Mutual funds add 26.11 lakh folios in Nov-25 to touch 25.86 Crore

17 Dec 2025 , 03:57 PM

MUTUAL FUNDS ADD 26.11 LAKH FOLIOS IN NOVEMBER 2025 

For the month of November 2025, portfolio addition at 26.11 Lakhs was sharply lower than the 40.81 Lakh folios added in October 2025. For November 2025, mutual fund folio additions Y-o-Y stood at 3.78 Crore; across active debt, equity, hybrid, and passive funds. Folio addition has been slowing progressively in the last few months, and that can be attributed to a sense of boredom and caution at higher levels. In November 2025, out of the 26.11 Lakh folios added overall; 13.96 Lakh folios (53.5%) came from SIPs the balance 46.5% folio growth came from lumpsum flows. 

MF FOLIOS: MACRO PICTURE FOR NOVEMBER 2025 

Here is the macro picture of mutual fund folio growth for November 2025. 

Macro picture	Total Folios Nov-25	Total Folios Nov-24	Folio Growth
Open Ended Schemes	25,81,23,262	22,02,78,805	17.18%
Closed-Ended Schemes	4,91,058	5,35,582	-8.31%
Total of all schemes	25,86,14,320	22,08,14,387	17.12%

Data Source: AMFI  

At a macro level, the total number of mutual fund folios as of November 2025 stood at 25.86 Crore; compared to 25.60 Crore in October, 25.19 Crore in September, and 24.89 Crore in August 2025. On a Y-o-Y basis, growth in total folios for November 2025 stood at 17.12%; compared to 18.25% in October, 19.67% in September, and 21.70% in August 2025. Folio growth is slackening due to investor ennui at higher levels; but some of that can also be attributed to the massive clean-up of folios during the year.  

ACTIVE DEBT FUND FOLIOS: DRIVING FOLIO GROWTH 

Debt fund folio growth turned around in May 2025 after a long negative spell and has been getting progressively better. Debt fund folios for November 2025 grew 15.59%; compared to 10.23% in October, 8.88% in September, and 8.41% in August 2025. In November 2025, only floater funds saw folios contraction; and that too marginal. 

Active Debt Funds	Total Folios Nov-25	Total Folios Nov-24	Folio Growth
Liquid Fund	23,77,756	18,53,747	28.27%
Short Duration Fund	5,53,771	4,42,798	25.06%
Money Market Fund	5,24,263	4,34,210	20.74%
Ultra Short Duration Fund	7,63,342	6,49,913	17.45%
Overnight Fund	7,18,743	6,19,683	15.99%
Medium Duration Fund	2,39,520	2,11,952	13.01%
Corporate Bond Fund	5,79,465	5,31,349	9.06%
Gilt Fund – 10Y Duration	38,070	35,969	5.84%
Dynamic Bond Fund	2,35,965	2,23,453	5.60%
Long Duration Fund	87,932	83,279	5.59%
Gilt Fund	2,19,637	2,08,762	5.21%
Credit Risk Fund	1,93,115	1,86,214	3.71%
Low Duration Fund	8,52,413	8,31,739	2.49%
Banking and PSU Fund	2,40,003	2,39,394	0.25%
Medium to Long Duration Fund	1,02,988	1,02,853	0.13%
Floater Fund	1,99,167	2,01,585	-1.20%
Sub-Total: Active Debt Funds	79,26,150	68,56,900	15.59%

Data Source: AMFI 

Of the 16 categories of debt funds, 15 categories showed growth in folios, with 6 of these categories growing in double digits in November 2025 and 11 categories growing over 5%. The leaders in terms of folio growth were Liquid Funds at 28.27%, short duration funds 25.06%, money market funds at 20.74%, and Ultra Short Duration Funds 17.45%. Folio growth is concentrated at the short end of the yield curve due to expectations of robust returns at the short end. Debt funds are driving folio growth in November 2025. 

ACTIVE EQUITY FUNDS ADD 2.35 CRORE FOLIOS YOY 

In November 2025, active equity funds added 2.35 Crore folios; compared to 2.49 Crore in October, 2.74% in September, and 3.04 Crore in August 2025. Retail momentum is tapering at higher levels. Equity fund folio expansion yoy fell to 15.23% in November 2025; compared to 16.49% in October, 18.59% in September, and 21.25% in August 2025. Richly priced markets, and constant volatility are spooking retail appetite for equity funds. 

Active Equity Funds	Total Folios Nov-25	Total Folios Nov-24	Folio Growth
Flexi Cap Fund	2,16,35,346	1,67,07,838	29.49%
Multi Cap Fund	1,10,66,021	85,77,112	29.02%
Mid Cap Fund	2,38,15,587	1,89,56,532	25.63%
Large & Mid Cap Fund	1,31,65,462	1,11,15,277	18.44%
Small Cap Fund	2,72,63,667	2,35,21,214	15.91%
Value Fund/Contra Fund	88,30,956	78,90,048	11.93%
Sectoral/Thematic Funds	3,18,79,923	2,89,51,310	10.12%
Large Cap Fund	1,67,96,845	1,53,59,112	9.36%
Focused Fund	53,86,533	51,47,705	4.64%
Dividend Yield Fund	11,90,781	11,57,125	2.91%
ELSS	1,66,04,897	1,67,71,531	-0.99%
Sub-Total: Active Equity Funds	17,76,36,018	15,41,54,804	15.23%

Data Source: AMFI 

In November 2025, total of 10 out of 11 active equity fund categories saw folio accretion; even as ELSS folios contracted. The big boost to folio accretion came from flexi-cap funds 29.49%, multi-cap funds 29.02%, and mid-cap funds 25.63%. Only 3 of 11 equity fund categories saw folio accretion of over 20%. Alpha hunting is giving way to allocation. 

HYBRID FUNDS – FOLIO ACCRETION FAVOURS ALLOCATION 

All the 8 Hybrid and solution funds showed Y-o-Y growth in folios; although only 4 out of 8 hybrid fund category funds managed double-digit Y-o-Y growth in November 2025. 

Hybrid / Solution Funds	Total Folios Nov-25	Total Folios Nov-24	Folio Growth
Multi Asset Allocation Fund	40,16,236	27,68,773	45.05%
Arbitrage Fund	7,18,209	5,64,124	27.31%
Equity Savings Fund	5,21,328	4,66,589	11.73%
Dynamic Asset Allocation/BAF	55,65,740	50,25,177	10.76%
Aggressive Hybrid Fund	60,89,957	56,82,969	7.16%
Conservative Hybrid Fund	5,75,592	5,46,121	5.40%
Children’s Fund	31,71,929	30,32,199	4.61%
Retirement Fund	30,37,674	29,75,429	2.09%
Sub Total – Hybrid Funds	2,36,96,665	2,10,61,381	12.51%

Data Source: AMFI 

The 8 hybrid funds added 26.35 Lakh folios in last 1 year; with asset allocation the big theme. The best folio growth was once again in multi asset allocation funds at 45.05%, followed by Arbitrage funds at 27.31%, Equity Savings Funds at 11.73%, and Balanced Advantage Funds (BAFs) at 10.76%. Asset allocation is the big hybrid theme. In November 2025, hybrid fund folios grew 12.51%; compared to 12.13% in October, 12.29% in September, and 12.30% in August 2025. Hybrid fund folio growth has been stable. 

PASSIVE FUNDS ADDED 106.59 LAKH FOLIOS YOY 

Passive funds have seen a revival of interest in last 3 months and the surge is evident in November too; thanks to gold and silver ETFs. 

Passive Funds	Total Folios Nov-25	Total Folios Nov-24	Folio Growth
GOLD ETF	97,84,310	62,52,992	56.47%
Other ETFs	2,31,29,290	1,83,47,870	26.06%
Index Funds	1,43,38,654	1,22,25,285	17.29%
FOFs investing overseas	16,12,175	13,79,573	16.86%
Sub Total – Passive Funds	4,88,64,429	3,82,05,720	27.90%

Data Source: AMFI 

Gold ETFs again dominated folio growth at 56.47%, followed by Index ETFs at 26.06%, and index funds at 17.29% in November 2025. Even FOFs investing overseas are seeing smart folio growth. Passive fund folio growth in November 2025 stood at 27.90%; compared to 30.82% in October; 31.14% in September, and 32.58% in August 2025. Growth in passive folios may be waning, but that is more due to the size effect. However, it remains to be seen if the folios growth will continue to be driven by gold and silver ETFs or it would broaden. Passive continues to be too much of a thematic bet; which is not what it should be!