MF equity assets hit high of Rs 2.91 lakh crore in Q2 |
MF equity assets hit high of Rs 2.91 lakh crore in Q2
Equity assets of the mutual fund industry surged to a new high of Rs 2.91 lakh crore in the July-September quarter, according to a report by rating agency Crisil.
Equity funds assets went up 23.49 per cent by Rs 55,381 crore in the latest quarter to its fresh record high of Rs 2.91 lakh crore.
Equity assets reported inflows of Rs 17,189 crore in the first two months of the quarter as per latest inflowoutflow data provided by AMFI.
The Indian mutual fund industry's average assets under management (AUM) scaled new highs of Rs 10.59 trillion in the quarter ended September, according to the association of mutual funds in India (AMFI).
Total AUM increased 7.24 per cent by Rs 71,453 crore. Industry assets were primarily boosted by a surge in equity AUM and supported by gains in short duration debt funds, the Crisil report said.
Top fund houses HDFC Fund, ICICI Prudential Mutual Fund and Reliance Mutual Fund logged highest absolute gains in the September quarter.
HDFC Mutual Fund maintained its top position both in terms of AUM and gain in assets. The fund house registered highest absolute rise of Rs 11,445 crore (or 8.8 per cent) to Rs 1.41 lakh crore. ICICI Prudential Mutual Fund maintained the second position at Rs 1.28 lakh crore; it saw the second highest absolute gain -- up Rs 9,608 crore or 8.14 per cent. Reliance Mutual Fund maintained third rank with the asset tally at Rs 1.22 lakh crore and was the third highest absolute gainer with a rise of Rs 9,154 crore (or 8.11 per cent) in its AUM.
Birla Sun Life Mutual Fund become sthe new entrant in the trillion asset club, with latest quarter AUM of Rs 1.03 lakh crore (up by Rs 4,060 crore or 4.12 per cent). The share of the top five and top 10 mutual funds' assets was 55 per cent and 78 per cent respectively, same as the previous quarter. The bottom 10 fund houses continued to occupy less than 1 per cent of the average AUM.
"Shorter duration funds - which include money market funds, ultra-short term and short-term debt funds - reported a rise in assets for the fourth consecutive quarter as investors continued to prefer investing in these categories since they are less sensitive to interest rate uncertainty vis-à-vis longer duration funds," Crisil said.
Consolidated assets of the shorter duration funds category rose 8.34 per cent, or by Rs 36,873 crore, to Rs 4.79 lakh crore.
On a standalone basis, short-term debt and money market funds rose to record highs of Rs 86,302 crore and Rs 2.86 lakh crore respectively, in the September quarter.
Assets of fixed maturity plans (FMPs) slipped 4.85 per cent, or by Rs 8,430 crore, from a record high of Rs 1.74 lakh crore to Rs 1.65 lakh crore, as the change in taxation announced by the new government in the Union budget led to redemptions. The government increased the long-term capital gains tax on debt-oriented mutual funds from 10 per cent to 20 per cent and changed the definition of 'long term' for debt mutual funds to 36 months from 12 months, effective from the date of presentation of the budget (July 10, 2014).
"Flat trend in interest rates amidst lack of monetary easing by the RBI continues to weigh on longer maturity funds - long-term debt and gilt funds," Crisil said.
Consolidated AUM for the above category fell for the fourth consecutive quarter. Long-term debt and gilt funds' average AUM fell by Rs 12,714 crore and Rs 229 crore to end the quarter at Rs 65,816 crore and Rs 5,684 crore respectively.
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Equity assets of the mutual fund industry surged to a new high of Rs 2.91 lakh crore in the July-September quarter, according to a report by rating agency Crisil.
Equity funds assets went up 23.49 per cent by Rs 55,381 crore in the latest quarter to its fresh record high of Rs 2.91 lakh crore.
Equity assets reported inflows of Rs 17,189 crore in the first two months of the quarter as per latest inflowoutflow data provided by AMFI.
The Indian mutual fund industry's average assets under management (AUM) scaled new highs of Rs 10.59 trillion in the quarter ended September, according to the association of mutual funds in India (AMFI).
Total AUM increased 7.24 per cent by Rs 71,453 crore. Industry assets were primarily boosted by a surge in equity AUM and supported by gains in short duration debt funds, the Crisil report said.
Top fund houses HDFC Fund, ICICI Prudential Mutual Fund and Reliance Mutual Fund logged highest absolute gains in the September quarter.
HDFC Mutual Fund maintained its top position both in terms of AUM and gain in assets. The fund house registered highest absolute rise of Rs 11,445 crore (or 8.8 per cent) to Rs 1.41 lakh crore. ICICI Prudential Mutual Fund maintained the second position at Rs 1.28 lakh crore; it saw the second highest absolute gain -- up Rs 9,608 crore or 8.14 per cent. Reliance Mutual Fund maintained third rank with the asset tally at Rs 1.22 lakh crore and was the third highest absolute gainer with a rise of Rs 9,154 crore (or 8.11 per cent) in its AUM.
Birla Sun Life Mutual Fund become sthe new entrant in the trillion asset club, with latest quarter AUM of Rs 1.03 lakh crore (up by Rs 4,060 crore or 4.12 per cent). The share of the top five and top 10 mutual funds' assets was 55 per cent and 78 per cent respectively, same as the previous quarter. The bottom 10 fund houses continued to occupy less than 1 per cent of the average AUM.
"Shorter duration funds - which include money market funds, ultra-short term and short-term debt funds - reported a rise in assets for the fourth consecutive quarter as investors continued to prefer investing in these categories since they are less sensitive to interest rate uncertainty vis-à-vis longer duration funds," Crisil said.
Consolidated assets of the shorter duration funds category rose 8.34 per cent, or by Rs 36,873 crore, to Rs 4.79 lakh crore.
On a standalone basis, short-term debt and money market funds rose to record highs of Rs 86,302 crore and Rs 2.86 lakh crore respectively, in the September quarter.
Assets of fixed maturity plans (FMPs) slipped 4.85 per cent, or by Rs 8,430 crore, from a record high of Rs 1.74 lakh crore to Rs 1.65 lakh crore, as the change in taxation announced by the new government in the Union budget led to redemptions. The government increased the long-term capital gains tax on debt-oriented mutual funds from 10 per cent to 20 per cent and changed the definition of 'long term' for debt mutual funds to 36 months from 12 months, effective from the date of presentation of the budget (July 10, 2014).
"Flat trend in interest rates amidst lack of monetary easing by the RBI continues to weigh on longer maturity funds - long-term debt and gilt funds," Crisil said.
Consolidated AUM for the above category fell for the fourth consecutive quarter. Long-term debt and gilt funds' average AUM fell by Rs 12,714 crore and Rs 229 crore to end the quarter at Rs 65,816 crore and Rs 5,684 crore respectively.
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