This fund has got an amazing 10 year and a good 5 year track record. But its recent performance in 2006 & 2007 has not been good. It was an average perfomer in 2006 and a below average performer in 2007.
However all of the best rating agencies like valueresearch, personalfn, citibank have placed HDFC Equity as their number one pick. IMO, it is a average fund and does not deserve the hype surrounding it. There are many more consistant perfomers available in the market.
BTW, moneycontrol's rating is not very good. Its mostly based on short term performances.