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“May was a bad month for the stock market. This can partly explain the fall in FII AUM in May as against April. This has affected the percentage figure. I feel that unless something different happens, the share of PNs to FII assets will remain sub-20 level. If this tendency persists, the money with FIIs, which is invested through the PN route, where they can remain anonymous, could be worrisome,” said Jagannadham Thunuguntla, equity head, SMC Capitals.