PPFAS Flexi Cap Fund Buys Beaten-Down IT Stocks in Past Three Months; Fund Adds Capital to Multiple Sectors

According to Bloomberg, India's largest active equity mutual fund, PPFAS Mutual Fund's Flexi Cap Fund, increased holdings of IT stocks over the three-month period through May, said Rajeev Thakkar, the fund's chief investment officer. The fund, with $14.9 billion in assets, also added positions in financial services, utilities, and coal mining sectors.

The fund shifted cash previously invested in bonds and money market instruments into equities as investor concerns about artificial intelligence's impact on India's outsourcing industry intensified.