The Parag Parikh Flexi Cap Fund boosted its holdings of Indian cigarette maker ITC Ltd and Coal India when valuations were low, according to the company's chief investment officer, Rajeev Thakkar. The fund's return of 14% this year has outperformed 90% of its peers due to Thakkar's contrarianism against ESG mandates. Global funds have trimmed their exposure to tobacco, coal, and oil companies in recent years to comply with ESG guidelines. Thakkar is guided by the strategies of ITC and Coal India to pivot away from their traditional businesses towards agriculture, renewable energy, and the consumer space.