India’s mutual fund industry continued its upward trajectory in November 2025, with total assets under management (AUM) crossing the Rs 80 lakh crore milestone. According to the Association of Mutual Funds in India (AMFI), industry AUM grew 18.7% year-on-year and 1.2% month-on-month, supported by steady equity inflows, improving hybrid participation and strong performance across passive categories. This is the 57th month of positive equity inflows since 2021.
Investor sentiment stayed buoyant amid supportive global cues, with the Sensex and Nifty gaining about 2% each during the month. Broader markets were mixed—the BSE MidCap index inched up 0.4%, while the BSE SmallCap index slipped 3.4%.
AMFI Chief Executive Venkat Chalasani, in a media call, said domestic markets benefited from improving US macro indicators and the Federal Reserve’s 25-basis-point rate cut. “With strong global cues and the Fed’s rate cut, domestic investors continued to support equity markets with around Rs 67,348 crore of investments, of which mutual funds alone invested nearly Rs 40,000 crore,” he said.
Investor participation rose meaningfully, with 26.11 lakh new folios added in November, taking the industry’s total folio count to 25.86 crore. Equity funds contributed 15.02 lakh new folios, while passive funds added 6.91 lakh.
Here are some of the key highlights:
Equity flows rebound as flexi-cap funds maintain leadership
Equity mutual funds recorded net inflows of Rs 29,911 crore in November, rising 21.1% from October’s Rs 24,690 crore. Equity AUM increased 1.4% month-on-month to Rs 35.66 lakh crore. Flexi-cap funds remained the biggest contributor with Rs 8,135 crore of inflows, despite a slight moderation.
Mid-cap funds drew Rs 4,487 crore, while small-cap schemes saw inflows of Rs 4,407 crore. Large-cap funds rebounded with Rs 1,640 crore of inflows. The large-and-mid-cap category added Rs 4,503 crore, and multi-cap funds' inflows remained steady at Rs 2,463 crore.
Value and contra funds saw a sharp revival in demand, while focused funds also strengthened. Sectoral and thematic schemes collected Rs 1,865 crore, primarily supported by new launches.
Himanshu Srivastava, Principal Research, Morningstar India, said the pickup in equity flows reflects firm investor confidence amid a supportive macro backdrop and clearer visibility on the global rate cycle. “Strong domestic momentum, a healthy SIP book and broad-based gains reinforced retail sentiment,” he said.
He added that investors continue to prefer diversified mandates such as multicap, large-and-mid-cap and flexi-cap funds, while mid- and small-cap strategies remain in favour on the back of strong trailing returns.
Abakkus Mutual Fund CEO Vaiibhavv Chugh said investors are aligning with India’s economic momentum. “Flexi-cap funds continue to attract flows as they can navigate across market caps and balance large caps with SMIDs,” he said.
Hybrid fund inflows remain firm amid rising preference for diversification
Hybrid schemes continued to attract meaningful inflows, recording Rs 13,299 crore in November, pushing category AUM 1.7% higher to Rs 10.88 lakh crore. Multi-asset allocation funds led the segment with Rs 5,315 crore of inflows, reflecting deepening investor preference for strategies that diversify across equity, debt and gold.
Arbitrage funds followed with Rs 4,192 crore, supported by favourable market conditions. Dynamic asset allocation and balanced hybrid schemes added Rs 1,410 crore and Rs 1,385 crore, respectively.
Passive fund AUM rises 3% MoM; silver ETFs see sharp traction
During the month, passive funds posted robust growth, with category AUM rising 3% MoM to Rs 14.07 lakh crore. Total passive inflows stood at Rs 15,385 crore, led by commodity ETFs. Gold ETFs drew Rs 3,742 crore, while silver ETFs attracted Rs 2,154 crore taking the overall AUM of silver to Rs 49,081 crore.
Index funds saw inflows of Rs 1,727 crore, taking the overall AUM to Rs 3,24,848 crore.
Nehal Meshram, Senior Analyst, Morningstar India, said demand for gold ETFs remains structurally strong. “Despite a slight softening in global gold prices, domestic investors maintained allocations, underscoring gold’s role in wealth preservation and diversification,” she said.
She added that the category continues to benefit from rising comfort with digital investing platforms and the cost-efficient ETF format. Passive momentum was also aided by the launch of 15 new passive NFOs, which collectively mobilised Rs 418 crore.
SIP flows steady
Systematic Investment Plan (SIP) inflows remained healthy at Rs 29,445 crore, down just 0.3% MoM due to the month ending on a weekend. On an annual basis, SIP flows were up 16.3%. SIP AUM grew 1.7% MoM and 22.1% YoY to Rs 16.53 lakh crore, representing 20.5% of total industry AUM. Total SIP accounts increased to 9.43 crore.
Suranjana Borthakur, Head of Distribution & Strategic Alliances at Mirae Asset Investment Managers (India), said the steady SIP trajectory reflects maturing retail behaviour. “SIP inflows staying consistently around Rs 29,900 crore show increasing discipline among retail investors and reinforce the importance of long-term wealth creation,” she said.
During the month, new registrations totalled 57.14 lakh, while 43.19 lakh SIPs were discontinued or completed their tenure, resulting in a stoppage ratio of 75.56 percent. The ratio, which indicates the proportion of SIPs that ceased during the month relative to new registrations, was broadly in line with October, when stoppages were also around the 75 percent mark.
SIF activity accelerates
While still on the lower end, during the month, Specialised Investment Fund (SIF) AUM rose to Rs 2,932 crore, marking a strong 45.8% MoM jump, aided by the launch of a new Ex-Top 100 Long-Short Fund, which mobilised R s106 crore. In total, five SIF strategies are currently active, with one new launch during November.
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