HDFC Mutual Fund has identified fund managers to oversee Prashant Jain’s HDFC Flexicap Fund, HDFC Top 100 Fund and HDFC Balanced Advantage Fund. Given the reshuffle, some investors may be wondering if they should continue with their investments.
To talk about it, CNBC-TV18 spoke with Mohit Gang, CEO and co-founder of Moneyfront.
According to Gang, HDFC MF investors should hold on to their mutual funds now and not jump ship.
He said investors should follow the performance of these programs over the next 2 years and then judge the performance of the new team.
Jain has managed HDFC Balanced since 1994.
Congratulating him, Nilesh Shah, MD of Kotak Mahindra AMC, said Jain came out as “true gold” in his last phase where he bet on PSU stocks and PSU banks.
“Prashant Jain went through a small period where his funds weren’t doing as well as usual, but his conviction paid off. Early in his career, his conviction on TMT created a small area of underperformance, but he came out of that like real gold. Unlike Sir Donald Bradman who went to zero in his last run, Prashant Jain scored a century in his last run,” Shah said while addressing CNBC-TV18.
Last week Jain left the company after 19 years. At HDFC AMC, Jain actively managed programs such as HDFC Balanced Advantage Fund and Flexicap Fund.
The HDFC Top 100 fund will now be managed by Rahul Bijal who joined the AMC in July 2022 as a senior fund manager. Gopal Agrawal and Srinivas Ramamurthy have been associated to manage the assets of the HDFC Balanced Advantage Fund. On the other hand, Anil Bamboli will manage the debt assets of the HDFC Balanced Advantage Fund.
The company’s board has approved the appointment of Chirag Setalvad as head of equities and Shobhit Mehrotra as head of fixed income.
Watch the video to learn more.
(Edited by : Anshul)
First post: STI