India’s largest actively managed equity fund is betting against investor fears over artificial intelligence’s impact on the outsourcing industry as it snaps up the nation’s beaten-down IT stocks.
PPFAS Mutual Fund’s $14.9 billion Flexi Cap Fund has added exposure to IT services companies over the past three months to May as valuations cooled sharply. The fund has also been buying stocks in sectors including financials, utilities and coal mining while deploying cash that had previously been parked in debt and money-market instruments, according to Chief Investment Officer for equities Rajeev Thakkar.
