Fundalysisby DARKHORSESTOCKS

Fund manager · HDFC

Bhagyesh Kagalkar

Senior Equity Analyst and Fund Manager at HDFC. Runs 3 schemes worth ₹31,677 Cr.

  • Fund house

    HDFCThey run their schemes at HDFC.

  • AUM they run

    ₹31,677 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

    3 now · 0 beforeSchemes they run now, as main or co-manager, and ones they ran before, since Sept 2024. On 26 more schemes for a slice of it: overseas, gold or arbitrage.

  • Experience

    31 yearsCollectively over 31 years of experience in Equity Research, investments and Finance

Profile(HDFC's SAI, 30 Jun 2026)

About

Role
Senior Equity Analyst and Fund Manager
Studied
B.E. (Production) MMS (Finance) - Mumbai University, General Management Program (GMP) - Harvard Business School
Age
58 years
Experience
Collectively over 31 years of experience in Equity Research, investments and Finance

Schemes now29

  1. HDFC Flexi Cap Fund₹1,08,547 Cr
  2. HDFC Mid Cap Fund₹1,01,856 Cr
  3. HDFC Small Cap Fund₹40,801 Cr
  4. HDFC Large Cap Fund₹37,294 Cr
  5. HDFC Large Mid Cap Fund₹28,543 Cr
  6. HDFC Focused Fund₹26,553 Cr
  7. and 23 more, all below

AUM they run(Feb 2022 – Sept 2026)

AUM at month end each month, and its change on the month before
12 months₹ CrChange
Sept 202631,677−3.2%
Aug 202632,730+10.0%
Jul 202629,758+0.6%
Jun 202629,582−9.0%
May 202632,491+5.2%
Apr 202630,888+3.6%
Mar 202629,823−9.5%
Feb 202632,956−8.0%
Jan 202635,831+45.9%
Dec 202524,562+20.0%
Nov 202520,462+8.4%
Oct 202518,872+14.5%
AUM at month end, Sept 2026
₹31,677 Cr
+67.8% since Oct 2025
Fig. 1.The AUM of the schemes Bhagyesh Kagalkar 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(Feb 2022 – now)

  1. Multi Asset Allocation Fund
  2. Gold ETF
  3. Multi Asset Active FoF
  4. Silver ETF
  5. Flexi Cap Fund
  6. Mid Cap Fund
  7. Small Cap Fund
  8. Large Cap Fund
  9. Large Mid Cap Fund
  10. Focused Fund
  11. Aggressive Hybrid Fund
  12. Multi Cap Fund
HDFC2023202420252026
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(Feb 2022 – now)

HDFC

29 now · since Feb 2022
  1. HDFC Flexi Cap Fund
    Gold & silverAug 2026—3m₹1,08,547 CrFlexi CapTER 0.77%
  2. HDFC Gold ETF
    Fund managerFeb 2022—4y 9m₹23,900 CrGold

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

Performance(3 schemes)

Growth · Direct plans, Regular before 2013

Return as manager
+33.11%
Beat peers
1 of 2
vs peers
+16.54 pt
Longest run
4.7 years
Beat benchmark
Upcoming
Each scheme Bhagyesh Kagalkar ran, against its peers and benchmark over the same months. Source: AMFI. Click a column's header to sort by it.
HDFC Gold ETF
Feb '22–now · 4.7y
+25.89%+25.93%−0.03 pt––
HDFC Silver ETF
Sep '22–now · 4.1y
+40.33%+7.22%+33.11 pt––
HDFC Gold Silver Passive FoF
Sep '26–now · 0.1y
−3.44%−3.85%+0.40 pt––
Fig. 1.Each scheme Bhagyesh Kagalkar ran, against its peers and benchmark over the same months. Source: AMFI.

Works with(16 now)

  1. Amar KalkundrikarFocused Fund · Multi Cap Fund · Business Cycle Fund · MNC Fund4 schemes
  2. Anand LaddhaValue Fund · Equity Savings Fund · Banking Financial Services Fund · Conservative Hybrid Fund4 schemes
  3. Anil BamboliMulti Asset Active FoF · Multi Asset Allocation Fund · Equity Savings Fund3 schemes
  4. Ihab DalwaiAggressive Hybrid Fund · Multi Asset Active FoF · Multi Asset Allocation Fund3 schemes
  5. Amit SinhaInnovation Fund · Consumption Fund2 schemes
  6. Anupam JoshiAggressive Hybrid Fund · Conservative Hybrid Fund2 schemes
  7. Ashish ShahInfrastructure Fund · Housing Opportunities Fund2 schemes
  8. Chirag SetalvadMid Cap Fund · Small Cap Fund2 schemes

Career(Jun 1994 – now)

HDFC Asset Management Company Limited

  1. Position not stated
    Jan 2007—19y 10m

Dolat Capital Markets Ltd

  1. Head of Research
    Jun 1999—Dec 20067y 7m

India Infoline Ltd

  1. Research Analyst
    Jan 1999—May 19995m

Sun Engineering Ltd

  1. Manager - Finance
    Aug 1997—Dec 19981y 5m

Al Ahlia Portfolio Securities Co. Muscat

  1. Investment Analyst
    Jun 1996—Jul 19971y 2m

IIT Investrust

  1. Equity Analyst
    Jun 1994—May 19962y

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