2. Net MF Inflows/Outflows
Category
Sep-19
(in Rs. Cr)
Aug-19
(in Rs. Cr)
MoM
Change (%)
Jun 2019
(in Rs. Cr)
QoQ Change
(%)
Balanced -2,730 -756 72.31 -2,303 15.64
Equity 6,513 8,815 -35.34 7,274 -11.68
Income -21,531 9,767 145.36 -21,575 -0.20
Liquid -1,40,731 79,428 156.44 -1,52,432 -8.31
Gilt 304 347 -14.14 241 20.72
• Mutual fund schemes witnessed a redemption of Rs 1,52,000 cr in Sep’19 as compared to an inflow of Rs
1,00,200 cr in August. The massive redemptions could be attributed to debt-oriented schemes, which saw an
outflow of Rs 1,58,000 cr. Among debt-oriented schemes, liquid funds with investments in cash assets such as
treasury bills, certificates of deposit and commercial paper for shorter horizon saw an outflow of Rs 1,41,00 cr.
Balanced, Liquid & Income : These 3 categories witnessed net outflow; while others witnessed net inflow.
Outflows in liquid funds are because of a quarter-end phenomenon as companies and banks withdraw their
liquid fund investments to pay quarterly advance tax and for capital adequacy.
The Total Category wise AUM of the mutual fund industry decreased by 3.8% (Rs 96,807 Cr) to Rs 24,51.000 Cr in
Sept 2019. Redemptions by corporates to meet liquidity demand for advance tax payments could be a reason
for the decline in AUM.
Source: AMFI
3. Monthly Category Wise AUM
Category
Sep-19
(in Rs. Cr)
Aug-19
(in Rs. Cr)
MoM Change
(%)
Jun 2019
(in Rs. Cr)
QoQ Change
(%)
Balanced 2,74,914 2,70,169 1.8% 2,84,319 -3.3%
Equity 6,54,466 6,18,914 5.7% 6,52,533 0.3%
Income 7,65,146 7,83,355 -2.3% 7,45,777 2.6%
Liquid 3,88,425 5,27,473 -26.4% 3,97,990 -2.4
Gilt 9,411 9,141 3% 8,592 9.5
AUM of Other ETFs increased by 5.2% to Rs. 1,47,187 Cr in Sep’19 from Rs. 1,39,922 cr in Aug’19 & registered net
inflow of Rs. 1,033 Cr in Sept 2019 as against net outflow of Rs1,718 Cr in Aug 2019.
AUM of Gold ETF decreased by 3.2% to Rs. 5,613 cr in Sep’19 from Rs. 5,799 Cr in Aug’19. Further, its registered net
inflow of Rs 44 Cr as against net inflow of Rs 18 Cr in Aug 2019.
ELSS & Arbitrage fund registered net inflow of Rs. 454 Cr & Rs. 4,758 Cr Thus, the total equity funds witnessed net
inflow of Rs 11,725 Cr as against net inflow of Rs.15,283 Cr in Aug 2019.
The month saw a notable change in sector and stock allocation of funds. On an MoM basis, the weight of Private
Banks, Oil & Gas, Capital Goods, Consumer and Retail increased, while that of Technology, Healthcare, PSU Banks,
Utilities, NBFCs and Automobile moderated.
Source: AMFI
4. Company wise AUM
AMC Details
Sep-19
(in Rs. Cr)
Aug-19
(in Rs. Cr)
MoM
Change
(%)
Sep-18
(in Rs. Cr)
YoY
Change
(%)
HDFC Mutual fund 3,76,868 3,74,681 0.58 3,06,360 18.71
ICICI Prudential Mutual fund 3,51,234 3,49,290 0.55 3,10,257 11.67
SBI Mutual fund 3,21,011 3,21,933 -0.29 2,53,829 20.93
Aditya Birla Sun Life AMC Ltd 2,54,047 2,51,597 0.96 2,54,207 -0.06
Reliance Nippon Mutual Fund 2,03,409 1,95,752 3.76 2,44,843 -20.37
Among the top 5 asset management companies by AUM, HDFC MF, ICICI Prudential MF, and SBI MF continued to
remain the top three fund houses.
Source: AMFI
5. Top changes in stocks
Top-5 stocks by change in value
Company
Value Sep-19
(Rs.cr)
Value Change
MoM ( Rs. cr)
Value Change
MoM (%)
Shares Change
MoM (%)
HDFC Bank 77,090 7,420 10.6 0.5
ICICI Bank 63,170 4,580 7.7 1.7
Axis Bank 33,910 4,080 13.7 10.0
Larsen & Toubro 36,560 3,740 11.4 0.4
Kotak Mah. Bank 26,850 3,730 16.1 1.1
Bottom-5 stocks by change in value
Company
Value Sep-19
(Rs.cr)
Value Change
MoM (Rs. cr)
Value Change
MoM (%)
Shares Change
MoM (%)
Sun Pharma 9,640 -1,510 -13.5 0.0
TCS 21,720 -1,060 -4.7 2.6
Infosys 43,160 -960 -2.2 -1.1
SBI 31,770 -820 -2.5 -1.4
NTPC 19,630 -720 -3.5 -0.1
12. Net Flows In Mutual Funds
The mutual fund industry witnessed an outflow of Rs 1.51 lakh crore compared with an inflow of Rs 1.02 lakh crore.
The liquid or money market category contributed the most to the total outflows as the schemes used by companies
to park surplus cash for the short term witnessed quarter-end withdrawals.
Source: AMFI
(230,158)
35,529
142,359
(136,951)
65,439
(20,083) (22,357)
100,460
76,990
(159,814)
87,087
102,538
(151,790)
(250,000)
(200,000)
(150,000)
(100,000)
(50,000)
-
50,000
100,000
150,000
200,000
Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19
Net Flows In Mutual Funds (Rs cr.)
13. SIP Contribution
Source: AMFI
7,727
7,985 7,985
8,022
8,064
8,095
8,055
8,238
8,183
8,122
8,324
8,231
8,263
7,400
7,500
7,600
7,700
7,800
7,900
8,000
8,100
8,200
8,300
8,400
Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19
SIP Contribution (In Rs. Cr)
Contribution through the systematic investment plans or SIPs remained intact at Rs 8,263 crore, improving marginally
from last month’s tally of Rs 8,231 crore. If large parts of these SIP flows (as anecdotally observed) are directed
towards equity schemes, they account for 51% of gross equity inflows (Rs 16,053 crore) seen in September. SIP
contribution has increased by 2.2x in last three years. We expect SIP gross inflows to consolidate in 2019 due to
changes in TER (Total Expense Ratio) and almost in-line returns versus the benchmark indices. TER is the total fees
that funds charge investors.
14. Equity Fund flows
Inflows into equity mutual funds snapped the four-month rising streak even as the benchmark indices reported their
best September in six years due to profit-booking by investors after a rally in markets following a reduction in
corporate tax. According to data by the Association of Mutual Funds in India (AMFI), open-ended equity schemes
witnessed an infusion of Rs 6,609 crore, while there was an outflow of Rs 120 crore from close-ended equity plans,
translating into a net equity inflow of Rs 6,489 crore in September. In comparison, net inflows in equity and equity-
linked saving schemes stood at Rs 9,090 crore in August.
.
11,172
12,622
8,414
6,606
6,158
5,122
11,756
4,609
5,408
7,663
8,113
9,152
6,609
-
2,000
4,000
6,000
8,000
10,000
12,000
14,000
Sep/18 Oct/18 Nov/18 Dec/18 Jan/19 Feb/19 Mar/19 Apr/19 May/19 Jun/19 Jul/19 Aug/19 Sep/19
Equity Funds (In Rs. Cr)
Source: AMFI
15. Liquid Fund flows
Investors pulled out Rs 1.40 lakh cr from liquid funds in September compared with an inflow of Rs 79,428.2 cr in August
on account of advance tax payments and nervousness with regard to the debt funds crisis. Corporates take out funds
for meeting their tax-related obligations and redemptions made by banks are related to their capital adequacy
requirements.
211,050
55,296
136,135
(148,906)
58,637
(24,509)
(51,343)
89,778
68,583
(152,432)
45,441
79,428
(140,731)(160,000)
(110,000)
(60,000)
(10,000)
40,000
90,000
140,000
190,000
240,000
Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19
Liquid Funds (In Rs. Cr)
Source: AMFI
16. Disclaimer
Prepared By:
Research Analyst: Nawanit Pandey (MBA)
Email ID: nawanitpandey@adroitfinancial.com
Phone Number: 0120-4550300*270/388
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the company covered by Analyst during the past twelve months.
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investment or financial advice. Each recipient of this document should make such investigations as they deem necessary to arrive at an independent evaluation of an investment in the
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for product other than for investment banking or merchant banking or brokerage services from the companies covered in this report in the past 12 months.
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