The industry’s assets under management rose
6 % from Rs 6.88 lakh crore in June to Rs 7.30 lakh crore in July helped by
inflows in income and liquid schemes.
Equity mutual funds witnessed one of the highest redemptions so far this fiscal at Rs 804 crore after seeing a healthy Rs 506 crore inflow in May. In June, equity funds saw redemptions to the tune of Rs 186 crore. The BSE Sensex dropped 1% in July. ELSS category also saw Rs 145 crore net outflows in July.
Robust inflows in income (Rs 21,670 crore) and liquid funds (Rs 17,708 crore) helped the industry’s asset grow by 6% from Rs 6.88 lakh crore in June to Rs 7.30 lakh crore in July.
Among the two new equity fund NFOs, Axis Focused 25 Fund collected Rs 250 crore while ICICI Prudential Bluechip Equity Fund mopped up approximately Rs 56 crore. Income schemes (open-ended and close-ended) collected Rs 2417 crore.
After seeing Rs 227 crore net outflows in June, Gold ETFs saw a net inflow of Rs 45 crore in July while other ETFs also saw Rs 41 crore net inflows.
Overseas
fund of funds continued to witnesses redemptions in July at Rs 66 crore. In
June overseas fund of funds saw net outflow of Rs 44 crore. “Investors redeem
whenever they see an upside, both in international and domestic equity funds,”
says a senior official from a domestic fund house.
