Parag Parikh's Thakkar promises single-digit cash

Summary: India's largest actively managed equity fund has spent two hard years trailing its benchmark. Its manager has now written down exactly what he is doing and why in terms specific enough to hold him to later. One number in the letter can actually be checked.

Summary: India's largest actively managed equity fund has spent two hard years trailing its benchmark. Its manager has now written down exactly what he is doing and why in terms specific enough to hold him to later. One number in the letter can actually be checked. Rajeev Thakkar has told unitholders that the cash in Parag Parikh Flexi Cap Fund has fallen from a peak of near 25 per cent to 14 or 15 per cent, and will reach single digits. Monthly portfolio disclosures will show whether it does. Nothing else in his letter dated August 4 can be checked as cleanly. The letter answers two hard years. The fund lost 9.97 per cent in the fourth quarter of FY26 against the Nifty 500 TRI, and its five-year annualised return is 13.77 per cent. At Rs 1.43 lakh crore on June 30, it is India’s largest actively managed