Mutual fund schemes witnessed large redemptions in September 2019, with an outflow of Rs. 1.52 lakh crore compared to an inflow of Rs. 1 lakh crore in August. Debt schemes saw significant outflows of Rs. 1.58 lakh crore, primarily from liquid funds which saw redemptions of Rs. 1.41 lakh crore. Equity schemes saw a net inflow of Rs. 6,509 crore despite market rallies. Total AUM of the mutual fund industry declined 3.8% to Rs. 24.51 lakh crore in September due to large corporate redemptions for tax payments. SIP contributions remained steady at Rs. 8,

1. Mutual Fund Analysis
September - 2019

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

6. Positional Changes by
Top Mutual Funds

7. HDFC MF
Top Additions
Company
Buy value
(Rs. cr)
Shares
Change
‘000
Holding
Value
(Rs. cr)
Axis Bank 323 4,713 3,680
State Bank Of
India
285 10,540 8,020
Larsen & Toubro 241 1,632 8,590
Housing
Development
135 682 2,820
Bharat Petroleum 123 2,619 3,540
Top Reductions
Company
Sell value
(Rs. cr)
Shares
Change
‘000
Holding
Value
(Rs. cr)
Infosys -482 -5,981 9,450
Shriram
Transport
-127 -1,185 330
Tata Chemicals -63 -1,076 1,120
Edelweiss
Financial
-48 -5,071 180
Rites -29 -1,111 40

8. ICICI Pru MF
Top Additions
Company
Buy value
(Rs. cr)
Shares
Change
‘000
Holding
Value (Rs.
cr)
Axis Bank 425 6,201 3,860
ITC 349 13,446 5,250
HCL Technologies 198 1,836 2,000
Eicher Motors 165 93 540
Cipla 155 3,631 1,940
Top Reductions
Company
Sell value
(Rs. cr)
Shares
Change
‘000
Holding
Value
(Rs. cr)
Larsen &
Toubro
-361 -2,452 2,790
Tata Power -92 -14,683 760
Asian Paints -74 -420 1,350
Hexaware
Technologies
-71 -1,868 40
Container
Corporation of
India
-60 -1,000 670

9. Axis MF
Top Additions
Company
Buy value
(Rs. cr)
Shares
Change
‘000
Holding
Value
(Rs. cr)
Reliance
Industries
367 2,557 1,550
Infosys 366 4,546 1,340
ICICI Bank 280 6,463 1,740
Housing
Development
233 1,179 2,690
Larsen & Toubro 153 1,041 930
Top Reductions
Company
Sell value
(Rs. cr)
Shares
Change
‘000
Holding
Value
(Rs. cr)
Maruti Suzuki
India
-819 -1,220 1,000
Tata
Consultancy
-157 -747 2,850
Kotak Mahindra
Bank
-75 -458 4,080
Sun
Pharmaceutical
-56 -1,435 50
Bandhan Bank -44 -886 560

10. Top new stocks added/Exited
New Entrant Complete Exit
AMC Name Company
Buy Value (Rs.
cr)
Share
‘000
Company
Sell Value
(Rs. cr)
Share ‘000
HDFC MF
ICICIPRULI 830 1,800 MCX 190 209
ASTRAL 730 639 RAYMOND 140 48.04
- - - WONDERLA 120 0.33
- - - IBULHSGFIN 40 0.19
ICICI Pru MF
WHEELS 470 850 TECHNOE 50 209
DALBHARAT 0 0.56 SHALBY 0 248
BALRAMCHIN 0 0.86 TATACOMM 0 476
POLYCAB 0 0.12 HATSUN 0 87
Axis MF
WHIRLPOOL 100 53 APOLLOTYRE 70 927
JMFINANCIL 80 1,022 DAAWAT 30 2,620
ORIENTELEC 20 138 BANKINDIA 30 114
KNRCON 20 72 MINDTREE 0 8

11. Fund flows across
Different Categories

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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