Monthly Update on India`s Asset Management Industry By JM Financial Institutional Securities Ltd
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SIPs strengthen as small and midcap schemes sustain equity flows
Equity MF schemes (ex-arbitrage) inflows moderated in Nov’23 though was still robust at INR 198.3bn (vs. INR 246.6bn in Oct’23). Within equity, the inflows continue to be driven by mid cap and small cap schemes (INR 26.7bn and INR 37.0bn), though quantum of flows in small cap schemes has seen slight decline MoM in Nov’23. Arbitrage funds saw net inflows of INR 94bn (vs net inflows of INR 55bn in Oct’23). SIP flows were at all-time highs at INR 170.7bn (vs INR 169.3bn in Oct’23) and SIP AUM increased to INR 9.3trn (+36% YoY, +8% MoM). Net new SIPs registered (new SIPs registered minus SIPs discontinued) stood at 1.41mn in Nov’23 (vs 1.71mn in Oct’23). Debt MF (ex-liquid) schemes witnessed net outflows of INR 56bn (vs inflows of INR 68bn in Oct’23); while liquid MF scheme net outflows were marginal at INR 2.6bn (vs net inflows of INR 358bn in Oct’23). Total industry MF AUM surged to INR 49.1trn (+22% YoY) while equity MF AUM increased to INR 27.0trn (+29% YoY, +8% MoM). As of Nov’23, equity MF schemes contributed 55% (+324bps YoY) of total industry MF AUM while debt and liquid schemes contributed 18.5% (-51bps YoY) and 14.0% (-227bps YoY), respectively. For the AMCs under our coverage, equity AUM market share for HDFC AMC and NAM witnessed an improvement to 12.7% (+88bps YoY, +3bps MoM) and 6.7% (+43bps YoY, +4bps MoM) resp., while market share for UTI AMC stood at 4.18% (-51bps YoY, -4bps MoM).
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