HDFC Mutual Fund announces change of fund manager in three schemes.
Roshi Jain, who was managing Rs 1.33 lakh crore of assets resigned in November 2025.
Chirag Setalvad will be managing HDFC Flexi Cap Fund from December 8.
HDFC Flexi Cap, Focused & ELSS Tax Saver Get New Fund Managers As Roshi Jain Exits
The HDFC Flexi Cap Fund, the second-largest flexi cap fund after Parag Parikh Flexi Cap Fund, manages over Rs 94,000 crore worth of assets. With Jain’s exit, the fund will now be managed by Chirag Setalvad. She had been managing the scheme since July 2022.
Summary
Advertisement
HDFC Mutual Fund has announced a major reshuffle across three of its largest equity schemes – HDFC Flexi Cap Fund, HDFC Focused Fund and HDFC ELSS Tax Saver Fund, following the exit of senior fund manager Roshi Jain. Jain, who was managing over Rs 1.33 lakh crore across these schemes, had resigned earlier in November 2025.
The HDFC Flexi Cap Fund, the second-largest flexi cap fund after Parag Parikh Flexi Cap Fund, manages over Rs 94,000 crore worth of assets. With Jain’s exit, the fund will now be managed by Chirag Setalvad. She had been managing the scheme since July 2022.
Chirag Setalvad, widely regarded for his sharp mid-cap stock-picking skills, manages the largest mid-cap fund, HDFC Midcap Fund, holding assets worth Rs 92,169 crore. He has been managing the fund since June 25, 2007. He manages the HDFC Small Cap Fund as well.
The HDFC Focused Fund, with assets of Rs 26,230 crore, will now be overseen by Gopal Agrawal. He manages HDFC Large & Mid Cap Fund, Dividend Yield and Balanced Advantage Funds as well. Meanwhile, HDFC ELSS Tax Saver Fund, managing Rs 17,241 crore, will be handled by Amar Kalkundrikar, who also manages HDFC Multicap Fund.
Advertisement
Dhruv Muchhal will continue as the dedicated fund manager for overseas investments, the fund house said in an addendum issued to its Scheme Information Documents (SIDs), Key Information Memorandums (KIMs) and Statement of Additional Information (SAI) on December 5.
The fund manager changes come into effect from December 8, 2025.
The fund house clarified that all other terms and conditions of the SAI, SIDs and KIMs remain unchanged.
Roshi Jain’s departure is significant for HDFC AMC, given that she was managing over Rs 1.33 lakh crore across the three schemes. HDFC Mutual Fund is among the largest fund houses in the country, with assets under management (AUM) of over Rs 8.73 lakh crore.
The AMC added that the latest addendum forms an integral part of the SIDs, KIMs and SAI of the respective schemes.
Show comments
Published At: