How flows and price moves influenced Sep-25 mutual fund AUM?

13 Oct 2025 , 04:14 PM

AUM SHIFT – SEPTEMBER 2025 MACRO STORY

What was the quality of AUM shift between August 2025 and September 2025? In this period; the AUM of open-ended funds expanded from ₹74.93 Trillion to ₹75.36 Trillion, with price accretion offsetting debt fund outflows. AUM accretion between August and September 2025 was ₹42,810 Crore. In September 2025, open-ended funds saw net outflows of ₹ (42,816) Crore, led by debt funds. Effectively, September 2025 saw price accretion impact of ₹85,626 Crore. Active equity funds, hybrid funds, and passive funds saw positive flows and value accretion; while debt funds saw heavy outflows in September 2025.

ACTIVE DEBT FUNDS AUM SHIFT – SEPTEMBER 2025

In September 2025, debt funds saw heavy outflows, but modest price accretion.

Active Debt Market Funds	Net Inflow in the Fund	AUM Closing Value	AUM Accretion	Price Accretion	Price Move Dominance
Medium Duration Fund	-156.84	25,661.93	71.86	228.70	318.27%
Gilt Fund 10-Y Duration	-1.52	4,977.94	43.21	44.74	103.52%
Long Duration Fund	61.29	20,069.37	349.76	288.46	82.48%
Medium to Long Duration Fund	103.39	11,734.90	214.57	111.18	51.81%
Dynamic Bond Fund	519.41	37,322.67	898.51	379.10	42.19%
Overnight Fund	4,279.00	91,096.03	4,799.15	520.15	10.84%
Liquid Fund	-66,042.32	4,67,363.81	-64,183.02	1,859.30	-2.90%
Ultra Short Duration Fund	-13,605.66	1,23,935.96	-12,897.58	708.08	-5.49%
Money Market Fund	-17,899.90	3,24,657.10	-16,210.58	1,689.31	-10.42%
Floater Fund	-1,526.08	50,821.35	-1,209.19	316.89	-26.21%
Banking and PSU Fund	-1,967.31	79,724.10	-1,437.11	530.20	-36.89%
Short Duration Fund	-2,173.23	1,35,290.95	-1,291.80	881.44	-68.23%
Low Duration Fund	-1,253.22	1,42,510.49	-423.16	830.06	-196.16%
Credit Risk Fund	-255.66	19,949.78	-78.65	177.01	-225.07%
Gilt Fund	-614.99	40,055.17	-34.80	580.19	-1667.08%
Corporate Bond Fund	-1,443.61	2,04,656.55	-55.68	1,387.93	-2492.64%
Active Debt Funds	-1,01,977.26	17,79,828.10	-91,444.51	10,532.75	-11.52%

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

For the month of September 2025, active debt funds saw positive price contribution from Liquid Funds and Money Market Funds amid rising bond yields. Overall, net AUM depletion of active debt funds in September 2025 stood at ₹ (91,444) Crore. This was composed of ₹ (1,01,977) Crore of net outflows, offset by positive price contribution of ₹10,533 Crore. The positive price impact at the short end was also due to the CRR cut going effective.

ACTIVE EQUITY FUNDS AUM SHIFT – SEPTEMBER 2025

September 2025 active equity funds saw robust inflows combined with price accretion.

Active Equity Market Funds	Net Inflow in the Fund	AUM Closing Value	AUM Accretion	Price Accretion	Price Move Dominance
Dividend Yield Fund	-167.78	32,240.98	255.06	422.84	165.78%
ELSS	-307.92	2,44,774.58	792.73	1,100.65	138.84%
Sectoral/Thematic Funds	1,220.89	5,13,469.44	6,897.73	5,676.84	82.30%
Value Fund/Contra Fund	2,107.93	2,04,298.58	5,329.02	3,221.09	60.44%
Large Cap Fund	2,319.04	3,95,093.32	5,110.73	2,791.69	54.62%
Focused Fund	1,407.23	1,62,968.75	3,016.68	1,609.45	53.35%
Large & Mid Cap Fund	3,805.17	3,06,903.35	7,568.30	3,763.13	49.72%
Flexi Cap Fund	7,029.26	5,07,916.03	12,470.35	5,441.09	43.63%
Multi Cap Fund	3,559.57	2,10,368.99	5,227.50	1,667.94	31.91%
Small Cap Fund	4,362.91	3,56,740.75	6,185.53	1,822.62	29.47%
Mid Cap Fund	5,085.40	4,33,540.25	6,916.76	1,831.37	26.48%
Active Equity Funds	30,421.69	33,68,315.01	59,770.40	29,348.71	49.10%

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

The equity fund categories that saw sharpest price accretion in September 2025 were Sectoral Funds, Flexi-Cap Funds, Large & Mid-Cap Funds, and Contra Funds. They were the cases where prices really dominated the AUM story. Overall, net AUM accretion of active equity funds in September 2025 stood at ₹59,771 Crore. This comprised of ₹30,422 Crore of net inflows into equity funds, helped by price accretion impact of ₹29,349 Crore.

HYBRID FUNDS AUM SHIFT – SEPTEMBER 2025

In September 2025, hybrid funds saw healthy inflows plus price appreciation.

Hybrid and Solution Funds	Net Inflow in the Fund	AUM Closing Value	AUM Accretion	Price Accretion	Price Move Dominance
Conservative Hybrid Fund	-45.99	29,492.11	223.94	269.93	120.54%
Arbitrage Fund	-988.25	2,63,757.18	4,833.83	5,822.08	120.44%
Retirement Fund	96.82	31,454.42	395.98	299.16	75.55%
Dynamic Asset Allocation/BAF	1,688.56	3,09,385.04	4,657.54	2,968.98	63.75%
Aggressive Hybrid Fund	2,013.73	2,41,559.83	4,741.92	2,728.19	57.53%
Children’s Fund	189.36	24,327.79	403.21	213.85	53.04%
Multi Asset Allocation Fund	4,982.21	1,40,416.72	8,313.10	3,330.89	40.07%
Equity Savings Fund	1,746.97	48,300.28	2,064.05	317.08	15.36%
Hybrid Allocation Funds	9,683.41	10,88,693.37	25,633.58	15,950.17	62.22%

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

The impact of price accretion was the maximum in case of Arbitrage Funds, Multi-Asset Allocation Funds, BAFs, and Aggressive Hybrid Funds. This was largely due to the equity exposure component. Overall, net AUM of hybrid funds in September 2025 saw accretion of ₹25,634 Crore. This comprised of ₹9,684 Crore net inflows into hybrid funds, assisted by price accretion of ₹15,950 Crore.

PASSIVE FUNDS AUM SHIFT – SEPTEMBER 2025

In September 2025, passive funds saw better traction in flows and price accretion.

Index and Passive Funds	Net Inflow in the Fund	AUM Closing Value	AUM Accretion	Price Accretion	Price Move Dominance
Fund of Funds investing overseas	961.94	34,424.15	3,065.66	2,103.72	68.62%
Index Funds	1,580.65	3,08,893.41	4,658.42	3,077.77	66.07%
Other ETFs	8,150.79	8,65,687.56	23,486.08	15,335.29	65.30%
GOLD ETF	8,363.13	90,135.98	17,640.39	9,277.26	52.59%
Passive Funds	19,056.51	12,99,141.11	48,850.55	29,794.04	60.99%

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

Overall, the net AUM accretion of passive funds in September 2025 was ₹48,851 Crore. This comprised of ₹19,057 Crore of net inflows into passive funds, magnified by price accretion of ₹29,794 Crore. Bulk of the price accretion in absolute terms came from Index ETFs and gold ETFs. While the story of index ETFs is well known, the interesting trend was that gold ETFs and silver ETFs saw a sharp combination of inflows and price accretion in Sep-25.