Strategy : India MF Monthly Flow Tracker Jun`25 By JM Financial Services
India MF Monthly Flow Tracker – Jun’25
In Jun’25, equity mutual funds (ex- arbitrage) saw inflows of INR 314bn (USD 3.7bn), +30% MoM, marking a rise after 5 consecutive months of decline. SIP inflows in Jun’25 increased over May’25 to INR 273bn (USD 3.2bn), taking total SIP AUM to INR 15.3trln (USD 178bn), +4.7% MoM. Outstanding SIP accounts in the country increased by 1.3mn MoM, while number of new SIPs registered (gross) increased by 0.3mn from 5.9mn in May’25 to 6.2mn in Jun’25. Further, closure of SIP accounts stood at 4.8mn, taking the ratio of discontinued SIPs as a % of new SIPs to 78%. Vis-à-vis the BSE 200, the top-5 sectors wherein domestic mutual funds are overweight include: (1) pharmaceuticals & healthcare, (2) capital goods, (3) consumer durables, (4) agrochemicals & petrochemicals and (5) e-commerce. Vis-à-vis the BSE 200, the top-5 sectors wherein domestic mutual funds are underweight include: (1) private banks, (2) oil & gas, (3) IT services, (4) consumer and (5) metals & mining.
* MF flows increase MoM after 5 consecutive months of decline: In Jun’25, equity mutual funds (ex- arbitrage) saw inflows of INR 314bn (USD 3.7bn), 30% higher MoM, marking a rise after 5 consecutive months of decline (-4% in Jan’25, -26% in Feb’25, -17% in Mar’25, -1% in Apr’25 and -10% in May’25). Arbitrage funds saw inflows of INR 156bn vs. inflows of INR 157bn in May’25. Core equity funds saw inflows of INR 236bn, up 24% MoM. Thematic flows have decreased MoM to INR 5bn vs. INR 21bn in May’25. Equity NFOs declined in Jun’25 to INR 9.3bn vs. INR 36bn in May’25.
* SIP inflows and SIP accounts see an increase: SIP inflows in Jun’25 increased over May’25 to INR 273bn (USD 3.2bn), taking total SIP AUM to INR 15.3trln (USD 178bn), 4.7% higher MoM (helped by 3.1% positive market movement). Outstanding SIP accounts in the country currently stand at 91.9mn, 1.3mn higher MoM. The number of new SIPs registered (gross) increased by 0.3mn from 5.9mn in May’25 to 6.2mn in Jun’25. Further, closure of SIP accounts stood at 4.8mn, taking the ratio of discontinued SIPs as a % of new SIPs to 78%. The number of total contributing SIP accounts in Jun’25 increased to 86.5mn vs. 85.6mn sequentially.
* How MF holdings stack up vs. the BSE 200: Vis-à-vis the BSE 200, the top-5 sectors wherein domestic mutual funds remain overweight include: (1) pharmaceuticals & healthcare, (2) capital goods, (3) consumer durables, (4) agrochemicals & petrochemicals and (5) e-commerce. The top-4 sectors are unchanged while e-commerce replaces textiles as the fifth sector. Besides this, sectors such as building materials, media sugar and diversified have seen mutual funds taking exposure, although they do not have any weight in the BSE 200. Vis-à-vis the BSE 200, the top-5 sectors wherein domestic mutual funds are underweight include: (1) private banks, (2) oil & gas, (3) IT services, (4) consumer and (5) metals & mining. The top-4 sectors are unchanged while metals & mining replaces telecom as the fifth sector.
* Indian MF cash levels: Indian MFs cash levels stood at INR 2,040bn, which is 4.8% of total equity AUM. In May, these numbers stood higher at INR 2,171bn, constituting 5.4% of AUM.
Please refer disclaimer at https://www.jmfl.com/disclaimer
SEBI Registration Number is INM000010361
