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Mutual Fund Flows: A look at large-mid-small cap equity category as of March 2022

Since the creation of a new flexi-cap category by SEBI in November 2020, many AMCs that had realigned their existing funds into the flexi-cap category.

utual fund industry, equity funds, flexi-cap funds, multi-cap schemes, sectoral, thematic schemes
AMCs that had retained their funds in the multi-cap category have since launched flexi-cap funds.

The total AUM of open-end equity funds as of March 2022 stood at Rs 13,65,465 crores, up by 2 per cent over the last quarter and up almost 39 per cent when compared with March 2021. Open-end equity funds form approximately 36.9 per cent of the total open-end fund universe, up from 35.9 per cent in the previous quarter. Morningstar in a recently published ‘Domestic Fund Flows – Fourth quarter Fiscal Year 2021-22 report’ provides insights into estimated flows and asset trends for open ended domestic funds focused on the Indian equity and debt markets for the quarter ended March 2022.

Strong net inflows through the fiscal-year 2021-22 (Rs 1,64,399 crores), along with a strong market performance across all market caps, have resulted in the phenomenal rise in assets over the last year. When it comes to flows, this was the second-consecutive quarter where every category of open-end equity asset class managed to garner net inflows for the whole quarter cumulatively.

Since the creation of a new flexi-cap category by SEBI in November 2020, many AMCs that had realigned their existing funds into the flexi-cap category have gone on to launch multi-cap funds, while AMCs that had retained their funds in the multi-cap category have since launched flexi-cap funds.

The flexi-cap category has now amassed assets of Rs 2,25,430 crores via realignment of funds and new fund launches. In the last quarter, it had managed to surpass the assets in the large-cap category and take the firs spot in terms of highest AUM, but in the quarter ended March 2022, its rank fell back to second.

The mutual fund industry has seen the number of schemes in the open-end equity category grow to 365 in March 2022 from 344 in March 2021. This increase has not just been because AMC launched flexi-cap or multi-cap schemes in its product portfolio; new sectoral funds were also launched.

The number of sectoral/thematic schemes has grown to 117 as of March 2022 from 106 in March 2021. Not surprisingly, the total assets of thematic funds have also seen a huge percentage increase over the last year of approximately 52per cent .

For most asset-management companies, the sectoral/thematic category is where the bulk of schemes exist in terms of numbers . This quantity of schemes is the second highest, not just for the open-end equity category but across all categories. Other ETFs with 124 schemes come in with the first spot.

Large-cap funds experienced net inflows worth Rs 7,281 crores in fourth-quarter fiscal-year 2021-22, which was significantly higher than the net inflows in the previous quarter at Rs 3,950 crores.

The mid-cap category had net inflows of funds for the fifth-consecutive quarter, wherein it managed to garner flows of Rs 5,918 crores in the fourth quarter of fiscal-year 2021-22.

The small-cap category had net inflows of Rs 4,624 crores in the fourth quarter of fiscal-year 2021-22. This is the fourth-consecutive quarter in which the category has witnessed net inflows after going through three straight quarteRs of net outflows.

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