The Mutual Fund Scene

The mutual fund industry began FY19 on a positive note although flows into equity MFs in April-18 were a tad softer than FY18 monthly run-rates. Overall Industry MF AUM (Assets Under Management) grew 21 per cent YoY to Rs 23.2 lakh crore led by strong inflows into liquid schemes (Rs 1.16 lakh crore) in April-18. Net inflows into equity MF schemes (incl. Equity Linked Saving Scheme + Balanced Schemes) were at Rs 15,900 crore in April 18, which is lower than the Rs 21,700 crore average monthly run-rate for equity inflows observed in FY18. However, the stickier Systematic Investment Plan (SIP) inflows remained strong in April at Rs 6,690 crore, representing 42 per cent of net inflows into equity schemes in April-18. Debt MFs (ex-liquid schemes) witnessed a net inflow of Rs 4,800 crore in April-18,  after four successive months of net outflows.

Net flows (April-18)

Equity MFs (incl. ELSS + Balanced Schemes) Inflow: Rs 15,900 crore (vs Rs 13,400 crore in March-18).

Debt MFs (ex-liquid schem­es) Inflow: Rs 4,800 crore (vs

Rs 14,200 crore outflow in

March-18).

Liquid MFs Inflow: Rs 1,16,500 crore (vs Rs 55,000 crore outflow in March-18).

MF AUM (April-18)

Equity MFs (incl. ELSS + Balanced Schemes) AUM: Rs 9.8 lakh crore (up 48 per cent YoY).

Debt MFs (ex-liquid schemes) AUM: Rs 8.0 lakh crore (flat YoY).

Liquid MFs AUM: Rs 4.6 lakh crore (up 10 per cent YoY).

Overall MFs AUM: Rs 23.2 lakh crore (up 21 per cent YoY).

SIP inflows

SIP inflows in April-18 were at Rs 6,690 crore (+57 per cent YoY, down 6 per cent MoM).

Industry MF AUM mix

Equity MF schemes (incl. ELSS + Balanced) contributed 41.3 per cent to industry monthly average AUM in April-18, compared to 33.7 per cent in April-17 (+760 bps).

Individuals contributed 52.0 per cent to industry monthly

average AUM in April-18, compared to 46.5 per cent in April-17 (+550 bps).

Market shares based on April-18 monthly average AUM

Equity MF schemes

Among top AMCs, Birla SL AMC gained 35bps market share since April-17 to 9.2 per cent in April-18, while UTI AMC, RNLAM and ICICI AMC lost 125bps, 50bps and 30 bps of market share respectively since April-17.

Debt MF schemes

Among top AMCs, SBI AMC gained 120 bps market share since April -17 to 8.0 per cent in April-18, while RNLAM, UTI AMC and ICICI Pru AMC lost 100bps, 25bps and 36 bps of market share respectively since April-17.

Source: JM Financial