Gopal Agrawal on HDFC BAF’s 75% Return, Value + Growth Investing & Managing ₹1.5 Lakh Crore

Value Research

In this exclusive episode, Gopal Agrawal, Senior Fund Manager – Equity at HDFC Mutual Fund, offers deep insights into what’s powering the HDFC Balanced Advantage Fund’s 75% return over three years, and how his investing philosophy blends value and growth to outperform benchmarks.

Agrawal manages over ₹1.54 lakh crore across four schemes and shares the behind-the-scenes decision-making that fuels his dynamic asset allocation, sector rotations, and the unique top-heavy-yet-diversified portfolio structure he favours. From the fund’s evolution post-Prashant Jain to navigating premium valuations and recovering from past missteps, Agrawal gets candid about what it takes to deliver consistent absolute returns in today’s volatile market.

Whether you’re an investor in HDFC BAF, exploring multi-cap or large & mid-cap funds, or simply curious about how top fund managers navigate cycles—this conversation is a masterclass in real-world portfolio management.

Topics Covered:

• What’s driving HDFC BAF’s 75% return and outperformance

• Balancing growth, valuation, and downside protection

• How dynamic sector calls shaped HDFC Large & Mid Cap Fund

• Avoiding liquidity traps in mid- and small-cap spaces

• The philosophy behind maintaining 200+ stock portfolios

• How Balanced Advantage Funds truly work (and why they’re misunderstood)

• Lessons learned from underperformance and course correction

Categories/Genres: Business, Investing, Finance, Retirement Planning, Mutual Funds