling overlap can result from market movements as well as manager transactions.
Use the 30.9% and 24.1% figures as dated evidence of how these specific pairs looked on August 31, 2026. They are useful starting points for investigation, not universal thresholds for choosing or rejecting a fund.
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