Parag Parikh Flexi Cap Fund, the largest active flexi-cap fund by assets under management (AUM), increased its stake in ITC, HDFC Bank and 14 other stocks in May, according to the monthly portfolio disclosed by PPFAS Mutual Fund.The fund added around 4.46 crore shares of ITC during the month, taking its total holding to 28.78 crore shares in May from 24.32 crore shares in April.It also increased its exposure to HDFC Bank by adding around 47.20 lakh shares to the portfolio in May.Also Read | Are mutual fund investors losing interest in gold ETFs and multi asset allocation funds? Among the other 14 stocks, the fund added around 4.99 crore shares of Indraprastha Gas, taking its total holding to 8.78 crore shares in May.The remaining stocks where exposure was increased included Bajaj Holdings & Investment, CMS Info Systems, Coal India, HCL Technologies, ICICI Bank, Indian Energy Exchange, Infosys, Kotak Mahindra Bank, Mahindra & Mahindra, Power Grid Corporation and Mahanagar Gas, among others.The fund reduced its exposure to Cipla by selling around 3.24 lakh shares. As a result, its holding declined to 1.40 crore shares in May from 1.43 crore shares in April.Exposure remained unchanged in 15 stocks, including Axis Bank, Bharti Airtel, CDSL, CIE Automotive India, Dr. Reddy’s Laboratories, EID Parry India, ICRA, Indus Towers, Maruti Suzuki India, Narayana Hrudayalaya, Nesco, TCS and Zydus Wellness.The flexi-cap fund held 32 stocks in its portfolio in May, unchanged from the previous month. Banks accounted for the largest sector allocation at 20.13%, followed by debt and money market instruments at 9.94%.Launched on May 24, 2013, the scheme aims to generate long-term capital appreciation through an actively managed portfolio comprising equity and equity-related securities. It invests across Indian equities, international equities and debt instruments.The fund is managed by Rajeev Thakkar, Raunak Onkar, Raj Mehta, Rukun Tarachandani, Tejas Soman, Mansi Kariya and Aishwarya Dhar. Its performance is benchmarked against the NIFTY 500 TRI.Also Read | Gold, silver ETFs tumble up to 7% as US-Iran tensions and inflation fears hit sentiment. Time to buy the dip? The fund had AUM of Rs 1.41 lakh crore as of May 31, 2026. In its monthly release, the fund house said it continues to evaluate individual investments on their own merits and will not hesitate to invest when attractive opportunities emerge. “As usual, our investment stance does not depend much on the macroeconomic situation but is focused on individual companies,” it said.The release further stated that around 14.77% of the portfolio is held in cash, debt and money market instruments, and arbitrage positions, which can be deployed into long-term investments at appropriate levels.(Disclaimer: Recommendations, suggestions, views and opinions expressed by experts are their own and do not represent the views of The Economic Times.)If you have mutual fund queries, message ET Mutual Funds on Facebook or Twitter. We will get them answered by our panel of experts. You can also send your questions to ETMFqueries@timesinternet.in along with your age, risk profile and Twitter handle.