PPFAS Flexi Cap Fund Buys Indian IT Stocks With $14.9 Billion Contrarian Bet
Updated
Updated · Bloomberg · Jun 23
PPFAS Flexi Cap Fund Buys Indian IT Stocks With $14.9 Billion Contrarian Bet
3 articles · Updated · Bloomberg · Jun 23
Summary
$14.9 billion PPFAS Flexi Cap Fund increased exposure to Indian IT services companies in the three months through May, betting the sector’s selloff has gone too far.
AI-driven worries about outsourcing demand had cooled valuations sharply, giving India’s largest actively managed equity fund an opening to buy beaten-down technology names.
PPFAS also added financials, utilities and coal-mining stocks, funding those purchases by shifting cash out of debt and money-market instruments.
The move marks a broad risk-on repositioning by a major Indian fund manager against a market narrative that AI will undercut the country’s outsourcing industry.