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Moving of fund managers are a common occurrence just as it would in any other industry. While it is a fact that the key skills of stock picking are unique and individualistic you need not panic as soon as your fund manager makes an exit.
There are a number of factors that influence the performance of your fund. These include your funds exposure to risk, the sector it is operating in, the political scenario etc. Besides know that just as no amount of research or study can help one accurately predict the market sentiments no individual howsoever well he studies the scrips can be right all times.
There are times when inspite of strong fundamentals a particular scrip takes a beating and vice versa. Funds have risk filters set in order to limit exposure and ensure safety apart from the investment do's and don'ts laid down
Monitor the performance of your fund on a regular basis and compare between funds of the same category. If you fund there is a drastic fall it may be better to ship out.