Parag Parikh Flexi Cap vs Large Cap vs ELSS funds: How similar are their portfolios?

The portfolio overlap data as on September 30, 2026 shows a wide gap between the Parag Parikh Flexi Cap Fund and Parag Parikh Large Cap Fund. But the Flexi-Cap fund has over 70% overlap with the Parag Parikh ELSS Tax Saver Fund.

Data shows that portfolios of Parag Parikh Flexi Cap Fund and Parag Parikh ELSS Tax Saver Fund overlap 71.05%. In other words, nearly three-quarters of the two portfolios are invested in the same stocks. By contrast, the flexi-cap fund and Parag Parikh Large Cap Fund share only 36.70%, which in other words is a “low to moderate” overlap.

The large-cap and the tax saver schemes overlap 35.52%, which is again in the “low to moderate” overlap band.

Portfolio overlap among Parag Parikh’s equity schemes (%)

The September portfolio overlap data fits a fund house with a small, closely run equity line-up. While an ELSS and a flexi-cap fund scheme can be built on very similar stocks, an investor who holds both funds may believe they own two different strategies when, in reality, close to three-quarters of his money would be in the same shares.

The fund house's youngest scheme, the Parag Parikh Large Cap Fund, with its narrower mandate, looks more different as only about a third of its portfolio is common with the flexi-cap scheme.

Across the whole set of Parag Parikh schemes, only two fund pairs cross the 50%overlap mark. The first is the flexi-cap fund and the tax saver scheme at 71.05%. The second, on the hybrid side, is Parag Parikh Conservative Hybrid Fund and Parag Parikh Dynamic Asset Allocation Fund at 63.07%.

Parag Parikh fund pairs with more than 50% overlap

For investors, there are three practical points that they may consider:

First, if you hold both the flexi-cap and the tax saver schemes, you may treat them as one portfolio rather than two. The tax saver fund’s separate identity is about how the scheme is used, not about different holdings.

Second, the large-cap fund adds more genuinely new stocks, so a flexi cap plus large cap pairing is less of a duplication than flexi cap plus tax saver fund.

Third, checking overlap before adding a fund to one's investment portfolio is the quickest way to check whether it is doing any new work.