HDFC funds: Has the 'Prashant Jain effect' sustained?

It's been more than a year since Prashant Jain, the most celebrated fund manager, announced his surprise exit after a stint of about three decades in the mutual fund industry. Shouldering over Rs 90,000 crore (before the exit) across star funds-HDFC Flexi Cap Fund (since 2003),HDFC Top 100 Fund (since Jan 2002) and HDFC Balanced Advantage Fund (since 1994), Jain was one of India's longest-serving fund managers. In his stellar career, Jain helped investors build massive wealth. With an SIP of Rs 10,000 in a fund which returned the average of what these three funds have returned, you would have accumulated to a whopping Rs 2.3 crore over the last 20 years! We have assumed that SIP contributions have increased by 10 per cent every year. Despite hiccups during his tenure, Jain left when his funds were performing well. Noticeably, his funds were witnessing a period of underperformance for a while. However, it was only sometime before Jain's exit that his theme started playing out, and the funds turned rewarding, with the 'value' theme outnumbering the 'growth' theme. Aprajita Anushree