3P India Equity
3P Investment Managers | Equity | | AIFIME's View on 3P India Equity
Strategy
Flexi-cap Open-ended AIF offered by former HDFC AMC CIO
Investment Fund
3P India Equity Fund is an open-ended AIF strategy backed by the highly credible and pedigreed Prashant Jain, the former CIO of HDFC Mutual Fund. Prashant has consistently demonstrated his ability to manage and perform through his funds at HDFC AMC over extended periods and across various market cycles since 2000. The high minimum ticket sizes, which makes it only relevant for Ultra-HNIs.
Fund's Strategy View
3P India Equity Fund is a flexi cap strategy following a 3P investment philosophy. 3P stands for Prudence (in portfolio construction with reasonably valued businesses), Patience (with businesses and markets) and Performance (is an outcome of the process) The strategy is focused on companies with strong fundamental and reasonable valuations relative to growth, avoiding weak businesses and excessive valuations.
Fund Performance
We refrain from evaluating the fund since it is yet to mature (less than 5 years).
IME's View on 3P Investment Managers
View on AMC
Although 3P is a relatively new asset manager, it is backed by strong investment team and is owner-fund manager managed. First, their investment team boasts significant pedigree, with industry veterans like Prashant Jain (former CIO of HDFC Mutual Fund) and Ashwani Kumar (former Fund Manager at Nippon). Together, they bring over six decades of experience to the table. Second, 3P is an owner-based AMC, which we actively endorse for its higher stability in both the investment team and its philosophy.
AMC's Pedigree
The pedigree of the founder and CIO, Prashant Jain, lends significant credibility to the firm. Prashant Jain's remarkable tenure as the CIO of HDFC for 18 years greatly boosts 3P's pedigree from day 1. Even as performance in the last few years of Prashant's tenure at HDFC was clearly sub-par, Prashant Jain is widely considered to be one of the most senior and well-respected vetrans of Indian Equity Fund Management.
AMC Team
Leading the AMC are Prashant Jain (Former CIO of HDFC MF for 18 years) and Ashwani Kumar (Former Senior FM of Nippon MF), who bring exceptional expertise as the main fund managers. They are supported by an experienced team of 12 members, including a 9-member analyst team with an average of 7 years of experience.
Investment Philosophy
3P's investment philosophy is grounded in CIO Prashant Jain's well-honed investment style, developed over more than 30 years of market experience. Prashant Jain's tilt towards value is evident from the house philosophy dubbed 3P. 3P stands for Prudence (in portfolio construction with reasonably valued businesses), Patience (with businesses and markets) and Performance (is an outcome of the process). In his previous roles, he managed several funds for nearly two decades, demonstrating his consistent adherence to strategy across various market cycles.
3P India Equity AIF - Investment Strategy
3P India Equity Fund follows a high-quality, value-conscious investment approach, focusing on large-cap Indian equities with strong fundamentals and sustainable growth potential. The strategy prioritizes businesses with high return on capital, robust balance sheets, and competitive advantages, while maintaining valuation discipline to avoid speculative excess. With a long-term, low-turnover approach, the fund aims to capture consistent wealth creation through compounding.
Prashant Jain's Pedigree Prashant Jain's long-term performance is strong (he had managed HDFC Flexicap for 19 years until 2022). However, we cannot rule out potential periods of underperformance (as seen at HDFC AMC during 2018-2020) due to the CIO's value tilt (which could be out of market favor for extended periods).The Three Ps of 3P’s Investment Philosophy
Prudence:
- Focuses on portfolio construction with reasonably valued businesses, avoiding excessive speculation.
- Ensures investments are made in strong, scalable businesses with sustainable earnings growth.
Patience:
- Adopts a long-term perspective, allowing businesses time to realize their full potential.
- Avoids frequent portfolio churn, staying committed to fundamentally strong companies through market cycles.
Performance:
- Believes that consistent, strong performance is an outcome of a disciplined investment process.
- Focuses on risk-adjusted returns rather than chasing short-term gains, ensuring sustainable wealth creation.
Trailing Performance
| 1yr | 3yr | 5yr | Since Inception | |
|---|---|---|---|---|
| 3P India Equity | ||||
| S&P BSE 500 | ||||
| Alpha over Broad Mkt BM |
Performance as of: 30-Sep-25 | Inception Date: 04-Mar-24 | Performance are post-fees, pre-taxes. Global funds denominated in USD or fund currency.
Investment team
Prashant Jain | 5-star rated FM
CIO | 33 yrs Experience | 2 yrs at current firm
Past Experience: HDFC MF (CIO), SBI MF
Prashant Jain is Founder and CIO at 3P. He has 32 years of experience in Indian equities, all of it with mutual funds. He started his career with SBI Mutual Fund (1991-1993). He then moved to set up 20th Century Mutual Fund that became Zurich India Mutual Fund which was finally acquired by HDFC Mutual Fund in 2003. He thus has an unbroken track record of managing the same fund for over 28 years. This Fund, HDFC Balanced Advantage Fund, delivered a CAGR of ~17.9% vs Sensex CAGR of ~9.6% from Jan 1994 - July 2022. He is a BTech from IIT-Kanpur and PGDM from IIM-Bangalore.
Ashwani Kumar | 4-star rated FM
FM | 29 yrs Experience | 2 yrs at current firm
Past Experience: Nippon MF (FM)
Ashwani Kumar is the Portfolio Strategist and Co-Investment Manager at 3P. He is a long-term professional with nearly 28 years of Research and Fund Management experience. Ashwani started managing Reliance Vision Fund in 2003. He was one of the key members of the team at Reliance Mutual Fund (now Nippon India Mutual Fund) that scaled up the assets from ₹200 crores (US$ 24mn) in June 2003 to ~₹90,000 crores (US$ 11bn) in Feb 2020. He worked with Nippon AMC for 17 years before joining 3P.
