ICRA Online Ltd...22/06/2015 ICRA Online Limited 10 Source: AMFI, AMCs website. AAUM monthly data pertains to May-15 1. Most funds have a disproportionate share of corpus coming from

ICRA Online LtdA group ICRA company

May, 2015

Mutual Fund Screeners

MUTUAL FUND INDUSTRY OVERVIEW

Section I

ICRA Online Limited22/06/2015 2

Industry AUM expands again in May’15


1. Industry AUM breached Rs. 12 lakh crore

mark for the second time since Feb’15 as

equity market broke the negative momentum

of past two months and ended higher in May

‘15.

2. However, Foreign Institutional Investors (FIIs)

turned sellers of equities in May 2015, for the

first time since Dec '14

3. In the near term, monsoon is expected to

remain a key trigger for central bank's

monetary policy stance and direction of equity

markets as well.

4. Industry corpus grew 6% during May’15,

carrying forward the positive momentum of

the previous month.

5. While the AUM of top-10 rose by 5.9%

during the month, the next-10 (corpus range

7K-25K Crore) followed the bigger AMCs

with a growth rate of 5.6%.

9%

2%

-10%

10%

6%

-15%

-10%

-5%

0%

5%

10%

15%

950,000

1,000,000

1,050,000

1,100,000

1,150,000

1,200,000

1,250,000

1,300,000

Jan-15 Feb-15 Mar-15 Apr-15 May-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 consistent across months

2. Industry corpus continued to post positive growth in May’15 as well

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

6.9 lakh crore together.

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

-10.4%

9.9%

5.6%

-12%

-8%

-4%

0%

4%

8%

12%

0%

20%

40%

60%

80%

100%

Mar-15 Apr-15 May-15

Ch

an

ge i

n i

nd

ust

ry

co

rpu

s (M

-o-M

)

Sh

are

(in

%)

Industry Positioning by AMCs

Top 5 Next 10 Rest % Change MoM (RHS)

Source: ICRA Online Research

Equities witness record inflows in May ‘15


1. Income fund category witnessed a fall in market share from

45.83% in Apr ’15 to 45.53% in May’15.

2. However, equity fund category continued to increase its market

share from 24.50% in Apr ’15 to 25.19% in May ‘15.

1. Equity category continued to attract healthy inflows for past 12

months. The category has witnessed inflows in excess of Rs

7,000 crore for three months in a row.

2. Liquid/Money market witnessed an outflow of Rs. 15K crore,

reversing previous month’s inflow of Rs. 1 lakh crore.

-60,000 -20,000 20,000 60,000 100,000

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 May-2015, TTM-Trailing twelve months

45.53%

21.46%

25.19%

3.27%

2.07%

0.66%

0.87%

0.25%

0.58%

0.11%

7.83%

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 May-2015, TTM-Trailing twelve months

Bottom 7 categories

Category Movement Monitor for Trailing Twelve Months


Source: AMFI

1. Equity and Balanced fund category see a steady rise in AUM.

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

35,000

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

18,000

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

1,600


Category Specific Deep Dive : Equity & Income


1. Sensex rebounds in May’15, rising 3.8%, backed by

encouraging global and domestic cues.

2. Equity fund category managed to see record inflow of Rs.

9,850 in May ‘15.

1. Income fund corpus witnessed a M-o-M growth of 1.5% in

May’15 (at Rs. 5.22 lakh crore).

2. Income fund category managed to reverse the outflow

witnessed in the previous month with an inflow of Rs.

4,205 crore in May ‘15.

-10

-5

0

5

10

-

2,000

4,000

6,000

8,000

10,000

12,000

Ma

y-1

4

Jun

-14

Jul-

14

Au

g-1

4

Sep

-14

Oct-

14

No

v-1

4

Dec

-14

Jan

-15

Feb

-15

Ma

r-1

5

Ap

r-1

5

Ma

y-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

y-1

4

Jun

-14

Jul-

14

Au

g-1

4

Sep

-14

Oct-

14

No

v-1

4

Dec-

14

Jan

-15

Feb

-15

Ma

r-1

5

Ap

r-1

5

Ma

y-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. Except for Birla Sun Life MF, other 4

AMCs witnessed healthy net inflows during

May’15.

2. Compared to the previous month, only

Reliance MF managed to attract better

inflows in May ‘15.

3. Reliance MF witnessed the highest M-o-M

rise in AUM followed up by UTI and HDFC

MF, respectively.

4. The Big-5 together have close to 55% of the

market share

5. As on May’15 there were 9 mutual funds

with AUM below Rs 2,000 crore.

Source: ICRA Online research

4.8 4.4

7.6

-1.2

5.6

-2

0

2

4

6

8

10

12

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

row

th i

n A

UM

(M

-o-M

)

AU

M (

In R

s. C

ro

re)

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

AMC

Net Inflow -

May'15

Net Inflow -

Apr'15

AUM -

May'15

Net Inflow -

May'14

Net Inflow -

Apr'14

AUM -

May'14

Net Inflow -

CM/LM

Net Inflow -

CM TY/LY

AUM

TY/LY

HDFC Mutual Fund 7,768 9,699 168,901 6,590 15,748 132,202 -20% 18% 28%

ICICI Prudential Mutual Fund 6,714 11,435 158,130 11,140 12,657 122,761 -41% -40% 29%

Reliance Mutual Fund 10,449 8,991 148,531 12,616 10,723 117,859 16% -17% 26%

Birla Sun Life Mutual Fund -1,469 13,107 123,581 6,348 12,050 99,600 - - 24%

UTI Mutual Fund 5,001 10,396 94,406 5,187 12,207 81,739 -52% -4% 15%

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

THIS YEAR LAST YEAR GROWTH *

Understanding investment patterns of T-15 and B-15


Source: AMFI, AMCs website. AAUM monthly data pertains to May-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 ~26%

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% 88.8%90.4% 91.3%

91.8%

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 Deutsche

MF

Kotak

Mahindra

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)

18.2%19.1%

22.7%

25.6%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)

Asset Accumulation Pattern – Top 15


Source: AMFI, AMCs website. AAUM monthly data pertains to May-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 T

em

ple

ton

MF

HD

FC

MF

ICIC

I P

rud

enti

al M

F

IDF

C M

F

Deu

tsch

e M

F

Ko

tak

Ma

hin

dra

MF

L&

T M

F

Rel

ian

ce 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

Retail Business Share - Industry Level


Source: AMFI. Category AUM data pertains to May-15. Retail is inclusive of HNI

1. Balanced and Equity Categories command the highest retail participation at the industry level, whereas

Liquid/Money Market category is dominated by corporate.

2. Investors in Gilt Fund Category lead the pack in the Direct Channel

2.3%

11.4%

6.3%5.5%

7.4%6.9%

0%

2%

4%

6%

8%

10%

12%

14%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Liquid/

Money

Market

Gilt FMP Other Debt

Schemes

Equity (inc

ELSS)

Balanced

AU

M

sha

re (

in %

)

AU

M

sha

re (

in %

)

Retail Participation

Retail AUM share (%) - All channels Retail AUM share (%) - Direct Channel (RHS)

Retail business share via Direct Channel - Big 5


Source: AMFI. Category AUM data pertains to May-15

1. For B-15 cities, retail customers coming through direct channel preferred UTI AMC across all the fund categories (except for Liquid).

UTI was also preferred by investors of T-15 cities dealing in Equity and Liquid fund category via direct channel.

2. For T-15 cities, ICICI Prudential AMC is the preferred AMC for retail customers (of direct channel) dealing in Gilt and Other Debt

fund category. HDFC AMC was favored by investors dealing in FMP fund category.

0%

5%

10%

15%

20%

25%

30%

Liquid/ Money

Market

Gilt FMP Other Debt

Schemes

Equity (inc

ELSS)

Direct Channel AUM share (in %) - T15

HDFC MF ICICI Prudential MF Reliance MF Birla Sun Life MF UTI MF

0%

3%

6%

9%

12%

15%

Liquid/ Money

Market

Gilt FMP Other Debt

Schemes

Equity (inc

ELSS)

Direct Channel AUM share (in %) - B15

HDFC MF ICICI Prudential MF Reliance MF Birla Sun Life MF UTI MF

Category Wise Change in Market Share - Big 5


Source: AMFI. Category AUM monthly data pertains to May-15

1. Among the top-5 players, only ICICI Prudential MF registered marginal increase in market share in equities, while in Liquid fund

category, only HDFC MF managed to raise its market share by 75.5 basis points.

2. Except for UTI MF, other 4 AMCs registered marginal fall in their market share in Other Debt fund category.

HDFC

MF

ICICI

Pru.

MF

Relian

ce MF

Birla

Sun

Life

MF

UTI

MF

Liquid 75.55 -1.12 -31.55 -146.25 -6.10

Equity (RHS) -39.40 11.67 -19.72 -4.47 -19.96

-200

-150

-100

-50

0

50

100

150

-200

-150

-100

-50

0

50

100

150

Ch

an

ge i

n B

PS

Ch

an

ge i

n B

PS

Market share chg (m-o-m)

HDFC

MF

ICICI

Pru. MF

Reliance

MF

Birla Sun

Life MFUTI MF

FMP (LHS) -50.72 51.19 23.83 7.73 30.03

Other Debt -6.85 -17.01 -2.06 -24.31 12.76

-60

-40

-20

0

20

40

60

80

100

-60

-40

-20

0

20

40

60

80

100

Ch

an

ge i

n B

PS

Ch

an

ge i

n B

PS

Market share chg (m-o-m)

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 1,20,000 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

5.7%

4.7%7.2%

9.6%

43.8%

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

Sh

are

(%

)

AU

M (

In R

s. c

rore

)

AUM share of top-5 regions

AUM % share (RHS)

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

5.9

10.5 11.0

12.813.8

0

2

4

6

8

10

12

14

16

UTI MF Birla Sun

Life MF

Reliance

MF

ICICI

Prudentia l

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)


ICRA Online Ltd...22/06/2015 ICRA Online Limited 10 Source: AMFI, AMCs website. AAUM monthly data pertains to May-15 1. Most funds have a disproportionate share of corpus coming from

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