Parag Parikh Flexi Cap Fund, one of India’s largest active equity funds with assets under management of around ₹1.47 lakh crore, has made significant changes to its US stock portfolio, exiting Meta Platforms entirely and adding Netflix as a new holding in October.
The fund’s October 2026 portfolio shows that Netflix, which had no allocation in September, accounted for 3.06% of the portfolio by the end of October, making it the fund’s biggest new addition during the month.
At the same time, the fund completely exited Meta Platforms, whose portfolio weight stood at 2.83% in September. Its allocation to the social media company fell to zero in October.
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The fund also reduced its exposure to Microsoft, with its portfolio weight declining from 2.48% in September to 1.42% in October.
Other US stock holdings saw smaller reductions. Alphabet’s weight fell from 4.29% to 3.42%, while Amazon’s allocation declined from 2.30% to 2.17%.
| Stock | September 2026 | October 2026 |
|---|---|---|
| Netflix | 0% | 3.06% |
| Meta Platforms | 2.83% | 0% |
| Microsoft | 2.48% | 1.42% |
| Alphabet | 4.29% | 3.42% |
| Amazon | 2.30% | 2.17% |
Fund increases allocation to Indian equities
The portfolio changes also show a reduction in the fund’s overall overseas equity allocation, which declined from 11.90% in September to 10.07% in October.
In contrast, the allocation to Indian equities increased from 72.06% to 75.25% during the month. The fund’s allocation to cash, debt and arbitrage investments declined from 9.77% to 8.78%.
PPFAS has not provided an explanation for the changes in its US stock holdings. The portfolio disclosures do not specify the rationale behind the exit from Meta or the addition of Netflix.
HDFC Bank remains the fund’s top holding
Back home, HDFC Bank continued to be the fund’s largest holding, accounting for 7.49% of its portfolio in October.
The fund also increased its stakes in Coal India, DLF, Bajaj Holdings, Indus Towers and Petronet LNG.
What investors should keep in mind?
The fund’s one-year return was negative as of October 30, however, portfolio changes over a single month and short-term performance figures should be viewed in the context of the fund’s longer-term investment horizon.
A one-year return, on its own, should not be used as the sole criterion to assess a mutual fund’s performance.
India’s biggest active fund dumps Meta, adds Netflix in major US portfolio reshuffle