The mutual fund industry AUM inched closer to a landmark figure of Rs. 26 lakh crore as the industry assets touched Rs. 25.93 lakh crore in May. Analysis of the latest AMFI data shows that around 48% of the industry’s assets are invested in equity schemes and hybrid schemes.
Last month, the industry saw inflows to the tune of Rs. 76,990 crore compared to Rs. 1 lakh crore in April 2019. However, the drop in inflows was mainly because of volatile liquid fund inflows.
AMFI data shows that equity funds have witnessed net inflows of Rs.5000 crore in May as against Rs.4300 crore in April, an increase of 16%. AMFI CEO NS Venkatesh expects flows in equities to strengthen going forward on the back of political stability, promise of further economic reforms and improving macro-economic environment coupled with healthy corporate earnings growth.
Among equity funds, mid cap and small cap funds gained traction. Many fund managers believe that earnings growth in mid and small cap space would revive going forward.
However, inflows in debt funds slowed down last month. While liquid funds saw significant slowdown, investors also pulled out money from majority of debt fund categories amidst the series of credit events. Overall, debt and money market funds investing in low duration and high credit quality saw positive flows last month. The overnight fund category which saw two NFOs last month saw strong inflows of over Rs. 2000 crore last month. Venkatesh expects high quality bond funds and long duration funds to see more traction in the coming months as RBI has changed its stance to accommodative in the last monetary policy. He feels that investors are likely to be cautious on the credit side and will reassess their credit exposure.
On SIP inflows, while the overall monthly SIP inflows continue to remain over Rs. 8,000 crore, May saw a marginal drop in SIP numbers i.e. from Rs. 8,237 crore in April to Rs. 8,193 crore in May. Despite the fall in monthly flows, SIP accounts continued to increase. The industry added around 4 lakh SIP accounts in May. According to Venkatesh, this indicates that the fall in SIP flows is temporary and we may see continued growth in SIP numbers going forward.
Overall, the month saw positive inflows in all open-ended fund categories.
Industry flows
|
Scheme Name |
Net Inflow /Outflow Rs. Crs. |
Change (Rs. Crore) |
Change (%) |
|
|
Apr-19 |
May-19 |
|||
|
Open ended Schemes |
|
|
|
|
|
Income/Debt Oriented Schemes |
|
|
|
|
|
Overnight Fund |
96 |
2347 |
2252 |
2352% |
|
Liquid Fund |
89778 |
68583 |
-21196 |
-24% |
|
Ultra Short Duration Fund |
11037 |
1191 |
-9846 |
-89% |
|
Low Duration Fund |
4913 |
-2353 |
-7267 |
-148% |
|
Money Market Fund |
6419 |
3896 |
-2523 |
-39% |
|
Short Duration Fund |
2771 |
-1316 |
-4087 |
-148% |
|
Medium Duration Fund |
-531 |
-2063 |
-1532 |
289% |
|
Medium to Long Duration Fund |
264 |
-387 |
-651 |
-247% |
|
Long Duration Fund |
8 |
90 |
82 |
1023% |
|
Dynamic Bond Fund |
412 |
-651 |
-1063 |
-258% |
|
Corporate Bond Fund |
3874 |
1430 |
-2444 |
-63% |
|
Credit Risk Fund |
-1253 |
-4156 |
-2903 |
232% |
|
Banking and PSU Fund |
2792 |
3382 |
590 |
21% |
|
Gilt Fund |
-41 |
-45 |
-4 |
9% |
|
Gilt Fund with 10 year constant duration |
33 |
-61 |
-94 |
-285% |
|
Floater Fund |
348 |
233 |
-115 |
-33% |
|
Sub Total – I |
120920 |
70119 |
-50801 |
-42% |
|
Growth/Equity Oriented Schemes |
|
|
|
|
|
Multi Cap Fund |
1873 |
648 |
-1225 |
-65% |
|
Large Cap Fund |
48 |
53 |
5 |
10% |
|
Large & Mid Cap Fund |
-21 |
279 |
299 |
-1460% |
|
Mid Cap Fund |
491 |
1273 |
782 |
159% |
|
Small Cap Fund |
956 |
1416 |
460 |
48% |
|
Dividend Yield Fund |
-32 |
-28 |
4 |
-12% |
|
Value Fund/Contra Fund |
40 |
-9 |
-49 |
-124% |
|
Focused Fund |
228 |
1200 |
972 |
427% |
|
Sectoral/Thematic Funds |
567 |
61 |
-507 |
-89% |
|
ELSS |
459 |
516 |
58 |
13% |
|
Sub Total - II |
4609 |
5408 |
799 |
17% |
|
Hybrid Schemes |
|
|
|
|
|
Conservative Hybrid Fund |
-239 |
-316 |
-76 |
32% |
|
Balanced Hybrid Fund/Aggressive Hybrid Fund |
-2121 |
-2481 |
-360 |
17% |
|
Dynamic Asset Allocation/Balanced Advantage |
155 |
341 |
187 |
121% |
|
Multi Asset Allocation |
-230 |
-19 |
211 |
-92% |
|
Arbitrage Fund |
1529 |
4554 |
3025 |
198% |
|
Equity Savings |
-708 |
-814 |
-106 |
15% |
|
Sub Total - III |
-1615 |
1266 |
2881 |
-178% |
|
Solution Oriented Schemes |
|
|
|
|
|
Retirement Fund |
126 |
120 |
-6 |
-4% |
|
Childrens Fund |
31 |
55 |
23 |
74% |
|
Sub Total – IV |
157 |
175 |
18 |
11% |
|
Other Schemes |
|
|
|
|
|
Index Funds |
18 |
220 |
202 |
1125% |
|
Gold ETF |
-10 |
-26 |
-16 |
169% |
|
Other ETFs |
-4259 |
2432 |
6692 |
-157% |
|
Fund of funds investing overseas |
21 |
25 |
4 |
21% |
|
Sub Total – V |
-4230 |
2651 |
6881 |
-163% |
|
Total A – Open ended Schemes |
1119841 |
79619 |
-1040223 |
-93% |
|
Close Ended Schemes |
|
|
|
|
|
Income/Debt Oriented Schemes |
|
|
|
|
|
Fixed Term Plan |
-17644 |
-1798 |
15846 |
-90% |
|
Capital Protection Oriented Schemes |
-608 |
98 |
706 |
-116% |
|
Infrastructure Debt Fund |
-315 |
0 |
315 |
-100% |
|
Other Debt |
-383 |
-302 |
81 |
-21% |
|
Sub Total |
-18950 |
-2001 |
16949 |
-89% |
|
Growth/Equity Oriented Schemes |
|
|
|
|
|
ELSS |
-48 |
-35 |
13 |
-27% |
|
Others |
-331 |
-404 |
-73 |
22% |
|
Sub Total |
-379 |
-439 |
-60 |
16% |
|
Other Schemes |
- |
|
|
|
|
Total B – Close ended Schemes |
-19329 |
-2440 |
16889 |
-87% |
|
Interval Schemes |
|
|
|
|
|
Income/Debt Oriented Schemes |
-52 |
-188 |
-136 |
260% |
|
Growth/Equity Oriented Schemes |
- |
|
|
|
|
Other Schemes |
- |
|
|
|
|
Total C – Interval Schemes |
-52 |
-188 |
-136 |
260% |
|
Grand Total (A + B + C) |
100460 |
76990 |
-23470 |
-23% |
|
Fund of Funds Scheme (Domestic) |
492 |
450 |
-42 |
-8% |
Source: AMFI
