Question
With reference to HDFC Balanced Advantage Fund (BAF) and
its recent achievement, consider the following statements: 1. It is the first hybrid mutual fund in India to cross the ₹1 trillion AUM mark. 2. It is the first actively managed mutual fund scheme in India to cross the ₹1 trillion mark. 3. Prashant Jain managed this fund for 28 years, the longest tenure by any fund manager in India. Which of the statements given above is/are correct?Solution
• Statement 1 is correct: HDFC Balanced Advantage Fund (BAF) became India’s first hybrid mutual fund to cross the ₹1 trillion AUM mark. • Statement 2 is incorrect: It is not the first actively managed scheme overall to cross this milestone — that honor goes to Parag Parikh Flexicap Fund, making HDFC BAF the second actively managed scheme but the first hybrid one. • Statement 3 is correct: The fund was managed by Prashant Jain for 28 years, the longest tenure ever by a fund manager in India. The scheme, launched in 1994, went through name and merger changes, finally becoming HDFC Balanced Advantage Fund in 2018. It has delivered strong long-term returns, supported by its model-driven dynamic asset allocation approach. Thus, the correct answer is (b) 1 and 3 only.
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