Inflows into equity mutual funds jumped 21% to Rs 29,911 crore in November, snapping a three-month decline, according to the monthly data released by the Association of Mutual Funds in India (AMFI) on December 11.
Equity mutual fund inflows had been on a steady downward trend from August through October. Inflows were Rs 42,702.35 crore in July, dropping to Rs 33,430.37 crore in August, Rs 30,421.69 crore in September, and further to Rs 24,690.33 crore in October.
Flexi Cap funds saw a month-on-month decline in inflows, falling from Rs 8,928.71 crore in October to Rs 8,135.01 crore in November — a drop of Rs 793.70 crore.
However, the category continued to see robust inflows, emerging as the best-performing category in terms of the amount of money it received during the month of November.
ELSS, dividend yield funds again witness outflows
Among all equity subcategories, only ELSS (equity-linked savings scheme) and dividend yield fund logged outflows. However, the pressure eased slightly in ELSS subcategory, with outflows narrowing from Rs 665.66 crore in October to Rs 570.17 crore in November.
Dividend Yield Funds continued to see money moving out, with outflows widening from Rs 178.96 crore in October to Rs 277.74 crore in November.
Top performing equity subcategories
Large & Mid Cap Funds saw a strong jump in inflows, rising from Rs 3,177.00 crore in October to Rs 4,503.31 crore in November — an increase of nearly 41.7%.
Midcap funds continued to attract strong investor interest, with inflows rising from Rs 3,807.11 crore in October to Rs 4,486.91 crore in November — an increase of about 17.8%.
Small Cap funds saw a sharp month-on-month increase in inflows, rising from Rs 3,476.04 crore in October to Rs 4,406.90 crore in November — a jump of about 26.8%.
Large Cap funds recorded a notable rise in inflows, increasing from Rs 971.97 crore in October to Rs 1,639.80 crore in November. The subcategory clocked a gain of Rs 667.83 crore or around 68.7%.
Multi Cap funds saw a marginal dip in inflows, slipping from Rs 2,500.43 crore in October to Rs 2,462.84 crore in November.
Sectoral/thematic funds
Sectoral/Thematic funds continued to attract strong interest. The subcategory saw inflows rising from Rs 1,366.16 crore in October to Rs 1,864.99 crore in November — an increase about 36.5%.
“Investors have continued to show faith in equity despite the volatility in the markets. Flexi cap category got the highest flows at Rs 8,135 crore followed by large & Midcap category at Rs 4,503 crore. Inflows into sectoral and thematic funds have slowed. The ability of flexi cap funds to invest across market caps and their present large-cap bias attracted funds to the category,” says Ovas Bakshi, Head-Retail Sales, Kotak Mahindra AMC.
Debt mutual funds performance in November 2025
Debt mutual funds saw outflows to the tune of Rs 25,692.63 crore in November 2025, largely due to massive selling in liquid and overnight funds. In October, debt funds witnessed Rs 1,59,957.96 crore inflows.
Liquid funds saw a sharp reversal, moving from inflows of Rs 89,375.12 crore in October to outflows of Rs 14,050.72 crore in November — a swing of over Rs 1 lakh crore.
Overnight funds also witnessed a significant shift, turning from inflows of Rs 24,050.50 crore in October to outflows of Rs 37,624.53 crore in November — indicating a substantial pullback in ultra-short-term deployments.
Money Market Funds (Rs 11,104.37 crore), Ultra Short Duration Funds (Rs 8,360.91 crore) and Low Duration Funds (Rs 4,980.65 crore) logged healthy inflows in November. However, all three categories saw a month-on-month decline compared to October.
Out of the 16 subcategories under Income/Debt Oriented Schemes, 10 witnessed outflows during the month under review. Categories such as Long Duration Funds, Dynamic Bond Funds, Credit Risk Funds, Gilt Funds, and Gilt Funds with a 10-year constant duration continued to record outflows in November as well.
Hybrid Schemes performance
Hybrid Schemes, as a category, logged a marginal decline in inflows at Rs 13,299.20 crore in November 2025 from Rs 14,156.40 crore in the previous month, largely due to a significant drop in interest among investors for Arbitrage Funds.
Arbitrage funds saw a notable drop in inflows, declining from Rs 6,919.77 crore in October to Rs 4,191.91 crore in November — a fall of Rs 2,727.86 crore, or nearly 39.4%.
Total SIP inflows in November 2025
Total amount collected through SIPs (systematic investment plans) in November 2025 stood at Rs 29,445 crore, slightly below the all-time high of Rs 29,529 crore recorded in October.
Meanwhile, the overall assets under management (AUM) of the mutual fund industry have crossed Rs 80.5 lakh crore, reflecting sustained confidence in the equity market.
“This rebound suggests a positive endorsement of India’s long-term growth potential. For investors, now appears to be an opportune moment to continue or increase SIP investments, leveraging diversification and favourable market sentiment to build wealth over the long run,” says Swapnil Aggarwal, Director, VSRK Capital.