Ever since the news of HDFC AMC CIO Prashant Jain’s resignation broke, investors, traders and wealth advisers have been tweeting posts of admiration for one of India’s longest serving fund managers.
Some tweeted about fear of their holdings at the AMC losing value, now that the veteran has left, while others, tongue in cheek, expressed hope that the AMC would correct and present a buying opportunity.
Few and far between, there were angry tweets about Jain’s underperformance too, when he chose to stick too long with PSBs. In 2015, he had aggressively bet on public sector banks but the banks took a while to clean up their books and the fund schemes under Jain saw value destruction.
Also read: End of an era: Votary of value investing leaves HDFC MF
Independent investor and IP Attorney Safir Anand took a bow at Jain’s compounding record and wrote about the senior fund manager’s graciousness.
“One of the most consistent fund managers with a credible history of 28 years and a compounding record that’s worth my bow. Having met him at presentations, admired his patience, meditation ability extended to investing. Never bad mouthed anyone. Thorough gentleman,” Anand tweeted.
“Managing public money is no way less than an Indian cricketer,” tweeted Siddhartha Bhaiya, MD and fund manager at Aequitas Investment Consultancy. He compared Jain to Sachin for his consistency and longevity in the face of immense pressure and constant scrutiny.
Calling Jain a "legend" and adding that his funds delivered 18% CAGR over 25 years, chief mentor and co-promoter of JRL Money Vijai Mantri tweeted about continuity. "But as the saying goes! King is dead! Long live the king!," he posted. That is, a leader may have left but the show will go on.
Outlook Asia Capital’s CMD Manoj Nagpal posted a breakdown of Jain’s networth to illustrate the importance of building skills. Of Jain’s net-worth which is above Rs 450 crore, 70-75% came from salary, earnings and ESOPs while 25-30% came from appreciation of his investments, wrote Nagpal. “Do focus on your career and skills!” he tweeted.
Co-founder and CEO of Moneyfront, Mohit Gang wrote that Jain was among “the most revered names on the street”. Gang commented on Jain’s ability to stay true to his philosophy “through thick and thin”.
Just as Jain has won the admiration of this founder, he seems to have awed others. Sonam Srivastava, founder and CEO at Wright Research, tweeted with the feeling-the-heat emoji when commenting on the Rs 1 lakh crore AUM that Jain was directly managing. “#Prashant Jain has been an inspiration for everyone,” she wrote.
Also watch: A look at Jain's career, investment philosophy and life
On a lighter note, wealth adviser PV Subramanyam tweeted about his disappointment in not getting the buying opportunity he thought he would. “No use of PJ quitting. The Hdfc Amc share price did not go down. I wanted to buy at 1699...it did not fall. Sigh,” he wrote. The AMC closed at Rs 1,900.45 today, which was lower by 1.28% from the previous day’s close.
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