mutual fund screener...sbi mutual fund surpassed hdfc mutual fund and icici prudential mutual fund...
TRANSCRIPT
For the quarter ended March 2020
Mutual FundScreener
Mutual Fund Screener- What’s Inside
01Industry Size
02Inflow Outflow
Analysis
03Category
Performance
04Investor Trends
05Industry Insights
06Regulatory Updates
07Annexure
Mutual Fund Screener - March 2020
0
1,000,000
2,000,000
3,000,000
Q4FY19 Q3FY20 Q4FY20
QA
AU
M (I
n R
s. C
rore
)
2,448,4382,677,562 2,703,676
Source: AMFI and MFI 360; Note: AUM – Assets Under Management
Industry SizeSection I
Industry AUM tumbles more than 6% y-o-y in FY20
Industry Assets Under Management (AUM) declined 6.4% y-o-y due to market volatility; and high debt redemptions amid credit downgrades and introduction of exit load in liquid funds. Unprecedented situation arising from novel coronavirus severely impacted AUM in Mar-20
AUM for open-ended debt funds plunged 8.8% q-o-q, with liquid, ultra short and money market funds posting highest fall. AUM for open-ended equity schemes declined 24.9% with huge drop in large cap, multi cap and ELSS
However, QAAUM grew 10% y-o-y and 1% q-o-q as Jan-20 and Feb-20 AUM remained high
Industry’s QAAUM improved 1% versus Q3FY20 supported by strong inflows in overnight and liquid schemes in Jan-20 and steady inflows in equity schemes
However, deep market corrections and rapid spread of coronavirus in Mar-20 capped QAAUM growth
Among the top 10 fund houses, Axis and SBI reported the highest q-o-q growth in QAAUM, while Franklin Templeton and UTI suffered the steepest decline
Mutual Fund Industry (QAAUM)
Source: AMFI and MFI 360; Note: QAAUM – Quarterly Average Assets Under Management
Growth Trend of AMCs for the Quarter ended Mar-20
Top 5
-3.3% to 5.9%
Next 10
-8% to 12.6%
Rest
-36.1% to 209.4%
AMCs
Range
Source: AMFI and MFI 360; Note: Q-o-Q growth of QAAUM as of Mar-20
Industry QAAUM was Rs. 27.04 lakh crore in Q4FY20
3
Q-o-Q 1%
Y-o-Y 10%
Assets Under Management over the year
25 26
24 25 25
25 2
6 27
27 28
27
22
0.00
5.00
10.00
15.00
20.00
25.00
30.00
Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20
AU
M (I
n R
s. L
akh
Cro
re)
Mutual Fund Screener - March 2020
Industry Size
Top 10 AMCs* account for 83% of QAAUM
SBI Mutual Fund surpassed HDFC Mutual Fund and ICICI Prudential Mutual Fund in terms of QAAUM in Q4FY20
Of the top 10 AMCs, six suffered a q-o-q decline in QAAUM relative to just one AMC in Q3FY20
The 10 AMCs have collectively increased their market share to 60% as on Q4FY20 from 54% a year ago
4
Q4FY20
Q3FY20
13.80%
13.20%
13.70%
14.30%
13.00%
13.50%
9.20%
9.30%
7.60%
7.60%
6.90%
6.60%
5.60%
5.90%
5.10%
4.60%
4.30%
4.70%
3.80%
3.90%
0%
20%
40%
60%
80%
100%
120%
0
80,000
160,000
240,000
320,000
400,000Y
-o-Y
Gro
wth
(In
%)
QA
AU
M (I
n R
s. C
rore
)
Source: AMFI and MFI 360; *Top 10 AMC’s are on the basis of Mar-20 QAAUM
Source: AMFI and MFI360; *Top 10 fastest growing AMCs are on the basis of y-o-y QAAUM growth. AMCs with QAAUM => median have been considered. The median is Rs. 11,327 crore.
Q4FY20 Q3FY20 Q-o-Q Growth
Top Ten AMCs basis QAAUM
Top 10 fastest growing AMCs*
Top Ten AMCs (Y-o-Y growth)
-10%
-5%
0%
5%
10%
15%
20%
0
100,000
200,000
300,000
400,000
SBI MutualFund
HDFCMutual Fund
ICICIPrudential
Mutual Fund
Aditya BirlaSun Life
Mutual Fund
NipponIndia Mutual
Fund
KotakMahindra
Mutual Fund
UTI MutualFund
Axis MutualFund
FranklinTempleton
Mutual Fund
IDFC MutualFund
Q-o
-Q G
row
th (
In %
)
QA
AU
M (I
n R
s. C
rore
)
Market share
EdelweissMutualFund
Mirae AssetMutual Fund
AxisMutualFund
IDFCMutual Fund
SBIMutualFund
KotakMahindra
MutualFund
LICMutual Fund
HDFCMutual Fund
CanaraRobecoMutualFund
ICICIPrudential
MutualFund
Q4FY20 Q4FY19 Y-o-Y Growth
Mutual Fund Screener - March 2020 5
Industry sees huge debt outflows towards FY20 end
Equity saw net inflows in Q4FY20
Industry saw heavy outflows in Q4FY20 relative to healthy inflows in Q3FY20 due to market volatility that led to high redemptions, particularly in debt funds
Downgrade of debt securities and default by few NBFCs triggered redemptions in credit risk funds. Withdrawal by foreign institutional investors amid market volatility and Covid-19 outbreak increased outflows
Corporates, too, pulled out from liquid funds in Mar-20 to meet advance tax payments and near-term operational needs. Liquid and money market funds’ redemption stood as high as Rs. 548,864 crore in Mar-20
Equity inflows were encouraging and March recorded highest net inflows for FY20
Inflows were mostly through SIP route. Investors poured money into multi caps, large caps and mid caps, which made a combined contribution of Rs. 14,919 crore of the total net inflows in Q4FY20
Inflow Outflow AnalysisSection II
Equity Net Flows Vs SIP Contribution*
Industry-wide Net Flows FY20
Source: AMFI, MFI 360; Note: Equity includes ELSS funds
Source: AMFI and MFI360
100,46076,990
-159,814
87,088 102,538
-151,790
133,482
54,419
-61,810
120,149
-1,986
-212,737
-300,000
-200,000
-100,000
0
100,000
200,000
Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20
In R
s. C
rore
4,22
9
4,96
8 7,36
7
8,01
3
9,09
0
6,47
9
6,00
9
933
4,43
2
7,54
8
10,7
30
11,4
85
8,000
8,500
9,000
0
5,000
10,000
15,000
Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20
SIP
Co
ntrib
utio
n (I
n R
s. C
rore
)
Eq
uity
Net
Flo
ws
(In R
s. C
rore
)
Equity Netflow SIP Contribution
Mutual Fund Screener - March 2020
1.2
7
1.4
1
1.4
2
1.3
6 1.3
6
1.4
4
1.5
0
1.5
2
1.5
4
1.5
4
1.4
6
1.1
4
0.00
0.01
0.02
0.03
0.00
0.50
1.00
1.50
2.00
Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20
Net
Flo
ws
(In
Rs.
Lak
h C
rore
)
AU
M (I
n R
s. L
akh
Cro
re)
6
Large Cap
Category Performance#Section III
Source: AMFI and MFI 360
Note: 1. Data as on Mar 31, 2020; 2. Period considered - Apr-19 to Mar-20; 3. Market cap has been calculated by taking average of period under review (Apr-19 to Mar-20); 4. Only open-ended, growth and regular plans considered; 5. Period considered – Jan-20 to Mar-20
Market Cap % Allocation 2, 3, 4
Mid Cap
Source: AMFI and MFI 360
Note: 1. Data as on Mar 31, 2020; 2. Period considered - Apr-19 to Mar-20; 3. Market cap has been calculated by taking average of period under review (Apr-19 to Mar-20); 4. Only open-ended, growth and regular plans considered; 5. Period considered – Jan-20 to Mar-20
Snapshot
AUM1 Rs. 1.14 lakh crore
AAUM1 Rs. 1.26 lakh crore
No. of Funds1 29
No. of Folios1 100.28 lakh
Average Monthly Net Flows5 Rs. 1,607 crore
AUM1 Rs. 0.66 lakh crore
AAUM1 Rs. 0.76 lakh crore
No. of Funds1 25
No. of Folios1 64.99 lakh
Average Monthly Net Flows5 Rs. 1,494 crore
Snapshot
Large cap (90.43%)
Mid cap (7.01%)
Small cap (2.56%)
Market Cap % Allocation 2, 3, 4
AUM/Net Flows over the Year 2, 4
AUM/Net Flows over the Year 2, 4
Equity
#The category list is not exhaustive
Large cap (16.76%)
Mid cap (67.73%)
Small cap (15.52%)
AUM Net Flows
AUM Net Flows
0.7
5
0.7
8
0.7
8
0.7
3
0.7
4
0.7
9
0.8
2
0.8
4
0.8
5
0.9
1
0.8
9
0.6
6
0.00
0.02
0.04
0.00
0.50
1.00
Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Net
Flo
ws
(In
Rs.
Lak
h C
rore
)
AU
M (I
n R
s. L
akh
Cro
re)
Mutual Fund Screener - March 2020 7
Category Performance
Small Cap
Source: AMFI and MFI 360Note: 1. Data as on Mar 31, 2020; 2. Period considered – Apr-19 to Mar-20; 3. Market cap has been calculated by taking average of period under review (Apr-19 to Mar-20); 4. Only open-ended, growth and regular plans considered; 5. Period considered – Jan-20 to Mar-20
Market Cap % Allocation 2, 3, 4
Multi Cap
Source: AMFI and MFI 360Note: 1. Data as on Mar 31, 2020; 2. Period considered - Apr-19 to Mar-20; 3. Market cap has been calculated by taking average of period under review (Apr-19 to Mar-20); 4. Only open-ended, growth and regular plans considered; 5. Period considered – Jan-20 to Mar-20
Market Cap % Allocation 2, 3, 4
AUM/Net Flows over the Year 2, 4
AUM/Net Flows over the Year 2, 4
Large cap (73.35%)
Mid cap (16.99%)
Small cap (9.66%)
AUM1 Rs. 0.36 lakh crore
AAUM1 Rs. 0.42 lakh crore
No. of Funds1 23
No. of Folios1 51.28 lakh
Average Monthly Net Flows5 Rs. 911 crore
SnapshotSnapshot
AUM1 Rs. 1.14 lakh crore
AAUM1 Rs. 1.27 lakh crore
No. of Funds1 34
No. of Folios1 92.64 lakh
Average Monthly Net Flows5 Rs. 1,872 crore
Snapshot
Large cap (7.26%)
Mid cap (19.41%)
Small cap (73.33%)
AUM Net Flows
AUM Net Flows
0.4
4
0.4
6
0.4
6
0.4
2
0.4
3
0.4
6
0.4
8
0.4
8
0.4
9
0.5
2
0.5
1
0.3
6
0.00
0.01
0.02
0.00
0.20
0.40
0.60
Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Net
Flo
ws
(In
Rs.
Lak
h C
rore
)
AU
M (I
n R
s. L
akh
Cro
re)
1.5
2
1.4
4
1.4
5
1.3
6
1.3
6
1.4
4
1.5
0
1.5
2
1.5
3
1.5
6
1.4
9
1.1
4
0.00
0.03
0.05
0.00
0.50
1.00
1.50
2.00
Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Net
Flo
ws
(In
Rs.
Lak
h C
rore
)
AU
M (I
n R
s. L
akh
Cro
re)
Mutual Fund Screener - March 2020 8
Category Performance
Market Cap % Allocation 2, 3, 4
ELSS
Performance at a glance
Source: AMFI and MFI 360Note: 1. Data as on Mar 31, 2020; 2. Period considered – Apr-19 to Mar-20; 3. Market cap has been calculated by taking average of period under review (Apr-19 to Mar-20); 4. Only open-ended, growth and regular plans considered; 5. Period considered – Jan-20 to Mar-20
Source: AMFI and MFI 360Note 1. Data as on Mar 31, 2020; 2. For every respective scheme, suitable benchmark has been considered; 3. Period considered – Apr-19 to Mar-20; 4. Only open-ended, growth and regular plans considered
AUM/Net Flows over the Year 2, 4
Large cap (70.13%)
Mid cap (19.96%)
Small cap (9.91%)
AUM1 Rs. 0.75 lakh crore
AAUM1 Rs. 0.83 lakh crore
No. of Funds1 39
No. of Folios1 123.35 lakh
Average Monthly Net Flows5 Rs. 1,118 crore
Snapshot
AUM Net Flows
Broad market indices recorded sharp decline in FY20 due to unstable equity markets, U.S.-China trade war and uncertainty amid Covid-19 outbreak towards year end
Though equity funds recorded losses, category averages were better than the broader indices. The short-term losses muted the funds’ 3- and 5-year returns
BroadmarketIndex
CategoryAverage
1 Year 3 Year
P2P returns (CAGR %) SIP Returns (XIRR %)
5 Year 1 Year 3 Year 5 Year
Broadmarketindex
CategoryAverage
Broadmarketindex
CategoryAverage
Broadmarketindex
CategoryAverage
Broadmarketindex
CategoryAverage
Broadmarketindex
CategoryAverage
BroadmarketindexCategory
LargeCap
Mid Cap
Small Cap
Multi Cap
ELSS
-21.58
-24.43
-30.3
-22.74
-22.89
-24.85
-34.83
-45.03
-26.44
-25.24
-2.1
-5.81
-10
-3.48
-3.27
-0.81
-11.09
-18.94
-3.14
-2.02
0.91
0.67
-0.78
0.91
1.1
1.56
-0.95
-7.55
1.29
1.76
-39.17
-39.29
-45.67
-39.73
-40.48
-43.43
-51
-62.6
-44.09
-43.07
-12.64
-16.81
-23.84
-14.63
-14.98
-12.84
-24.95
-36.4
-15.61
-14.16
-3.52
-5.99
-10.57
-4.52
-4.56
-2.83
-11.05
-20.45
-4.47
-3.49
Nifty 50TRI
NiftyMidcap100 TRI
NiftySmallcap100 TRI
Nifty 500TRI
S&P BSE200 TRI
0.9
2
0.9
4
0.9
4
0.8
9
0.8
8
0.9
4
0.9
8
0.9
9
1.0
0
1.0
1
0.9
7
0.7
5
0.00
0.01
0.02
0.03
0.04
0.00
0.50
1.00
1.50
Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Net
Flo
ws
(In
Rs.
Lak
h C
rore
)
AU
M (I
n R
s. L
akh
Cro
re)
Mutual Fund Screener - March 2020 9
Category Performance
AUM/Net Flows over the year 3,4
Ultra Short Duration
Source: AMFI and MFI 360Note: 1. Data as on Mar 31, 2020; 2. ICRA Liquid Index has been considered as the benchmark for the schemes under review; 3. Period considered - Apr-19 to Mar-20; 4. Only open-ended, growth and regular plans considered; 5. Returns less than one year are simple annualized and greater than or equal to one year are compounded annualized; 6. Period considered – Jan-20 to Mar-20
Instrument Allocation 3,4
Bonds/Debentures - 39.74%
CD - 23.75%
CP - 17.51%
Cash & Equivalents -11.48%
T Bill - 3.93%
Others - 3.01%
SDL - 0.37%
Gilt - 0.21%
Performance across Periods 1,2,5
AUM1 Rs. 0.72 Lakh crore
AAUM1 Rs. 0.88 Lakh crore
No. of Funds1 29
No. of Folios1 6.50 Lakh
Average Monthly Net Flows6 Rs. -6,980 crore
Snapshot
AUM/Net Flows over the year 3,4
Liquid
Source: AMFI and MFI 360Note: 1. Data as on Mar 31, 2020; 2. ICRA Liquid Index has been considered as the benchmark for the schemes under review; 3. Period considered - Apr-19 to Mar-20; 4. Only open-ended, growth and regular plans considered; 5. Returns less than one year are simple annualized and greater than or equal to one year are compounded annualized; 6. Period considered – Jan-20 to Mar-20
Performance across Periods 1,2,5
CP - 49.85%CD - 19.57%
T Bill - 11.27%
Cash & Equivalents - 10.37%
Others - 5.10%
Bonds/Debentures - 2.54%
Gilt - 0.86%
SDL - 0.44%
Instrument Allocation 3,4
AUM1 Rs. 3.35 Lakh crore
AAUM1 Rs. 3.82 Lakh crore
No. of Funds1 39
No. of Folios1 18.16 Lakh
Average Monthly Net Flows6 Rs. -31,393 crore
Snapshot
Debt
4.7
8
5.4
9
3.9
8
4.4
6 5.2
7
3.8
8 4.8
4
4.9
3
4.2
4
4.8
5
4.4
3
3.3
5
-2.00
-1.00
0.00
1.00
0.00
2.00
4.00
6.00
Apr
-19
May
-19
Jun-
19
Jul-1
9
Aug
-19
Sep
-19
Oct
-19
No
v-1
9
Dec
-19
Jan-
20
Feb
-20
Mar
-20
Net
Flo
ws
(In
Rs.
Lak
h C
rore
)
AU
M (I
n R
s. L
akh
Cro
re)
AUM Net Flows
21
.66
6.1
5
5.3
6
5.3
1
5.9
6
15
.05
6.0
2
5.5
6
5.5
5
6.2
2
0.00
5.00
10.00
15.00
20.00
25.00
1 Week 1 Month 3 Months 6 Months 1 Year
In %
Liquid Funds ICRA Liquid Index
Net
Flo
ws
(In
Rs.
Lak
h C
rore
)
AU
M (I
n R
s. L
akh
Cro
re)
AUM Net Flows
0.8
7
0.9
0
0.8
8
0.9
0
0.9
3
0.8
7
0.9
3
0.9
5
0.9
3
1.0
1
1.0
1
0.7
2
-0.3-0.2-0.10.00.1
0.0
0.4
0.8
1.2
Apr
-19
May
-19
Jun-
19
Jul-1
9
Aug
-19
Sep
-19
Oct
-19
No
v-1
9
Dec
-19
Jan-
20
Feb
-20
Mar
-20
54
.59
5.1
9
5.0
1
3.8
7
6.4
9
38
.85
6.2
9
6.2
7
6.5
2
7.3
6
0.00
20.00
40.00
60.00
1 Week 1 Month 3 Months 6 Months 1 Year
In %
Ultra Short Duration FundsNifty Ultra Short Duration Debt Index
Mutual Fund Screener - March 2020 10
Category Performance
Low Duration
AUM/Net Flows over the year 3,4
Short Duration
Source: AMFI, MFI 360
Note: 1. Data as on Mar 31, 2020; 2. ICRA Liquid Index has been considered as the benchmark for the schemes under review; 3. Period considered - Apr-19 to Mar-20; 4. Only open-ended, growth and regular plans considered; 5. Returns less than one year are simple annualized and greater than or equal to one year are compounded annualized; 6. Period considered – Jan-20 to Mar-20
AUM/Net Flows over the year 3,4
Source: AMFI, MFI 360
Note: 1. Data as on Mar 31, 2020; 2. ICRA Liquid Index has been considered as the benchmark for the schemes under review; 3. Period considered - Apr-19 to Mar-20; 4. Only open-ended, growth and regular plans considered; 5. Returns less than one year are simple annualized and greater than or equal to one year are compounded annualized; 6. Period considered – Jan-20 to Mar-20
Performance across Periods 1,2,5
Low Duration
ICRA Liquid Index
Instrument Allocation 3,4
Bonds/Debentures - 55.23%
CD - 23.01%
CP - 9.38%
Cash & Equivalents - 8.17%
Others - 3.13%
Gilt - 0.72%
SDL - 0.20%
T Bill - 0.17%
Performance across Periods 1,2,5
Short Duration Funds
Nifty Short Duration Debt Index
Instrument Allocation 3,4
Bonds/Debentures - 72.90%
Cash & Equivalents - 9.69%
Gilt - 7.77%
CD - 4.54%
Others - 2.19%
SDL - 1.48%
CP - 1.24%
T Bill - 0.19%
AUM1 Rs. 0.81 Lakh crore
AAUM1 Rs. 0.92 Lakh crore
No. of Funds1 26
No. of Folios1 9.64 Lakh
Average Monthly Net Flows6 Rs. -3,736 crore
Snapshot
AUM1 Rs. 0.93 lakh crore
AAUM1 Rs. 0.99 lakh crore
No. of Funds1 28
No. of Folios1 3.60 Lakh
Average Monthly Net Flows6 Rs. -1,353 crore
Snapshot
0.9
0
0.8
9
0.8
4
0.8
5
0.8
6
0.8
4
0.8
8
0.9
3
0.9
2
0.9
8
1.0
1
0.8
1
-0.3
-0.2
-0.1
0.0
0.1
0.0
0.4
0.8
1.2
Apr
-19
May
-19
Jun-
19
Jul-1
9
Aug
-19
Sep
-19
Oct
-19
No
v-1
9
Dec
-19
Jan-
20
Feb
-20
Mar
-20
Net
Flo
ws
(In
Rs.
Lak
h C
rore
)
AU
M (I
n R
s. L
akh
Cro
re)
AUM Net Flows
78
.53
-14
.89 -1.6
1
1.2
8
-0.2
8
15
.05
6.0
2
5.5
6
5.5
5
6.2
2
-15.00
25.00
65.00
1 Week 1 Month 3 Months 6 Months 1 Year
In %
Net
Flo
ws
(In
Rs.
Lak
h C
rore
)
AU
M (I
n R
s. L
akh
Cro
re)
AUM Net Flows
0.8
1
0.8
2
0.8
1
0.8
3
0.8
4
0.8
6
0.8
9
0.9
3
0.9
6
0.9
9
1.0
5
0.9
3
-0.3
-0.1
0.1
0.0
0.4
0.8
1.2
Apr
-19
May
-19
Jun-
19
Jul-1
9
Aug
-19
Sep
-19
Oct
-19
No
v-1
9
Dec
-19
Jan-
20
Feb
-20
Mar
-20
12
0.0
1
2.2
2
7.5
4
6.9
7
4.3
4
10
8.1
7
5.4
1
8.8
5
8.1
9
8.8
0
0.00
40.00
80.00
120.00
1 Week 1 Month 3 Months 6 Months 1 Year
In %
Mutual Fund Screener - March 2020 11
Category Performance
Credit Risks
AUM/Net Flows over the year 3,4
Source: AMFI, MFI 360
Note: 1. Data as on Mar 31, 2020; 2. ICRA Liquid Index has been considered as the benchmark for the schemes under review; 3. Period considered - Apr-19 to Mar-20; 4. Only open-ended, growth and regular plans considered; 5. Returns less than one year are simple annualized and greater than or equal to one year are compounded annualized; 6. Period considered – Jan-20 to Mar-20
Performance across Periods 1,2,5
Credit Risk Funds Nifty Short Duration Debt Index
Instrument Allocation 3,4
Bonds/Debentures - 82.06%
Cash & Equivalents -9.72%
CD - 2.77%
Others - 2.51%
CP - 2.26%
Gilt - 0.56%
SDL - 0.08%
REITs & InvITs - 0.04%
AUM1 Rs. 0.55 Lakh crore
AAUM1 Rs. 0.58 Lakh crore
No. of Funds1 23
No. of Folios1 4.62 Lakh
Average Monthly Net Flows6 Rs. -2,473 crore
Snapshot
AUM Net Flows
Net
Flo
ws
(In
Rs.
Lak
h C
rore
)
AU
M (I
n R
s. L
akh
Cro
re)
0.8
0
0.7
6
0.7
3
0.7
0
0.6
8
0.6
6
0.6
5
0.6
4
0.6
3
0.6
2
0.6
2
0.5
5
-0.06
-0.04
-0.02
0.00
0.0
0.2
0.4
0.6
0.8
Apr
-19
May
-19
Jun-
19
Jul-1
9
Aug
-19
Sep
-19
Oct
-19
No
v-1
9
Dec
-19
Jan-
20
Feb
-20
Mar
-20
6 Months 1 Year 3 Years 5 Years
-2.3
7
-2.6
0
2.5
8 4.9
08.1
9
8.8
0
7.6
1
7.9
8
-5.00
0.00
5.00
10.00
In %
12Mutual Fund Screener - March 2020
Individual investors, comprising retail investors and High Networth Individuals* (HNIs), have grown more than institutional investors’ in the past five years
As of Mar-20, individual investors made for around 52% of the AAUM, while institutional investors, mostly comprising corporates, accounted for the remaining AAUM
Individual investors make for more than half the mutual fund industry’s AAUM
Investment Profile of Institutional InvestorInvestment Profile of Individual Investor
Equity (55.92%)
Fund of funds investing overseas (0.17%)ETF (0.80%)
Debt (33.02%) Balanced (10.08%)
Source: AMFI and MFI 360; As of Mar 31, 2020; *HNI investors are those who have cumulative investments in schemes greater than Rs. 5 lakh
Equity (10.13%) Debt (75.92%) Balanced (0.87%)
Fund of funds investing overseas (0.04%)aETF (13.04%)
ELSS made up more than 14% of the total industry folios
ELSS funds ended the year with highest folio count (14.27% of the total industry folios), followed by large cap funds (11.17%) and multi cap funds (10.32%)
In the last quarter of FY20, 26.19 lakh new folios were added
Folio count increased 72.9 lakh in FY20 supported by greater retail participation. Number of folios at year end were 9% higher than a year-ago
Folios of Top 5 subcategories within Equity Category* Folio Growth in Last 12 Months
Source: AMFI and MFI 360, As on Mar 31, 2020*Includes close ended and interval schemes
Source: AMFI and MFI 360
Investor TrendsSection IV
65
65
93
100
128
- 20 40 60 80 100 120 140
Mid Cap Fund
Sectoral/Thematic Fund
Multi Cap Fund
Large Cap Fund
ELSS
In Lakhs
82
7
83
2
83
8 84
8
85
3
85
6
86
3
86
5
87
1 88
5
88
8 89
7
0
5
10
15
750
800
850
900
Apr
-19
May
-19
Jun-
19
Jul-1
9
Aug
-19
Sep
-19
Oct
-19
No
v-1
9
Dec
-19
Jan-
20
Feb
-20
Mar
-20 1-
Mo
nth
Cha
nge
(In
Lakh
s)
Fo
lio C
oun
t (I
n La
khs)
Folio 1-Month Change
Mutual Fund Screener - March 2020
Retail Non-Retail
Portfolio turnover remains high for Institutional Investors
Individual investors held 52% of their equity investments for ≥ 12 months in Q4FY20 versus 54% in Q3FY20, whereas, institutional investors held 13%, thereby remaining steady q-o-q
Individual investors held 20% of their non-equity investments for ≥ 12 months in Q4FY20 versus 18% in Q3FY20, whereas, institutional investors held 22% versus ~20%
Source: AMFI, MFI 360; Data as of Mar-20
Equity
AUM - 10.2 Lakh croreRetail - 76%Non-Retail - 24%
In %
Source: AMFI, MFI 360; Data as of Mar-20
Non-Equity**
AUM - 12.1 Lakh croreRetail - 35%Non-Retail - 65%
Retail Non-Retail
In %
13
Investor Trends
4% 5% 5%
10%
19%
33%
3% 3% 2% 3%5%
8%
0%
7%
14%
21%
28%
35%
0-1 Month 1-3 Month 3-6 Month 6-12 Month 12-24Month
>24 Month
4%3% 3%
5%
8%
12%
22%
7%6%
8%9%
13%
0%
10%
20%
30%
0-1 Month 1-3 Month 3-6 Month 6-12 Month 12-24 Month >24 Month
Mutual Fund Screener - March 2020
Growth in assets in T30/B30 locations Equity/Non-equity asset mix in T30/B30 Locations
Source: AMFI and MFI 360
Penetration is low in ‘beyond the top 30 cities’ (B30) but has shown steady growth over the years. The untapped territories offer opportunity for the mutual fund industry
B30 shows more inclination towards equity. As on Mar-20, more than 62% of the industry AAUM coming from B30 was in equity vis-à-vis 43% from T30
Distributors (Associate and Non-Associate Distributor) contributed 50% and 79% of AAUM in T30 and B30 cities, respectively in Mar- 20
AAUM contribution from B30 cities shows steady y-o-y growth
14
Mutual Funds collected Rs. 100,084 crore in FY20 through the SIP route compared with Rs. 92,693 crore in FY19
Investors stayed the course even as liquidity was drying up during the year end amid the pandemic
Industry InsightsSection V
Investment into SIP schemes stayed above Rs. 8,000 crore mark for 16th
consecutive month
O/S SIP Accounts Vs SIP Contribution
SIP Contribution Total No. of outstanding SIP Accounts
Source: AMFI and MFI 360
8,2
38
8,1
83
8,1
22
8,3
24
8,2
31
8,2
63
8,2
46
8,2
73
8,5
18
8,5
32
8,5
13 8
,64
1
8,000
8,100
8,200
8,300
8,400
8,500
8,600
8,700
200
250
300
350
Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 SIP
Co
ntrib
utio
n (I
n R
s. C
rore
)
To
tal N
o. o
fo
utst
and
ing
SIP
A
cco
unts
2,085,9232,299,538
2,078,454
384,959 426,394 379,562
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
Mar-20 Dec-19 Mar-19
AA
UM
(In
Rs.
Cro
re)
T30 B30
43.2
% 62.2
%
45.5
% 65.0
%
44.1
%
65.9
%
56.8
%
37.8
% 54.5
%
35.0
% 55.9
%
34.1
%
0.0%
25.0%
50.0%
75.0%
100.0%
T30 B30 T30 B30 T30 B30
Mar-20 Dec-19 Mar-19
Equity Non-equity
Mutual Fund Screener - March 2020
Maharashtra continues to contribute highest share in mutual fund AAUM followed by New Delhi, Karnataka, Gujarat and West Bengal
More than 54% of Maharashtra’s investments were in liquid and other debt schemes as the state attracts greater institutional and corporate participation
In contrast, Dadra and Nagar Haveli made the highest equity contribution (~70%) among all states and union territories due to high retail participation
Top 10 State-wise Contribution in Q4FY20Category-wise AAUM Break-up in Q4FY20
Equity (35.35%) Debt (51.94%)
ETF (6.68%) Fund of funds investing overseas (0.10%)
Balanced (5.92%)Maharashtra (41.13%) New Delhi (9.68%) Karnataka (6.98%)Gujarat (6.76%) West Bengal (5.34%) Tamil Nadu (4.91%)Haryana (4.54%) Uttar Pradesh (4.07%) Telangana (1.74%)Rajasthan (1.71%) Others (13.39%)
Source: AMFI and MFI 360
Note: 1. AAUM excludes Fund of Funds Scheme(Domestic); 2. Equity includes ELSS schemes, Balanced and ETF; 3. Debt includes Liquid/ Money Market, Gilt, FMP, Debt (assured return) Infrastructure Debt Funds and Other Debt Schemes; 4. ETF includes Gold and Other ETF's 5. Data is an average of contribution for Jan-20, Feb-20 and Mar-20
Source: AMFI and MFI 360
Note 1. Data is an average of contribution for Jan-20, Feb-20 and Mar-20
Debt makes for the larger part of
AAUM, but equity is gaining ground
Debt continues to occupy the larger share of the asset base in Q4FY20, contributing to 52% of the AAUM
However, prominence of equity has grown over time, owing to rising investor awareness and attractive returns, albeit with higher risk
Equity accounted for 48% of assets in Q4FY20; gradual shift in this asset class is mostly driven by individual investors
Top 2 states contribute ~51% of
mutual fund assets
Source: AMFI and MFI 360
FPI/FII MF
15
Industry Insights
Foreign portfolio investors’ sentiments dented amid coronavirus pandemic, resulting in massive pull out in Mar-20 after six straight months of net inflows in equities
Contrarily, mutual funds saw strong equity inflow as retail investors exhibited resilience despite huge sell-off in the market
FPIs withdrew towards end of FY20, but retail investors displayed resilience
FPI/FII & Mutual Fund Investment Trends in Equity Markets
-14,171
52,977
26,021
993 6,152
65,04154,912
140,042
84,22692,040
-50,000
0
50,000
100,000
150,000
FY16 FY17 FY18 FY19 FY20
In R
s. C
rore
MPC makes steepest rate cuts in FY20
Regulatory UpdateSection VI
FY20 Bi-monthlyMonetary Policy Rates Inflation projection
GDP - economicgrowth projection
First(April 4, 2019)
Second(June 6, 2019)
Third(August 7, 2019)
Fourth(October 4, 2019)
Fifth(December 5, 2019)
Sixth(February 6, 2020)
Seventh(March 27, 2020)- preponedfrom April 3, 2020
- Repo rate down 25 bps to 6%
- Reverse Repo rate adjusted to 5.75%, Marginal standing facility (MSF) rate and Bank Rate to 6.25%
- Maintained Neutral stance
- Q4FY19 - lowered to 2.4%
- H1FY20 - lowered to 2.9%-3%
- H2FY20 - 3.5%-3.8%
- FY20 - lowered to 7.2%
- H1FY20 - lowered to 6.8%-7.1%
- H2FY20 - 7.3%-7.4%
- Repo rate down 25 bps to 5.75%
- Reverse Repo rate adjusted to 5.50%, Marginal standing facility (MSF) rate and Bank Rate to 6.00%
- Changed the stance from Neutral to Accommodative
- H1FY20 - raised to 3%-3.1%
- H2FY20 - lowered to 3.4%-3.7%
- FY20 - lowered to 7%
- H1FY20 - lowered to 6.4%-6.7%
- H2FY20 - broadened range to 7.2%-7.5%
- Repo rate down 35 bps to 5.40%
- Reverse Repo rate adjusted to 5.15%,Marginal standing facility (MSF) rate and Bank Rate to 5.65%
- Maintains Accommodative stance
- Q2FY20 - 3.1%
- H2FY20 - raised the lower end to 3.5%-3.7%
- Q1FY21 - 3.6%
- FY20 - lowered to 6.9%
- H1FY20 - lowered to 5.8%-6.6%
- H2FY20 - raised the lower end to 7.3%-7.5%
- Q1FY21 - 7.4%
- Repo rate down 25 bps to 5.15%
- Reverse Repo rate adjusted to 4.90%, Marginal standing facility (MSF) rate and Bank Rate to 5.40%
- Maintains Accommodative stance
- Q2FY20 - raised to 3.4%
- H2FY20 - retained 3.5%-3.7%
- Q1FY21 - retained 3.6%
- FY20 - lowered to 6.1%
- Q2FY20 - 5.3%
- H2FY20 - lowered to 6.6%-7.2%
- Q1FY21 - lowered to 7.2%
- Repo rate unchanged at 5.15%
- Reverse Repo rate unchanged at 4.90%, Marginal standing facility (MSF) rate and Bank Rate unchanged at 5.40%
- Maintains Accommodative stance
- H2FY20 - raised to 4.7%-5.1%
- H1FY21 - retained 3.8% - 4.0%
- FY20 - lowered to 5%
- H2FY20 - lowered to 4.9%-5.5%
- H1FY21 - lowered to a range of 5.9%-6.3%
- Repo rate unchanged at 5.15%
- Reverse Repo rate unchanged at 4.90%, Marginal standing facility (MSF) rate and Bank Rate unchanged at 5.40%
- Maintains Accommodative stance
- Q4FY20 - 6.5%
- H1FY21 - raised to 5% - 5.4%
- Q3FY21 - 3.2%
- FY21 - 6%
- H2FY21 - lowered to 5.5%-6%
- Q3FY21 - 6.2%
- Repo rate lowered 75 bps to 4.40%
- Reverse Repo rate lowered 90 bps to 4.00%, Marginal standing facility (MSF) rate and Bank Rate lowered 75 bps to 4.65%
- Maintains Accommodative stance
- No announcements - No announcements
Mutual Fund Screener - March 2020 16
4
Regulatory action
amid Covid-19 pandemic
1SEBI extended the deadline for
implementing the Stewardship Code for
MFs and AIFs from Apr 1, 2020 to Jul
1, 2020 considering the prevailing
situation arising from the Covid-19
Stewardship Code deadline extended
3SEBI has temporarily relaxed the
implementation date to Jun 30, 2020
for some policy initiatives including the
risk management framework for liquid
and overnight funds, review of mutual
fund investment norms for debt and
money market instruments and
valuation of money market and debt
securities
Temporary relaxation in some policy initiatives
5SEBI permitted investors to use the
stock exchange platform to transact in
mutual funds. The step may need the
recognised stock exchanges, clearing
corporations and depositories to
amend their existing byelaws, rules and
regulations
Transaction of mutual funds through stock exchange
2Amid the recent events owing to
Covid-19, SEBI eased compliance
timelines for AMCs. Disclosure of half
yearly unaudited financial results has
been extended to May 31, 2020. Yearly
disclosures of investor complaints have
been relaxed to Jun 30, 2020
Ease in compliance timelines
6NFOs where SEBI issued an
observation / final observation letter,
the regulator has kept a validity period
of one year from the date of the letter in
view of the prevailing Covid-19
scenario
NFO letter validity kept at 1 year
In the seventh bi-monthly monetary
policy meeting for FY20 on Mar 27,
2020 (preponed from Apr 3, 2020),
RBI decided to conduct Targeted Long
Term Repos Operations (TLTROs) of up
to three years tenor of appropriate
sizes. It also decided to reduce the
cash reserve ratio (CRR) of all banks by
100 bps to 3% of net demand and time
liabilities and the requirement of
minimum daily CRR balance
maintenance from 90% to 80%
RBI decides to conduct TLTROs
Mutual Fund Screener - March 2020 18
AnnexureSection VII
Source: AMFI and MFI 360
Lowest Highest
Q4FY20 % Share Q3FY20 Q2FY20 Q1FY20 Q4FY19 3M 6M 9M 12M
SBI Mutual Fund 373,537 13.8% 352,632 320,663 307,534 283,807 5.9% 16.5% 21.5% 31.6%
HDFC Mutual Fund 369,783 13.7% 382,517 376,598 362,538 342,291 -3.3% -1.8% 2.0% 8.0%
ICICI Prudential Mutual Fund 350,743 13.0% 361,507 348,068 337,287 320,793 -3.0% 0.8% 4.0% 9.3%
Aditya Birla Sun Life Mutual Fund 247,522 9.2% 249,926 253,828 253,965 246,480 -1.0% -2.5% -2.5% 0.4%
Nippon India Mutual Fund 204,884 7.6% 204,371 202,649 222,576 233,617 0.3% 1.1% -7.9% -12.3%
Kotak Mahindra Mutual Fund 186,088 6.9% 176,961 168,399 161,209 150,099 5.2% 10.5% 15.4% 24.0%
UTI Mutual Fund 151,513 5.6% 157,119 154,229 157,866 159,694 -3.6% -1.8% -4.0% -5.1%
Axis Mutual Fund 138,402 5.1% 122,867 105,526 102,221 89,720 12.6% 31.2% 35.4% 54.3%
Franklin Templeton Mutual Fund 116,323 4.3% 126,475 124,025 124,967 118,912 -8.0% -6.2% -6.9% -2.2%
IDFC Mutual Fund 103,912 3.8% 104,630 94,151 82,279 69,352 -0.7% 10.4% 26.3% 49.8%
DSP Mutual Fund 80,422 3.0% 77,213 75,416 77,619 78,363 4.2% 6.6% 3.6% 2.6%
L&T Mutual Fund 71,056 2.6% 71,587 69,213 73,497 70,944 -0.7% 2.7% -3.3% 0.2%
Tata Mutual Fund 53,149 2.0% 52,678 49,646 53,641 54,194 0.9% 7.1% -0.9% -1.9%
Mirae Asset Mutual Fund 43,200 1.6% 39,349 33,282 29,261 24,191 9.8% 29.8% 47.6% 78.6%
Sundaram Mutual Fund 31,377 1.2% 31,469 30,613 31,220 30,497 -0.3% 2.5% 0.5% 2.9%
Invesco Mutual Fund 25,664 0.9% 25,182 23,543 24,635 23,990 1.9% 9.0% 4.2% 7.0%
Edelweiss Mutual Fund 24,472 0.9% 12,415 11,764 12,128 11,665 97.1% 108.0% 101.8% 109.8%
Motilal Oswal Mutual Fund 19,957 0.7% 20,281 18,934 19,640 19,090 -1.6% 5.4% 1.6% 4.5%
Canara Robeco Mutual Fund 17,942 0.7% 17,310 16,540 15,852 14,583 3.7% 8.5% 13.2% 23.0%
LIC Mutual Fund 16,605 0.6% 16,624 15,468 16,294 15,240 -0.1% 7.4% 1.9% 9.0%
Baroda Mutual Fund 11,809 0.4% 11,153 10,676 11,181 11,320 5.9% 10.6% 5.6% 4.3%
HSBC Mutual Fund 11,327 0.4% 11,255 11,747 11,608 11,054 0.6% -3.6% -2.4% 2.5%
BNP Paribas Mutual Fund 7,647 0.3% 7,731 7,301 7,244 7,209 -1.1% 4.7% 5.6% 6.1%
PRINCIPAL Mutual Fund 6,403 0.2% 6,730 6,838 7,280 7,091 -4.8% -6.4% -12.0% -9.7%
JM Financial Mutual Fund 6,109 0.2% 5,683 6,488 7,710 8,712 7.5% -5.8% -20.8% -29.9%
Mahindra Mutual Fund 5,396 0.2% 5,258 5,221 4,972 4,748 2.6% 3.4% 8.5% 13.7%
IDBI Mutual Fund 5,031 0.2% 5,089 5,348 6,457 9,266 -1.1% -5.9% -22.1% -45.7%
PGIM India Mutual Fund 4,335 0.2% 4,042 4,264 5,412 7,627 7.3% 1.7% -19.9% -43.2%
Union Mutual Fund 4,075 0.2% 4,285 4,089 4,307 4,259 -4.9% -0.3% -5.4% -4.3%
PPFAS Mutual Fund 3,138 0.1% 2,770 2,379 2,116 1,805 13.3% 31.9% 48.3% 73.8%
BOI AXA Mutual Fund 2,271 0.1% 2,323 2,479 3,128 3,626 -2.3% -8.4% -27.4% -37.4%
IIFL Mutual Fund 1,832 0.1% 1,232 1,349 1,523 1,640 48.8% 35.9% 20.4% 11.7%
IL&FS Mutual Fund (IDF) 1,831 0.1% 1,259 1,236 1,523 1,593 45.5% 48.1% 20.2% 15.0%
Indiabulls Mutual Fund 1,550 0.1% 1,453 2,237 4,530 4,808 6.7% -30.7% -65.8% -67.8%
Quantum Mutual Fund 1,362 0.1% 1,457 1,453 1,444 1,360 -6.6% -6.3% -5.7% 0.1%
Essel Mutual Fund 763 0.0% 856 901 1,041 1,416 -10.8% -15.3% -26.7% -46.1%
IIFCL Mutual Fund (IDF) 571 0.0% 561 562 563 580 1.9% 1.6% 1.3% -1.5%
ITI Mutual Fund 527 0.0% 170 63 67 -- --209.4% 733.6% 692.2%
Taurus Mutual Fund 419 0.0% 431 410 435 424 -3.0% 2.0% -3.8% -1.3%
YES Mutual Fund 253 0.0% 395 917 1,421 2,000 -36.1% -72.5% -82.2% -87.4%
Quant Mutual Fund 249 0.0% 82 215 217 196 204.9% 15.5% 14.7% 26.7%
Shriram Mutual Fund 182 0.0% 185 171 133 124 -1.3% 6.9% 37.5% 47.3%
Sahara Mutual Fund 46 0.0% 50 49 54 55 -7.3% -5.0% -13.7% -15.0%
Grand Total 2,703,676 100% 2,677,562 2,568,947 2,550,592 2,448,438
Asset Management CompanyQAAUM QAAUM (In Rs. Crore) % Change in QAAUM
Top
20
= 9
7.1%
Top
15
= 9
3.3%
Top
10
= 8
3%To
p 5
= 5
7.2%
MktShare
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