How flows and price moves influenced Oct-25 mutual fund AUM

14 Nov 2025 , 04:45 PM

AUM SHIFT – OCTOBER 2025 MACRO STORY

What was the quality of AUM shift between September 2025 and October 2025? In this period; the AUM of open-ended funds expanded from ₹75.36 Trillion to ₹79.62 Trillion, with price accretion almost at par with inflows. AUM accretion between September and October 2025 was ₹4,26,395 Crore. In October 2025, open-ended funds saw net inflows of ₹2,15,734 Crore, led by debt funds. Effectively, October 2025 saw price accretion impact of ₹2,10,661 Crore. Active equity funds, hybrid funds, and passive funds saw price accretion substantially higher than flows; while debt funds saw sharply higher flows, and a tepid price effect.

ACTIVE DEBT FUNDS AUM SHIFT – OCTOBER 2025

In October 2025, debt funds saw heavy inflows, supported by modest price accretion.

Active Debt Market Funds	Net Inflow in the Fund	AUM Closing Value	AUM Accretion	Price Accretion	Price Move Dominance
Dynamic Bond Fund	-232.69	37,333.96	11.29	243.98	2160.63%
Gilt Funds 10-Y duration	-24.61	4,986.56	8.62	33.24	385.41%
Floater Fund	-262.54	50,931.10	109.74	372.28	339.24%
Credit Risk Fund	-83.78	20,018.43	68.65	152.43	222.05%
Medium to Long Duration Fund	16.73	11,825.92	91.01	74.28	81.62%
Banking and PSU Fund	212.27	80,699.63	975.53	763.26	78.24%
Medium Duration Fund	389.52	26,254.41	592.48	202.96	34.26%
Short Duration Fund	2,769.51	1,39,124.76	3,833.81	1,064.30	27.76%
Corporate Bond Fund	5,121.91	2,11,442.33	6,785.77	1,663.86	24.52%
Low Duration Fund	7,516.57	1,50,904.84	8,394.36	877.79	10.46%
Money Market Fund	17,916.44	3,44,278.89	19,621.78	1,705.35	8.69%
Ultra Short Duration Fund	15,066.64	1,39,715.15	15,779.19	712.55	4.52%
Liquid Fund	89,375.12	5,59,686.58	92,322.77	2,947.65	3.19%
Overnight Fund	24,050.57	1,15,714.42	24,618.38	567.81	2.31%
Long Duration Fund	-942.71	19,194.20	-875.17	67.54	-7.72%
Gilt Fund	-930.99	39,325.02	-730.15	200.84	-27.51%
Active Debt Funds	1,59,957.96	19,51,436.18	1,71,608.08	11,650.12	6.79%

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

For the month of October 2025, active debt funds saw positive price contribution from Liquid Funds, Money Market Funds, and corporate bond funds amid flat bond yields. Overall, net AUM accretion of active debt funds in October 2025 stood at ₹1,71,608 Crore. This was composed of ₹1,59,958 Crore of net inflows, with marginally positive price contribution of ₹11,650 Crore. The positive price impact at the short end was also due to the CRR cut going effective. Corporate bonds were the surprise package.

ACTIVE EQUITY FUNDS AUM SHIFT – OCTOBER 2025

October 2025 active equity funds saw lower inflows but solid price accretion.

Active Equity Market Funds	Net Inflow in the Fund	AUM Closing Value	AUM Accretion	Price Accretion	Price Move Dominance
Dividend Yield Fund	-178.96	33,210.96	969.98	1,148.94	118.45%
ELSS	-665.66	2,53,264.09	8,489.50	9,155.16	107.84%
Value Fund/Contra Fund	368.39	2,13,021.35	8,722.77	8,354.38	95.78%
Large Cap Fund	971.97	4,10,156.51	15,063.19	14,091.22	93.55%
Sectoral/Thematic Funds	1,366.16	5,33,830.68	20,361.25	18,995.08	93.29%
Focused Fund	939.06	1,70,127.72	7,158.97	6,219.91	86.88%
Mid Cap Fund	3,807.11	4,54,606.49	21,066.24	17,259.13	81.93%
Large & Mid Cap Fund	3,177.07	3,22,158.21	15,254.86	12,077.79	79.17%
Small Cap Fund	3,476.04	3,72,362.31	15,621.56	12,145.52	77.75%
Multi Cap Fund	2,500.43	2,20,254.63	9,885.64	7,385.21	74.71%
Flexi Cap Fund	8,928.71	5,33,756.17	25,840.13	16,911.43	65.45%
Active Equity Funds	24,690.33	35,16,749.11	1,48,434.10	1,23,743.77	83.37%

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

The equity fund categories that saw sharpest price accretion in October 2025 were Sectoral Funds, Mid-Cap Funds, Flexi-Cap Funds, Large Cap Funds, and small cap Funds. These were the cases where prices really dominated the AUM story, even amid healthy inflows. Overall, net AUM accretion of active equity funds in October 2025 stood at ₹1,48,434 Crore. This comprised of ₹24,690 Crore of net inflows into equity funds, helped by price accretion impact of ₹1,23,744 Crore.

HYBRID FUNDS AUM SHIFT – OCTOBER 2025

In October 2025, hybrid funds saw healthy inflows and healthier price appreciation.

Hybrid and Solution Funds	Net Inflow in the Fund	AUM Closing Value	AUM Accretion	Price Accretion	Price Move Dominance
Conservative Hybrid Fund	1.84	29,877.70	385.59	383.75	99.52%
Dynamic Asset Allocation/BAF	539.65	3,18,121.66	8,736.62	8,196.97	93.82%
Retirement Fund	104.03	32,512.30	1,057.88	953.86	90.17%
Balanced Hybrid Fund	1,139.18	2,50,052.41	8,492.58	7,353.40	86.59%
Children’s Fund	156.99	25,213.27	885.48	728.49	82.27%
Equity Savings Fund	211.78	49,251.12	950.84	739.06	77.73%
Multi Asset Allocation Fund	5,344.19	1,51,071.71	10,654.99	5,310.81	49.84%
Arbitrage Fund	6,919.77	2,71,401.97	7,644.79	725.02	9.48%
Hybrid Allocation Funds	14,417.42	11,27,502.14	38,808.77	24,391.35	62.85%

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

The impact of price accretion was the maximum in case of Dynamic Asset Allocation (BAF), Balanced Hybrid Funds, and Multi-Asset Allocation Funds. This was largely due to the equity exposure component. Overall, net AUM of hybrid funds in October 2025 saw accretion of ₹38,809 Crore. This comprised of ₹14,418 Crore net inflows into hybrid funds, assisted by price accretion of ₹24,391 Crore.

PASSIVE FUNDS AUM SHIFT – OCTOBER 2025

In October 2025, passive funds saw good traction in flows but much better price accretion.

Index and Passive Funds	Net Inflow in the Fund	AUM Closing Value	AUM Accretion	Price Accretion	Price Move Dominance
Other ETFs	6,181.70	9,08,398.92	42,711.37	36,529.67	85.53%
Index Funds	1,929.42	3,20,075.92	11,182.50	9,253.08	82.75%
Fund of funds investing overseas	814.11	36,090.86	1,666.71	852.60	51.15%
GOLD ETF	7,743.19	1,02,119.86	11,983.88	4,240.69	35.39%
Passive Funds	16,668.42	13,66,685.57	67,544.46	50,876.04	75.32%

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

Overall, the net AUM accretion of passive funds in October 2025 was ₹67,544 Crore. This comprised of ₹16,668 Crore of net inflows into passive funds, magnified by price accretion of ₹50,876 Crore. Bulk of the price accretion in absolute terms came from Index ETFs followed by index funds. Gold ETFs saw the lowest price move dominance as gold prices have been under pressure through most of October, although the flows into gold ETFs continues to be extremely robust.