Yesterday was a sad day for the financial sector in India with the passing of Mr.Parag Parikh. He was one of the famous value investors in India. His mutual fund, PPFAS is a pioneer of sorts. It has only one scheme, no dividend option and the owner, the manager and the employees themselves have stakes in it.
Although its returns have not been extraordinary in the short period of time it has been active, its concept is in long term value investing and not going by the flavour of the season and hence, is difficult to criticise considering the concept.
Now, with both the leader, Mr.Parag Parikh and its fund manager Mr.Rajeev Thakkar having passed away in a car accident, what is the future of the mutual fund where a majority have invested in their faith of Mr.Parag Parikh's thinking, insights and knowledge? Is the concept institutionalised enough to carry on the legacy and thinking of its founder? Will it shut shop soon? Will new investors be willing to invest their moneys now? Investors would/should be anxious and be waiting to hear from the company on the steps ahead.
RIP Mr.Parag Parikh and Mr.Rajeev Thakkar.