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ICRA Online LtdA group ICRA company

March, 2015

Mutual Fund Screeners

MUTUAL FUND INDUSTRY OVERVIEW

Section I

ICRA Online Limited17/04/2015 2

MF industry AUM undergoes correction in Mar’15


1. Industry corpus fell below Rs. 11 lakh crore

mark in Mar’15 as equity markets disappoint.

Weak global cues weighed on investors mind

and fear of further interest rate cuts adversely

affected banking stocks.

2. However, weak market performance couldn't

deter the FIIs, which remained net buyers of

equities for third consecutive month.

3. Industry corpus took a hit of 10% during

Mar’15, after witnessing two months of

consistent rise in AUM.

4. The top-10 AMCs contributed close to 80% of

the industry corpus.

5. While the AUM of top-10 shrunk by 8.9%, the

next-10 (corpus range 7K-25K Crore)

witnessed a negative growth of 13.4%, taking

a bigger hit.

4%

-5%

9%

2%

-10%

-12%

-8%

-4%

0%

4%

8%

12%

1,000,000

1,050,000

1,100,000

1,150,000

1,200,000

1,250,000

Nov-14 Dec-14 Jan-15 Feb-15 Mar-15

Ch

an

ge i

n c

orp

us

(M-o

-M)

Ind

ust

ry

Co

rp

us

(In

Rs.

Cro

re)

MF Industry Corpus

Industry Corpus % Change (M-o-M)

Source: MFI Explorer

Top 5 funds maintain their position over last 5 quarters


1. The distribution patterns of asset under management remained more of less consistent across months

2. After witnessing a slowdown in AUM growth in the previous month, industry corpus took a hit of 10% in Mar’15

3. HDFC, ICICI Prudential, Reliance, Birla Sunlife and UTI remained the top 5 AMCs in last 5 quarters managing over Rs

6.1 lakh crore together.

9.4%

2.0%

-10.4%-12%

-8%

-4%

0%

4%

8%

12%

0%

20%

40%

60%

80%

100%

Jan-15 Feb-15 Mar-15

Ch

an

ge i

n i

nd

ust

ry

co

rp

us

(M-o

-M)

Sh

are (

in %

)

Industry Positioning by AMCs

Top 5 Next 10 Rest % Change MoM (RHS)

Source: ICRA Online Research

0%

2%

4%

6%

8%

10%

0%

20%

40%

60%

80%

100%

Q4FY14 Q1FY15 Q2FY15 Q3FY15 Q4FY15

Ch

an

ge i

n i

nd

ust

ry

co

rp

us

(Q-o

-Q)

Sh

are (

in %

)

Industry Positioning by AMCs (last 5 quarters)

Top 5 Next 10 Rest % Change (Q-o-Q)

Source: AMFI

Equity continues to see healthy inflows for 12 months in a row


1. Liquid fund witnessed a fall in market share from 22.6% in

Feb’15 to 22.4% in Mar’15.

2. All major fund categories (except Gilt) witnessed negative

growth in AUM.

1. Equity category continued to attract healthy inflows

while Liquid/Money market witnessed highest outflows

in last 12 months.

2. Liquid/Money market witnessed an outflow of Rs. 1.1

lakh crore, second highest since Mar’14.

-15,000 0 15,000 30,000 45,000 60,000 75,000

Income

Infrastructure Debt Fund

Equity

Balanced

Liquid/Money Market

Gilt

Elss - Equity

Gold Etf

Other Etfs

FoFs Investing Overseas

In Rs. Crore

Net Inflow/Outflow pattern for TTM

Source: AMFI, Data is as on Mar-2015, TTM-Trailing twelve months

46.26%

22.37%23.86%

3.19%

1.92%

0.71%

0.75%0.27%

0.55%

0.11%

7.51%

Category wide distribution of industry corpus for TTM

Income

Liquid/Money Market

Equity

ELSS - Equity

Balanced

Gold ETF

Gilt


Other ETFs


Source: AMFI, ICRA Online Research, Data is as on Mar-2015, TTM-Trailing twelve months

Bottom 7 categories

350,000

400,000

450,000

500,000

550,000

Income

50,000

100,000

150,000

200,000

250,000

300,000

Liquid/Money Market

50,000

100,000

150,000

200,000

250,000

300,000

350,000

Equity

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

ELSS - Equity

0

5,000

10,000

15,000

20,000

25,000

30,000

Balanced

0

3,000

6,000

9,000

12,000

Gold ETF

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

Gilt

0

1,000

2,000

3,000

4,000


0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

Other ETFs

0

200

400

600

800

1,000

1,200

1,400


Category Movement Monitor for Trailing Twelve Months


Source: AMFI

1. The three funds categories investing in– Equity, Gilt and Balanced Funds

see a steady increase in AUM.

Specific Category Deep Dive : Equity & Income


1. Sensex took a hit of 4.8% in Mar’15 after witnessing a

subdued performance in Feb’15.

2. However, the equity fund category managed to see an

average inflow of Rs. 5,600 for past twelve months.

1. Income fund corpus witnessed a fall of 1.3% M-o-M in

Mar’15 (at Rs. 5.15 lakh crore).

2. Income fund category witnessed outflow of Rs 8,927 crore

in Mar’15 after recording significant inflows for past six

months.

-10

-5

0

5

10

(4,000)

(2,000)

-

2,000

4,000

6,000

8,000

10,000

12,000

Ma

r-1

4

Ap

r-1

4

Ma

y-1

4

Jun

-14

Jul-

14

Au

g-1

4

Sep

-14

Oct-

14

No

v-1

4

Dec-1

4

Jan

-15

Feb

-15

Ma

r-1

5 Sen

sex

Mo

nth

ly r

etu

rn

(in

%)

Net

flo

w (

in R

s. c

ro

re)

Equity category flow vis-a-vis Sensex

Net Inflow/Outflow Sensex Returns M-o-M (RHS)

Source: AMFI, BSE

-15,000

-10,000

-5,000

0

5,000

10,000

15,000

20,000

25,000

Ma

r-1

4

Ap

r-1

4

Ma

y-1

4

Jun

-14

Jul-

14

Au

g-1

4

Sep

-14

Oct-

14

No

v-1

4

Dec-1

4

Jan

-15

Feb

-15

Ma

r-1

5

420,000

440,000

460,000

480,000

500,000

520,000

540,000

Net

flo

w (

In R

s. c

ro

re)

Co

rp

us

(In

Rs.

cro

re)

Income AUM vis-a-vis net flows

Corpus (RHS) Net Inflow/Outflow

Source: AMFI

SAMPLE ANALYSIS OF SOME SELECT AMC’S/REGION

Section II


Mutual Fund AUM Monitor for BIG-5


1. All the top-5 AMCs exhibited net outflows

during Mar’15, compared to the inflows

seen in the preceding month.

2. Disappointing performance of the domestic

equity market adversely affected the corpus

of top-5 AMCs.

3. UTI MF witnessed the highest outflow

followed up by HDFC and Reliance MF.

4. The Big-5 together have close to 57% of the

market share

5. As on Mar’15 there were 11 mutual funds

with AUM below Rs 2,000 crore.

Source: ICRA Online research

AMC

Net Inflow -

Mar'15

Net Inflow -

Feb'15

AUM -

Mar'15

Net Inflow -

Mar'14

Net Inflow -

Feb'14

AUM -

Mar'14

Net Inflow -

CM/LM

Net Inflow -

CM TY/LY

AUM

TY/LY

HDFC Mutual Fund -13,496 7,645 151,434 -8,062 6,762 109,864 67% 38%

ICICI Prudential Mutual Fund -10,499 -32 139,982 -6,180 -2,485 98,964 70% 41%

Reliance Mutual Fund -11,398 4,061 129,092 -9,918 961 94,519 15% 37%

Birla Sun Life Mutual Fund -8,240 1,748 111,943 -7,037 -1,920 81,202 17% 38%

UTI Mutual Fund -15,905 2,386 79,010 -11,126 310 64,345 43% 23%

THIS YEAR LAST YEAR GROWTH *

*CM= Current month, LM = last month, TY = this year, LY = last year

-8.2 -7.0 -8.1-6.9

-16.8

-21

-16

-11

-6

-1

4

9

14

0

30,000

60,000

90,000

120,000

150,000

180,000

HDFC MF ICICI Pru Reliance

MF

Birla MF UTI MF

% G

ro

wth

in

AU

M (

M-o

-M)

AU

M (

In R

s. C

ro

re)

Mar-15 Growth in AUM (M-o-M) RHS

Understanding investment patterns of T-15 and B-15


Source: AMFI, AMCs website. AAUM monthly data pertains to Mar-15

1. Most funds have a disproportionate share of corpus coming from T-15 with Deutsche, Kotak, IDFC, Franklin and Birla having

exposure greater than 88%

2. Out of top 15 mutual funds, 12 mutual funds had more than 80% of its AUM exposure to T-15

3. In the B-15 category, UTI mutual fund leads the pack with close to 31% of its AUM exposure to B-15 followed by SBI at ~25%

Note: As per AMFI, T-15 cities consist of Mumbai (including Thane & Navi Mumbai), Delhi (including NCR), Bangalore, Kolkata, Chennai, Pune, Ahmedabad, Hyderabad,

Baroda, Panjim, Jaipur, Lucknow, Surat, Kanpur and Chandigarh

88.7% 88.9%90.1% 90.9%

92.4%

0

20,000

40,000

60,000

80,000

100,000

120,000

80.0%

85.0%

90.0%

95.0%

Franklin

Templeton

MF

Birla Sun

Life MF

IDFC MF Kotak

Mahindra

MF

Deutsche

MF Co

ntr

ibu

tio

n o

f T-

15

(in

Rs.

Cro

re)

Co

ntr

ibu

tio

n o

f T

-15

as

% o

f A

UM

Contribution of T-15 and Total AUM

Contribution of T-15 as % of total AUM Contribution of T-15 (RHS)

18.3%19.4%

22.3%

25.2% 30.7%

0

10,000

20,000

30,000

0%

10%

20%

30%

40%

50%

Sundaram

MF

Reliance

MF

Axis MF SBI MF UTI MF

Co

ntr

ibu

tio

n o

f B

-15

(in

Rs.

Cro

re)

Co

ntr

ibu

tio

n o

f B

-15

as

% o

f A

UM

Contribution of B-15 and Total AUM

Contribution of B-15 as % of total AUM Contribution of B-15 (RHS)

Highlights of AUM Disclosure


Source: AMFI, AMCs website. Data pertains to Mar-15

0% 20% 40% 60% 80%

UTI MF

SBI MF

Axis MF

Reliance MF

Sundaram MF

Tata MF

HDFC MF

ICICI Prudentia l MF

DSP BlackRock MF

L&T MF

Franklin Templeton MF

Birla Sun Life MF

IDFC MF

Kotak Mahindra MF

Deutsche MF

% of industry corpus vis-a-vis contribution of B-15

Contribution of B15 as % of total AUM % of industry corpus (Q4FY15)

0% 20% 40% 60% 80% 100%

UTI MF

SBI MF

Axis MF

Reliance MF

Sundaram MF

Tata MF

HDFC MF

ICICI Prudential MF

DSP BlackRock MF

L&T MF

Franklin Templeton MF

Birla Sun Life MF

IDFC MF

Kotak Mahindra MF

Deutsche MF

% of industry corpus vis-a-vis contribution of T-15

Contribution of T15 as % of total AUM % of industry corpus (Q4FY15)

Asset Accumulation Pattern


Source: AMFI, AMCs website. AAUM monthly data pertains to Mar-15

0%

20%

40%

60%

80%

100%A

xis

MF

Bir

la S

un

Lif

e M

F

DS

P B

lack

Ro

ck

MF

Fra

nk

lin

Tem

ple

ton

MF

HD

FC

MF

ICIC

I P

rud

en

tia

l MF

IDF

C M

F

Deu

tsch

e M

F

Ko

tak

Ma

hin

dra

MF

L&

T M

F

Relia

nce M

F

SB

I M

F

Su

nd

ara

m M

F

Ta

ta M

F

UT

I M

F

Asset Accumulation Pattern as a % of AUM for Top-15 AMCs

Associate Distributor as % of AUM Non-Associate Distributor as % of AUM Direct Plan as % of AUM

Geography wise Analysis


1. Maharashtra alone accounts for more than 44% of the market share

2. Seven states have corpus between Rs 50,000 and Rs 1,10,000 crore

3. The top 15 AMCs hold more than 87% of the market share in Maharashtra with the top 5 alone accounting for over

54% of that

4. The entire distribution is skewed towards one state leaving ample scope for AMCs to increase market share from other

States and Union Territories

5.6%

4.9% 7.0%9.6%

44.2%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

0

100,000

200,000

300,000

400,000

500,000

600,000

Gujarat Others Karnataka New Delhi Maharashtra

Shar

e (%

)

AU

M (I

n R

s. c

rore

)

AUM share of top-5 regions

AUM % share (RHS)

Source: AMFI, ICRA Online Research. Data as on Mar-15.

6.3

10.8 11.0

13.1 13.6

0

2

4

6

8

10

12

14

16

UTI MF Birla Sun

Life MF

Reliance

MF

ICICI

Prudential

MF

HDFC MF

% s

ha

re

% share of top 5 AMCs in Maharashtra

Analytics Group

ICRA Online Limited

Amol Wakekar ([email protected] / 9920665037)

Suman Roy ([email protected] / 9830274008)

[email protected]


mailto:[email protected]






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