In addition, the trend of increasing individual investor inflows has been on the rise.
Top-performing Equity Mutual Funds: As of August 31, 2023, the Assets under Management (AUM) of the Indian mutual fund industry reached Rs 46,63 lakh crore, up from Rs 39,33 lakh crore as of August 31, 2022. According to data analysed by rating agency Icra Analytics, the industry’s average assets under management (AAUM) increased to Rs 46,93 lakh crore for the month of August 2023 from Rs 39,53 lakh crore in August 2022.
“At the present level, the industry is almost halfway to its goal of reaching Rs 100 lakh crore in AUM over the next few years. The growth in AUM is supported by investors’ optimism in the wake of India’s successful hosting of the G20 summit, the country’s robust growth prospects going forward, and positive global cues, according to Icra.
According to data released by the Association of Mutual Funds in India (AMFI) on Monday, net inflows into equity-oriented schemes reached a five-month high of Rs 20,245 crore in August, up from Rs 7626 crore in July of this year.
“Equity saw inflows as a result of a slight dip in the Nifty during the month of August, which also served as a consolidation point and an excellent opportunity for value picks. In addition, the trend of increasing individual investor inflows has been on the rise. Lastly, India’s comparative advantage following China’s slowdown and Russia’s marginalisation lead to increased inflows. Icra asserts that India’s development prospects remain favourable.
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Small and mid-cap funds saw inflows of Rs 4,265 crore and Rs 2,512 crore, respectively, among growth/equity-oriented schemes; sectoral/thematic funds saw net inflows of Rs 4,806 crore; and value/contra funds saw inflows of Rs 1,365 crore. However, net outflows from large-cap, focused, and ELSS funds totaled Rs 349 crore, Rs 471 crore, and Rs 27 crore, respectively.
Nippon India Small Cap Fund (+4.7% MoM change in NAV), Nippon India Growth Fund (+4.1% MoM), HDFC Small Cap Fund (+3.4% MoM), Kotak Emerging Equity Fund (+3.4% MoM), and Nippon India Multi Cap Fund (+3% MoM) reported the highest MoM increase among the top 25 schemes by AUM, per Motilal Oswal.
In August, debt mutual funds experienced net outflows of Rs 25,873 crore, compared to net inflows of Rs 61,440 crore in July of this year, with nine of sixteen fund categories experiencing outflows.
In addition to the uncertainty surrounding interest rates and the Reserve Bank of India’s stance to maintain an Arjuna-like concentration on inflation, the impending holiday season has prompted outflows, according to the rating agency.
In August 2023, the total equity value of the top 20 AMCs increased 0.9% on a monthly basis (+22.1% YoY). The Nifty fell 2.5% month-over-month and 8.4% annually.
Mirae Asset Mutual Fund (+3.5%) posted the greatest monthly gain among the top 10 funds, followed by Nippon India Mutual Fund (+3.1%), DSP Mutual Fund (+1.8%), HDFC Mutual Fund (+1.6%), and ICICI Prudential Mutual Fund (+1.1%).
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