Mutual Fund

Industry Dashboard
March 2025

For Financial Professional Use Only / Not for Distribution to the Public 1
 Global Mutual Fund Industry Trends

For Financial Professional Use Only / Not for Distribution to the Public 2
Americas Dominate Global Mutual Fund Assets

Source: ICI, December 2024

For Financial Professional Use Only / Not for Distribution to the Public 3
U.S Mutual Fund Assets Have Grown Over 2X at
8% CAGR In the Last Decade

U.S Mutual Fund Assets (USD Trillion)

39 40
0.00
34 34 0.27
0.31 10 11
30 29 0.25
7 8
26 0.28 0.25
5
22 6
21 4 0.28
18 19
18 3 0.28 0.25
3
3 0.27
2 0.29 2 0.26
27 29 29
24 26
21 22
19 18
16 16 16

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Mutual Funds ETFs Traditional Closed Ended Funds Total

Source: ICI, February 2025

For Financial Professional Use Only / Not for Distribution to the Public 4
Equity Has the Highest AUM Share in U.S Market (60%)

Asset Class Breakup of U.S Mutual Fund AUM

Hybrid and Other

Funds, 5%

Money Market Funds,

18%

US Equity, 48%

Bond Funds, 18%

World Equity, 12%

Source: ICI February 2025

For Financial Professional Use Only / Not for Distribution to the Public 5
Share of Passive Funds Has More than Doubled

2025 2015

Passively
Actively
Managed Funds,
Managed Funds,
34%
31%

Passively Actively
Managed Funds, Managed Funds,
69% 66%

Note: Actively managed funds include active mutual funds and closed ended funds. Passively managed funds include index funds and ETFs.
Source: ICI, February 2025
For Financial Professional Use Only / Not for Distribution to the Public 6
India Mutual Funds Industry - Vital Stats

Monthly
Industry AUM
SIP Flows
Unique Investor
Rs 65.74 lakh Cr Accounts
Rs 25,926 Cr
5.42 Cr

SIP AUM
Individual Institutional
Rs 13.35 lakh Cr Total SIP accounts AUM % share^ AUM % share^

10.05 Cr 60% 40%

Direct
AUM % share^ MF AUM to
Passive AUM % Bank Deposits %
47% of Total AUM
29%
17%

Source: AMFI, ^Pertains to monthly average AUM. Data as of March 2025.

7
For Financial Professional Use Only / Not for Distribution to the Public
Industry at Glance
Mar-25 Year ago Change

Industry AUM Rs 65.74 lakh cr Rs 53.40 lakh cr 23.1%

Equity oriented AUM* Rs 48.37 lakh cr Rs 39.29 lakh cr 23.1%

Fixed Income oriented AUM Rs 17.37 lakh cr Rs 14.11 lakh cr 23.1%

Equity funds Net flows** (12 months) Rs 5.42 lakh cr Rs 2.37 lakh cr

Fixed income funds Net flows (ex Liquid & overnight) (12 months) Rs 1.02 lakh cr Rs 0.08 lakh cr

Aggregate New Fund Offers in last 12 months Rs 1,08,494 cr Rs 68,038 cr 59%

Individual AUM % share^ 60% 61%

Institutional AUM % share^ 40% 39%

Direct AUM % share^ 47% 45%

Direct AUM % share^ (Individual: Insti breakup) 17% : 30% 15% : 30%

Direct Individual as % of total Individual AUM^ 27% 25%

Passive Funds AUM Rs.11.22 lakh cr Rs.9.09 lakh cr 23.4%

Passive AUM % of Total AUM 17% 17% -

BSE Sensex 77,415 73,651 5.1%

10-year G-sec yield 6.58% 7.06%

Notes: *Equity oriented funds AUM includes equity oriented hybrid funds, **includes equity funds, index, ETFs and global FoF, ^Pertains to monthly average AUM. Figures in bold are all time high. Source: AMFI, BSE, CRISIL.
For Financial Professional Use Only / Not for Distribution to the Public 8
Industry at Glance

Mar-25 Year ago Change

Unique investor accounts 5.42 cr 4.46 cr (0.97 cr) 22%

SIP AUM Rs 13.35 lakh cr Rs 10.72 lakh cr 25%

SIP AUM to total Equity AUM % 27.6% 27.3%

Monthly SIP Gross Sales Rs 25,926 cr Rs 19,271 cr 35%

Total SIP accounts 10.05 cr 8.40 cr 20%

New SIP accounts registered 40.19 lakhs 42.87 lakhs -6%

Discontinued SIP accounts 51.55 lakhs 23.34 lakhs

Discontinued SIP as % of Registered SIP 128% 54%

Aggregate SIP Flows for last 12 months Rs 2.89 lakh cr Rs 1.99 lakh cr 45%

SIP AUM Growth in 5 Years (CAGR) 41% 32%

MF AUM to Bank Deposits % 29.1% 26.1%

B30:T30 % AUM break-up^ 18% : 82% 18% : 82% -

B30:T30 AUM Growth in 5 years (CAGR) 26% : 21% 21% : 17%

Mutual fund AUM growth in 5 years (CAGR) 24% 18%

Bank Deposit growth in 5 years (CAGR) 11% 11% -

Source: AMFI, BSE. ^Pertains to monthly average AUM. Figures in bold are all time high.
9
For Financial Professional Use Only / Not for Distribution to the Public
 Industry Trends

For Financial Professional Use Only / Not for Distribution to the Public 10
 Industry AUM @ INR 65.7 Lakh Cr
Industry has added over Rs 12.3 lakh cr to AUM over the past year

Industry AUM grew by 24% CAGR in the last 5 years and 20% CAGR in the last 10 years respectively, ended March 2025

2 Months
2 Months
5 Months 4 Months
8 Months 9% Growth
7% Growth
9% Growth 13% Growth
16 Months
15% Growth
8 Months
18 Months 11% CAGR
Industry AUM (Rs lakh crore)

21 Months 18% Growth

13 Months 10% CAGR
66.70 65.74
14% CAGR 61.16
32% CAGR 57.26
50.78
46.38
40.38
35.32
30.01
25.94
20.59
15.18

Jul-16 Aug-17 May-19 Nov-20 Jul-21 Nov-22 Jul-23 Dec-23 Apr-24 Jun-24 Aug-24 Mar-25

Time taken to reach every incremental milestone of INR 5 lakh crore

Annualised growth (CAGR) for the period more than 12 months and absolute growth for the period less than 12 months
Source: AMFI
For Financial Professional Use Only / Not for Distribution to the Public 11
MF AUM to Bank Deposits (%) Grew 3X in 10 years
MF AUM about one third of Bank Deposits

MF AUM as a % of Bank Deposits

250 32%
29.1%
225
26.1% 28%
200

175
22.8% 24%
Rs lakh crore

150
19.5% 21.8%
125 18.6% 20.8% 20%
16.2%
100
16%
75 13.1% 16.4%
12.6%
50
10.7% 12%
25

0 8%
Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25

Bank Deposits (Rs lakh cr) MF AUM (Rs lakh cr) MF AUM as a % of Bank Deposits

Source: RBI for bank Deposits, AMFI for AUM

For Financial Professional Use Only / Not for Distribution to the Public 12
Equity Class Dominates Total Mutual Funds Assets
Over the past year, equity AUM has risen from ~ Rs 33 lakh cr to Rs 40 lakh cr

Share of equity in the total assets at 61.4% in March 2025 vs 60% a year ago

80.00

70.00 66.93 65.74

Total AUM (Rs Lakh cr)

60.00
50.78
50.00
39.89
40.00 37.73
31.02
30.00 26.54
22.86
21.27
20.00 16.46
12.75
10.51
10.00

0.00
Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Mar-25

Liquid/ Overnight Debt Equity Hybrid

Debt includes open ended debt categories (other than liquid and overnight), closed ended debt, interval schemes and gold ETFs. Equity includes open and closed ended equity funds, index funds, other ETFs and FOFs investing Overseas.
Hybrid includes hybrid schemes, retirement funds and children’s funds.
Source: AMFI
For Financial Professional Use Only / Not for Distribution to the Public 13
 Total Investor Count Rose to 5.42 cr in March 2025
3.52 lakh investors added in March 2025
97 lakh new investors added in last 12 months vs 69 lakh in the same period last year
Investor
count at all
time high in
March 2025

6.0 14
Total Unique Investors (Crore)

5.42
12

New Investors added p.m (lakh)

5.0
4.46
10
4.0
8
3.0
6
2.0 3.83
4
3.52
1.0 2

0.0 0
Oct-23

Oct-24

Nov-24
Apr-23

May-23

Jul-23

Apr-24

May-24

Jul-24
Aug-23

Sep-23

Nov-23

Dec-23

Aug-24

Sep-24

Dec-24
Mar-23

Jan-24
Jun-23

Feb-24

Mar-24

Jun-24

Jan-25

Feb-25

Mar-25
Total Unique Investors (Crore) New Investors added p.m (lakh)

Source: AMFI
For Financial Professional Use Only / Not for Distribution to the Public 14
 SIP Flows @ Rs 25,926 cr in March 2025
Doubled in less than 3 years

Monthly SIP flows (up 35% YoY) rose to SIP accounts rose to 10.05 cr in Mar’25, Avg. SIP size up at Rs 2579 p.m.
Rs 25,926 cr in Mar’25 vs Rs 19,271 cr in Mar’24 up 20% YoY vs Rs 2295 p.m. last year

2
2 1 1 Months
2 Months Month Month
2
1 Months
2 Months
2 2 Month
4 Months
5 Months Months
Months 26459
SIP Gross Sales (Rs Cr)

Months 25323 25926

23547 24509
20371 21262
18838 19187
16042 17073
14276 15245
13041

Oct-22 Mar-23 Jul-23 Sep-23 Nov-23 Jan-24 Feb-24 Apr-24 Jun-24 Aug-24 Sep-24 Oct-24 Dec-24 Mar-25
Key Milestones

Source: AMFI. SIP Flows is monthly SIP Gross Sales

For Financial Professional Use Only / Not for Distribution to the Public 15
SIP Average Ticket Size Moved Higher in March 2025
Share of Equity in Total AUM at ~61% in March 2025

Share of Equity in Total AUM has Risen Over Time SIP Average Ticket Size (Rs)

61.7% 3500
59.7%
3000 2861
54.6% 61.4%
2564 2579
2425
2500 2303 2306
47.7% 2216

2000
39.6% 39.2%
1500
32.9%
31.3% 39.2%
37.4%
1000
30.4%
500
Dec-14

Dec-15

Dec-16

Dec-17

Dec-18

Dec-19

Dec-20

Dec-21

Dec-22

Dec-23

Dec-24

Mar-25
0
Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Mar-25

Equity as % of total AUM

Note – Above data only includes open-ended equity funds, closed ended equity funds, index funds, ETFs and global FoFs Source: AMFI
For Financial Professional Use Only / Not for Distribution to the Public 16
SIP Share of Equity AUM moved higher to 27.6% in
March 2025 from 27.3% a Year Ago
28.0% 88000

84000

27.7%
27.5%

27.6%
27.5%

27.5%
27.4%

27.4%
27.4%
27.4%

27.4%
27.3%

27.3%
27.3%

27.3%
27.3%
80000

27.3%
27.2%

BSE Sensex
27.2%
27.0%

26.9%
26.9%
26.9%
76000

26.7%
26.5%
26.5%

72000
26.2%

26.0%
26.0%

68000
25.7%

25.5%
64000

25.0% 60000

24.5% 56000

Oct-24
Oct-23
Apr-23

Jul-23

Apr-24

Jul-24
Nov-23

Dec-23

Nov-24

Dec-24
May-23

Jun-23

May-24
Mar-23

Aug-23

Sep-23

Jan-24

Mar-24

Jun-24

Aug-24

Sep-24

Jan-25

Mar-25
Feb-24

Feb-25
SIP AUM as % of the total equity funds AUM BSE Sensex

Source: AMFI
Equity oriented funds AUM includes equity oriented hybrid funds
For Financial Professional Use Only / Not for Distribution to the Public 17
Equity Gross Sales Rising Since April 2023
SIP Flows as % of equity gross sales is rising since June 2024

40% 120000
% SIP gross sales to total equity gross sales

34%
34%

100000

33%
35%

31%
30%

Gross Sales (Rs Crs)

29%
28%
80000

27%
27%

27%

27%
30%

27%
26%
25%
26%

25%
60000

24%
23%

22%
24%
25%

24%
22%
40000

21%
20%
20%
20000
16%

15% 0
Oct-23

Dec-23

Oct-24

Dec-24
Apr-23

May-23

Jul-23

Apr-24

May-24

Jul-24
Nov-23

Nov-24
Jun-24
Mar-23

Jun-23

Aug-23

Sep-23

Jan-24

Feb-24

Mar-24

Aug-24

Sep-24

Jan-25

Feb-25

Mar-25
Equity Gross Sales (Rs Crs) % SIP gross sales to total equity gross sales

Note – Above data only includes open-ended equity funds, closed ended equity funds, index funds, ETFs and global FoFs. Source: AMFI
For Financial Professional Use Only / Not for Distribution to the Public 18
Equity Net Sales Positive for 49 Months (Over 4 Years)

125000 90000

85000
105000 95862
80000
MF Sales (Rs Crore)

77415

BSE Sensex
85000
75000

65000 70000

45000 3924365000

60000
25000
55000
5000
50000

-15000 45000
Jul-21

Jul-22

Jul-23

Jul-24
Nov-21

Nov-22

Nov-23

Nov-24
Mar-24
Mar-21

Mar-22

Mar-23

Mar-25
Equity Gross Sales Equity Net Sales BSE Sensex

Note – Above data only includes open-ended equity funds, closed ended equity funds, index funds, ETFs and global FoFs. Source: AMFI
For Financial Professional Use Only / Not for Distribution to the Public 19
Equity Net Sales (Ex SIPs + NFOs) in Positive Zone

70000

60000

50000
MF Sales (Rs Crore)

39,243
40000

30000

20000
10,160
10000

-10000

-20000

-30000
Nov-21

Nov-22

Nov-23

Nov-24
Jul-21

Jul-22

Jul-23

Jul-24
May-21

May-22

May-23

May-24
Sep-21

Sep-22

Sep-23

Sep-24
Mar-21

Mar-22

Mar-23

Mar-24

Mar-25
Jan-22

Jan-23

Jan-24

Jan-25
Equity Net Sales Equity Net Sales (ex SIP + NFOs)

Note – Above data only includes open-ended equity funds, closed ended equity funds, index funds, ETFs and global FoFs Source: AMFI
For Financial Professional Use Only / Not for Distribution to the Public 20
Equity Funds Dominate the NFO Flows
Aggregate NFO flows in last one year were Rs 1,08,494 crores out of which equity funds comprised 97% or
Rs 1,05,434 crores.

18000 27,000
16,565

15,227 14,575
15000 13,815 13,852 26,000
NFO Flows (Rs Crore)

12000

Nifty 50 Index
10,140 25,000

9000

6,078 24,000
6000
4,544
4,052 4,029 4,085
23,000
3000
1,532

0 22,000
Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25

Equity Debt Nifty 50 Index RHS

Source: AMFI, NSE

For Financial Professional Use Only / Not for Distribution to the Public 21
Mutual Funds are Now a Dominant Force vs FPIs

Net inflows for DIIs were INR 6.1 lakh crore for last 12 months (till March 2025) vs Net outflows of INR 4.0 lakh crore for FPIs

1,50,000 90000

85000
1,00,000
80000
Net flows (Rs in Cr)

50,000

Sensex
75000

0 70000

65000
-50,000
60000
-1,00,000
55000

-1,50,000 50000
Oct-23

Oct-24
Apr-23

Jul-23

Apr-24

Jul-24
Nov-23

Dec-23

Nov-24

Dec-24
May-23

May-24
Mar-23

Jun-23

Aug-23

Sep-23

Jan-24

Mar-24

Jun-24

Aug-24

Sep-24

Jan-25

Mar-25
Feb-24

Feb-25
FPI DII Sensex

FPI – Foreign Portfolio Investors DII – Domestic Institutional Investors

Source: NSDL, BSE.

For Financial Professional Use Only / Not for Distribution to the Public 22
Passive AUM Increased to Rs 11.22 Lakh cr in March 2025
from Rs 9.09 Lakh cr a Year Ago (23% growth)
Share of passive AUM rose from 10% of total AUM in March’21 to 17% in March’25

12 18%

10
Passive AUM (Rs lakh crore)

16%

8
14%

12%
4

10%
2

0 8%
Jul-21

Jul-22

Jul-23

Jul-24
May-21

Nov-21

May-22

Nov-22

May-23

Nov-23

May-24

Nov-24
Sep-21

Sep-22

Sep-23

Sep-24
Mar-21

Jan-22

Mar-22

Jan-23

Mar-23

Jan-24

Mar-24

Jan-25

Mar-25
Passive AUM (Rs lakh crore)-LHS % to Total AUM-RHS

Passive AUM includes Index Funds and all ETFs.

Data Source: AMFI
For Financial Professional Use Only / Not for Distribution to the Public 23
Active & Passive Fund AUM Split by Asset Class
59% of international funds AUM comprises of passives

Domestic Equity Debt International

22% of domestic equity AUM 12% of debt AUM comprises of 59% of international funds AUM
comprises of passives passives comprises of passives

March 22% 12%

41%
2025 78%
59%

88%

Active Passive Active Passive Active Passive

22% of domestic equity AUM 14% of debt AUM comprises of 58% of international funds AUM
comprises of passives passives comprises of passives
14%
22%
March 42%
58%
2024 78% 86%

Active Passive Active Passive Active Passive

Passive AUM component for equity funds has seen a marginal increase between March 2024 and March 2025. International funds have seen a rise in passive AUM component
from 58% in March 2024 to 59% in March 2025.

Note: Active Equity AUM comprises of multicap, large cap, large and midcap, mid cap, small cap, dividend yield, value/contra, focused, sectoral/thematic, ELSS, flexicap and closed ended equity categories. Active debt AUM comprises of
overnight, liquid, ultra short duration, low duration, money market, short duration, medium duration, medium to long duration, long duration, dynamic bond funds, corporate bond fund, credit risk fund, banking and PSU fund, gilt fund, gilt fund with
10 year constant duration, floater fund, closed ended and interval debt funds.
For Financial Professional Use Only / Not for Distribution to the Public 24
Passive Fund AUM - Asset Class Split
Equity passives make up ~72% of passive fund AUM in March 2025 up
from 71% in March 2024.
March 2025 March 2024

International Passive Funds

2.2% International Passive Funds, 2.6%
Commodity Passive Other Index Funds,
Funds Other Index Funds Commodity Passive 0.4%
6.6% 0.3% Funds, 3.9%

Debt Passive Funds Debt Passive Funds,

18.4% 22.2%
Domestic Equity
Passive Funds Domestic Equity
72.5% Passive Funds,
70.9%

Note: Domestic Equity Passive Funds include equity oriented index funds and ETFs. Debt passive funds include Target Maturity Index Funds, other than target maturity index funds and debt oriented ETFs. Commodity
Passives include Gold and Silver ETFs. International Passive Funds include international index funds, international ETFs and FOFs investing in overseas passive funds.
Source: AMFI
For Financial Professional Use Only / Not for Distribution to the Public 25
Domestic Equity Passive Fund AUM Details

March 2025 March 2024

Equity
oriented Equity
ETFs, 80% oriented
ETFs, 85%

Equity
oriented Index
Equity oriented Index Funds, 15%
Funds, 20%

Source: AMFI
For Financial Professional Use Only / Not for Distribution to the Public 26
Debt Passive Fund AUM Details

March 2025 March 2024

Debt Oriented Target Maturity Debt Oriented

Target Maturity
oriented ETFs, Index Funds, oriented ETFs,
Index Funds,
47% 46% 47%
46%

Other than
Target Maturity Other than
Index Funds, Target Maturity
7% Index Funds,
7%

Source: AMFI
For Financial Professional Use Only / Not for Distribution to the Public 27
International Passive Fund AUM Details

March 2025 March 2024

Fund of funds International International

investing Index Funds, Fund of funds Index Funds,
overseas in 20% investing 19%
Passive Funds, overseas in
31% Passive Funds,
35%

International
International ETFs, 47%
ETFs, 49%

Source: AMFI
For Financial Professional Use Only / Not for Distribution to the Public 28
Passive Fund Folios have Grown ~16X in Last 5 Years

Number of folios in crore. Total Number of Folios in Open Ended Funds

22.45 23.40

4.15
3.89
0.60 0.61
16.43 1.57
1.52 0.69
14.06 2.55 0.68
11.95 2.09 0.58
1.28
1.50 0.57 0.72
9.23 1.20
8.43 0.57 0.56 0.72
0.26 1.11
0.54 0.54 0.76 15.75 16.38
0.95 0.93
0.60 0.81 11.30
9.49
8.02
6.08 6.38

Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Mar-25

Open Ended Equity Oriented Schemes Open Ended Fixed Income Schemes Open Ended Hybrid Schemes

Solution Oriented Schemes Other Schemes

Open ended fixed income funds include - overnight, liquid, ultra short duration, low duration, money market, short duration, medium duration, medium to long duration, long duration, dynamic
bond, corporate bond, credit risk, banking & psu, gilt fund, 10 year constant maturity gilt fund and floater fund. Open ended equity oriented schemes include – multi cap, large cap, large & mid,
mid cap, small cap, dividend yield, value/ contra, focused, sectoral, ELSS and flexi cap. Open ended hybrid schemes include – conservative hybrid, aggressive hybrid, balanced advantage, multi
asset, arbitrage and equity savings. Other schemes include – index funds, gold ETF, other ETFs and fund of funds investing overseas. Solution oriented schemes include – retirement fund and
children’s fund.
Source: AMFI
29
For Financial Professional Use Only / Not for Distribution to the Public
Global Funds AUM has Grown 16X in 10 years

50,000
44,557
45,000 42,563

40,000 38,044
35,565
Total AUM (Rs Crore)

35,000
29,955
30,000

25,000

20,000

15,000 12,510

10,000

5,000 2,736 2,100 2,973

1,824 1,581 1,736
0
Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Mar-25

Global Fund of Funds Global ETFs/Index Funds Total

The industry limit of 7 billion USD for foreign investments has not been revised upwards by the regulator.

Data pertains to month-end AUM. Source: AMFI.

For Financial Professional Use Only / Not for Distribution to the Public 30
Sectoral/Thematic Funds Category Witnessed Highest
Gross/ Net Sales Over Last 12 Months
All equity categories had positive net sales in March 2025
Rs crore
AUM (as of Last 12 Months Last 12 Months Net
Open Ended Schemes Gross Sales* Redemptions* Net Sales*
Mar’25) Gross Sales Sales
Multi Cap Fund 4,564 1,811 2,753 175,724 66,628 42,282

Large Cap Fund 6,249 3,770 2,479 359,775 70,252 23,487

Large & Mid Cap Fund 5,114 2,396 2,718 263,207 70,098 40,308

Mid Cap Fund 6,854 3,415 3,439 368,992 89,430 41,409

Small Cap Fund 6,913 2,821 4,092 295,479 88,750 41,673

Dividend Yield Fund 444 304 141 30,589 9,737 5,416

Value Fund/Contra Fund 3,026 1,472 1,553 183,906 41,962 21,797

Focused Fund 2,641 1,255 1,386 144,791 26,157 3,138

Sectoral/Thematic Fund 9,091 8,920 170 455,088 233,236 146,656

ELSS 2,382 1,647 735 232,245 24,568 1,306

Flexi Cap Fund 9,249 3,634 5,615 435,509 98,958 49,580

Total 56,526 31,444 25,082 2,945,306 819,776 417,053

*Data as of March 2025

Source: AMFI
For Financial Professional Use Only / Not for Distribution to the Public 31
Debt Categories Witnessed Negative Net Sales in March
2025 Due to Financial Year End
Rs crore
Last 12 Months Last 12 Months
Open Ended Categories Gross Sales Redemptions Net Sales AUM (as of Mar’25)
Gross Sales Net Sales
Overnight Fund 609,161 639,177 -30,016 62,458 5,834,393 -4,996
Liquid Fund 421,961 554,995 -133,034 437,774 4,734,721 38,349
Ultra Short Duration Fund 26,494 36,141 -9,647 98,542 296,159 7,772
Low Duration Fund 21,976 23,360 -1,384 112,928 191,224 14,730
Money Market Fund 74,879 96,180 -21,301 232,663 734,886 66,582
Short Duration Fund 14,469 15,645 -1,176 113,321 75,554 5,578
Medium Duration Fund 272 844 -572 24,666 5,072 -3,331
Medium to Long Duration Fund 191 505 -315 11,554 2,408 119
Long Duration Fund 452 971 -518 20,344 9,695 5,999
Dynamic Bond Fund 1,226 1,599 -373 35,592 10,987 1,045
Corporate Bond Fund 14,175 14,589 -414 175,800 82,572 14,573
Credit Risk Fund 72 367 -294 20,463 668 -4,490
Banking and PSU Fund 1,840 3,419 -1,579 78,850 17,938 -7,903
Gilt Fund 1,908 2,666 -759 40,990 31,310 10,432
Gilt Fund with 10 year constant duration 70 172 -101 4,938 2,068 -250
Floater Fund 1,240 2,420 -1,180 49,822 19,748 -5,827
Total 1,190,385 1,393,048 -202,663 1,520,706 12,049,402 138,380
Data as of March 2025.
Source: AMFI
For Financial Professional Use Only / Not for Distribution to the Public 32
Arbitrage Funds Received Highest Gross/ Net Sales Over
Last 12 Months
Rs crore
Last 12 Months Last 12 Months
Hybrid Gross Sales Redemptions Net Sales AUM (As of Mar’25)
Gross Sales Net Sales
Conservative Hybrid Fund 281 552 -271 28,124 5,137 -968
Balanced Hybrid Fund/Aggressive Hybrid Fund 2,283 1,989 294 219,204 32,655 4,990
Dynamic Asset Allocation/Balanced Advantage 4,248 3,472 776 283,673 60,169 18,559
Multi Asset Allocation 3,151 1,480 1,670 107,094 48,081 34,786
Arbitrage Fund 20,753 23,608 -2,855 204,087 276,940 50,800
Equity Savings 1,750 2,311 -561 41,260 29,743 10,865
Total 32,466 33,412 -947 883,444 452,726 119,032

Last 12 Months Last 12 Months

Solution Gross Sales Redemptions Net Sales AUM (As of Mar’25)
Gross Sales Net Sales
Retirement Fund 249 141 108 29,104 4,111 1,942
Childrens Fund 181 48 133 22,078 2,223 1,351
Total 430 189 241 51,182 6,334 3,292

Last 12 Months Last 12 Months

Others Gross Sales Redemptions Net Sales AUM (As of Mar25)
Gross Sales Net Sales
Index Funds 12,543 9,042 3,501 283,397 119,856 59,306
GOLD ETF 978 1,056 -77 58,888 19,400 14,852
Other ETFs 26,486 15,524 10,962 779,630 231,412 68,227
Fund of funds investing overseas 308 545 -237 25,031 3,937 -2,065
Total 40,315 26,166 14,149 1,146,946 374,605 140,320

Source: AMFI Data as of March 2025

For Financial Professional Use Only / Not for Distribution to the Public 33
 Share in total assets of mutual funds (%)

Dec-19 48% 27% 26%

Mar-20 48% 27% 25%

Jun-20 50% 26% 24%

Sep-20 48% 26% 26%

Dec-20 46% 25% 29%

Mar-21 45% 26% 30%

For Financial Professional Use Only / Not for Distribution to the Public
Source: AMFI. Data available up to December 2024 and on quarterly basis.
Jun-21 44% 26% 30%

Sep-21 43% 26% 31%

Dec-21 44% 25% 31%

Mumbai and Delhi Mar-22 43% 26% 31%

Jun-22 42% 26% 32%

Sep-22 43% 25% 32%

Next 13 cities

Dec-22 42% 26% 33%

Mar-23 41% 26% 33%

Share of B15 cities rises from 26% in Dec 2019 to 35% in Dec 2024

Other cities

Jun-23 41% 26% 33%

Mutual Funds are Moving Beyond the Top 15 Cities

Sep-23 40% 26% 34%

Dec-23 40% 26% 35%

Mar-24 39% 26% 35%

Jun-24 39% 26% 35%

Sep-24 39% 25% 35%

Dec-24 40% 26% 35%

34
B30 AUM Growth Outpaced T30 AUM Growth
Share of B30 AUM in Industry AUM increased from 16% in Dec 2020 to
18% in Mar 2025

T30 AUM Growth

CAGR 19%

60 57
55

50
AUM in Rs Lakh Crore

42
40
34
32
B30 AUM Growth
30 26 CAGR 23%

20
13 12
9
10 6 7
5

0
Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Mar-25

T:30 AUM B:30 AUM

Data pertains to month-end AAUM. Source: AMFI.

For Financial Professional Use Only / Not for Distribution to the Public 35
Top 10 States - Contribution to AAUM
Telangana (38.60%) and Haryana (28.78%) have seen the highest
AAUM growth over the year

Rs crore

Name of the States AAUM (as of Mar’25) AAUM (as of Mar’24) AAUM (as of Mar’20) AAUM Last 1yr Chg AAUM Last 5yr Chg

Maharashtra 2,710,131 2,251,629 1,011,060 20.36% 21.79%

New Delhi 560,430 462,403 236,731 21.20% 18.80%

Gujarat 463,752 378,734 172,942 22.45% 21.80%

Karnataka 457,634 380,877 173,659 20.15% 21.37%

West Bengal 331,059 286,159 135,120 15.69% 19.62%

Uttar Pradesh 311,185 254,606 100,146 22.22% 25.44%

Tamil Nadu 305,062 256,294 121,175 19.03% 20.27%

Haryana 229,371 178,110 116,455 28.78% 14.51%

Rajasthan 124,676 101,178 42,526 23.22% 23.99%

Telangana 114,449 82,573 39,311 38.60% 23.81%

Others 1,062,438 868,164 321,758 22.38% 26.97%

Total 6,670,186 5,500,728 2,470,882 21.26% 21.96%

Source: AMFI. AAUM change in CAGR %

For Financial Professional Use Only / Not for Distribution to the Public 36
 Category Wise Breakup – Individual vs Institutional

Equity-oriented schemes derive 88% of their assets from individual investors;

Institutional investors dominate liquid/ money market schemes (89%), debt-oriented schemes (64%) & ETFs, FOFs (87%)

100%
12%
90%
80% 40%
70% 64%
60%
89% 87%
50%
88%
40%
30% 60%
20% 36%
10%
11% 13%
0%
Debt oriented schemes Equity oriented schemes Liquid/ Money market ETFs, FoFs Total
Individuals Institutions

Data as of March 2025. Equity oriented schemes include equity oriented hybrid funds. Source: AMFI.
For Financial Professional Use Only / Not for Distribution to the Public 37
Investor Category Wise Allocation in AUM
Equity Funds^ (54% of Total AUM) Debt Funds (28% of Total AUM)
Banks/FIs
Retail Investor
0.10% FIIs/FPIs FIIs/FPIs
2.83%
0.07% 0.07%
Banks/FIs
Corporates 6.28%
12.58% High
Networth
Individuals
Retail
21.59%
High Investor
Networth 44.75% Corporates
Individuals 69.22%
42.50%

Hybrid, ETFs and FOF Overseas Total AUM

Banks/FIs
(18% of Total AUM) 1.87%
Banks/FIs FIIs/FPIs
Retail 0.25% 0.06%
FIIs/FPIs
Investor 0.01%
9.32%
Retail
Investor
High 26.52% Corporates
Networth 37.64%
Individuals
27.59% Corporates High
62.84% Networth
Individuals
33.91%

Monthly Average AUM as of March 2025. Source: AMFI

^Equity investments by corporates include investments by EPFO. FIIs – Foreign Institutional Investors, FPIs – Foreign Portfolio Investors, FIs – Financial Institutions
38
For Financial Professional Use Only / Not for Distribution to the Public
Individual Investors AUM Grew Over ~8X in 10 Years
vs 6X AUM Growth of the Industry
5 Years CAGR - Individual Investors (21% p.a) vs Industry AUM (24% p.a) over 5 years
10 Years CAGR - Individual Investors (22% p.a) vs Industry AUM (20% p.a) over 10 Years
45 43 60%
40
40
50%
35
31
AUM (Rs Lakh Crore)

30 40%

25 24
21 30%
20
16
15
15 13 20%
11
10 8
6 10%
5

0 0%
Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Mar-25
Individual Investors AUM (Rs Lakh Cr) Individual Investors AUM YoY Growth % Industry AUM YoY Growth %

Source: AMFI. Individual investors include Retail and HNI investors. AUM data is Monthly average AUM.
For Financial Professional Use Only / Not for Distribution to the Public 39
Individual vs Institutional – Asset Composition

86% of individual investor assets are held in equity-oriented schemes.

54% of institutional assets are held in liquid / money market schemes and debt-oriented schemes

Individual Institutional

Liquid/
Money Liquid/ Money
market market ETFs,FoFs
Equity 3% 30% 28%
oriented
schemes ETFs,FoFs
86% 3%

Debt
oriented
schemes
9%

Equity Debt oriented

oriented schemes
schemes 24%
18%

Data as of March 2025. Equity oriented schemes include equity oriented hybrid funds. Source: AMFI.
For Financial Professional Use Only / Not for Distribution to the Public 40
Category Wise Breakup - Direct vs Distributors

28% of equity assets, 82% of liquid/money market and 66% of Debt assets are in direct plan

100%

90% 18%
25%
34%
80%
53%
70%
72%
60%

50%

40% 82%
75%
66%
30%
47%
20%
28%
10%

0%
Liquid/ Money Market Debt Oriented Equity oriented ETF, FoFs Total
Direct Distributors

Data as of March 2025. Equity oriented schemes include equity oriented hybrid funds. Source: AMFI.
For Financial Professional Use Only / Not for Distribution to the Public 41
Direct vs Distributor – Asset Composition

Equity schemes account for 36% of direct AUM and 80% of distributor driven AUM
Debt schemes account for 21% of direct AUM and 10% of distributor driven AUM

Direct Distributors

Liquid/
ETF, FoFs Money
20% Market
23% ETF, FoFs
6%
Equity
oriented
Liquid/
80%
Money
Market
4%

Debt
Oriented Debt
21% Oriented
Equity 10%
oriented
36%

Data as of March 2025. Source: AMFI.

For Financial Professional Use Only / Not for Distribution to the Public 42
Direct vs Distributor – Investor wise AUM breakup

Share of Direct AUM held by individual investors in total AUM increased to 17% in March 2025 from 15% a year ago
Direct and Distributor AUM Share – March 2025 Direct AUM Breakup - February 2025

Distributor Direct Individual

Institutional 17%
9% RIA PMS
13% 2%

Total Direct share 47%

Total Distributor share 53%

Distributor DIY Investors

Individual Direct
Institutional 85%
44%
30%

DIY – Do It Yourself Investors, RIA – Registered Investment Advisors, PMS - Portfolio Management Service
Data as of March 2025. Source: AMFI.
For Financial Professional Use Only / Not for Distribution to the Public 43
Share of Beyond Top 10 Players Growing Steadily

100%

90% 19.3% 17.3% 16.4% 17.1% 18.3% 19.7% 21.2% 23.0% 23.1%
80%

70% 23.8% 24.0% 25.7% 25.8% 26.0% 25.0% 23.0% 21.1% 21.0%
60%

50%

40%

30% 56.9% 58.7% 57.9% 57.1% 55.6% 55.3% 55.8% 55.9% 55.9%
20%

10%

0%
Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Mar-25
Top 5 Top 6 -10 Rest of the AMCs

Source: AMFI. Based on quarterly average AUM.

For Financial Professional Use Only / Not for Distribution to the Public 44
Risk Factors

The information contained in this presentation is not a complete representation of every material fact and is for informational purposes only. The
comparison of mutual funds vis-à-vis other savings / investments related instruments shown in this presentation is for information purposes
only. Investments in mutual funds carry higher risks. We have relied on third party data or information which, we believe to be correct but, we do
not offer any assurance as to the accuracy or the correctness of the same and would not accept any liability for any loss or damage arising
directly or indirectly from action taken, or not taken, in reliance on material or information contained herein. The recipient is advised to consult its
financial advisor/ tax consultant prior to arriving at any investment decision. Statements/ opinions/recommendations in this presentation which
contain words or phrases such as “will”, “expect”, “could”, “believe” and similar expressions or variations of such expressions are “forward –
looking statements”. Actual results may differ materially from those suggested by the forward-looking statements due to risk or uncertainties
associated with our expectations with respect to, but not limited to, exposure to market risk, general economic and political conditions in India
and other countries globally, which have an impact on the service and / or investments. This communication is meant for use by the recipient
and not for circulation/reproduction without prior approval. The views expressed are based on current market conditions and information
available to them and do not constitute investment advice in any manner whatsoever to any party. These views alone are not sufficient and
should not be used for the development or implementation of an investment strategy. All opinions and estimates included here constitute our
view as of this date and are subject to change without notice. Neither Franklin Templeton Group nor any person connected with it, accepts any
liability arising from the use of this information. The recipient of this presentation should rely on their investigations and take their own
professional advice.

Mutual Fund investments are subject to market risks, read all scheme related documents carefully.

For Financial Professional Use Only / Not for Distribution to the Public 45
Mutual Fund investments are subject to market risks,
read all scheme related documents carefully
Franklin Templeton Asset Management (India) Pvt. Ltd.
One International Centre, Tower 2,
12th and 13th floor, Senapati Bapat Marg,
Elphinstone (W), Mumbai 400013
Tel (91-22) 6751 9100 • Fax (91-22) 6639 1281
www.franklintempletonindia.com

© 2025 Franklin Distributors, LLC. Member FINRA/SIPC. All rights reserved.

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