Morningstar downgrades two HDFC Mutual Fund's equity schemes to 'silver'

HDFC AMC’s star fund manager Prashant Jain has seen two of his schemes downgraded by Morningstar recently. HDFC Top 100 and HDFC Equity have been downgraded from ‘gold’ to ‘silver’ by the mutual fund (MF) research house. “Prashant Jain’s long-term investment approach to investing, which entails taking high-risk conviction bets and sticking to them if they underperform over the short term, has often yielded satisfactory results,” said Himanshu Srivastava, senior analyst at Morningstar.

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