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  • Investors, Mutual

    Funds & Returns –

    Trend Analysis

    Report

    July 2018

  • Industry Size

    Investor Trends

    Inflow Outflow Analysis

    Sector Update

    Category Performance

    Industry Insights

    Regulatory Update

    Mutual Fund Screener – What’s Inside

  • Industry Size

  • Industry QAAUM up 20% YoY to Rs. 23.4 lakh crore in Q1FY19

    Growth trend of AMCs for the quarter ended Jun-18

    AMCs Range

    Top 5 -2% to 7%

    Next 10 -5% to 8%

    Rest -26% to 58%

    Source: AMFI; ICRA Online Research

    Note: QoQ growth of QAAUM as of Jun-18

    4

    Rs. 35,166 crore added in Q1FY19

    Jun-17,

    1,951,775

    Mar-18,

    2,305,212

    Jun-18,

    2,340,377

    0

    600,000

    1,200,000

    1,800,000

    2,400,000

    Jun-17 Mar-18 Jun-18

    Q A

    A U

    M (

    In R

    s. C

    ro re

    )

    Mutual Fund Industry (QAAUM)

    Source: AMFI, ICRA Online Research;

    Note: QAAUM – Quarterly Average Assets Under Management

    ✓ Industry Quarterly Average Assets Under Management (QAAUM) grew for the 19th

    consecutive quarter in Q1FY19

    ✓ Positive triggers that are working for the industry

    ✓ Robust SIP inflows

    ✓ Strong retail participation especially from B30 cities

    ✓ Investor awareness campaigns such as “Mutual Funds Sahi Hai”

  • Top 10 AMCs account for ~81% of QAAUM

    5

    Source: AMFI, ICRA Online Research

    -2%

    0%

    2%

    4%

    6%

    8%

    0

    70,000

    140,000

    210,000

    280,000

    350,000

    ICICI

    Prudential

    Mutual Fund

    HDFC Mutual

    Fund

    Aditya Birla

    Sun Life

    Mutual Fund

    Reliance

    Mutual Fund

    SBI Mutual

    Fund

    UTI Mutual

    Fund

    Kotak

    Mahindra

    Mutual Fund

    Franklin

    Templeton

    Mutual Fund

    DSP

    BlackRock

    Mutual Fund

    Axis Mutual

    Fund

    Q -o

    -Q G

    ro w

    th (

    In %

    )

    Q A

    A U

    M (

    In R

    s. C

    ro re

    )

    Top 10 AMCs

    Jun-18 Mar-18 % Change QoQ

    QAAUM ≥ Rs. 3 lakh crore QAAUM ≥ Rs. 2 lakh

    crore and < Rs. 3 lakh crore

    QAAUM ≥ Rs. 1 lakh crore and < Rs. 2 lakh crore

  • 0%

    25%

    50%

    75%

    100%

    125%

    0

    20,000

    40,000

    60,000

    80,000

    M ir a

    e A

    ss e

    t M

    F

    M a

    h in

    d ra

    M F

    M o

    ti la

    l O sw

    a l

    M F

    E d

    e lw

    e is

    s M

    F

    L& T

    M F

    IIF L

    M F

    P P

    F A

    S M

    F

    ID B

    I M

    F

    B O

    I A

    X A

    M F

    IL &

    F S M

    F (

    ID F )

    Y o

    Y G

    ro w

    th (

    In %

    )

    Q A

    A U

    M (

    In R

    s. C

    ro re

    )

    Top 10 Fastest Growing AMCs

    Jun-18 Jun-17 % Change YoY

    Source: AMFI, ICRA Online Research

    Smaller AMCs grow at a faster pace

    6

    ✓ QAAUM of nine fastest growing AMCs below Rs. 20,000 crore

    ✓ Among the larger AMCs

    (QAAUM > Rs. 35,000 crore), L&T Mutual Fund has shown tremendous growth in assets

  • Private sector JVs (predominantly Indian) manage 54% of Q1FY19 QAAUM

    7

    Category

    As a % of

    Q1FY19

    QAAUM

    QAAUM (In Rs. Crore) Growth

    Q1FY19 Q4FY18 Q1FY18 QoQ YoY

    Bank Sponsored

    Joint Ventures - Predominantly Indian 10.9% 255,479 240,779 187,361 6.1% 36.4%

    Joint Ventures - Predominantly Foreign 0.5% 10,540 10,760 7,296 -2.0% 44.5%

    Others 6.9% 161,176 165,653 155,411 -2.7% 3.7%

    Institutions Indian 0.9% 21,057 20,768 24,373 1.4% -13.6%

    Private Sector

    Indian 17.8% 416,337 408,322 327,390 2.0% 27.2%

    Joint Ventures - Predominantly Indian 54.5% 1,275,327 1,262,372 1,076,539 1.0% 18.5%

    Foreign 6.7% 156,572 153,271 130,555 2.2% 19.9%

    Joint Ventures - Predominantly Foreign 0.9% 20,752 19,692 16,175 5.4% 28.3%

    Joint Ventures – Others 1.0% 23,137 23,595 25,720 -1.9% -10.0%

    Source: AMFI, ICRA Online Research

    Note: QoQ – Q1FY19 vs Q4FY18; YoY – Q1FY19 vs Q1FY18

  • Investor Trends

  • MF industry adds 32.8 lakh folios in Q1FY19

    9

    0 125 250 375 500

    Liquid/ Money Market

    Gilt

    Income

    ELSS

    Equity

    Balanced

    Gold ETF

    Other ETFs

    FoF investing overseas

    Folio Count (In Lakhs)

    Category-wise Folio Count (In Lakhs)

    Jun-18 Mar-18 Jun-17

    Source: AMFI, ICRA Online Research

    5 9

    4 .2

    6 0

    8 .5

    6 2

    0 .5

    6 3

    1 .7

    6 4

    9 .2

    6 6

    4 .9

    6 8

    3 .3

    6 9

    9 .0

    7 1

    3 .5

    7 2

    1 .9

    7 3

    4 .6

    7 4

    6 .3

    0

    5

    10

    15

    20

    500

    600

    700

    800

    J u

    l- 1 7

    A u

    g -1

    7

    S e

    p -1

    7

    O c

    t- 1

    7

    N o

    v -1

    7

    D e

    c -1

    7

    J a

    n -1

    8

    F e

    b -1

    8

    M a

    r- 1 8

    A p

    r- 1

    8

    M a

    y -1

    8

    J u

    n -1

    8

    1 -M

    o n

    th C

    h a

    n g

    e (

    In L

    a k

    h s)

    F o

    li o

    C o

    u n

    t (I

    n L

    a k

    h s)

    Folio Growth in Last 12 Months

    Folio 1-Month Change

    Source: SEBI, ICRA Online Research

    ✓ As per data from SEBI, total folio count at the end of Jun-18 stood at 7.5 crore, 4.6% higher than the previous quarter

    ✓ The mutual fund industry added close to 32.8 lakh new folios in Q1FY19 out of which 26.4 lakh were in the Equity category (including ELSS)

  • B30 locations generate ~14% of industry assets in Jun-18

    10

    Source: AMFI, ICRA Online Research

    Jun-18,

    2,028,872

    May-18,

    2,018,624

    Jun-18,

    332,406

    May-18,

    324,111

    0

    500,000

    1,000,000

    1,500,000

    2,000,000

    2,500,000

    Jun-18 May-18

    A U

    M (

    In R

    s. C

    ro re

    )

    Growth in Assets in T30/B30 Locations

    T30 B30

    41% 65%

    42% 65%59%

    35% 58%

    35%

    0% 25% 50% 75%

    100%

    T30 B30 T30 B30

    Jun-18 May-18

    Equity/Non-equity Asset Mix in T30/B30

    Locations

    Equity Non-equity

    ✓ The country’s smaller towns or B30 (beyond top 30 cities) locations accounted for 14.1% of the total industry AUM at the end of Jun-18

    ✓ SEBI has expanded the scope of T15/B15 locations to T30/B30 from 01-Apr-18

    AUM Garnered by Different Channels

    Jun-18 May-18

    T30 B30 T30 B30

    Associate Distributor 6% 19% 6% 19%

    Direct Plan 45% 17% 45% 17%

    Non-Associate

    Distributor 49% 64% 49% 64%

  • Inflow Outflow Analysis

  • Investors pour over Rs. 32,000 crore in Equity MFs in Q1FY19

    12

    ✓ In Q1FY19, net inflows in the Equity

    category (including ELSS) was Rs. 32,181 crore compared with Rs. 38,315 crore in Q4FY18

    ✓ Cumulative SIP contribution has been Rs. 21,548 crore for the first quarter vis- à-vis Rs. 20,188 crore in Q4FY18

    -70,000 -35,000 0 35,000 70,000 105,000 140,000

    Income

    Infrastructure Debt Fund

    Equity

    Arbitrage Funds

    Balanced

    Liquid/Money Market

    Gilt

    Elss - Equity

    Gold Etf

    Other Etfs

    FoFs Investing Overseas

    In Rs. Crore

    Category-wise Net Inflow/Outflow

    Q1FY19 Q4FY18 Q1FY18

    Source: AMFI, ICRA Online Research

    133,903

    67,499

    93,400

    60,000

    80,000

    100,000

    120,000

    140,000

    Q1FY19 Q4FY18 Q1FY18

    In R

    s. C

    ro re

    Industry-wide Net Inflow/Outflow

    Source: AMFI, ICRA Online Research

  • Robust SIP inflows seen from retail investors

    13

    -5,000

    1,000

    7,000

    13,000

    19,000

    25,000

    Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17 Jun-18

    In R

    s. C

    ro re

    Equity Net Inflow/Outflow

    Source: AMFI, ICRA Online Research;

    Note: Equity includes ELSS funds

    ✓ Equity funds (including ELSS) witnessed slightly lower net inflows in Q1FY19 compared with Q4FY18 mainly due to volatile equity markets towards the end of quarter

    ✓ As per data from AMFI, SIP contribution is showing a rising trend, which can be attributed to investor

    awareness campaigns such as “Mutual Funds Sahi Hai” run by AMFI under SEBI’s guidance

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