Mutual Fund

Industry Dashboard
March 2024
Industry at Glance
Mar-24 Year ago Change

Industry AUM Rs 53.40 lakh cr Rs 39.42 lakh cr 35.5%

Equity oriented AUM* Rs 39.29 lakh cr Rs 26.60 lakh cr 47.7%

Fixed Income oriented AUM Rs 14.11 lakh cr Rs 12.82 lakh cr 10.0%

Equity funds Net flows** (12 months) Rs. 2.37 lakh cr Rs 3.02 lakh cr

Fixed income funds Net flows (ex Liquid & overnight) (12 months) Rs 0.08 lakh cr (Rs 1.58 lakh cr)

Aggregate New Fund Offers in last 12 months Rs 68,038 cr Rs 62,342 cr 9%

Individual AUM % share^ 61% 58%

Institutional AUM % share^ 39% 42%

Direct AUM % share^ 45% 45% -

Direct AUM % share^ (Individual: Insti breakup) 15% : 30% 14% : 31% -

Direct Individual as % of total Individual AUM^ 25% 23%

Passive Funds AUM Rs. 9.09 lakh cr Rs.6.74 lakh cr 34.7%

Passive AUM % of Total AUM 17% 17% -

S&P BSE Sensex 73,651 58,992 24.9%

10-year G-sec yield 7.05% 7.32% 26 bps

Notes: *Equity oriented funds AUM includes equity oriented hybrid funds, **includes equity funds, index, ETFs and global FoF, ^Pertains to monthly average AUM Source: AMFI, BSE, CRISIL.
For Financial Professional Use Only / Not for Distribution to the Public 2
Industry at Glance

Mar-24 Year ago Change

Unique investor accounts 4.46 cr 3.77 cr (69 lakh) 18%

SIP AUM Rs 10.72 lakh cr Rs 6.83 lakh cr 57%

SIP AUM to total Equity AUM % 27.3% 25.7%

Monthly SIP Gross Sales Rs 19,271 cr Rs 14,276 cr 35%

Total SIP accounts 8.40 cr 6.36 cr 32%

New SIP accounts registered 42.87 lakhs 21.65 lakhs 98%

Discontinued SIP accounts 23.34 lakhs 13.92 lakhs 68%

Discontinued SIP as % of Registered SIP 54% 64%

Aggregate SIP Flows for last 12 months Rs 2 lakh cr Rs 1.56 lakh cr 28%

SIP AUM Growth in 5 Years (CAGR) 32% 28%

MF AUM to Bank Deposits % 26.1% 21.8%

B30:T30 % AUM break-up^ 18% : 82% 17% : 83% -

B30:T30 AUM Growth in 5 years (CAGR) 21% : 17% 16%* : 11%*

Mutual fund AUM growth in 5 years (CAGR) 18% 13%

Bank Deposit growth in 5 years (CAGR) 11% 10% -

Source: AMFI, BSE. ^Pertains to monthly average AUM. *B30 and T30 AUM data is available since June 2018. 5 Year CAGR for year ago period is calculated since June 2018.
For Financial Professional Use Only / Not for Distribution to the Public 3
 Industry Trends

For Financial Professional Use Only / Not for Distribution to the Public 4
 Industry AUM @ INR 53.4 Lakh Cr
Industry has added over Rs 14 lakh cr to AUM over the past year.

Industry AUM grew by 18% CAGR in the last 5 years and 21% CAGR in the last 10 years ended March 2024

5 Months
8 Months
16 Months 9% Growth
15% Growth
8 Months 11% CAGR
18 Months
21 Months 18% Growth
10% CAGR
13 Months
14% CAGR 53.40
Industry AUM (Rs lakh crore)

26 Months 50.78
79 Months 32% CAGR 46.38
93 Months 21% CAGR
9% CAGR 40.38
25% CAGR 35.32
30.01
25.94
20.59
15.18
10.11
5.57
1.02

Jan-00 Oct-07 May-14 Jul-16 Aug-17 May-19 Nov-20 Jul-21 Nov-22 Jul-23 Dec-23 Mar-24
Time taken to reach every incremental milestone of INR 5 lakh crore

Annualised growth (CAGR) for the period more than 12 months and absolute growth for the period less than 12 months
Source: AMFI
For Financial Professional Use Only / Not for Distribution to the Public 5
MF AUM to Bank Deposits (%) doubled in 8 years
MF AUM more than one fourth of Bank Deposits

MF AUM as a % of Bank Deposits

225 30%

200 28%

175 26.1% 26%

22.8% 24%
150
Rs lakh crore

21.8% 22%
125
19.5% 20.8% 20%
18.6%
100
16.2% 18%
75
16%
13.1% 16.4%
50 12.6% 14%
25 10.7% 12%
0 10%
Mar-15

Mar-16

Mar-17

Mar-18

Mar-19

Mar-20

Mar-21

Mar-22
Mar-14

Mar-23

Mar-24
Bank Deposits (Rs lakh cr) MF AUM (Rs lakh cr) MF AUM as a % of Bank Deposits

Source: RBI for bank Deposits, AMFI for AUM

For Financial Professional Use Only / Not for Distribution to the Public 6
Equity Class Dominates Total Mutual Funds Assets
Over the past year, equity AUM has risen from ~ Rs 22 lakh cr to Rs 33 lakh cr

Share of equity in the total assets rose to 61% in March 2024 from 56% a year ago

60.00
53.40
50.78
Total AUM (Rs Lakh cr)

50.00
39.89
40.00 37.73
31.02
30.00 26.54
21.27 22.86
20.00 16.46
12.75
10.51
10.00 8.26

0.00
Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Mar-24

Liquid/ Overnight Debt Equity Hybrid

Debt includes open ended debt categories (other than liquid and overnight), closed ended debt, interval schemes and gold ETFs. Equity includes open and closed ended equity funds, index funds, other ETFs and FOFs investing Overseas.
Hybrid includes hybrid schemes, retirement funds and children’s funds.
Source: AMFI
For Financial Professional Use Only / Not for Distribution to the Public 7
Total investor count rose to 4.46 cr in March 2024
6.80 lakh investors added in March 2024
69 lakh new investors added in the last 12 months vs 40 lakh in the same period last year

5.0 12
4.46
Total Unique Investors (Crore)

4.5

New Investors added p.m (lakh)

9.38 10
4.0 3.77

3.5
8
3.0
6.80
2.5 6

2.0
4
1.5

1.0
2
0.5

0.0 0

Jun-23

Jan-24
Jun-22

Jan-23

Dec-23
Nov-22

Dec-22

Nov-23
Jul-22

Aug-22

Sep-22

Jul-23

Aug-23

Sep-23
Apr-23
Apr-22

Feb-24
Mar-22

Feb-23

Mar-23

Mar-24
May-23
May-22

Oct-22

Oct-23
Total Unique Investors (Crore) New Investors added p.m (lakh)

Source: AMFI
For Financial Professional Use Only / Not for Distribution to the Public 8
 SIP flows @ all-time high of Rs 19,271 cr in March 2024
Doubled in less than 3 years, 20 lakh new SIP accounts added in March

Monthly SIP GS (up 35% YoY) rose to Rs 19,271 cr SIP accounts rose to a record 8.40 cr in Avg. SIP size up at Rs 2295 p.m.
in Mar’24 vs Rs 14,276 cr in Mar’23 Mar’24, up 32% YoY vs Rs 2245 p.m. last year

1
2
2 Month
2 Months
5 4 Months
Months
7 Months Months
2 4
Months
6 Months Months
27 18838 19187 19271
SIP Gross Sales (Rs Cr)

9 Months
3 Months 17073
Months 16042
Months 15245
14276
12328 13041
10351 11005
9182
8022
7119
6222

Dec-17 Mar-18 Dec-18 Mar-21 Sep-21 Nov-21 Mar-22 Oct-22 Mar-23 Jul-23 Sep-23 Nov-23 Jan-24 Feb-24 Mar-24
Key Milestones

Source: AMFI. GS – Gross Sales

For Financial Professional Use Only / Not for Distribution to the Public 9
Gross SIP Flows at all time high in March 2024
Net to Gross SIP Ratio rose to 47%

20,000 65%

19,271
19,187
18,000

18,838
60%

17,610
17,073
16,928
16,000

16,042

Net to Gross SIP Ratio %

15,814
15,245
14,000 53% 55%
14,749

14,734
51% 51%
13,728

12,000
Rs Crore

50%
46% 47%
10,000
45% 43%
43% 45%

9,109
9,058
8,000

8,686

8,248
8,192
7,364
36%

7,071
38%
6,977

6,000 39% 40%

6,469
5,696

5,608

5,494
4,000 37%
35%
2,000

0 30%
Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24

Gross SIP Flows Net SIP Flows Net to Gross SIP Ratio %

Net to Gross SIP ratio indicates the percentage of Gross SIP flows which have continued to remain invested in the industry. A high ratio indicates lower redemption numbers for the period and lower the ratio,
higher would be the redemptions in the period.
Source: AMFI
For Financial Professional Use Only / Not for Distribution to the Public 10
New SIP registrations in March @ 42.87 lakhs
SIP Discontinuations down to 54% of total registrations from 64% in Mar 2023

SIP Registrations & Discontinuation

60.00 70%

Discontinued SIPs as % of Registered SIPs

50.00 65%
42.87

40.00 60%
SIP in lakhs

54%
30.00 55%
23.34
20.92
20.00 50%

10.48
10.00 45%

0.00 40%

Jan-23

Jan-24
Sep-22

Nov-22

Jul-23

Sep-23

Nov-23
Jul-22

Mar-23

Mar-24
Mar-22

May-23
May-22

SIPs Registered in lakhs SIPs Discontinued in lakhs Discontinued SIPs as % of Registered SIPs

Source: AMFI
For Financial Professional Use Only / Not for Distribution to the Public 11
SIP Average Ticket Size moved higher in March 2024
Share of Equity in Total AUM at ~61% in March 2024

Share of Equity in Total AUM has Risen Over Time

SIP Average Ticket Size (Rs)

61.0% 3500
59.7% 3159
54.6% 3000 2861

2425
47.7% 2500 2303 2216 2306 2295

39.6% 39.2% 2000

39.2%
32.9% 1500
31.3% 37.4%
1000
22.6% 30.4%

500
Dec-15

Dec-16

Dec-17

Dec-18

Dec-19

Dec-20

Dec-21

Dec-22

Dec-23
Dec-13

Dec-14

Mar-24
0
Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Mar-24

Equity as % of total AUM

Note – Above data only includes open-ended equity funds, closed ended equity funds, index funds, ETFs and global FoFs Source: AMFI
For Financial Professional Use Only / Not for Distribution to the Public 12
SIP share of Equity AUM rose to 27% in March 2024
from 26% a year ago
28.0% 74000
27.5% 72000

27.3%

27.3%

27.3%
27.2%
27.0% 70000

27.2%
26.9%

26.9%
26.9%
26.5% 68000

26.7%

S&P BSE Sensex

26.5%
26.0% 66000

26.2%
26.0%
25.5% 64000

25.7%

25.7%
25.6%
25.4%
25.4%
25.3%
25.0% 62000

25.2%
25.1%
24.9%

24.5% 60000
24.6%

24.5%

24.5%
24.4%

24.0% 58000
23.5% 56000
23.0% 54000
22.5% 52000
Jun-22

Jun-23
Jul-22

Jul-23
Aug-22

Aug-23
Feb-23

Feb-24
Jan-24
Jan-23
May-22

May-23
Dec-22

Dec-23
Nov-22

Nov-23
Sep-22

Sep-23

Oct-23
Apr-22

Oct-22

Apr-23
Mar-22

Mar-23

Mar-24
SIP AUM as % of the total equity funds AUM S&P BSE Sensex

Source: AMFI
Equity oriented funds AUM includes equity oriented hybrid funds
For Financial Professional Use Only / Not for Distribution to the Public 13
Equity Gross Sales rising since Apr 2023
SIP Flows as % of equity gross sales declined since Nov 2023

40% 100000
% SIP gross sales to total equity gross sales

90000

34%

33%
34%
35% 80000

30%
30%
29%

Gross Sales (Rs Crs)

70000

28%

27%
27%
30% 60000

26%
25%
24%

26%
27%

25%
50000

27%
24%
27%

23%

24%
23%
22%

25% 40000

22%
30000

20% 20000
17%

16%
10000

15% 0

Jun-23
Jun-22

Aug-22

Aug-23
Jul-23
Jul-22

Feb-24
Feb-23

Jan-24
Jan-23
May-22

May-23
Sep-22

Sep-23
Nov-22

Dec-22

Nov-23

Dec-23
Oct-23
Oct-22
Apr-22

Apr-23
Mar-23
Mar-22

Mar-24
Equity Gross Sales (Rs Crs) % SIP gross sales to total equity gross sales

Note – Above data only includes open-ended equity funds, closed ended equity funds, index funds, ETFs and global FoFs. Source: AMFI
For Financial Professional Use Only / Not for Distribution to the Public 14
Equity Net Sales Positive for 37 months

105000 86000

73651
85000 76000
MF Sales (Rs Crore)

S&P BSE Sensex

80544
65000 66000

45000 56000
34995

25000 46000

5000 36000

-15000 26000
Jul-20

Jul-22
Jul-21

Jul-23
Nov-21
Nov-20

Nov-22

Nov-23
Mar-21
Mar-20

Mar-22

Mar-23

Mar-24
Equity Gross Sales Equity Net Sales S&P BSE Sensex

Note – Above data only includes open-ended equity funds, closed ended equity funds, index funds, ETFs and global FoFs. Source: AMFI
For Financial Professional Use Only / Not for Distribution to the Public 15
Equity Net Sales (Ex SIPs + NFOs) in Positive Zone

60000

50000

40000 34,995
MF Sales (Rs Crore)

30000

20000
12,006
10000

-10000

-20000

-30000
Jul-20

Jul-22
Jul-21

Jul-23
Jan-23
Jan-21

Jan-22

Jan-24
May-20

May-22
May-21

May-23
Sep-20

Sep-22

Nov-22
Nov-20

Sep-21

Nov-21

Sep-23

Nov-23
Mar-20

Mar-22
Mar-21

Mar-23

Mar-24
Equity Net Sales Equity Net Sales (ex SIP + NFOs)

Note – Above data only includes open-ended equity funds, closed ended equity funds, index funds, ETFs and global FoFs Source: AMFI
For Financial Professional Use Only / Not for Distribution to the Public 16
Equity Funds dominate the NFO Flows
Aggregate NFO flows in last 12 months were Rs 68,038 crores out of which equity funds comprised 89% or Rs
60,336 crores.

14000 23,000

11,720
12000
22,000
9,872
NFO Flows (Rs Crore)

10000
21,000

Nifty 50 Index
7,531 7,795
8000
6,723 6,817
20,000
4,902
6000
4,146 19,000
3,638
4000
2,583
1,828 18,000
2000
483
0 17,000
Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24

Equity Debt Nifty 50 Index RHS

Source: AMFI, NSE

For Financial Professional Use Only / Not for Distribution to the Public 17
Mutual Funds are Now a Dominant Force vs FPIs

Net inflows for DIIs were INR 2.07 lakh crore for last 12 months (till March 2024) vs Net outflows of INR 0.14 lakh crore for FPIs
80,000

60,000

40,000
Net flows (Rs in Cr)

20,000

-20,000

-40,000

-60,000

-80,000
Jun-22

Jun-23
Jul-22

Jul-23
Aug-22

Aug-23
Feb-23

Feb-24
Jan-23

Jan-24
May-22

May-23
Nov-22

Dec-22

Nov-23

Dec-23
Sep-22

Sep-23
Apr-22

Apr-23
Oct-22

Oct-23
Mar-22

Mar-23

Mar-24
FPI DII

FPI – Foreign Portfolio Investors DII – Domestic Institutional Investors

Source: Moneycontrol
For Financial Professional Use Only / Not for Distribution to the Public 18
Passive AUM increased to Rs 9.09 lakh cr in March 2024
from Rs 6.75 lakh cr a year ago (35% growth)
Share of passive AUM @ 17% of total AUM
10 18%

9
16%
8
Passive AUM (Rs lakh crore)

7
14%
6

5 12%

4
10%
3

2
8%
1

0 6%
Jul-20

Jul-22
Jul-21

Jul-23
Jan-22

Jan-24
Jan-21

Jan-23
May-21

May-23
May-20

May-22
Nov-21

Nov-23
Nov-20

Nov-22
Sep-20

Sep-22
Sep-21

Sep-23
Mar-21

Mar-23
Mar-20

Mar-22

Mar-24
Passive AUM (Rs lakh crore)-LHS % to Total AUM-RHS

Passive AUM includes Index Funds and all ETFs.

Data Source: AMFI
For Financial Professional Use Only / Not for Distribution to the Public 19
Active & Passive Fund AUM Split by Asset Class
58% of international funds AUM comprises of passives

Domestic Equity Debt International

23% of domestic equity AUM 13% of debt AUM comprises of 49% of international funds AUM
comprises of passives passives comprises of passives

13%
April 23% 49%
51%
2023* 77% 87%

*Breakup of passive AUM is

available only since April 2023.

22% of domestic equity AUM 14% of debt AUM comprises of 58% of international funds AUM
comprises of passives passives comprises of passives

14%
22%
March 42%
58%
2024 78% 86%

Active Passive Active Passive Active Passive

Passive AUM component for equity funds has seen a marginal decline between April and March 2024. The passive AUM component of debt funds has seen a marginal decline .
International funds have seen a rise in passive AUM component from 49% in April 2023 to 58% in March 2024.

Note: Active Equity AUM comprises of multicap, large cap, large and midcap, mid cap, small cap, dividend yield, value/contra, focused, sectoral/thematic, ELSS, flexicap and closed ended equity categories. Active debt AUM comprises of
overnight, liquid, ultra short duration, low duration, money market, short duration, medium duration, medium to long duration, long duration, dynamic bond funds, corporate bond fund, credit risk fund, banking and PSU fund, gilt fund, gilt fund with
10 year constant duration, floater fund, closed ended and interval debt funds.
For Financial Professional Use Only / Not for Distribution to the Public 20
Passive Fund AUM - Asset Class Split
Equity passives make up ~71% of passive Fund AUM in March 2024 up
from 66% in April 2023.
April 2023* March 2024
International
Passive Funds
International Passive Funds, 2.4% 2.6%
Other Index Funds, Commodity Passive
Commodity Passive 0.5% Funds Other Index Funds
Funds, 3.5% 3.9% 0.4%

Debt Passive
Debt Passive Funds
Funds, 27.5% 22.2%

Domestic Equity Domestic Equity

Passive Funds, Passive Funds
66.0% 70.9%

*Breakup of passive AUM is available only since April 2023.

Note: Domestic Equity Passive Funds include equity oriented index funds and ETFs. Debt passive funds include Target Maturity Index Funds, other than target maturity index funds and debt oriented ETFs. Commodity
Passives include Gold and Silver ETFs. International Passive Funds include international index funds, international ETFs and FOFs investing in overseas passive funds.
Source: AMFI
For Financial Professional Use Only / Not for Distribution to the Public 21
Domestic Equity Passive Fund AUM details

April 2023* March 2024

Equity
oriented ETFs, Equity
88% oriented
ETFs, 85%

Equity
Equity
oriented Index
oriented
Funds, 12%
Index
Funds, 15%

*Breakup of passive AUM is available only since April 2023.

Source: AMFI
For Financial Professional Use Only / Not for Distribution to the Public 22
Debt Passive Fund AUM details

April 2023* March 2024

Debt Oriented
oriented ETFs, Target Maturity
Target Maturity Debt Oriented
43% Index
Index Funds,
oriented Funds, 46%
49%
ETFs, 47%

Other than
Target Maturity Other than
Index Funds, Target Maturity
7% Index Funds, 7%

*Breakup of passive AUM is available only since April 2023.

Source: AMFI
For Financial Professional Use Only / Not for Distribution to the Public 23
International Passive Fund AUM details

April 2023* March 2024

Fund of funds International

investing Index Funds, Fund of funds International
overseas in 20% investing Index
Passive Funds, overseas in Funds, 19%
32% Passive
Funds, 35%

International
ETFs, 47% International
ETFs, 47%

*Breakup of passive AUM is available only since April 2023.

Source: AMFI
For Financial Professional Use Only / Not for Distribution to the Public 24
Global Funds AUM has grown over 16X in 10 years

45,000
41,198
40,000 38,044
35,565
35,000
29,955
Total AUM (Rs Crore)

30,000

25,000

20,000

15,000 12,510

10,000

5,000 2,627 2,973

0
Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Mar-24

Global Fund of Funds Global ETFs/Index Funds Total

The industry limit of 7 billion USD for foreign investments has not been revised upwards by the regulator.

Data pertains to month-end AUM. Source: AMFI.

For Financial Professional Use Only / Not for Distribution to the Public 25
Sectoral/Thematic Funds category sees highest Gross and
Net Sales in March 2024
Small cap was the only equity category with negative net sales in March 2024
Rs crore
AUM (as of Last 12 Months Last 12 Months Net
Open Ended Schemes Gross Sales* Redemptions* Net Sales*
Mar’24) Gross Sales Sales
Multi Cap Fund 3,334 1,507 1,827 124,682 38,971 22,958

Large Cap Fund 5,662 3,534 2,128 314,155 47,328 -613

Large & Mid Cap Fund 5,037 1,821 3,216 205,737 47,440 22,416

Mid Cap Fund 4,944 3,926 1,018 296,986 59,327 22,226

Small Cap Fund 5,722 5,816 -94 243,368 77,356 40,189

Dividend Yield Fund 616 293 323 23,915 6,242 3,470

Value Fund/Contra Fund 2,988 1,280 1,708 149,099 29,808 14,825

Focused Fund 1,725 1,662 63 129,704 21,853 -4,060

Sectoral/Thematic Fund 12,396 4,478 7,918 297,358 100,057 46,138

ELSS 3,876 2,087 1,789 213,760 23,706 1,040

Flexi Cap Fund 6,422 3,684 2,738 350,186 63,016 15,502

Total 52,721 30,088 22,633 2,348,949 515,103 184,091

*Data as of March 2024

Source: AMFI
For Financial Professional Use Only / Not for Distribution to the Public 26
Most Debt Categories Saw Negative Net Sales in
March 2024 due to quarter / financial year end
Rs crore
Last 12 Months Last 12 Months
Open Ended Categories Gross Sales Redemptions Net Sales AUM (as of Mar’24)
Gross Sales Net Sales
Overnight Fund 522,111 529,103 -6,992 61,314 5,432,668 -41,205
Liquid Fund 313,034 471,004 -157,970 363,510 4,015,826 -1,370
Ultra Short Duration Fund 18,962 28,097 -9,135 83,561 201,499 -2,162
Low Duration Fund 13,081 19,238 -6,157 90,212 134,616 -3,557
Money Market Fund 44,179 52,899 -8,720 148,893 383,032 29,859
Short Duration Fund 4,761 11,211 -6,450 99,004 48,761 427
Medium Duration Fund 171 535 -364 25,976 3,060 -3,091
Medium to Long Duration Fund 131 240 -110 10,497 2,565 798
Long Duration Fund 896 124 772 12,769 3,744 2,996
Dynamic Bond Fund 505 643 -138 31,617 6,095 -146
Corporate Bond Fund 6,313 6,605 -292 147,361 48,087 5,758
Credit Risk Fund 54 375 -321 23,141 1,141 -3,468
Banking and PSU Fund 3,154 2,922 232 80,891 13,675 -5,602
Gilt Fund 1,400 1,939 -538 27,268 11,813 3,729
Gilt Fund with 10 year constant duration 122 64 58 4,742 1,918 621
Floater Fund 1,095 3,268 -2,173 51,469 42,992 -6,685
Total 929,968 1,128,267 -198,299 1,262,224 10,351,490 -23,097

Data as of March 2024. *Money market oriented funds include overnight, liquid, ultra short duration, low duration and money market funds.
Source: AMFI
For Financial Professional Use Only / Not for Distribution to the Public 27
Arbitrage Funds received highest Gross/ Net
Sales over last 12 months
Rs crore
Last 12 Months Last 12 Months
Hybrid Gross Sales Redemptions Net Sales AUM (As of Mar’24)
Gross Sales Net Sales
Conservative Hybrid Fund 402 398 4 26,871 5,372 286
Balanced Hybrid Fund/Aggressive Hybrid
2,623 2,087 536 197,197 28,568 -324
Fund
Dynamic Asset Allocation/Balanced
4,751 3,019 1,733 248,798 52,226 10,765
Advantage
Multi Asset Allocation 3,448 767 2,681 67,280 40,023 33,054
Arbitrage Fund 20,794 21,091 -298 153,009 208,333 90,846
Equity Savings 2,203 1,275 928 29,567 20,296 10,327
Total 34,221 28,637 5,584 722,722 354,818 144,954
Last 12 Months Gross Last 12 Months Net
Solution Gross Sales Redemptions Net Sales AUM (As of Mar’24)
Sales Sales
Retirement Fund 276 143 132 25,280 3,277 1,460
Childrens Fund 141 66 75 18,967 1,602 824
Total 417 209 207 44,247 4,880 2,284

Last 12 Months Gross Last 12 Months Net

Others Gross Sales Redemptions Net Sales AUM (As of Mar’24)
Sales Sales
Index Funds 6,414 4,591 1,822 213,657 52,950 15,690
GOLD ETF 690 317 373 31,224 7,022 5,248
Other ETFs 20,858 10,298 10,560 664,000 153,170 42,894
Fund of funds investing overseas 552 514 37 25,713 4,220 -3,143
Total 28,513 15,720 12,793 934,595 217,363 60,689

Source: AMFI Data as of March 2024

For Financial Professional Use Only / Not for Distribution to the Public 28
 Share in total assets of mutual funds (%)

Dec-18 47% 29% 25%

Mar-19 47% 28% 25%

Jun-19 46% 28% 25%

Sep-19 46% 28% 26%

Dec-19 48% 27% 26%

Mar-20 48% 27% 25%

For Financial Professional Use Only / Not for Distribution to the Public
Source: AMFI. Data available up to December 2023 and on quarterly basis.
Jun-20 50% 26% 24%

Sep-20 48% 26% 26%

Dec-20 46% 25% 29%

Mumbai and Delhi

Mar-21 45% 26% 30%

Jun-21 44% 26% 30%

Next 13 cities

Sep-21 43% 26% 31%

Dec-21 44% 25% 31%

Mar-22 43% 26% 31%

Other cities
Share of B15 cities rises from 29% in Dec 2020 to 35% in Dec 2023

Jun-22 42% 26% 32%

Mutual funds are moving beyond the top 15 cities

Sep-22 43% 25% 32%

Dec-22 42% 26% 33%

Mar-23 41% 26% 33%

Jun-23 41% 26% 33%

Sep-23 40% 26% 34%

Dec-23 40% 26% 35%

29
B30 AUM growth outpaced T30 AUM growth
Share of B30 AUM in Industry AUM increased from 15% in Dec 2018 to
18% in Mar 2024

T30 AUM Growth

CAGR 17%

50
45
42
AUM in Rs Lakh Crore

40
34
32
30 26
23 B30 AUM Growth
20
20 CAGR 21%

9 10
10 6 7
4 4 5

0
Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Mar-24

T:30 AUM B:30 AUM

Data pertains to month-end AAUM. Source: AMFI.

For Financial Professional Use Only / Not for Distribution to the Public 30
Top 10 States - Contribution to AAUM
UP (44.34%) and MP (43.79%) have seen the highest AAUM growth
over the year

Rs crore

Name of the States AAUM (as of Mar’24) AAUM (as of Mar’23) AAUM (as of Mar’19) AAUM Last 1yr Chg AAUM Last 5yr Chg

Maharashtra 2,251,629 1,657,957 998,533 35.81% 17.64%

New Delhi 462,403 372,940 226,031 23.99% 15.37%

Karnataka 380,877 273,692 178,547 39.16% 16.34%

Gujarat 378,734 276,921 175,136 36.77% 16.66%

West Bengal 286,159 208,987 132,261 36.93% 16.67%

Tamil Nadu 256,294 185,576 112,967 38.11% 17.78%

Uttar Pradesh 254,606 176,399 101,370 44.34% 20.20%

Haryana 178,110 128,610 125,575 38.49% 7.23%

Rajasthan 101,178 73,235 43,039 38.16% 18.62%

Madhya Pradesh 83,211 57,872 31,474 43.79% 21.44%

Others 867,525 592,449 333,083 46.43% 21.08%

Total 5,500,728 4,004,637 2,458,016 37.36% 17.46%

Source: AMFI. AAUM change in CAGR %

For Financial Professional Use Only / Not for Distribution to the Public 31
 Category Wise Breakup – Individual vs Institutional

Equity-oriented schemes derive 88% of their assets from individual investors;

Institutional investors dominate liquid/ money market schemes (87%), debt-oriented schemes (60%) & ETFs, FOFs (90%)

100%
12%
90%
80% 39%
70% 60%
60%
87% 90%
50%
88%
40%
30% 61%
20% 40%
10%
13% 10%
0%
Debt oriented schemes Equity oriented schemes Liquid/ Money market ETFs, FoFs Total

Individuals Institutions

Data as of March 2024. Equity oriented schemes include equity oriented hybrid funds. Source: AMFI.
For Financial Professional Use Only / Not for Distribution to the Public 32
Individual Investors AUM grew over 5X in 10 Years
Individual investors AUM grew faster than industry AUM growth over past 5 years and 10 years.

5 Years CAGR - Individual Investors (21% p.a) vs Industry AUM (18% p.a)
10 Years CAGR - Individual investors (22% p.a) vs Industry AUM (21% p.a)

35 33 60%
31
30 50%

25 24
AUM (Rs Lakh Crore)

21 40%
20
16 30%
15
15 13
11
20%
10 8
6
5 10%

0 0%
Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Mar-24

Individual Investors AUM (Rs Lakh Cr) Individual Investors AUM YoY Growth % Industry AUM YoY Growth %

Source: AMFI. Individual investors include Retail and HNI investors. AUM data is Monthly average AUM.
For Financial Professional Use Only / Not for Distribution to the Public 33
Individual vs Institutional – Asset Composition

84% of individual investor assets are held in equity-oriented schemes.

54% of institutional assets are held in liquid / money market schemes and debt-oriented schemes

Individual Institutional

Liquid/
Money Liquid/
market Money ETFs,FoFs
Equity 29%
3% market
oriented
29%
schemes
84% ETFs,FoFs
2%

Debt
oriented
schemes
11%

Debt
Equity oriented
oriented schemes
schemes 25%
17%

Data as of March 2024. Equity oriented schemes include equity oriented hybrid funds. Source: AMFI.
For Financial Professional Use Only / Not for Distribution to the Public 34
Category Wise Breakup - Direct vs Distributors

26% of equity assets, 80% of liquid/money market and 62% of Debt assets are in direct plan

100%

90% 20%
27%
80% 38%

70% 55%
74%
60%

50%

40% 80%
73%
30% 62%

20% 45%
26%
10%

0%
Liquid/ Money Market Debt Oriented Equity oriented ETF, FoFs Total

Direct Distributors

Data as of March 2024. Equity oriented schemes include equity oriented hybrid funds. Source: AMFI.
For Financial Professional Use Only / Not for Distribution to the Public 35
Direct vs Distributor – Asset Composition

Equity schemes account for 33% of direct AUM and 78% of distributor driven AUM
Debt schemes account for 23% of direct AUM and 11% of distributor driven AUM

Direct Distributors

Liquid/
ETF, FoFs Money
21% Market
23% ETF, FoFs
6%
Equity
oriented
78% Liquid/
Money
Market
5%

Debt
Oriented Debt
23% Oriented
Equity 11%
oriented
33%

Data as of March 2024. Source: AMFI.

For Financial Professional Use Only / Not for Distribution to the Public 36
 Direct vs Distributor – Investor wise AUM
breakup
Share of Direct AUM held by individual investors in total AUM increased to 15% in March 2024 from 14% a year ago
Direct and Distributor AUM Share – March 2024 Direct AUM Breakup - March 2024
Distributor Direct Individual
Institutional 15%
10%
RIA, 13% PMS, 2%

Total Direct share 45%

Total Distributor share 55%

Distributor Direct DIY

Individual Institutional Investors, 85%
45% 30%

DIY – Do It Yourself Investors, RIA – Registered Investment Advisors, PMS - Portfolio Management Service
Data as of March 2024. Source: AMFI.
For Financial Professional Use Only / Not for Distribution to the Public 37
Share of Beyond Top 10 Players grew in Mar 2024
from a year ago
100%

90% 19.0% 19.3% 17.3% 16.4% 17.1% 18.3% 19.7% 21.2% 21.8%

80%

70% 23.9% 23.8% 24.0% 25.7% 25.8% 26.0% 25.0% 23.0% 22.3%
60%

50%

40%

30% 57.1% 56.9% 58.7% 57.9% 57.1% 55.9%

55.6% 55.3% 55.8%
20%

10%

0%
Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Mar-24

Top 5 Top 6 -10 Rest of the AMCs

Source: AMFI. Based on quarterly average AUM.

For Financial Professional Use Only / Not for Distribution to the Public 38
Risk Factors

The information contained in this presentation is not a complete representation of every material fact and is for informational purposes only. The
comparison of mutual funds vis-à-vis other savings / investments related instruments shown in this presentation is for information purposes
only. Investments in mutual funds carry higher risks. We have relied on third party data or information which, we believe to be correct but, we do
not offer any assurance as to the accuracy or the correctness of the same and would not accept any liability for any loss or damage arising
directly or indirectly from action taken, or not taken, in reliance on material or information contained herein. The recipient is advised to consult its
financial advisor/ tax consultant prior to arriving at any investment decision. Statements/ opinions/recommendations in this presentation which
contain words or phrases such as “will”, “expect”, “could”, “believe” and similar expressions or variations of such expressions are “forward –
looking statements”. Actual results may differ materially from those suggested by the forward-looking statements due to risk or uncertainties
associated with our expectations with respect to, but not limited to, exposure to market risk, general economic and political conditions in India
and other countries globally, which have an impact on the service and / or investments. This communication is meant for use by the recipient
and not for circulation/reproduction without prior approval. The views expressed are based on current market conditions and information
available to them and do not constitute investment advice in any manner whatsoever to any party. These views alone are not sufficient and
should not be used for the development or implementation of an investment strategy. All opinions and estimates included here constitute our
view as of this date and are subject to change without notice. Neither Franklin Templeton Group nor any person connected with it, accepts any
liability arising from the use of this information. The recipient of this presentation should rely on their investigations and take their own
professional advice.

Mutual Fund investments are subject to market risks, read all scheme related documents carefully.

For Financial Professional Use Only / Not for Distribution to the Public 39
Mutual Fund investments are subject to market risks,
read all scheme related documents carefully
Franklin Templeton Asset Management (India) Pvt. Ltd.
One International Centre, Tower 2,
12th and 13th floor, Senapati Bapat Marg,
Elphinstone (W), Mumbai 400013
Tel (91-22) 6751 9100 • Fax (91-22) 6639 1281
www.franklintempletonindia.com

© 2021 Franklin Distributors, LLC. Member FINRA/SIPC. All rights reserved.

For Internal Use Only 40