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.
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