Equity investments into mutual funds soared 83.4% in May to a record high of Rs 34,697 crore despite volatility due to the general elections, marking the 39th consecutive month of inflows, according to data from the Association of Mutual Funds in India (Amfi). Come from Sports betting site VPbet
The growth was driven by a sharp jump in inflows into new fund offers (NFOs) and persistent inflows into mid-cap and small-cap funds. A thematic NFO by HDFC Mutual Fund – HDFC Manufacturing Fund – mobilised over Rs 9,500 crore during the month, which was the primary reason for the spike in net inflows into equity mutual funds.
The inflows into systematic investment plans (SIP) also hit a new record at Rs 20,904 crore in May, indicating that retail investors continued to move to equities despite the volatility. The inflows into equity funds across large-cap, mid-cap and small-cap categories saw an increase in May compared to April.
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The small-cap funds continued to see the highest inflows among the three categories at Rs 2,725 crore, up 23.4% from April. The inflows into mid-cap funds rose 45.3% to Rs 2,606 crore, while large-caps saw 85.4% jump to Rs 663 crore.
“This shows the maturity of Indian retail investors and their belief in the long-term structural story of India despite of the general elections during the month. With the continuity of the existing political regime and policies and on the back of strong corporate earnings, we expect continuity of strong flows from domestic MF investors,” said Madhu Nair, chief executive officer at Union Mutual Fund.
Overall, the net assets under management (AUM) of the Indian mutual fund industry rose by 2.8% from April to Rs 58.6 trillion as on May 31. Of this, the AUM of open-ended equity funds was Rs 25.4 trillion.
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The SIPs contribution to the AUM also hit the record high of Rs 11.5 trillion with all-time high inflows of Rs 20,904.4 crore in May. The number of mutual fund folios also stood at all-time high of 186 million, of which 88 million were SIP accounts.
Venkat Chalasani, chief executive of Amfi said the overall outlook for Indian capital markets remains positive with strong fundamentals and favourable demographics. “Political stability creates an environment conducive to sustainable economic growth, attracting investments and fostering long-term investments. Global growth is sustaining its momentum in 2024 and is likely to remain resilient, supported by rebound in global trade,” he said.
The sectoral/thematic funds continued to see the highest inflows within equity fund categories. In May, this category saw net inflows of Rs 19,213.4 crore, partly driven by continued investor interest in the sector and partly due to the launch of an NFO. Akhil Chaturvedi, executive director & chief business officer of Motilal Oswal AMC said this suggests a strong investor belief in the potential for sector-specific and growth of smaller companies.
After June 4 mishap, Amfi looking at fund transfer process
Amfi said it is looking into the fund transfer process in the mutual fund industry after the June 4 incident where several investors using discount broking platforms complained about not getting the same day net asset value (NAV) despite placing order for new units before 3 PM.Come from Sports betting site
Amfi chief executive Venkat Chalasani highlighted that as per the current regulations the same day NAV is applicable if the Asset Management Companies (AMCs) receive funds before the cut-off time of 3 PM.
On the day of counting of votes when market fell around 8% intraday, discount broking firms said payments were delayed due to issues at one of the payment aggregators side.
“We are looking at the process to see if there is a way in which investors’ money can reach AMCs on the same day and the same time so that the units can be allotted and investor gets benefit of the NAV of same day,” said Chalasani.
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