Mutual Fund Screener

For the quarter ended June 2019

 Mutual Fund Screener - June 2019

Mutual Fund Screener

- What’s Inside

01 05
Industry Size Industry Insights

02 06
Inflow Outflow
Analysis Regulatory
Update

03
Category
Performance

04
Investor Trends
Section I Mutual Fund Screener - June 2019

Industry Size

Industry QAAUM grows 9% YoY to Rs. 25.5 lakh crore in Q1FY20

In Q1FY20, the QAAUM of the MF industry increased by Rs. 1.02 lakh crore to reach Rs. 25.5 lakh crore

SIP contribution in the quarter stood at Rs. 24,543 crore compared with Rs. 24,214 crore in Q4FY19

AUM growth trend of AMCs for the quarter ended Jun-19

AMCs Top 5 Next 10 Rest

Range -1% to 15% -1% to 21% -29% to 17%

Source: AMFI, ICRA Online Research; Note: QoQ growth of QAAUM as of Jun-19

Mutual Fund Industry (QAAUM)

YoY 9%
QoQ 4%
3,000,000
2,340,377 2,448,121 2,550,592
QAAUM (In Rs. Crore)

2,000,000

1,000,000

0
Q1FY19 Q4FY19 Q1FY20

Source: AMFI, ICRA Online Research; Note: QAAUM – Quarterly Average Assets Under Management

AUM of top three AMCs stays north of Rs. 3 lakh crore

Jun-19 Mar-19 % Change QoQ

400,000 20%

15%
QAAUM (In Rs. Crore)

300,000
QoQ Growth (In %)

10%
200,000
5%

100,000
0%

0 -5%
HDFC ICICI SBI Aditya Birla Reliance Kotak UTI Franklin Axis IDFC
Mutual Prudential Mutual Sun Life Mutual Mahindra Mutual Templeton Mutual Mutual
Fund Mutual Fund Fund Mutual Fund Fund Mutual Fund Fund Mutual Fund Fund Fund

Source: AMFI, ICRA Online Research; Note: AUM – Assets Under Management

In absolute terms, SBI Mutual Fund witnessed highest QAAUM growth followed by ICICI Prudential
Mutual Fund in Q1FY20
Only Reliance AMC and UTI AMC witnessed QoQ de-growth in Q1FY20 compared with Q4FY19

3
Section II Mutual Fund Screener - June 2019

Inflow Outflow Analysis

Industry registers net inflow of Rs. 17,635 crore in Q1FY20

Industry-wide Net Inflow Outflow Net Inflow Outflow - Open Ended Schemes*

5,584
7,663

863

137
1,33,903 20,000
1,35,000
-20,000

In Rs. Crore
-60,000
1,05,000
-1,00,000
In Rs. Crore

75,000 -1,40,000
-1,80,000

- 1,71,349
45,000
22,999
17,635
15,000

DBT
Q1FY19 Q4FY19 Q1FY20

HY

SO

OT
EQ
Net Inflow Outflow - Close Ended Schemes* Net Inflow Outflow - Interval Schemes*

0 0
-78

-100 -17
In Rs. Crore
In Rs. Crore

-2,500
-2,399

-200

-218
-300
-5,000
DBT

EQ
DBT

EQ

DBT - Income/Debt Oriented Schemes, EQ - Growth/Equity Oriented Schemes, HY - Hybrid Schemes, SO - Solution Oriented Schemes, OT - Other Schemes
Source: AMFI, ICRA Online Research, *As on Jun 30, 2019

Monthly inflows in Equity funds rise

Net inflow from Equity came in at Rs. 16,565 crore in Q1FY20 as against Rs. 23,036 crore in Q4FY19

Robust SIP contribution has led to the upside as it remained above Rs. 8,000 crore for seven consecutive
months till Jun-19

Equity Net Inflow Outflow

25,000

20,000
In Rs. Crore

15,000

10,000

5,000

-5,000
Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17 Jun-18 Dec-18 Jun-19
Source: AMFI, ICRA Online Research; Note: Equity includes ELSS funds

4
Section III Mutual Fund Screener - June 2019

Category Performance#
Equity
Large Cap
Snapshot AUM over Past 1 Year 3, 5

4,910
4,888
AUM1

4,791
Rs. 1.42 lakh crore

4,760
5,000

4,620

4,583

4,549

4,547
In Rs. Crore
4,800

4,485
4,436
AAUM1 Rs. 1.41 lakh crore

4,336
4,600

4,301
4,400
No. of Funds1 30
4,200

No. of Folios 1
88.66 lakh 4,000

Jul-18

Aug-18

Sep-18

Oct-18

Nov-18

Dec-18

Jan-19

Feb-19

Mar-19

Apr-19

May-19

Jun-19
Monthly Net Inflow Outflow1 Rs. 1,510 crore

Performance across Periods 1, 2, 5

Market Cap % Allocation 3, 4, 5

Large Cap category Nifty 50 TRI

13.93

12.26
11.99
11.42

1.38%
11.25

10.53

16.50 Large Cap

10.2

13.20
8.32

9.90 7.10% Mid Cap

In %

6.60 91.52% Small Cap

3.30
0.00
1 Year 3 Years 5 Years 10 Years

Source: AMFI and ICRA Online Research

Note
1. Data as on Jun 30, 2019; 2. Nifty 50 TRI has been considered as the benchmark for the schemes under review; 3. Period considered - Jul-18 to Jun-19; 4. Market
cap has been calculated by taking average of period under review (Jul-18 to Jun-19); 5. Only open-ended, growth and regular plans considered

Mid Cap
Snapshot AUM over Past 1 Year 3, 5

AUM1 3,383

3,374
Rs. 0.78 lakh crore
3,323

3,262
3,178

3,500
3,076
3,067

3,004
2,980
2,967

AAUM1 Rs. 0.77 lakh crore

In Rs. Crore

2,854
2,842

3,000
No. of Funds1 24

2,500
No. of Folios1 61.80 lakh
Jul-18

Sep-18

Jun-19
Feb-19
Nov-18

Jan-19

Apr-19
Mar-19
Aug-18

Oct-18

May-19
Dec-18

Monthly Net Inflow Outflow1 Rs. 845 crore

Performance across Periods 1, 2, 5

Market Cap % Allocation 3, 4, 5

Mid Cap category Nifty Midcap 100 TRI

16.44
13.92
11.55
10.95

20.00 13.77%
9.69
8.86

15.00 Large Cap

10.00
In %

5.00 Mid Cap

67.34%
0.00 18.88%
-5.00 Small Cap
-0.55

-2.05

-10.00

1 Year 3 Years 5 Years 10 Years

Source: AMFI and ICRA Online Research

Note
1. Data as on Jun 30, 2019; 2. Nifty Midcap 100 TRI has been considered as the benchmark for the schemes under review; 3. Period considered - Jul-18 to Jun-19;
4. Market cap has been calculated by taking average of period under review (Jul-18 to Jun-19); 5. Only open-ended, growth and regular plans considered
#
Only the top 5 categories under equity and debt considered on the basis of AUM and number of schemes

5
Category Performance Mutual Fund Screener - June 2019

Small Cap
Snapshot AUM over Past 1 Year 3, 5

AUM1 Rs. 0.46 lakh crore

2,556
2,426

2,313

2,234

2,210
2,205
2,204

2,191

2,182
2,161

2,016
3,000

1,933
AAUM1 Rs. 0.46 lakh crore

In Rs. Crore
2,000

No. of Funds 1
21 1,000

0
No. of Folios1 50.28 lakh

Jul-18

Sep-18

Jun-19
Feb-19
Nov-18

Jan-19

Apr-19
Mar-19
Aug-18

Oct-18

May-19
Dec-18
Monthly Net Inflow Outflow1 Rs. 0.01 lakh crore

Performance across Periods 1, 2, 5

Market Cap % Allocation 3, 4, 5

Small Cap category Nifty Smallcap 100 TRI

14.92
12.08

10.12
7.99

15.00
3.86
3.08

16.99% Large Cap

5.00
In %

Mid Cap
4.93%
-5.00
Small Cap
-4.63

78.07%
-15.00
-12.75

1 Year 3 Years 5 Years 10 Years

Source: AMFI and ICRA Online Research

Note
1. Data as on Jun 30, 2019; 2. Nifty Smallcap 100 TRI has been considered as the benchmark for the schemes under review; 3. Period considered - Jul-18 to Jun-19;
4. Market cap has been calculated by taking average of period under review (Jul-18 to Jun-19); 5. Only open-ended, growth and regular plans considered

Multi Cap
Snapshot AUM over Past 1 Year 3, 5

AUM1 Rs. 1.45 lakh crore

4,399

4,396
4,374
4,373
4,343
4,227

4,014

3,973

3,959
3,953
3,934

3,769

5,000
AAUM1 Rs. 1.44 lakh crore
4,000
In Rs. Crore

3,000
No. of Funds1 34 2,000
1,000
No. of Folios1 84.49 lakh 0
Jul-18

Sep-18

Jun-19
Feb-19
Nov-18

Jan-19

Apr-19
Mar-19
Aug-18

Oct-18

May-19
Dec-18

Monthly Net Inflow Outflow1 Rs. 0.02 lakh crore

Performance across Periods 1, 2, 5

Market Cap % Allocation 3, 4, 5

Multi Cap category Nifty 500 TRI

13.64
12.8

12.06

15.00
11.07

11.05

11.92%
Large Cap
10.64

70.84%
In %

10.00 Mid Cap

17.24%
6.65

Small Cap
5.74

5.00
1 Year 3 Years 5 Years 10 Years

Source: AMFI and ICRA Online Research

Note
1. Data as on Jun 30, 2019; 2. Nifty 500 TRI has been considered as the benchmark for the schemes under review; 3. Period considered - Jul-18 to Jun-19; 4. Market
cap has been calculated by taking average of period under review (Jul-18 to Jun-19); 5. Only open-ended, growth and regular plans considered

6
Category Performance Mutual Fund Screener - June 2019

ELSS
Snapshot AUM over Past 1 Year 3, 5

AUM1 Rs. 0.94 lakh crore

2,299

2,285
2,237
2,222
2,350

2,161
AAUM1 Rs. 0.94 lakh crore

2,085
In Rs. Crore

2,075

2,052
2,047
2,200

2,014
1,992

1,954
No. of Funds1 43
2,050

No. of Folios1 115.97 lakh 1,900

Jul-18

Sep-18

Jun-19
Feb-19
Nov-18

Jan-19

Apr-19
Mar-19
Aug-18

Oct-18

May-19
Dec-18
Monthly Net Inflow Outflow1 Rs. 0.005 lakh crore

Performance across Periods 1, 2, 5

Market Cap % Allocation 3, 4, 5

ELSS category S&P BSE 200 TRI

13.34

13.29
12.36

12.69%
11.23

15.00
11.19

Large Cap
10.99

67.55% Mid Cap

8.26
In %

10.00
19.76% Small Cap
5.02

5.00
1 Year 3 Years 5 Years 10 Years

Source: AMFI and ICRA Online Research

Note
1. Data as on Jun 30, 2019; 2. S&P BSE 200 TRI has been considered as the benchmark for the schemes under review; 3. Period considered - Jul-18 to Jun-19;
4. Market cap has been calculated by taking average of period under review (Jul-18 to Jun-19); 5. Only open-ended, growth and regular plans considered

Debt
Liquid
Snapshot AUM over Past 1 Year 3,4

AUM1 Rs. 3.97 lakh crore

15,798

14,585
15,070

14,075
13,920

14,251
13,400

12,447

12,322

12,255

11,778
10,149

18,000
AAUM1 Rs. 5.40 lakh crore
In Rs. Crore

12,000
No. of Funds1 40 6,000

0
No. of Folios1 15.74 lakh
Jul-18

Sep-18

Jun-19
Feb-19
Nov-18

Jan-19

Apr-19
Mar-19
Aug-18

Oct-18

May-19
Dec-18

Monthly Net Inflow Outflow1 Rs. -1.52 lakh crore

Performance across Periods 1,2

Instrument Allocation 3,4

Liquid category ICRA Liquid Index

CP - 52.07%
CD - 24.26%
7.38
7.39

7.50
7.06

7.06

Cash & Equivalents - 9.79%

6.97
6.85

7.00 T Bill - 9.27%

6.52
In %

6.47
6.41

Others - 2.12%
6.33

6.50 Bonds and Debentures - 1.85%

SDL -0.48%
6.00
1 Week 1 Month 3 Months 6 Months 1 Year Gilt - 0.15%

Source: AMFI and ICRA Online Research

Note
1. Data as on Jun 30, 2019; 2. ICRA Liquid Index has been considered as the benchmark for the schemes under review; 3. Period considered - Jul-18 to Jun-19;
4. Only open-ended, growth and regular plans considered

7
Category Performance Mutual Fund Screener - June 2019

Ultra Short Duration

Snapshot AUM over Past 1 Year 3,4

AUM1

3,721
Rs. 0.88 lakh crore

3,682
3,490

3,391
3,235

3,197
3,015
2,925

2,900
2,828
2,813

2,775
4,000
AAUM1 Rs. 0.90 lakh crore

In Rs. Crore
3,000
2,000
No. of Funds1 26
1,000
0
No. of Folios 1
6.16 lakh

Jul-18

Sep-18

Jun-19
Feb-19
Nov-18

Jan-19

Apr-19
Mar-19
Aug-18

Oct-18

May-19
Dec-18
Monthly Net Inflow Outflow1 Rs. -0.02 lakh crore

Performance across Periods 1,2

Instrument Allocation 3,4

Ultra Short Duration category NIFTY Ultra Short Duration Debt Index
Bond/Debenture - 42.41%
14.30

CD - 21.58%
15.00 CP - 17.63%
8.34
8.17
8.06

11.00 Cash & Equivalents - 13.44%

7.04

6.36

5.85
In %

5.09

4.50

7.00 T Bill - 3.14%

-0.25

Others - 1.80%
3.00
SDL - 0.01%
-1.00
1 Week 1 Month 3 Months 6 Months 1 Year

Source: AMFI and ICRA Online Research

Note
1. Data as on Jun 30, 2019; 2. NIFTY Ultra Short Duration Debt Index has been considered as the benchmark for the schemes under review; 3. Period considered -
Jul-18 to Jun-19; 4. Only open-ended, growth and regular plans considered

Low Duration
Snapshot AUM over Past 1 year 3,4

AUM1 Rs. 0.84 lakh crore

3,721
3,682
3,490

3,391
3,235

3,197

5,000
3,015
2,925

2,900
2,828
2,813

2,775
In Rs. Crore

AAUM1 Rs. 0.87 lakh crore 3,750

2,500
No. of Funds1 26 1,250
0
No. of Folios1 9.20 lakh
Sep-18
Jul-18

Jun-19
Nov-18

Feb-19
Jan-19

Apr-19
Mar-19
Aug-18

Oct-18

May-19
Dec-18

Monthly Net Inflow Outflow1 Rs. -0.05 lakh crore

Performance across Periods 1,2

Instrument Allocation 3,4

Low Duration category ICRA Liquid Index

Bond/Debenture - 52.92%
7.39

7.38
7.06
6.52
6.41
6.01

2.99

10.00 CD - 22.29%
0.00 CP - 11.45%
In %

-10.00
-1.69

-20.00 Cash & Equivalents - 11.03%

-11.78

-30.00 Others - 1.97%

-40.00
-50.00 SDL - 0.24%
-60.00
-51.58

Gilt - 0.09%
T Bill - 0.01%
1 Week 1 Month 3 Months 6 Months 1 Year

Source: AMFI and ICRA Online Research

Note
1. Data as on Jun 30, 2019; 2. ICRA Liquid Index has been considered as the benchmark for the schemes under review; 3. Period considered - Jul-18 to Jun-19;
4. Only open-ended, growth and regular plans considered

8
Category Performance Mutual Fund Screener - June 2019

Short Duration
Snapshot AUM over Past 1 Year 3,4

AUM1 Rs. 0.81 lakh crore

3,509

3,398

3,204

3,047

3,032
3,013

3,009

2,888
2,813
2,807
2,749

2,730
4,000
AAUM1 Rs. 0.81 lakh crore

In Rs. Crore
3,000

No. of Funds1 28 2,000

1,000
No. of Folios 1
2.71 lakh 0

Sep-18
Jul-18

Jun-19
Nov-18

Feb-19
Jan-19

Apr-19
Mar-19
Aug-18

Oct-18

May-19
Dec-18
Monthly Net Inflow Outflow1 Rs. -0.01 lakh crore

Performance across Periods 1,2

Instrument Allocation 3,4

Short Duration category Nifty Short Duration Debt Index

Bond/Debenture - 76.16%
8.87

8.84
7.40

4.74
5.20

2.02

15.00 Cash & Equivalents - 11.41%

5.00 CD - 3.17%
In %

-5.00
-4.52

CP - 1.55%
-4.80

-15.00
-12.81

Gilt - 4.07%
-25.00
-35.00 Others - 2.22%
-31.72

SDL - 1.32%
T Bill - 0.10%
1 Week 1 Month 3 Months 6 Months 1 Year

Source: AMFI and ICRA Online Research

Note
1. Data as on Jun 30, 2019; 2. Nifty Short Duration Debt Index has been considered as the benchmark for the schemes under review; 3. Period considered - Jul-18
to Jun-19; 4. Only open-ended, growth and regular plans considered

Credit Risk
Snapshot AUM over Past 1 Year 3,4

AUM1 Rs. 0.73 lakh crore

4,724

4,552

4,438

4,285

4,269

4,262

4,237

4,098

4,066

4,003

6,000 3,817
AAUM1 Rs. 0.75 lakh crore 3,656
In Rs. Crore

4,000

No. of Funds1 20 2,000

0
No. of Folios1 5.54 lakh
Sep-18
Jul-18

Jun-19
Nov-18

Feb-19
Jan-19

Apr-19
Mar-19
Aug-18

Oct-18

May-19
Dec-18

Monthly Net Inflow Outflow1 Rs. -0.03 lakh crore

Performance across Periods 1,2

Instrument Allocation 3,4

Credit Risk category Nifty Short Duration Debt Index

Bond/Debentures - 81.81%
8.87

8.84

8.09
7.45

Cash & Equivalents - 8.08%

7.40

10.00
4.75

CP - 4.05%
In %

5.00
0.55

Others - 3.96%
CD - 1.40%
0.00
Gilt - 0.57%
-5.00 SDL - 0.08%
-4.06

REITs & InvITs - 0.05%

6 Months 1 Year 3 Years 5 Years

Source: AMFI and ICRA Online Research

Note
1. Data as on Jun 30, 2019; 2. Nifty Short Duration Debt Index has been considered as the benchmark for the schemes under review; 3. Period considered - Jul-18
to Jun-19; 4. Only open-ended, growth and regular plans considered

9
Section IV Mutual Fund Screener - June 2019

Investor Trends
Individual and Institutional investors as a % of AAUM

Individual and Institutional investors accounted for ~54% and 46%, respectively, of total AAUM in Jun-19

Investment Profile of Individual Investor Investment Profile of Institutional Investor

0.11%
0.03%
0.48%
6.36%
11.92%

24.26% 10.80% 44.12%

33.13%
68.79%

Liquid/Money Market Debt Equity Liquid/ Money Market Debt Equity

ETF Fund of funds investing overseas
ETF Fund of funds investing overseas

Source: AMFI, ICRA Online Research; as of Jun 30, 2019 Source: AMFI, ICRA Online Research; as of Jun 30, 2019

No. of folios has been rising consistently over the past one year
13.2 lakh new folios added in Q1FY20. Notably, number of folios has been rising over the past one year

Under Growth/Equity oriented schemes, ELSS funds (14.44% of total) had the highest number of folios
followed by Large Cap funds (10.58% of total) and Multi Cap fund (10.09% of total) in Jun-19

Folios of Top 5 sub-categories in Equity Category Folio Growth in Last 12 Months

837.7
832.4

Equity linked saving scheme

827.4
824.6

121.0
1-Month Change (In Lakhs)

850 15
817.9

(ELSS)
Folio Count (In Lakhs)

809.7
803.1
797.4
790.3

Large Cap Fund 88.7

778.9

800 10
765.7
754.9

Multi Cap Fund 84.5

750 5
Sectoral/Thematic Funds 63.8

700 0
Mid Cap Fund
Sep-18

61.8
Jul-18

Jun-19
Nov-18

Feb-19
Jan-19

Apr-19
Mar-19
Aug-18

May-19
Oct-18

Dec-18

0 20 40 60 80 100 120 140

In Lakhs Folio 1-Month Change

Source: AMFI, ICRA Online Research, As on Jun 30, 2019 Source: SEBI, ICRA Online Research

10
Investor Trends Mutual Fund Screener - June 2019

Institutional investors churn their portfolios more frequently than individual investors

Individual investors hold 49% of their equity investments for ≥ 12 months, whereas, institutional
investors hold only 12%

Equity
Retail Non-Retail

30% AUM - Rs.12.1 Lakh Crore 28%

Retail - 79%
Non-Retail - 21%
21%
20%
17%
In %

10%
8%
6%
4% 4%
3% 3% 3%
2% 1%
0%
0-1 Month 1-3 Months 3-6 Months 6-12 Months 12-24 Months >24 Months

Source: AMFI, ICRA Online Research. Data as of Mar-19

As far as non-equity investments are concerned, individual investors prefer to spread them almost evenly
across different holding periods. In contrast, institutional investors hold majority of their investments in the
0-1 month period

Non-Equity

Retail Non-Retail AUM - Rs.11.7 Lakh Crore

30%
Retail - 36%
Non-Retail - 64%

22%

20%
In %

13%
12%

9%
10%
7% 8% 7%
7%
6%
4% 3%
3%

0%

0-1 Month 1-3 Months 3-6 Months 6-12 Months 12-24 Months >24 Months

Source: AMFI, ICRA Online Research. Data as of Mar-19

11
Section V Mutual Fund Screener - June 2019

Industry Insights

In last three years AUM, folios and SIP have surged 60%, 70% and 145%
AUM has grown 0.77% on an average in Q1FY20 vis-a-vis 1.36% in the previous quarter

SIP contribution has surged nearly 8%, 71% and 145% in 1-, 2- and 3-year periods, respectively, as of
Jun-19

On an average, the MF industry has added 9.32 lakh SIP accounts each month during FY20

AUM and Folio Count SIP Contribution over Past 3 Years

AUM Folio Count

8,250
30 1,000
7,500
In Rs. Lakh Crore

900 6,750
In Rs. Crore

20 800 6,000
In Lakhs

700 5,250

10 600 4,500
3,750
500
3,000
0 400
Sep-16

Sep-17

Sep-18
Jun-16

Jun-17

Jun-18

Jun-19
Mar-17

Mar-18

Mar-19
Dec-16

Dec-17

Dec-18
Jul-16 Apr-17 Jan-18 Oct-18 Jun-19

Source: AMFI, ICRA Online Research Source: AMFI, ICRA Online Research

Category-wise AAUM break-up State-wise AAUM break-up

Category-wise AAUM Break-up in Q1FY20 Top 10 State-wise Contribution in Q1FY20

5%

23%
42%

29%

Maharashtra (42%) New Delhi (9%) Karnataka (7%)

Gujarat (7%) West Bengal (5%) Haryana (5%)
Equity Debt Liquid / Money ETF
Market Tamil Nadu (5%) Uttar Pradesh (4%) Telangana (2%)
Rajasthan (2%) Others (13%)

Source: AMFI, ICRA Online Research Source: AMFI, ICRA Online Research
Note: 1. AAUM excludes Fund of Funds Scheme(Domestic); 2. Equity includes Note 1. Data is an average of contribution for Apr-19, May-19 and Jun-19
ELSS and Balanced schemes; 3. Debt includes Gilt, FMP, Debt (assured
return), Infrastructure Debt Funds and Other Debt Schemes; 4. Data is an
average of contribution for Apr-19, May-19 and Jun-19

12
Industry Insights Mutual Fund Screener - June 2019

FPIs remained optimistic following the outcome of general elections

In the new fiscal year, foreign portfolio investors are hopeful that the government’s reform agenda will
boost market sentiment

FPI/FII

140,042
MF

150,000
110,540

84,226
79,723

100,000

65,041

54,912
52,977
In Rs. Crore

40,281

31,709
26,021
50,000

6,796
993
0
-14,171
-20,925

-50,000

FY14 FY15 FY16 FY17 FY18 FY19 FY20TD

Source: SEBI, ICRA Online Research

Contribution from India’s smaller towns continues to grow

AAUM contribution of B30 cities grew 5.38% QoQ, while T30 locations saw 4.95% growth.

B30 locations formed 15.50% of the total industry AAUM at the end of Jun-19 compared with 15.40% in
the previous quarter

AUM Garnered by different Channels

Jun-19 Mar-19

T30 B30 T30 B30

Associate Distributor 6% 19% 6% 19%

Direct Plan 45% 19% 45% 18%

Non-Associate Distributor 49% 62% 49% 62%

Source: AMFI, ICRA Online Research;

Growth in Assets in T30 B30 Locations Equity Non-equity Asset mix in T30 B30 Locations

100%
2,500,000 2,181,405
66%
65%

2,078,454
AAUM (In Rs. Crore)

56%
55%

2,000,000 75%
45%

44%
35%

34%

1,500,000
In %

50%
1,000,000
25%
500,000 399,992 379,562
0%
0 T30 B30 T30 B30
Jun-19 Mar-19
Jun-19 Mar-19
T30 B30 Equity Non-equity

Source: AMFI, ICRA Online Research; T30-Top 30 cities and B30-Beyond top 30 cities

13
Industry Insights Mutual Fund Screener - June 2019

Analysis of India’s top mutual fund distributors

Gross commission paid to India’s top mutual fund distributors increased from Rs. 2,603 crore in FY14 to
Rs. 7,938 crore in FY19

During the same period, the quarterly average assets under management (QAAUM) of the industry
witnessed a CAGR of 22% from Rs. 9.05 lakh crore to Rs. 24.48 lakh crore.

Per AMFI data number of ditributors have increased from 396 in FY14 to 1,037 in FY19

Gross Corresponding Average AUA

No. of Commission Average AUA Industry as a % of
Financial Year YoY Change YoY Change (Rs. Crore) YoY Change QAAUM YoY Change
distributors* Paid Industry
(Rs. Crore) (Rs. Crore) Assets

FY14 396 -- 2,603 -- 406,194 -- 905,456 -- 45%

FY15 519 31% 4,745 82% 515,906 27% 1,189,912 31% 43%

FY16 540 4% 3,658 -23% 606,883 18% 1,354,500 14% 45%

FY17 732 36% 4,678 28% 640,090 5% 1,830,613 35% 35%

FY18 1,017 39% 8,550 83% 923,509 44% 2,305,217 26% 40%

FY19 1,037 2% 7,938 -7% 1,004,827 9% 2,448,438 6% 41%

Source: AMFI, ICRA Online Research

*Note: Top mutual fund distributors meet one or more of the following conditions with respect to non-institutional (retail and HNIs) investors as specified by
SEBI:
a. Multiple point of presence (More than 20 locations)
b. AUM raised over Rs 100 crore across industry in the non-institutional category but including HNIs
c. Commission received of over Rs 1 crore per annum across industry
d. Commission received of over Rs 50 lakh from a single fund house

Recent AMFI stock categorization exercise yielded interesting insights

From Small Cap From Large Cap

to Mid Cap to Mid Cap New companies
added in the list
15 06
Change in
market
capitalization
of stocks#
From Mid Cap to From Mid Cap to
Large Cap Small Cap

06 17
134 04
#
List for H1CY19 compared with H2CY18
Small Cap Mid Cap
Source: AMFI, ICRA Online Research

14
Industry Insights Mutual Fund Screener - June 2019

Movement of companies across market capitalization

Companies moving up in market cap Companies moving down in market cap
Change in Market Change in Market
From Small Cap to Mid Cap From Large Cap to Mid Cap
Cap (In Rs. Cr.)* Cap (In Rs. Cr.)*

1 Allahabad Bank 5,425 1 L&T Finance Holdings Ltd. -12,214

2 Corporation Bank 5,318 2 Ashok Leyland Ltd. -8,533

3 Oriental Bank Of Commerce 4,970 3 Page Industries Ltd. -7,537

4 UCO Bank 4,938 4 MRF Ltd. -7,114

5 Aavas Financiers Ltd. 3,176 5 Steel Authority Of India Ltd. -4,881

6 Fortis Healthcare Ltd. 2,607 6 Indiabulls Ventures Ltd. -3,243

Change in Market
7 Indian Overseas Bank 2,520 From Mid Cap to Small Cap
Cap (In Rs. Cr.)*

8 Manappuram Finance Ltd. 2,275 1 Schaeffler India Ltd. -8,619

9 Kajaria Ceramics Ltd. 2,261 2 Mahindra CIE Automotive Ltd. -7,408

10 Vinati Organics Ltd. 2,250 3 HEG Ltd. -5,723

11 TTK Prestige Ltd. 1,830 4 Minda Industries Ltd. -5,061

12 Symphony Ltd. 1,310 5 Thomas Cook (India) Ltd. -3,976

13 Prestige Estates Projects Ltd. 736 6 KIOCL Ltd. -3,921

14 V-Guard Industries Ltd. 651 7 Housing & Urban Development Corporation -2,137

15 Mahanagar Gas Ltd. 613 8 Bombay Burmah Trading Corp. Ltd. -2,108

Change in Market
From Mid Cap to Large Cap 9 Eris Lifesciences Ltd. -1,730
Cap (In Rs. Cr.)*

1 Punjab National Bank 11,535 10 Escorts Ltd. -1,376

2 Power Finance Corporation Ltd. 7,534 11 Future Consumer Ltd. -1,066

3 IDBI Bank Ltd. 6,539 12 Varroc Engineering Ltd. -1,037

4 Torrent Pharmaceuticals Ltd. 1,621 13 ICICI Securities Ltd. -979

5 ABB India Ltd. 1,606 14 Dish TV India Ltd. -756

6 ACC Ltd. 1,046 15 Dewan Housing Finance Corporation -542

*List for H1CY19 compared with H2CY18

16 Reliance Infrastructure Ltd. -338
Source: AMFI, ICRA Online Research

17 Reliance Power Ltd. -66

15
Industry Insights Mutual Fund Screener - June 2019

New companies
added in the list

134 04
Small Cap Mid Cap

New companies added in H1CY19

Company Name Avg. Market Cap (in Rs. Cr.) Category

1 Cholamandalam Investment and Finance Company 20,838 Mid Cap

2 Dalmia Bharat Ltd. 18,706 Mid Cap

3 Gujarat Gas Ltd. 10,267 Mid Cap

4 Polycab India Ltd. 9,179 Mid Cap

5 Chalet Hotels Ltd. 6,506 Small Cap

6 Rail Vikas Nigam Ltd. 5,186 Small Cap

7 Arvind Fashions Ltd. 5,045 Small Cap

8 Metropolis Healthcare Ltd. 4,796 Small Cap

9 ISGEC Heavy Engineering Ltd. 3,755 Small Cap

10 KPIT Technologies Ltd 2,708 Small Cap

11 Music Broadcast Ltd. 1,613 Small Cap

12 CESC Ventures Ltd. 1,318 Small Cap

13 Spencer'S Retail Ltd. 1,101 Small Cap

14 Neogen Chemicals Ltd. 727 Small Cap

15 MSTC Ltd. 703 Small Cap

16 BMW Industries Ltd. 586 Small Cap

17 Sadhana Nitrochem Ltd. 542 Small Cap

18 Gloster Ltd 523 Small Cap

19 The Anup Engineering Ltd 510 Small Cap

20 The Indian Wood Products Co. Ltd. 490 Small Cap

21 Airan Ltd. 377 Small Cap

22 Maheshwari Logistics Ltd. 327 Small Cap

23 Acrysil Ltd. 287 Small Cap

24 Generic Pharmasec Ltd. 270 Small Cap

25 Vikas Multicorp Ltd. 244 Small Cap

Source: AMFI, ICRA Online Research

Note: In the new companies addition list, only the top-25 companies (in terms of average market cap) has been considered.

16
Section VI Mutual Fund Screener - June 2019

Regulatory Update

The government in the Union Budget proposed tax incentives for

exchange traded funds or ETFs that track stocks of central public
Government sector enterprises. To boost investment in ETFs, the government will
proposes tax come out with an offering of an investment option in ETFs which will
benefits for be on the similar lines to that of Equity Linked Savings Scheme. The
government in the Union Budget set the disinvestment target at Rs.
Equity ETFs 1.05 lakh crore for FY20 and acknowledged that ETFs have become
a good instrument for India’s divestment program

SEBI has proposed a self-regulatory body for distributors and

advisors of mutual funds products. The objective of the move is to
implement the code of conduct and bring in consistency in their
Proposes practices. In addition SEBI also mandated to take disciplinary action
regulator for MF to curb malpractices like mis-selling of products and churning of
portfolio and take appropriate action to deal with the complaints of
distributors the investors at large. The move comes as SEBI noted that
distributors have become important players of the mutual fund
industry

SEBI mandated that asset management companies (AMCs) cannot

have standstill agreements with companies. It also added that action
has been taken for those asset management companies that have
standstill agreement with companies. Under a standstill agreement,
Tightens there are conditions under which AMCs can sell or abstain from
framework for debt selling stocks of companies. SEBI added that liquid funds can invest
a maximum of 20% of their assets in a single sector as against the
mutual funds current cap of 25% and must keep aside at least a fifth of their assets
in cash equivalents to meet sudden redemption pressures. The
objective of the move is to protect investors from credit risks that
emanate from defaults by borrowers

17
 Mutual Fund Screener - June 2019

Annexure

Market QAAUM QAAUM (In Rs. Crore) % Change in QAAUM

Asset Management Company
Share Q1FY20 % Share Q4FY19 Q3FY19 Q2FY19 Q1FY19 3M 6M 9M 12M
Top 5 = 58.2%

HDFC Mutual Fund 362,538 14.2% 342,291 334,964 306,360 306,841 5.9% 8.2% 18.3% 18.2%
ICICI Prudential Mutual Fund 337,287 13.2% 320,793 307,735 310,257 310,166 5.1% 9.6% 8.7% 8.7%
SBI Mutual Fund 307,534 12.1% 283,807 264,353 253,829 233,114 8.4% 16.3% 21.2% 31.9%
Top 10 = 82.8%

Aditya Birla Sun Life Mutual Fund 253,965 10.0% 246,480 242,344 254,223 249,270 3.0% 4.8% -0.1% 1.9%
Reliance Mutual Fund 222,576 8.7% 233,617 236,256 244,843 240,445 -4.7% -5.8% -9.1% -7.4%
Top 15 = 93.2%

Kotak Mahindra Mutual Fund 161,209 6.3% 150,099 139,427 134,412 127,635 7.4% 15.6% 19.9% 26.3%
UTI Mutual Fund 157,866 6.2% 159,694 157,586 165,946 153,183 -1.1% 0.2% -4.9% 3.1%
Franklin Templeton Mutual Fund 124,967 4.9% 118,912 109,525 110,400 104,416 5.1% 14.1% 13.2% 19.7%
Top 20 = 96.7%

Axis Mutual Fund 102,221 4.0% 89,720 81,622 87,631 79,201 13.9% 25.2% 16.7% 29.1%
IDFC Mutual Fund 82,279 3.2% 69,352 64,583 69,483 69,591 18.6% 27.4% 18.4% 18.2%
DSP Mutual Fund 77,619 3.0% 78,363 79,245 95,457 89,404 -0.9% -2.1% -18.7% -13.2%
L&T Mutual Fund 73,497 2.9% 70,944 69,080 73,753 71,118 3.6% 6.4% -0.3% 3.3%
Tata Mutual Fund 53,641 2.1% 54,194 49,293 54,824 49,221 -1.0% 8.8% -2.2% 9.0%
Sundaram Mutual Fund 31,220 1.2% 30,497 30,800 33,103 32,789 2.4% 1.4% -5.7% -4.8%
Mirae Asset Mutual Fund 29,261 1.1% 24,191 21,035 20,569 19,178 21.0% 39.1% 42.3% 52.6%
Invesco Mutual Fund 24,635 1.0% 23,990 23,871 27,556 24,919 2.7% 3.2% -10.6% -1.1%
Motilal Oswal Mutual Fund 19,640 0.8% 19,090 18,599 20,305 19,264 2.9% 5.6% -3.3% 2.0%
LIC Mutual Fund 16,294 0.6% 15,240 13,378 20,426 20,411 6.9% 21.8% -20.2% -20.2%
Canara Robeco Mutual Fund 15,852 0.6% 14,583 13,656 14,045 13,334 8.7% 16.1% 12.9% 18.9%
Edelweiss Mutual Fund 12,128 0.5% 11,665 11,862 14,161 12,502 4.0% 2.2% -14.4% -3.0%
HSBC Mutual Fund 11,608 0.5% 11,054 10,707 11,928 10,622 5.0% 8.4% -2.7% 9.3%
Baroda Mutual Fund 11,181 0.4% 11,320 12,257 13,564 12,240 -1.2% -8.8% -17.6% -8.7%
JM Financial Mutual Fund 7,710 0.3% 8,712 10,965 12,672 12,073 -11.5% -29.7% -39.2% -36.1%
PRINCIPAL Mutual Fund 7,280 0.3% 7,091 6,940 7,793 7,418 2.7% 4.9% -6.6% -1.9%
BNP Paribas Mutual Fund 7,244 0.3% 7,209 7,398 8,523 8,060 0.5% -2.1% -15.0% -10.1%
IDBI Mutual Fund 6,457 0.3% 8,949 8,599 9,961 10,540 -27.9% -24.9% -35.2% -38.7%
DHFL Pramerica Mutual Fund 5,412 0.2% 7,627 10,756 22,700 23,137 -29.1% -49.7% -76.2% -76.6%
Mahindra Mutual Fund 4,972 0.2% 4,748 3,756 4,336 3,961 4.7% 32.4% 14.7% 25.5%
Indiabulls Mutual Fund 4,530 0.2% 4,808 3,728 8,008 7,992 -5.8% 21.5% -43.4% -43.3%
Union Mutual Fund 4,307 0.2% 4,259 4,208 4,910 4,433 1.1% 2.4% -12.3% -2.8%
BOI AXA Mutual Fund 3,128 0.1% 3,626 4,173 5,872 5,692 -13.7% -25.0% -46.7% -45.0%
PPFAS Mutual Fund 2,116 0.1% 1,805 1,576 1,376 1,099 17.2% 34.3% 53.7% 92.6%
IL&FS Mutual Fund (IDF) 1,523 0.1% 0 1,554 1,514 1,473 -1.9% 0.6% 3.4%
IIFL Mutual Fund 1,523 0.1% 1,640 1,400 1,506 1,257 -7.2% 8.7% 1.1% 21.1%
Quantum Mutual Fund 1,444 0.1% 1,360 1,287 1,241 1,209 6.1% 12.2% 16.4% 19.4%
YES Mutual Fund 1,421 0.1% 2,000 0 0 0 -28.9%
Essel Mutual Fund 1,041 0.0% 1,416 1,759 2,256 1,790 -26.5% -40.8% -53.9% -41.9%
Taurus Mutual Fund 435 0.0% 424 421 454 452 2.5% 3.2% -4.2% -3.8%
Quant Mutual Fund 217 0.0% 196 195 184 176 10.5% 11.1% 17.5% 23.2%
Shriram Mutual Fund 133 0.0% 124 101 54 47 7.1% 31.9% 146.2% 181.5%
Sahara Mutual Fund 54 0.0% 55 54 58 59 -1.5% -0.2% -6.5% -9.4%
Grand Total 2,549,962 100% 2,445,948 2,361,047 2,430,493 2,339,732 4.3% 8.0% 4.9% 9.0%

Lowest Highest

Source: AMFI & ICRA Online Research

18
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