The HDFC Asset Management Co. Ltd stock closed 65% up on the first day of listing over its IPO price of ₹1,100 per share. Investors who sold on day one, saw ₹10,000 investment turn to about ₹16,500 over a 10-day period. HDFC AMC’s business is to offer its investment management service to investors—both retail and institutional. It’s performance track record as an asset manager is mixed. For example, investors into the best equity scheme over a one year period—HDFC Small Cap Direct Plan—have seen a one-year return of almost 22%. The worst equity scheme from HDFC AMC, HDFC Infrastructure fund, lost 11% in the same year. Look further back, the worst equity fund is still HDFC’s Infra fund, with an average annual return of about 8% over 10 years. The best equity fund, HDFC Mid-cap Opportunities, has given a huge 20% average annual return over 10 years. As asset managers begin to list on the stock market, HDFC is the second AMC to list, the first being Reliance Nippon Life Asset Management Ltd that listed in November 2017, the question investors are asking is this: should you invest in the schemes of a fund or in the stock of the fund itself?