AUM Accretion April 2025 – Net flows versus Price Spike

12 May 2025 , 05:01 PM

AUM ACCRETION – APRIL 2025 MACRO STORY

What was the quality of the AUM shift between March 2025 and April 2025? In this period; the AUM of open-ended funds bounced from ₹65.48 Trillion to ₹69.74 Trillion, assisted by sharp inflows and value accretion. That is AUM accretion of ₹4,26,354 Crore on MOM basis. However, in April 2025, open-ended funds had seen overall net inflows of ₹2,78,088 Crore, led by debt funds. This effectively means the positive impact of price accretion on AUM in April 2025 was ₹1,48,266 Crore. It was a month when a sharp revival in debt inflows post-March, was also helped by a bounce in equity markets, leading to index value accretion.

AUM  ACCRETION OF ACTIVE DEBT FUNDS – APRIL 2025

In April 2025, debt funds saw heavy inflows, and were helped by price appreciation too.

Active Debt Market Funds	Net Inflow in the Fund	AUM Closing Value	AUM Accretion	Price Accretion	Price Move Dominance
Credit Risk Fund	-301.69	20,485.36	22.63	324.32	1433.26%
Gilt Fund	-425.05	41,428.66	438.73	863.78	196.88%
Gilt Fund with 10-Y duration	-38.74	5,006.89	68.45	107.18	156.59%
Dynamic Bond Fund	-10.23	36,231.29	639.64	649.86	101.60%
Long Duration Fund	81.99	20,873.89	529.57	447.59	84.52%
Medium Duration Fund	134.13	25,163.72	497.22	363.10	73.02%
Medium to Long Duration Fund	100.04	11,859.04	305.36	205.32	67.24%
Banking and PSU Fund	635.89	80,597.86	1,747.76	1,111.88	63.62%
Floater Fund	570.41	50,979.75	1,157.71	587.30	50.73%
Corporate Bond Fund	3,458.42	1,81,953.76	6,153.58	2,695.17	43.80%
Short Duration Fund	4,763.21	1,19,708.54	6,387.69	1,624.47	25.43%
Low Duration Fund	9,370.62	1,23,442.34	10,514.01	1,143.38	10.87%
Money Market Fund	31,507.04	2,66,389.93	33,727.09	2,220.04	6.58%
Ultra Short Duration Fund	26,733.81	1,26,436.70	27,894.91	1,161.10	4.16%
Liquid Fund	1,18,656.44	5,59,824.18	1,22,050.25	3,393.81	2.78%
Overnight Fund	23,899.98	86,833.82	24,375.39	475.41	1.95%
Active Debt Funds	2,19,136.27	17,57,215.73	2,36,509.97	17,373.71	7.35%

Data source: AMFI (absolute figures are ₹ in Crore)

The 4 categories at the bottom; overnight funds, liquid funds, ultra-short duration funds, and money market funds; saw least price impact. Price impact was more intense in the long duration funds; which gained from falling bond yields after RBI cut rates twice. That is why you find credit risk funds and gilt funds at the top of the table. Overall, net AUM accretion of active debt mutual funds in April 2025 stood at ₹2,36,510 Crore. This was composed of ₹2,19,136 Crore of net inflows, helped by positive price contribution of ₹17,374 Crore. The 2 rate cuts by the RBI, plus another rate cut expected in June, helped bond prices rally.

AUM  ACCRETION OF ACTIVE EQUITY FUNDS – APRIL 2025

April 2025 equity fund flows were modest, but substantially magnified by price appreciation.

Active Equity Market Funds	Net Inflow in the Fund	AUM Closing Value	AUM Accretion	Price Accretion	Price Move Dominance
ELSS	-372.00	2,39,050.62	6,805.14	7,177.14	105.47%
Dividend Yield Fund	51.47	31,332.91	743.98	692.52	93.08%
Sectoral/Thematic Funds	2,000.95	4,70,339.04	15,250.80	13,249.86	86.88%
Value Fund/Contra Fund	1,073.21	1,90,856.60	6,950.54	5,877.32	84.56%
Focused Fund	884.76	1,50,223.05	5,432.01	4,547.25	83.71%
Large Cap Fund	2,671.46	3,74,519.71	14,744.32	12,072.86	81.88%
Mid Cap Fund	3,313.98	3,83,083.71	14,091.64	10,777.66	76.48%
Large & Mid Cap Fund	2,552.06	2,73,258.42	10,051.86	7,499.80	74.61%
Flexi Cap Fund	5,541.71	4,54,667.91	19,158.94	13,617.22	71.08%
Small Cap Fund	3,999.95	3,07,168.11	11,689.26	7,689.31	65.78%
Multi Cap Fund	2,551.71	1,83,132.81	7,408.46	4,856.75	65.56%
Active Equity Funds	24,269.26	30,57,632.89	1,12,326.95	88,057.70	78.39%

Data source: AMFI (absolute figures are ₹ in Crore)

The low variance in the Price Dominance column indicates that impact of price accretion was substantially uniform across categories. Overall, net AUM accretion of active equity funds in April 2025 stood at ₹1,12,327 Crore. This comprised of ₹24,269 Crore of net inflows into equity funds, and positive price impact of ₹88,058 Crore. Bulk of the positive price effect came from ELSS funds, dividend yield funds, sectoral funds, value funds, and focused funds; where the inflows were relatively tepid.

AUM  ACCRETION IN HYBRID FUNDS – APRIL 2025

In April 2025, hybrid fund saw strong inflows, supported by equity price accretion.

Hybrid and Solution Funds	Net Inflow in the Fund	AUM Closing Value	AUM Accretion	Price Accretion	Price Move Dominance
Conservative Hybrid Fund	-236.40	28,359.41	234.92	471.32	200.63%
Equity Savings Fund	-141.92	41,880.94	620.55	762.48	122.87%
Balanced Hybrid Fund	-151.47	2,26,008.04	6,804.18	6,955.65	102.23%
Retirement Fund	76.00	29,996.21	891.71	815.71	91.48%
Dynamic Asset Allocation/BAF	881.23	2,92,549.95	8,876.54	7,995.31	90.07%
Children’s Fund	129.89	22,686.10	608.59	478.70	78.66%
Multi Asset Allocation Fund	2,105.75	1,13,009.41	5,914.91	3,809.16	64.40%
Arbitrage Fund	11,790.37	2,13,013.58	8,926.70	-2,863.67	-32.08%
Hybrid Allocation Funds	14,453.45	9,67,503.63	32,878.11	18,424.66	56.04%

Data source: AMFI (absolute figures are ₹ in Crore)

The impact of price dominance was the maximum in conservative hybrid funds due to bond price appreciation and negative inflows. Equity savings funds and aggressive hybrids also gained substantially from equity price appreciation. Overall, net AUM of hybrid funds in April 2025 saw accretion of ₹32,878 Crore. This comprised of ₹14,453 Crore net inflows into hybrid funds, supported by price accretion of ₹18,425 Crore. Price accretion in hybrid funds was driven by positive triggers from equity and debt components.

AUM  ACCRETION IN PASSIVE FUNDS – APRIL 2025

In April 2025, passive funds saw strong traction in flows and price accretion, almost in equal measure.

Index and Passive Funds	Net Inflow in the Fund	AUM Closing Value	AUM Accretion	Price Accretion	Price Move Dominance
GOLD ETF	-5.82	61,422.19	2,534.20	2,540.02	100.23%
Index Funds	1,555.44	2,92,205.91	8,808.78	7,253.34	82.34%
Other ETFs	19,056.66	8,13,120.65	33,490.47	14,433.81	43.10%
FOFs investing overseas	-376.82	24,836.17	-194.64	182.19	-93.60%
Passive Funds	20,229.45	11,91,584.92	44,638.81	24,409.36	54.68%

Data source: AMFI (absolute figures are ₹ in Crore)

Here is what we read from the AUM shift of passive equity funds in April 2025. Overall, the net AUM accretion of passive funds in April 2025 stood at ₹44,639 Crore. This comprised of ₹20,230 Crore of net inflows into passive funds, and positive price impact of ₹24,409 Crore. Bulk of the price accretion came from gold funds, index funds, and index ETFs in that order. Overseas Fund of Funds (FOFs) saw pressure on flows and price.