Assets under management (AUM) of mutual fund industry crossed Rs 80 lakh crore in November as inflows into equity-oriented schemes rose after consecutive months of fall.
Data from Association of Mutual Funds in India (Amfi) showed that in November while debt funds saw net outflows of Rs 25,692.63 crore, inflows into equity funds increased 21% from October to Rs 29,911 crore. Overall, the net inflows for the month came in at Rs 32,755.36 crore, taking the industry AUM to Rs₹ 80.80 lakh crore.
Venkat Chalasani, Chief Executive, AMFI, said: “Equity-oriented schemes continued to drive growth, supported by sustained inflows. Hybrid and passive funds also saw healthy traction, with multi-asset and arbitrage funds together accounting for over 70% of hybrid category flows. As the industry expands, AMFI remains committed to strengthening investor awareness and ensuring a transparent, diversified, and accessible investment ecosystem.”
Investments through systematic investment plans (SIP) book fell marginally on a month-on-month basis to Rs 29,445 crore from Rs 29,529 crore. Chalasani attributed this fall to flows having shifted to December 1 given the last day of November was a Sunday. The SIP AUM was at Rs 16.53 lakh crores for the month November 20.5% of the total mutual fund industry AUM.
Equity Schemes
In equity schemes, at Rs 8,135.01 crore, flexicap category continued to remain the highest contributor even as month on month flows fell 9%. Four sectoral/thematic new fund offers and one small cap also contributed Rs 2,458 crore.
Himanshu Srivastava, Principal Research, Morningstar Investment Research India said that category-wise flows indicate a continued tilt toward growth-oriented and diversified mandates, with schemes that offer flexibility across market capitalisations—such as Multicap, Large & Midcap, and Flexicap funds — attracting sizeable inflows as investors sought exposure to multiple pockets of the market.
At the same time, he added that investors continued to favour mid-cap and small-cap funds, both of which recorded robust inflows supported by strong trailing returns, broad earnings delivery, and the perception of superior long-term compounding potential in these higher-growth segments. “Intermittent corrections in these pockets also provided attractive entry points,” he said.
Inflows into largecap schemes recovered 68.7% month on month to Rs 1,640 crore from the 15-month low it hit in October. Those into midcap schemes rose 18% to Rs 4,487 crore and smallcap schemes saw an increase in inflows of 26.8% to Rs 4,407 crore.
Debt Investors Rotate Towards
In the debt category, Umesh Sharma, CIO Debt, The Wealth Company Mutual Fund, sees some rotation away from the very short end toward slightly longer carry-oriented categories. He said: “The headline outflow is driven almost entirely by Overnight (–₹37,130 crore) and Liquid Funds (–₹11,293 crore). In contrast, investors allocated meaningfully to higher-yielding but low-volatility segments such as Money Market (+₹12,822 crore), Ultra Short Duration (+₹9,068 crore) and Low Duration Funds (+₹5,800 crore). These categories offer stable carry without material duration risk, making them attractive amid uncertainty over the rate path. In addition, this could also mean some rotation and positioning ahead of the MPC policy review in early December.”
Meanwhile, inflows into index funds fell 10% from October to Rs 1,726.8 crore, that into gold ETFs halved to Rs 3,741.79 crore, while other ETFs that include silver rose sharply by 57.2% to Rs 9,720.74 crore.
Ovas Bakshi, Head-Retail Sales, Kotak Mahindra AMC said investors have continued to show faith in equity despite the volatility in the markets. In November, while Nifty and Sensex rose nearly 2%, BSE Midcap was only up 0.4% and BSE Smallcap fell 3.4%.