Equity AUM continues to scale new highs: Motilal Oswal’s Fund Folio Report; INR235.5b Amount garnered through SIPs at a new high
FinTech BizNews Service
Mumbai, September 13, 2024: According to Motilal Oswal Fund Folio Report, Equity AUM for domestic MFs (including ELSS and index funds) increased 2.5% MoM to INR32.8t in Aug’24, led by a rise in market indices (Nifty up 1.1% MoM). Notably, the month saw a decline in the sales of equity schemes (down 14.3% MoM to INR808b). The pace of redemptions declined to INR393b (down 20% MoM). Consequently, net inflows moderated to INR415b in Aug’24 from INR451b in Jul’24. The total AUM of the MF industry rose 2.7% MoM to INR66.7t in Aug’24, driven by a MoM increase in AUM for equities (INR808b), liquid (INR281b), income (INR260b), other ETFs (INR170b), and balanced (INR129b) funds.
Top 20 funds: Value of equity MFs rises 2% MoM and 59.7% YoY
Total equity value for the top 20 AMCs increased 2% MoM (+59.7% YoY) in Aug’24 vs. a 1.1% MoM rise (+31.1% YoY) for the Nifty-50. Among the Top 10 funds, the maximum MoM increase was seen in ICICI Prudential Mutual Fund (+3.3%) followed by UTI Mutual Fund (+2.2%), SBI Mutual Fund (+2.1%), DSP Mutual Fund (+1.8%), and Nippon India Mutual Fund (+1.6%).
Sector wise weightage: MoM increase seen in Technology, Healthcare, and Retail
In Aug’24, MFs showed interests in Technology, Healthcare, Retail, Consumer, NBFCs, and Telecom, leading to a MoM rise in their weights. Conversely, Capital Goods, Private Banks, Utilities, PSU Banks, Automobiles, Chemicals, and Infrastructure saw a MoM moderation in weights. Private Banks (15.9%) was the top sector holding for MFs in Aug’24, followed by Technology (9.2%), Automobiles (8.6%), and Capital Goods (7.6%). Retail, Healthcare, Technology, Insurance, and Telecom sectors witnessed the maximum increase in value MoM.
Sectoral allocation of funds: Oil & Gas, Consumer, and Technology under-owned
The top sectors where MF ownership vis-à-vis the BSE 200 is at least 1% lower: Oil & Gas (17 funds under-owned), Consumer (16 funds underowned), Technology (14 funds under-owned), Utilities (14 funds under-owned), and Private Banks (13 funds under-owned). The top sectors where MF ownership vis-à-vis the BSE 200 is at least 1% higher: Healthcare (15 funds over-owned), Capital Goods (14 funds overowned), Consumer Durables (11 funds over-owned), NBFCs (9 funds over-owned), and Automobiles (9 funds over-owned)
Nifty-50 snapshot: MFs net buyers in 66% of the stocks
The highest MoM net buying in Aug’24 was seen in Tata Motors (+35.7%), Adani Ent. (+12.7%), Wipro (+12.2%), Tata Consumer (+10.7%), and Eicher Motors (+10.6%).
Nifty Midcap-100 snapshot: MFs net buyers in 52% of the stocks
The highest MoM net buying in Aug’24 was observed in Tata Elxsi, GMR Airports Infrastructure, Kalyan Jewellers, Delhivery, and Godrej Properties.
Nifty Smallcap-100 snapshot: MFs net buyers in 59% of the stocks
The highest MoM net buying in Aug’24 was witnessed in Happiest Minds, MRPL, Himadri Speciality Chemical, HFCL, and PNB Housing Finance
Top schemes and NAV change: 88% of the top 25 schemes close higher MoM
Among the top 25 schemes by AUM, the following reported the highest MoM increase: Axis Bluechip Fund (+2.2% MoM change in NAV), ICICI Pru Value Discovery Fund (+2.1% MoM), HDFC Small Cap Fund (+1.9% MoM), Axis Midcap Fund (+1.8% MoM), and HDFC Flexi Cap Fund (+1.7% MoM).
Value surprise: Divergent interests visible within sectors
In Aug’24, the stocks that experienced the maximum MoM increase in value were Tata Motors, Infosys, Zomato, Trent, Axis Bank, Bharti Airtel, Interglobe Aviation, TCS, Bajaj Finance, and ICICI Bank. Stocks that witnessed the maximum MoM decline in value were SBI, HDFC Bank, Zydus Lifesciences, Maruti Suzuki, Bharat Electronics, Bharat Forge, Hindustan Aeronautics, Balkrishna Industries, L&T, and Tata Steel.
