Mutual Fund Flows Mein Kami: Kya Hai wajah?
India ke mutual fund industry ne May mein equity flows mein kami dekhi. Systematic investment plan (SIP) inflows toh all-time high par rahe, lekin phir bhi flows kam ho gaye. Aisa kyon hua? Chaliye dekhte hain.
Equity Funds: Thoda Down Hue
Jefferies ne bataya ki arbitrage aur NFOs ko hatakar, equity mutual fund flows mein 21% ki kami aayi, aur yeh Rs 22,700 crore rahe. Lumpsum equity investments mein July 2023 ke baad yeh pehli baar net outflow hua hai. Matlab, jitna paisa aaya, usse zyada nikal gaya.
Analysts Kya Kehte Hain?
Is kami ke bawajood, brokerages abhi bhi positive hain. Nomura ko HDFC AMC aur Nippon Life India AMC pasand hain. Unka kehna hai ki AUM (assets under management) aur operating profit growth achi dikh rahi hai.
SIP Inflows: Abhi Bhi Strong
Nomura ne yeh bhi bataya ki net equity inflows May mein Rs 24,200 crore rahe, jo April mein Rs 26,900 crore the. Lekin SIP inflows strong rahe, Rs 26,700 crore. Yeh pichle saal se 28% zyada hai. SIP accounts bhi badhkar 8.56 crore ho gaye hain.
SIP Assets: Badhte Hi Ja Rahe Hain
SIP ke andar jo assets hain, woh bhi badhkar Rs 14.6 lakh crore ho gaye hain. Yeh pichle saal se 27% zyada hai.
Redemptions: Zyada Nikasi
Bernstein ne kaha ki May mein SIP aur lumpsum inflows toh theek rahe, lekin redemptions yani paisa nikalne wale zyada the. Is wajah se net monthly MF inflow mein 11% ki kami aayi hai, jo December quarter ke high se 48% kam hai. SIPs gross inflows ke main driver the aur aage bhi net inflows mein lead karne ki umeed hai.
Bernstein ka Anuman
Bernstein ka anuman hai ki financial year mein households se mutual funds mein $40-45 billion net flows aayenge. Yeh active equity aur hybrid AUM ka 8-9% hoga.
Equity Fund Categories: Sab Down
Large-cap fund inflows mein 53% ki kami aayi, jabki small-cap, mid-cap, aur flexi-cap funds mein bhi 20%, 15%, aur 15% ki kami hui. Sectoral/thematic funds Rs 2,100 crore par stable rahe, jabki large-and-midcap funds thoda sa hi badhe.
Debt Funds: Inflows Slow
Debt mutual funds mein inflows bhi kam ho gaye, April ke Rs 43,800 crore se girkar Rs 20,700 crore ho gaye. Liquid funds mein toh bada reversal hua, jismein Rs 37,100 crore ka outflow hua, jabki pichle mahine Rs 1.74 lakh crore ka inflow hua tha.
