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AUM Accretion December 2024 – Net flows versus Price Spike

14 Jan 2025 , 03:00 PM

AUM ACCRETION – DECEMBER 2024 MACRO STORY

What was the quality of the AUM shift between November and December 2024? In this period; the AUM of open-ended funds went up from ₹67.81 Trillion to ₹66.66 Trillion. That is an actual AUM accretion of ₹(1,15,258) Crore on MOM basis. However, in December 2024, open-ended funds saw net outflows of ₹(80,509) Crore. This effectively means that the negative impact of price depletion on AUM in December 2024 was to the tune of an additional ₹(34,749) Crore. It was a month when equities cracked sharply while bonds also saw higher yields. Here is the granular story of AUM shift in December 2024.

AUM  ACCRETION OF ACTIVE DEBT FUNDS – DECEMBER 2024

Not surprisingly, being the quarter end, debt funds saw aggressive outflows largely due to redemptions by corporate treasuries. Here is a quick dekko.

Active Debt
Market Funds
Net Inflow in the Fund AUM Closing Value AUM Accretion Price Accretion Price Move Dominance
Corporate Bond Fund -820.45 1,71,243.02 29.61 850.06 2871.16%
Banking and PSU Fund -338.78 78,296.74 75.88 414.66 546.46%
Gilt Fund 343.32 42,233.74 538.83 195.51 36.28%
Medium to Long Duration Fund 151.51 11,690.23 204.72 53.21 25.99%
Long Duration Fund 680.12 20,241.53 797.28 117.16 14.70%
Overnight Fund -22,347.58 74,181.93 -21,789.08 558.50 -2.56%
Liquid Fund -66,532.12 4,64,671.53 -63,879.15 2,652.97 -4.15%
Money Market Fund -25,842.96 2,30,310.97 -24,359.74 1,483.22 -6.09%
Gilt Fund 10-Y constant duration -279.02 4,832.07 -255.26 23.75 -9.31%
Low Duration Fund -4,310.84 1,14,259.77 -3,635.02 675.82 -18.59%
Floater Fund -1,482.78 51,417.02 -1,199.18 283.60 -23.65%
Medium Duration Fund -576.48 25,091.17 -449.33 127.15 -28.30%
Short Duration Fund -2,580.73 1,13,266.77 -2,009.86 570.88 -28.40%
Credit Risk Fund -355.63 20,746.50 -259.88 95.75 -36.85%
Ultra Short Duration Fund -2,410.10 1,09,717.39 -1,735.32 674.78 -38.88%
Dynamic Bond Fund -450.11 35,276.89 -269.98 180.13 -66.72%
Grand Total -1,27,152.63 15,67,477.28 -1,18,195.48 8,957.15 -7.58%

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

Here is what we read from the AUM shift of active debt funds in December 2024.Overall, the net AUM depletion of active debt mutual funds in December 2024 stood at ₹(1,18,196) Crore. This was composed of ₹(1,27,153) Crore of net outflows from debt funds due to treasury needs of corporates, while the price impact made a positive contribution of ₹8,957 Crore to active debt funds. Bulk of the price appreciation effect came from liquid funds and money market funds at the short end, which gained from higher bond yields.

AUM  ACCRETION OF ACTIVE EQUITY FUNDS – DECEMBER 2024

Let us now turn to the decomposition of the AUM accretion of active equity funds in December 2024.

Active Equity
Market Funds
Net Inflow in the Fund AUM Closing Value AUM Accretion Price Accretion Price Move Dominance
Value Fund/Contra Fund 1,513.87 1,88,290.39 -1,180.27 -2,694.14 228.27%
Dividend Yield Fund 277.19 31,554.41 -492.77 -769.96 156.25%
Large Cap Fund 2,010.98 3,58,671.88 -4,008.61 -6,019.59 150.17%
Focused Fund 455.80 1,46,287.55 -1,192.04 -1,647.83 138.24%
ELSS 187.98 2,41,311.29 -2,771.48 -2,959.47 106.78%
Mid Cap Fund 5,093.22 3,99,784.17 9,902.20 4,808.97 48.56%
Multi Cap Fund 3,075.11 1,80,798.64 2,286.08 -789.03 -34.51%
Sectoral/Thematic Funds 15,331.54 4,72,698.08 10,987.72 -4,343.82 -39.53%
Large & Mid Cap Fund 3,811.81 2,70,774.49 2,548.93 -1,262.88 -49.55%
Small Cap Fund 4,667.70 3,29,245.31 2,853.87 -1,813.83 -63.56%
Flexi Cap Fund 4,730.71 4,38,132.39 2,699.32 -2,031.38 -75.26%
Grand Total 41,155.91 30,57,548.59 21,632.95 -19,522.96 -90.25%

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

Here is what we read from the AUM shift of active equity funds in December 2024. Overall, the net AUM accretion of active equity funds in December 2024 stood at ₹21,633 Crore. This was composed of ₹41,156 Crore of net inflows into equity funds (thanks to SIPs and NFOs), and a negative price impact of ₹(19,523) Crore. Bulk of the price depletion effect came from large cap funds and thematic funds; with the former indicating index basket selling by FPIs.

AUM  ACCRETION IN HYBRID FUNDS – DECEMBER 2024

Here we look at the granular break-up of the AUM shifts in December 2024 for hybrid and solution companies

Hybrid and
Solution Funds
Net Inflow in the Fund AUM Closing Value AUM Accretion Price Accretion Price Move Dominance
Dynamic Asset Allocation/BAF 1,596.12 2,85,622.00 -139.56 -1,735.68 1243.66%
Retirement Fund 132.55 30,128.00 -135.83 -268.38 197.58%
Children’s Fund 327.63 2,21,192.29 -1,723.00 -2,050.63 119.02%
Aggressive Hybrid Fund -409.09 1,96,063.66 -635.51 -226.41 35.63%
Arbitrage Fund 200.85 22,728.07 279.99 79.15 28.27%
Equity Savings Fund -170.10 28,460.12 -181.50 -11.40 6.28%
Conservative Hybrid Fund 450.51 41,876.74 442.10 -8.42 -1.90%
Multi Asset Allocation Fund 2,574.72 1,03,320.91 1,632.44 -942.28 -57.72%
Grand Total 4,703.17 9,29,391.79 -460.87 -5,164.04 1120.50%

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

Here is what we read from the AUM shift of hybrid and solution funds in December 2024. Overall, the net AUM depletion of hybrid funds in December 2024 was marginal at ₹(461) Crore. This was composed of ₹4,703 Crore of net inflows into hybrid funds (thanks to MAAFs), and a steep negative price impact of ₹(5,164) Crore. Bulk of the price depletion effect came from Children’s Fund and BAFs, due to the high equity allocation.

AUM  ACCRETION IN PASSIVE FUNDS – DECEMBER 2024

Finally, let us look at how the AUM shift for passive funds got split between net flows and price movements.

Index and
Passive Funds
Net Inflow in the Fund AUM Closing Value AUM Accretion Price Accretion Price Move Dominance
Other ETFs -4,558.33 7,65,375.19 -20,368.18 -15,809.85 77.62%
FOF investing overseas -83.45 26,612.78 -119.57 -36.13 30.21%
GOLD ETF 640.16 44,595.60 350.79 -289.37 -82.49%
Index Funds 4,785.96 2,75,077.20 1,902.14 -2,883.83 -151.61%
Grand Total 784.35 11,11,660.78 -18,234.83 -19,019.18 104.30%

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

Here is what we read from the AUM shift of passive equity funds in December 2024. Overall, the net AUM depletion of passive funds in December 2024 stood at ₹(18,235) Crore. This was composed of ₹784 Crore of net inflows into passive funds (thanks to index funds), and a negative price impact of ₹(19,019) Crore. Bulk of the price depletion effect came from index ETFs that were hit by equity exposure and also to select global exposure.

Related Tags

  • AMC
  • AMFI
  • AUM
  • AUMAccretion
  • FundFlows
  • GrossSIP
  • MutualFund
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