Mutual Fund : Monthly Update on India`s Asset Management Industry - JM Financial Securities
Equity MF schemes (ex-arbitrage) inflows surged to INR 320bn in Jan’24 (vs. INR 215bn in Dec’23). Within equity, the inflows continue to be driven by uptick in multi/flexi cap schemes (INR 55bn vs 29bn MoM) and steady inflows in mid cap (INR 21bn vs INR 14bn MoM) and small cap schemes (INR 33bn vs 39bn MoM). Arbitrage funds saw net inflows of INR 106bn (flat MoM). SIP inflows continued their upward trend and clocked INR 188.4bn (vs INR 176.1bn in Dec’23) while SIP AUM increased to INR 10.3trn (+52% YoY, +3% MoM). Net new SIPs registered (new SIPs registered minus SIPs discontinued) stood at 2.8mn in Jan’24 (vs 1.9mn in Dec’23). Debt MF (ex-liquid) schemes witnessed net inflows of INR 75bn (vs outflows of INR 205bn in Dec’23); while liquid MF scheme net inflows were at INR 691bn (vs net outflows of INR 529bn in Dec’23). Total industry MF AUM reached INR 52.7trn (+33% YoY, +4% MoM) while equity MF AUM increased to INR 29.9trn (+47% YoY, +4% MoM). As of Jan’24, equity MF schemes contributed 56.9% (+589bps YoY) of total industry AUM while debt and liquid schemes contributed 17.0% (-231bps YoY) and 13.4% (- 323bps YoY), respectively. For the AMCs under our coverage, equity AUM market share for HDFC AMC and NAM witnessed an improvement to 12.88% (+79bps YoY, +5bps MoM) and 6.84% (+49bps YoY, +6bps MoM) resp., while market share for UTI AMC stood at 4.07% (-51bps YoY, -8bps MoM).
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