January AMFI data shows equity flows moderate, SIPs hold steady, gold and silver ETFs surge

Passive funds, particularly gold and silver ETFs, emerged as major investment destinations in January. Gold ETFs attracted inflows of Rs 24,040 crore ( 106% increase M-O-M), raising AUM to Rs 1.84 lakh crore. Silver ETFs saw net inflows of Rs 9,463 crore, increasing AUM to Rs 1.16 lakh crore.

• Equity mutual fund inflows fell 14% in January due to global market volatility.
• Gold ETF inflows doubled, matching equity flows as investors sought safe havens.
• Mutual fund AUM rose 1% to Rs 81.01 lakh crore; SIPs stayed strong

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January saw heightened volatility across global and Indian markets due to geopolitical developments in the US, including tariff changes, interventions in Venezuela and Greenland. Mutual fund data trends showed that the uncertainty led to risk-averse behaviour among investors. Equity mutual fund inflows slowed to Rs 24,029 crore about 14 percent lower than December 2025, according to Association of Mutual Funds in India (AMFI) data, on the other hand gold ETF flows doubles almost 106 percent, bringing them on par with equity flows during the month.

On January MF data, Venkat Chalasani, Chief Executive of AMFI noted that it reflects a broadly steady trend in India’s mutual fund industry despite ongoing global uncertainties and short-term market volatility.  During the month, the BSE Sensex fell 3.5 percent, while the Nifty 50 declined close to 3 percent during the month, reflecting broader market pressures.

"Lows into hybrid, multi-asset, and passive products—including increased allocations to gold and silver ETFs—suggest a measured approach by investors toward diversification and portfolio balance. Overall, these developments indicate that mutual funds remain a widely used investment avenue, with participation levels holding up across varying market conditions," Chalasani said.

Here are some of the key highlights:

Large Caps lead investor preference

On the back of broad market volatility, equity-oriented mutual funds attracted net inflows of Rs 24,029 crore in January, marking the 59th consecutive month of positive flows but a 14 percent month-on-month decline from last month. Large-cap funds stood out among equity categories, recording net inflows of Rs 2,004.98 crore, an increase from December’s Rs 1,567.42 crore and highlighting investor preference for relatively stable, blue-chip stocks amid market uncertainty.  Himanshu Srivastava, Principal Research, Morningstar Investment Research India noted that the moderation in overall inflows was largely driven by cooling momentum in the mid- and small-cap segments. "The pace slowed sharply compared with the previous month, reflecting elevated valuations and recent corrections prompting investors to adopt a more cautious and selective approach. Some amount of profit booking after the strong performance seen over the past years also weighed on incremental allocations," Srivastava said.

Flexi-cap and multi-cap funds, contined to see inflows but faced month-on-month declines in inflows, with flexi-cap funds dropping to Rs 7,672.36 crore and multi-cap funds declining to Rs 1,995.23 crore. Other segments, including mid-cap, small-cap, and large & mid-cap funds, saw month-on-month reductions.

Mutual fund industry AUM rises Overall, the mutual fund industry’s AUM increased by 1 percent to Rs 81.01 lakh crore from Rs 80.23 lakh crore in December. Net folios grew by 50.6 lakh during the month, taking the total folio count to 26.63 crore, with equity schemes contributing nearly 18 crore folios. The rise in overall AUM was driven not only by inflows but also by positive valuation gains in certain asset classes.  A total of 12 schemes were launched in the month of January 2026, raising around Rs 1,939 crores.

SIPs remain robust

Systematic Investment Plans (SIPs) demonstrated continued investor discipline amid market turbulence. Monthly SIP contributions held steady at Rs 31,002 crore. The number of active SIP accounts increased from 10.11 crore in December to 10.29 crore in January. During the month, 74 lakh new SIPs were registered, while 55 lakh matured or were discontinued, resulting in an SIP stoppage ratio of around 74 percent. SIP assets stood at Rs 16.36 lakh crore, representing 20.2 percent of total industry assets. Gaurav Goyal, National Head Sales & Marketing, Canara Robeco AMC noted that Systematic Investment Plans (SIPs) continue to be strong  reinforcing the disciplined and long-term approach being adopted by investors."Overall, the trend suggests a matured investment behaviour where investors are staying invested and focusing on consistency rather than short-term market movements," he said.

Gold and Silver ETFs demand doubles Passive funds, particularly gold and silver ETFs, emerged as major investment destinations in January. Gold ETFs attracted inflows of Rs 24,040 crore ( 106% increase M-O-M), raising AUM to Rs 1.84 lakh crore. Silver ETFs saw net inflows of Rs 9,463 crore, increasing AUM to Rs 1.16 lakh crore. The combined inflows into precious metals exceeded equity inflows for the first time, highlighting a shift toward safe-haven assets amid global uncertainty. Varun Gupta, CEO of Groww MF noted, "Key standout were gold ETFs, with AUM rising nearly 50% and monthly inflows exceeding those into the entire equity segment, pointing to the increasing financialisation of gold as an investment asset."

Debt and Hybrid funds see positive flows

Debt mutual funds recorded inflows of Rs 74,827 crore, raising AUM to Rs 18.90 lakh crore. The increase was led by liquid, overnight, and money market funds, reflecting investors’ preference for liquidity and safety. Hybrid funds attracted net inflows of Rs 17,356 crore, with multi-asset allocation schemes accounting for Rs 10,485 crore. Despite these inflows, negative mark-to-market adjustments kept hybrid fund AUM largely flat.