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  • MF News Investor’s cash out of equity funds as markets zooms up

    Investor’s cash out of equity funds as markets zooms up

    Investors pull out Rs 10816 crore from equity funds from April to December, shows the latest AMFI data.
    Team Cafemutual Nov 30, -0001

    Mutual fund investors have pulled out nearly Rs 10816 crore from equity funds as the BSE Sensex gained 26% in 2012. The industry recorded the highest redemptions in August and September at Rs 2096 crore and Rs 3306 respectively. The month of May was exception when equity funds saw net inflows of Rs 506 crore due to a more than 1000 points fall in BSE Sensex from 17318 to 16218. This suggests that investors are investing when markets dip, contrary to the popular belief that retail investors redeem when markets move down. The uptick in markets helped equity funds asset value gain 6% from Rs 1.56 lakh crore to Rs 1.66 lakh crore year to date.

    Equity linked savings scheme (ELSS) too recorded net outflows to the tune of Rs 1686 from April to December.

    Though income and liquid funds saw net outflows of Rs 40822 crore in December, the year to date inflows were positive at Rs 1.29 lakh crore.

    Fears on the sustained performance of gold in the future moderated inflows in gold ETFs to Rs 1428 crore YTD compared to Rs 3248 crore during the corresponding period previous year (April 2011-Dec 2011).  Gold ETFs asset base went up from Rs 10000 crore levels to Rs 11992 crore YTD.

    Investors continued to flock to gilt funds on the expectations of a rate cut by RBI. This category has seen net inflows from the last four months, including December.  Gilt funds recorded Rs 2551 crore net inflows from the start of the year till now.

    Among the new fund offers launched in December, Religare Bank Debt Fund collected Rs 113 crore while Union KBC Asset Allocation Fund mopped up Rs 72 crore. IDBI Gilt Fund garnered Rs 121 crore. The total inflows from all new funds launched in December, which were mostly close-ended income funds, stood at Rs 4732 crore.

    The BSE Sensex has started 2013 with more than 300 points gain. It remains to be seen if investors will continue redeeming from equity funds in January as well.



    Category

    Net Inflow/Outflow

    Net Inflow/Outflow YTD

    AUM

    Income

    -11026

    69853

    378196

    Equity

    -1446

    -10816

    166538

    Balanced

    217

    -119

    18034

    Liquid

    -29796

    59508

    149582

    Gilt

    985

    2551

    6500

    ELSS

    -272

    -1686

    25,223

    Gold ETFs

    474

    1428

    11992

    Other ETFs

    20

    -79

    1,676

    Fund of Funds investing overseas

    -56

    -371

    2254

    Total

    -40900

    120269

    759,995

    Source : AMFI (Rs in cr)

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