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07 December, 2021 15:36 IST
Equities see inflows for seventh consecutive month; up 0.4% to Rs 36.7 trillion: Motilal Oswal
Source: IRIS | 14 Oct, 2021, 02.32PM
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According to Fund Folio report from Motilal Oswal Financial Services, In Sep’21, total MF industry AUM increased marginally (0.4% MoM) to Rs 36.7 trillion, led by a MoM increase in the AUM of equity funds (Rs 476 billion), other ETF funds (Rs 186 billion), and balanced funds (Rs 143 billion). Notably, liquid funds declined Rs 555 billion MoM. FII inflows were robust at USD 1.1 billion. DIIs saw inflows for the seventh consecutive month at USD 0.8 billion.

The month saw notable changes in the sector and stock allocation of funds. On a MoM basis, the weights of Utilities, Oil & Gas, Automobiles, Real Estate, PSU Banks, Consumer Durables, Retail, and Media increased, while those of Telecom, Metals, Private Banks, Healthcare, Technology, Cement, Insurance, and Chemicals moderated.

Investors continued to park money in mutual funds, with inflows and contributions in systematic investment plans (SIPs) crossing Rs 100 billion to reach new highs of Rs 103.5 billion in Sep’21 (up 4.3% MoM and 32.9% YoY). Equity AUM (including ELSS and index funds) of domestic MFs increased 3.7% MoM to Rs 13.3 trillion in Sep’21. This was on account of a rise in market indices (Nifty up 2.8% MoM) and an increase in equity scheme sales (up 11.5% MoM to Rs 409 billion). At the same time, redemptions increased 17.5% MoM to Rs 314 billion. Consequently, net inflows moderated to Rs 96 billion in Sep’21 from Rs 100 billion in Aug’21.

Motilal Oswal Financial Services' Fund Folio is a handbook on the holdings of the top-20 domestic mutual funds in India. The monthly report provides details on trend in AUMs and flows, sector allocation by funds, stock-wise holding change, top schemes and NAV change and fund-wise snapshot on top holdings.

Top 20 funds: Equity value up 3.6% MoM and 61.2% YoY

The total equity value for the top 20 AMCs increased 3.6% MoM (+61.2% YoY) in Sep’21 v/s an increase of 2.8% MoM (+56.6% YoY) in the Nifty. Among the top 10 funds, the highest MoM increase was seen in SBI Mutual Fund (6.6%), UTI Mutual Fund (5.1%), Nippon India Mutual Fund (4.5%), HDFC Mutual Fund (3.6%), and Mirae Asset Mutual Fund (3.4%).

Sector-wise weightage: MoM increase in Utilities, Oil & Gas, Automobiles, Real Estate

In Sep’21, MFs showed interest in Utilities, Oil & Gas, Automobiles, Real Estate, PSU Banks, Consumer Durables, Retail, and Media, leading to a MoM increase in their weights. Telecom, Metals, Private Banks, Healthcare, Technology, Cement, Insurance, and Chemicals reported MoM declines in their weights. Private Banks (16.8%) was the top sector holding for MFs in Sep’21, followed by Technology (11.9%), NBFCs (8%), and Healthcare (7.2%). Telecom, Metals, Cement, and Insurance were the only sectors to decrease in value MoM.

Sectoral allocation of funds: Oil & Gas, Consumer, Technology, and NBFCs under-owned

Top sectors where ownership of MFs vis-à-vis the BSE 200 is at least 1% lower:
Oil & Gas (20 funds under-owned), Consumer (19 funds underowned), Technology (15 funds under-owned), NBFCs (15 funds under-owned), and Private Banks (12 funds under-owned).

Top sectors where ownership of MFs vis-à-vis the BSE 200 is at least 1% higher: Chemicals (15 funds over-owned), Healthcare (14 funds overowned), Consumer Durables (14 funds over-owned), Automobiles (13 funds over-owned), and Capital Goods (13 funds over-owned).

Top schemes and NAV change: ~50% of Top 25 schemes outperform market

Among the top 25 schemes by AUM, the following reported the highest increase: HDFC Flexi Cap Fund (+6% MoM change in NAV), ICICI Pru Value Discovery Fund (+5.9% MoM), HDFC Small Cap Fund (+5.7% MoM), HDFC Top 100 Fund (+4.6% MoM), Nippon India Small Cap Fund (+4.3% MoM).

Value surprise: Maximum MoM change in RIL, NTPC, Kotak Mah. Bank, and ITC

In Sep’21, 3 of the Top 10 stocks that saw the maximum increase in value were from Banking. Reliance Industries, NTPC, Kotak Mahindra Bank, ITC, SBI, Coal India, HDFC Bank, ONGC, HCL Tech, and Tata Motors increased the most in terms of value MoM. Stocks that saw the maximum decline in value MoM were Bharti Airtel, Tata Steel, ICICI Bank, Infosys, BPCL, Divi’s Labs, UltraTech Cement, HDFC Life Insurance, Max Financial Services, and Hindustan Unilever.

Nifty snapshot: MFs net buyers in 60% of stocks

The highest MoM net buying in Sep’21 was seen in Bajaj Auto (+14.5%), Tata Motors (+10.1%), SBI Life Insurance (+9.5%), and Tech Mahindra (+6.8%)

Disclaimer: IRIS has taken due care and caution in compilation of data for its web site. Information has been obtained by IRIS from sources which it considers reliable. However, IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website.


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