It invests across market caps within India, picks marquee names abroad, and holds cash, debt and arbitrage positions while waiting for the right opportunity — when quality stocks are available at reasonable or attractive prices.
This go-anywhere, do-anything approach within its value investing mandate has worked quite well for PPFAS Long Term Value Fund. The fund, that recently turned three, has beaten its benchmark — Nifty 500 — by a neat 6 percentage points annualised since its inception, and by about 3 percentage points over the past year. With an almost 20 per cent annualised return since inception, PPFAS Long Term Equity is also among the best performers in the multi-cap funds category. It is a good choice for those willing to bet on a young fund that is showing much promise. However, investors need to have some stomach for risk. The fund has a high exposure to smaller stocks (about 40 per cent of the portfolio), foreign stocks (about a quarter of the portfolio) and limited track record (it is yet to go through a full-blown bear market).
