Fundalysisby DARKHORSESTOCKS

Fund manager · HDFC

Amar Kalkundrikar

Fund Manager - Equities at HDFC. Runs 6 schemes worth ₹66,749 Cr.

  • Fund house

    HDFCBefore: Nippon until Aug 2025.

  • AUM they run

    ₹66,749 CrThe AUM of the schemes they run, as main or co-manager, at the latest month's end, as AMFI reports it. A scheme two people run counts for both.

  • Schemes

    6 now · 3 beforeSchemes they run now, as main or co-manager, and ones they ran before, since Aug 2024.

  • Experience

    23 yearsCollectively over 23 years of experience of which nearly 20 years in Fund Management, Equity Research and Portfolio Management

Profile(HDFC's SAI, 30 Jun 2026)

About

Role
Fund Manager - Equities
Studied
Chartered Accountant (ICAI), CFA (CFA Institute, Charlottesville, VA), MBA (Joint Program from London and Columbia Business School)
Age
46 years
Experience
Collectively over 23 years of experience of which nearly 20 years in Fund Management, Equity Research and Portfolio Management

Schemes now6

  1. HDFC Focused Fund₹26,553 Cr
  2. HDFC Multi Cap Fund₹19,490 Cr
  3. HDFC ELSS Tax Saver Fund₹14,949 Cr
  4. HDFC Business Cycle Fund₹2,646 Cr
  5. HDFC Long Term Fund₹2,577 Cr
  6. HDFC MNC Fund₹534 Cr

AUM they run(Oct 2020 – Sept 2026)

AUM at month end each month, and its change on the month before
12 months₹ CrChange
Sept 202666,749−5.8%
Aug 202670,878+0.3%
Jul 202670,683+1.6%
Jun 202669,568+3.3%
May 202667,333−0.6%
Apr 202667,740+8.2%
Mar 202662,590−5.8%
Feb 202666,470+69.7%
Jan 202639,169−3.1%
Dec 202540,424+72.6%
Nov 202523,414+0.5%
Oct 202523,307+5.1%
AUM at month end, Sept 2026
₹66,749 Cr
+186.4% since Oct 2025
Fig. 1.The AUM of the schemes Amar Kalkundrikar ran at each month's end, each only in the months they ran it, ₹ crore. A scheme two people run counts in full for both. Source: AMFI.

Schemes over time(Oct 2020 – now)

  1. Consumption Fund
  2. Balanced Advantage Fund
  3. Vision Large Mid Cap Fund
  4. Business Cycle Fund
  5. MNC Fund
  6. Multi Cap Fund
  7. ELSS Tax Saver Fund
  8. Focused Fund
  9. Long Term Fund
HDFCNippon202120222023202420252026
Fig. 1.The schemes they ran when, the oldest first: each from the date its fund house gives, or the first document listing them where it gives none, to when they left, coloured by fund house.

Schemes(Oct 2020 – now)

HDFC

6 now · since Nov 2022
  1. HDFC Focused Fund
    Fund managerFeb 2026—9m₹26,553 CrFocusedTER 0.82%

Nippon

since Oct 2020
  1. Nippon India Vision Large Mid Cap Fund
    Fund managerJun 2021—Aug 20254y 3mLarge & Mid Cap

Source.Each scheme's Scheme Summary Document at AMFI and its filings at NSE.

Performance(9 schemes)

Growth · Direct plans

Return as manager
+13.54%
Beat peers
3 of 6
vs peers
−0.37 pt
Longest run
4.8 years
Beat benchmark
Upcoming
Each scheme Amar Kalkundrikar ran, against its peers and benchmark over the same months. Source: AMFI. Click a column's header to sort by it.
Nippon India Balanced Advantage Fund
Oct '20–Aug '25 · 4.8y
+15.33%+14.42%+0.90 pt––
Nippon India Consumption Fund
Oct '20–Aug '25 · 4.8y
+25.29%+23.24%+2.05 pt––
Nippon India Vision Large Mid Cap Fund
Jun '21–Aug '25 · 4.2y
+19.18%+17.72%+1.45 pt––
HDFC Business Cycle Fund
Nov '22–now · 3.9y
+11.76%+13.40%−1.64 pt––
HDFC MNC Fund
Mar '23–now · 3.6y
+9.50%+15.61%−6.11 pt––
HDFC Multi Cap Fund
Sep '25–now · 1.1y
−3.97%+4.67%−8.64 pt––
HDFC ELSS Tax Saver Fund
Dec '25–now · 0.9y
−11.44%−3.44%−8.00 pt––
HDFC Focused Fund
Feb '26–now · 0.7y
−4.17%+1.38%−5.55 pt––
HDFC Long Term Fund
Mar '26–now · 0.6y
−0.70%−0.52%−0.19 pt––
Fig. 1.Each scheme Amar Kalkundrikar ran, against its peers and benchmark over the same months. Source: AMFI.

Career(Mar 2002 – now)

HDFC Asset Management Company Limited

  1. Position not stated
    Aug 2025—1y 3m

Nippon Life India Asset Management Company Ltd

  1. Fund Manager - Equity
    Sept 2020—Aug 20255y

HDFC Asset Management Company Limited

  1. Portfolio Manager - Client Funds
    Mar 2002—Sept 202018y 7m

Source.HDFC's Statement of Additional Information, as of 30 Jun 2026.