Net equity mutual fund inflows jumped 24% month-on-month to Rs 23,568 crore in June 2025, according to data released by the Association of Mutual Funds India (AMFI) on Wednesday.

Net inflows into equity mutual funds stood at Rs 19,013 crore in May 2025, falling to the lowest level since April 2024.

Overall, the Indian mutual fund industry in June 2025 recorded robust net inflows of Rs 49,095 crore in June 2025, against May’s Rs 29,108 crore. The performance shows a revival in investor confidence across asset classes, particularly in equity and hybrid categories.

Investments made through the systematic investment plan (SIP) route rose marginally to Rs 27,269 crore for the June month against Rs 26,688 crore SIP inflows recorded in the previous month.

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Net assets under management (AUM) of the Indian mutual fund industry stood at Rs 74.40 lakh crore as of June 30, 2025. It was Rs 72.19 lakh crore at the end of the previous month.

Large-cap mutual funds saw inflows to the tune of Rs 1,694 crore in June against Rs 1,250 crore in the previous month, a jump of over 35%.

Other key sub-categories like small-cap and mid-cap recorded inflows of Rs 4,024 crore and Rs 3,754 crore, respectively, reflecting a month-on-month rise of 25% and 34%.

On the other hand, multi-cap funds recorded a drop in inflows during the month. Net inflows in the multi-cap category stood at Rs 2,794.20 crore as of June 30 against Rs 2,999.29 crore in the previous month, a fall of about 7%.

Of the 11 sub-categories of funds, barring ELSS, all saw inflows, with the flexi-cap category attracting the maximum inflows.

The ELSS (equity-linked savings scheme) category saw outflows worth Rs 556.11 crore. In the previous month, the ELSS category recorded outflows of Rs 687 crore, AMFI data showed.

Flexi cap category has seen strong traction at Rs 5,733 crore and is fast becoming the largest equity category also by net AUM at Rs 4.94 lakh crore, data showed.

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Gold ETFs recorded a massive rise of over 600% to Rs 2,081 crore during the month, from Rs 292 crore in May, reflecting bullish sentiment among investors toward gold as an asset class, according to the latest AMFI data.

Nehal Meshram, Senior Analyst – Manager Research, Morningstar Investment Research India, said that the robust gold ETF inflows in June indicate a decisive shift in sentiment, likely supported by resilient gold prices, geopolitical uncertainties, and volatility in equity and fixed-income markets, which have revived gold’s appeal as a safe-haven asset.

“With net inflows crossing Rs 8,000 crore in the first half of 2025, Gold ETFs are increasingly being used as part of long-term asset allocation strategies. The trend highlights gold’s continued relevance in diversified portfolios, particularly amid uncertain economic and policy backdrops,” Meshram adds.

According to Anand Vardarajan, Chief Business Officer, Tata Asset Management, “Gold has seen strong moves, both in gains and in flows. Gold ETFs saw inflows of nearly Rs 2,000 crore, suggesting investor interest to seek both diversification and also gain from the performance of the precious metal.”