MF flows taper to ₹32,755 crore in Nov-25; AUM crosses ₹80 Trillion

17 Dec 2025 , 03:53 PM

OUTFLOWS FROM DEBT FUNDS; INFLOWS ELSEWHERE 

October 2025 had seen net debt fund inflows of ₹1,59,958 Crore. In contrast, November 2025 saw debt fund outflows of ₹ (25,693) crore, principally from overnight funds and liquid funds at the short end. Flows into active equity funds spiked to ₹29,911 Crore in November; led by flexi-cap funds and supported by alpha categories. Passive funds continued to see healthy inflows in November 2025 (albeit lower) at ₹15,385 Crore. However, the obsession for gold and silver ETFs appears to be waning. 

In active equity funds, flows were strongest in flexi-caps; with ELSS and Dividend Yield funds seeing net outflows. The story was allocation-driven; as mid-caps, small caps, and large & mid-caps saw flow interest. Among hybrids, flows were dominated by multi-asset allocation funds (MAAF), replicating allocation strategy. NFO flows in November were tepid at ₹3,126 Crore, led by thematic funds and small cap funds. Gross SIP flows tapered marginally, to ₹29,445 crore in November 2025; but 30K continues to be elusive. 

NON-DEBT FUND FLOWS SET THE TONE 

Here is a look at monthly flows across fund categories in last 13 months.  

Month	Debt Fund  Flows (₹ Crore)	Equity Fund  Flows (₹ Crore)	Hybrid Fund  Flows (₹ Crore)	Passive Fund  Flows (₹ Crore)	Total MF Flows  (₹ Crore)
Nov-24	12,916	35,944	4,443	7,061	60,295
Dec-24	(1,27,153)	41,156	4,703	784	(80,355)
Jan-25	1,28,653	39,688	9,011	10,255	1,87,551
Feb-25	(6,526)	29,303	7,050	10,249	40,063
Mar-25	(2,02,663)	25,082	(705)	14,149	(1,64,435)
Apr-25	2,19,136	24,269	14,248	20,229	2,76,827
May-25	(15,909)	19,013	20,942	5,526	29,108
Jun-25	(1,711)	23,587	23,429	3,997	49,095
Jul-25	1,06,801	42,702	21,162	8,259	1,78,794
Aug-25	(7,980)	33,430	15,614	11,437	52,443
Sep-25	(1,01,977)	30,422	9,683	19,057	(43,146)
Oct-25	1,59,958	24,690	14,417	16,668	2,15,657
Nov-25	(25,693)	29,911	13,619	15,385	32,755

Data Source: AMFI (negative figures in brackets) 

November 2025 saw outflows from debt funds; while other categories saw robust inflows. With precious metals touching peak levels, demand for gold and silver ETFs is tapering. The underlying theme of flows into active equity funds has been of strategic allocation and alpha hunting. On the other hand, in case of hybrids and passive fund categories, the flow story has been more about diversification.  

HOW THE ₹80.80 TRILLION NET AUM ADDED UP 

Here is the AUM break-up as of November 2025; across equity, debt, and alternates. 

Month	Debt AUM   (₹ Trillion)	Equity AUM   (₹ Trillion)	Alternate AUM   (₹ Trillion)	Total AUM   (₹ Trillion)
Nov-24	16.86	30.36	20.60	68.08
Dec-24	15.67	30.58	20.41	66.93
Jan-25	17.06	29.47	20.46	67.25
Feb-25	17.08	27.40	19.79	64.53
Mar-25	15.21	29.45	20.82	65.74
Apr-25	17.57	30.58	21.59	70.00
May-25	17.54	32.05	22.34	72.20
Jun-25	17.58	33.47	23.10	74.41
Jul-25	18.76	33.28	23.07	75.36
Aug-25	18.71	33.09	23.13	75.19
Sep-25	17.80	33.68	23.88	75.61
Oct-25	19.51	35.17	24.94	79.88
Nov-25	19.36	35.66	25.54	80.80

Data Source AMFI 

For November 2025, active debt fund AUM was 14.8% higher Y-o-Y` at ₹19.36 Trillion. The AUM of active equity funds touched an all-time high of ₹35.66 Trillion in November 2025, as MTM gains magnified flow story. Equity fund AUM is 17.5% higher Y-o-Y. Alternate AUM is also up 24.0% Y-o-Y due to strong flows and capital appreciation in the equity component of alternates. Here are AUM shares across categories, over last 6 months. 

Month	Active Debt Funds	Active Equity Funds	Hybrid  Funds	Passive Funds	Solution Funds	Close-ended Funds
Jun-25	23.63%	44.98%	13.33%	16.96%	0.75%	0.35%
Jul-25	24.89%	44.16%	13.31%	16.56%	0.74%	0.34%
Aug-25	24.89%	44.00%	13.41%	16.63%	0.73%	0.34%
Sep-25	23.54%	44.55%	13.66%	17.18%	0.74%	0.34%
Oct-25	24.43%	44.03%	13.39%	17.11%	0.72%	0.32%
Nov-25	23.95%	44.13%	13.46%	17.42%	0.72%	0.31%

If you take a 5-month perspective, active debt funds, hybrid funds, and passive funds have gained AUM share, while active equity funds, solution funds, and close-ended funds lost AUM share. The fall in market share of active equity funds is more of a broad realignment as the equity appreciation benefits are now being shared with alternate funds too. 

ACTIVE DEBT FUNDS: SHORT END OUTFLOWS VISIBLE 

After sharp inflows into debt funds in October, November 2025 saw outflows of ₹ (25,693) Crore. Overnight funds dominated debt fund outflows at ₹ (37,625) Crore; followed by Liquid Funds ₹ (14,051) Crore. Strong debt fund inflows were seen in Money Market Funds ₹11,104 Crore, Ultra Short Duration Funds ₹8,361 Crore, and Low Duration Funds at ₹4,981 Crore. Some of these outflows were triggered ahead of liquidity infusion, which would have tempered short-term yields. 

ACTIVE EQUITY FUNDS: INVESTORS SPREAD THEIR BETS 

November 2025 saw improved net inflows into equity funds at ₹29,911 Crore. All categories, barring Dividend Yield Funds and ELSS, saw positive inflows. Active equity fund flows are down -30% since the July 2025 peak. Big drivers of inflows into equity funds were Flexi-Cap Funds ₹8,135 Crore, Large & Mid-Cap Funds ₹4,503 Crore, Mid-Cap Funds ₹4,487 Crore, Small Cap Funds ₹4,407 Crore, and Multi-Cap Funds ₹2,463 Crore. The focus continues to be on allocation across capitalization. The urge to bet on specific themes and sectors has reduced as markets have become more complex. That is positive, in a way! 

HYBRID FLOWS AND PASSIVE FLOWS STEADY 

Hybrid fund net inflows were robust at ₹13,619 Crore in November 2025. Net inflows were dominated by MAAF ₹5,315 Crore, Arbitrage Funds ₹4,192 Crore, and Balanced Advantage Funds ₹1,410 Crore. Aggressive Hybrids and Equity Savings also saw inflows. 

In the passive category; inflows were dominated by Equity Index ETFs at ₹6,303 Crore followed by Gold ETFs ₹3,742 Crore, Equity Index Funds ₹2,607 Crore, and Silver ETFs ₹2,154 Crore. With peak prices, the obsession for gold and silver ETFs appears to be waning. 

The broad theme for November remains interesting. Equity allocation continues to veer more towards allocation rather than thematic bets. For a change, the passive funds saw a move away from precious metals to good old equity indices. That is the good news!