HDFC Asset Management Company

Thought that I will do a quick check on my original thesis from two years ago.

The company has made progress

1. New fund launches have been completed
   2.Prashant jain is no longer there but the funds are doing well
2. Hdfc amc website and app is better

Unforeseen things were

1. Hdfc bank is now the parent so distribution will help. This is a positive
2. The regulatory push to decrease TER has abated somewhat so the overhang is gone. This was a sentiment negative for last 12-18 months
3. Sip flows have been strong . Didn’t expect sips to go up 3 times. This is a positive

Big question is

As TER decreases with increasing AUM size at what growth rate and AUM levels does it mean positive operating leverage from here on

Disc: invested from long time ago and holding