HDFC Mutual Fund announces change in fund managers for its 3 equity funds as Roshi Jain exits

HDFC Mutual Fund has announced change in fund management for its three equity funds which is effective from December 8, 2025 post the exit of Roshi Jain who was managing these three funds.

The fund house informed about the changes to its unitholders through a notice cum addendum.

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According to the notice cum addendum, the fund management for three funds - HDFC Flexi Cap Fund, HDFC Focused Fund, and HDFC ELSS Tax Saver Fund is changed. The addendum said that HDC Flexi Cap Fund will now be managed by Chirag Setalvad, HDFC Focused Fund will be managed by Gopal Agrawal, and lastly HDFC ELSS Tax Saver will be managed by Amar Kalkundrikar.

And Dhruv Muchhal is the dedicated fund manager for overseas investments in all the three said funds of the fund house.

All other terms and conditions of the SAI and SIDs, KIMs of the aforesaid schemes will remain unchanged. This addendum forms an integral part of the SAI and SIDs, KIMs of the schemes as amended from time to time.

Jain joined HDFC Mutual Fund in December 2021. Prior to this, she had worked with Franklin Templeton, Goldman Sachs and Wipro Ltd. She started her career with Wipro in 1999 as an internal auditor. She is a CFA charterholder and an alumna of IIM Ahmedabad.

HDFC Flexi Cap Fund is the second largest flexi cap fund based on assets managed and has an AUM of over Rs 94,068 crore. Roshi Jain took charge of the flexi cap fund in 2022 post the exit of then CIO and veteran fund manager Prashant Jain.

Jain was managing the ELSS and focused fund since January 31, 2022 and the flexi cap fund since July 31, 2022 (Source: ACE MF)

HDFC Focused Fund and HDFC ELSS Tax Saver Fund had an AUM of Rs 26,229 crore and Rs 17,241 crore respectively as on November 30, 2025.

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In the last three years and five years, HDFC Flexi Cap Fund has delivered a CAGR of 21.59% and 23.84% respectively. HDFC Focused Fund gave 21.16% and 24.35% CAGR in the last three years and five years respectively.

HDFC ELSS Tax Saver Fund offered a CAGR of 21.13% and 21.84% in the last three years and five years respectively.