AUM Accretion July 2025 – Net flows versus Price Spike

13 Aug 2025 , 04:43 PM

AUM ACCRETION – JULY 2025 MACRO STORY

What was the quality of the AUM shift between June 2025 and July 2025? In this period; the AUM of open-ended funds bounced from ₹74.15 Trillion to ₹75.10 Trillion, assisted by healthy inflows but offset by price depletion. AUM accretion between June and July 2025 was ₹95,496 Crore. In July 2025, open-ended funds saw limited net inflows of ₹1,78,925 Crore, led by active equity funds and debt funds. Effectively, July 2025 saw price depletion impact of ₹(83,429) Crore. Obviously, active equity funds, hybrid funds, and passive funds faced the bulk of the equity value depletion pressures in July 2025.

AUM  ACCRETION OF ACTIVE DEBT FUNDS – JULY 2025

In July 2025, debt funds saw strong positive flows, and 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	23.98	25,513.38	177.40	153.43	86.48%
Dynamic Bond Fund	62.55	37,174.04	261.74	199.20	76.10%
Floater Fund	164.16	52,161.96	493.88	329.71	66.76%
Gilt Fund	160.05	41,789.56	339.84	179.79	52.90%
Corporate Bond Fund	1,421.57	2,05,891.36	2,692.32	1,270.75	47.20%
Short Duration Fund	1,829.33	1,36,020.58	2,683.58	854.25	31.83%
Ultra Short Duration Fund	2,276.62	1,35,868.22	3,040.90	764.28	25.13%
Low Duration Fund	9,766.22	1,41,985.62	10,570.72	804.51	7.61%
Liquid Fund	39,354.93	5,42,224.72	42,367.90	3,012.96	7.11%
Overnight Fund	8,865.60	80,835.24	9,354.31	488.71	5.22%
Money Market Fund	44,573.60	3,37,161.18	46,437.36	1,863.76	4.01%
Gilt Fund with 10-Y Duration	-126.20	4,821.79	-113.30	12.90	-11.39%
Medium to Long Duration Fund	-221.45	11,687.03	-165.02	56.43	-34.20%
Long Duration Fund	-416.48	20,260.15	-278.45	138.03	-49.57%
Credit Risk Fund	-271.51	20,229.41	-120.48	151.04	-125.37%
Banking and PSU Fund	-661.73	82,041.64	-187.00	474.73	-253.87%
Active Debt Funds	1,06,801.23	18,75,665.88	1,17,555.70	10,754.48	9.15%

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

Liquid funds and money market funds, which saw the bulk of the price flows, obviously saw limited price dominance. The price dominance was more acute in thin flow categories like medium duration funds and dynamic bond funds. Overall, net AUM accretion of active debt mutual funds in July 2025 stood at ₹1,17,556 Crore. This was composed of ₹1,06,801 Crore of net outflows, helped  along by positive price contribution of ₹10,755 Crore. The 100 bps rate cut impact led to the price accretion.

AUM  ACCRETION OF ACTIVE EQUITY FUNDS – JULY 2025

July 2025 equity fund flows were strong, but more than offset by price depletion.

Active Equity Market Funds	Net Inflow in the Fund	AUM Closing Value	AUM Accretion	Price Accretion	Price Move Dominance
Flexi Cap Fund	7,654.33	4,93,229.47	-1,049.35	-8,703.68	829.43%
Large & Mid Cap Fund	5,034.71	3,00,972.11	-1,166.92	-6,201.63	531.45%
Mid Cap Fund	5,182.49	4,28,582.50	-3,117.29	-8,299.78	266.25%
Focused Fund	1,605.96	1,60,567.18	-1,605.39	-3,211.35	200.04%
Value Fund/Contra Fund	1,470.01	2,01,203.79	-2,552.50	-4,022.50	157.59%
Large Cap Fund	2,125.09	3,91,762.73	-5,707.74	-7,832.83	137.23%
Dividend Yield Fund	96.65	32,558.58	-603.17	-699.82	116.02%
ELSS	-368.18	2,48,202.52	-5,382.84	-5,014.66	93.16%
Small Cap Fund	6,484.43	3,55,901.84	1,351.21	-5,133.22	-379.90%
Multi Cap Fund	3,990.84	2,05,281.89	591.95	-3,398.89	-574.19%
Sectoral/Thematic Funds	9,426.03	5,09,519.21	174.38	-9,251.64	-5305.39%
Active Equity Funds	42,702.35	33,27,781.82	-19,067.67	-61,770.02	323.95%

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

The categories that saw the sharpest price depletion in July 2025 were Sectoral Funds, Flexi Cap Funds, and Mid-cap funds. They were also the cases where prices really dominated the flows. Overall, net AUM depletion of active equity funds in July 2025 stood at ₹(19,068) Crore. This comprised of ₹42,702 Crore of net inflows into equity funds, offset by price depletion impact of ₹(61,770) Crore.

AUM  ACCRETION IN HYBRID FUNDS – JULY 2025

In July 2025, hybrid fund saw robust inflows, largely offset by equity price depletion.

Hybrid and Solution Funds	Net Inflow in the Fund	AUM Closing Value	AUM Accretion	Price Accretion	Price Move Dominance
Children’s Fund	163.69	24,138.41	-36.15	-199.84	552.81%
Aggressive Hybrid Fund	2,363.56	2,37,969.21	-717.15	-3,080.71	429.58%
Dynamic Asset Allocation/BAF	2,611.19	3,05,086.55	-1,561.96	-4,173.15	267.17%
Retirement Fund	118.90	31,415.75	-557.52	-676.42	121.33%
Conservative Hybrid Fund	308.17	29,421.04	336.21	28.04	8.34%
Arbitrage Fund	7,295.70	2,56,675.49	7,310.56	14.86	0.20%
Multi Asset Allocation Fund	6,197.22	1,28,426.74	4,842.24	-1,354.98	-27.98%
Equity Savings Fund	2,103.63	45,727.49	1,088.03	-1,015.60	-93.34%
Hybrid Allocation Funds	21,162.06	10,58,860.68	10,704.27	-10,457.79	-97.70%

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

The impact of price dominance was the maximum in Children’s Funds, Aggressive Hybrid Funds, and Dynamic Allocation Funds; due to a combination of modest flows and strong equity exposure. In absolute terms, BAFs and Aggressive Hybrid Funds contributed the most to overall price depletion in July 2025. Overall, net AUM of hybrid funds in July 2025 saw accretion of ₹10,704 Crore. This comprised of ₹21,162 Crore net inflows into hybrid funds, offset by price depletion of ₹(10,458) Crore.

AUM  ACCRETION IN PASSIVE FUNDS – JULY 2025

In July 2025, passive funds saw better traction in flows but strong price depletion.

Index and Passive Funds	Net Inflow in the Fund	AUM Closing Value	AUM Accretion	Price Accretion	Price Move Dominance
Index Funds	2,329.87	3,05,829.46	-3,166.93	-5,496.80	173.57%
Other ETFs	4,476.91	8,44,401.99	-14,858.60	-19,335.52	130.13%
FOFs investing overseas	196.60	30,167.65	1,472.23	1,275.63	86.65%
GOLD ETF	1,256.09	67,634.52	2,857.29	1,601.20	56.04%
Passive Funds	8,259.48	12,48,033.62	-13,696.01	-21,955.49	160.31%

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

Here is what we read from the AUM shift of passive equity funds in July 2025. Overall, the net AUM depletion of passive funds in July 2025 stood at ₹(13,696) Crore. This comprised of ₹8,260 Crore of net inflows into passive funds, offset by negative price impact of ₹(21,956) Crore. Bulk of the price depletion in absolute terms came from index ETFs, followed by index funds. Gold funds, obviously, had the lowest price impact as it was stuck in a range.