Mutual Fund Screener...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

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)


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


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


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


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


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


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



No. of Funds1 25



Snapshot

Large cap (90.43%)

Mid cap (7.01%)

Small cap (2.56%)


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)


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


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




Large cap (73.35%)

Mid cap (16.99%)

Small cap (9.66%)



No. of Funds1 23


Average Monthly Net Flows5 Rs. 911 crore

SnapshotSnapshot



No. of Funds1 34



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


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


Flo

ws

(In

Rs.

Lak

h C

rore

)

AU

M (I

n R

s. L

akh

Cro

re)




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


Large cap (70.13%)

Mid cap (19.96%)

Small cap (9.91%)



No. of Funds1 39



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


Flo

ws

(In

Rs.

Lak

h C

rore

)

AU

M (I

n R

s. L

akh

Cro

re)



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


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


CP - 49.85%CD - 19.57%

T Bill - 11.27%

Cash & Equivalents - 10.37%

Others - 5.10%


Gilt - 0.86%

SDL - 0.44%




No. of Funds1 39



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


In %

Ultra Short Duration FundsNifty Ultra Short Duration Debt Index



Low Duration


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





Low Duration

ICRA Liquid Index



CD - 23.01%

CP - 9.38%


Others - 3.13%

Gilt - 0.72%

SDL - 0.20%

T Bill - 0.17%


Short Duration Funds

Nifty Short Duration Debt Index




Gilt - 7.77%

CD - 4.54%

Others - 2.19%

SDL - 1.48%

CP - 1.24%

T Bill - 0.19%



No. of Funds1 26



Snapshot



No. of Funds1 28



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


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


In %



Credit Risks





Credit Risk Funds Nifty Short Duration Debt Index



Cash & Equivalents -9.72%

CD - 2.77%

Others - 2.51%

CP - 2.26%

Gilt - 0.56%

SDL - 0.08%

REITs & InvITs - 0.04%



No. of Funds1 23



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


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


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


Growth in assets in T30/B30 locations Equity/Non-equity asset mix in T30/B30 Locations


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


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


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%)


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


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


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%


- 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%


- 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%


- H1FY20 - lowered to 5.8%-6.6%

- H2FY20 - raised the lower end to 7.3%-7.5%

- Q1FY21 - 7.4%




- Q2FY20 - raised to 3.4%

- H2FY20 - retained 3.5%-3.7%

- Q1FY21 - retained 3.6%


- 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%


- 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%


- 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%


- No announcements - No announcements


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


AnnexureSection VII


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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Mutual Fund Screener...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

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