Equity mutual fund inflows slip 14% MoM to Rs 24,028 crore in January: AMFI data

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• Equity mutual fund inflows slowed to Rs 24,029 crore in January 2026
• Debt funds rebounded with net inflows of Rs 74,827 crore, led by liquid segments
• Gold ETFs saw inflows more than double to Rs 24,040 crore in January

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Equity mutual fund inflows slowed to Rs 24,029 crore in January 2026, about 14 percent lower than Rs 28,054 crore in December, according to monthly data released by the Association of Mutual Funds in India (AMFI). Even with the dip, equity schemes continued to draw steady investor participation.

As of January 31, 2026, assets under management (AUM) of open-ended equity-oriented schemes stood at Rs 34.86 lakh crore, while open-ended debt-oriented schemes managed Rs 18.90 lakh crore. The numbers show equity funds continue to hold a larger share of industry assets despite month-to-month movement in flows.

The mutual fund industry as a whole returned to net inflows in January, with total flows turning positive at Rs 1.56 lakh crore. This was mainly led by debt schemes, which recorded net inflows of Rs 74,827 crore after seeing heavy withdrawals in December.

Other categories also saw healthy participation. Hybrid schemes attracted Rs 17,356 crore, while “other schemes”, including ETFs, brought in Rs 39,955 crore. Solution-oriented schemes recorded steady inflows of about Rs 341 crore during the month.

Gold exchange-traded funds (ETFs) continued to see strong investor interest. Inflows rose to about Rs 24,040 crore in January, more than double December’s Rs 11,647 crore, making gold one of the standout segments for the month.

Equity funds: Inflows moderate, leadership shifts within categories

Equity-oriented mutual funds attracted net inflows of Rs 24,029 crore in January 2026, easing from Rs 28,054 crore in December and Rs 29,911 crore in November. While the pace slowed for the second straight month, equity funds continued to see consistent participation, remaining broadly in line with October’s Rs 24,690 crore inflow level.

Within categories, flexi-cap funds remained the largest contributor, drawing Rs 7,672 crore, though lower than December’s strong Rs 10,019 crore intake. Mid-cap and small-cap funds also saw moderation, with inflows cooling to Rs 3,185 crore and Rs 2,942 crore respectively, compared with December’s Rs 4,176 crore and Rs 3,824 crore.

Large-cap funds, however, saw a pickup in investor interest, with inflows rising to Rs 2,005 crore from Rs 1,567 crore a month earlier, the strongest level since September. Sectoral and thematic funds also edged higher to Rs 1,043 crore after remaining subdued in recent months.

ELSS funds continued to report outflows at Rs 594 crore, extending a multi-month trend, though the pace was lower than December. Dividend yield funds returned to marginal inflows after several months of redemptions, indicating selective positioning within equity segments.

Debt funds: Strong rebound led by liquid and overnight segments

Debt mutual funds staged a sharp recovery in January, recording net inflows of Rs 74,827 crore after December’s heavy outflow of Rs 1.32 lakh crore. The turnaround is notable when viewed against November’s Rs 25,694 crore outflow and September’s Rs 1.02 lakh crore redemption, marking one of the strongest rebounds in recent months.

The recovery was led by liquidity-focused categories. Overnight funds saw inflows surge to Rs 46,280 crore after near-flat flows in December, while liquid funds reversed sharply to inflows of Rs 30,682 crore from a Rs 47,308 crore outflow a month earlier. Money market and low-duration funds also attracted fresh allocations.

At the same time, longer-duration and corporate bond segments continued to see withdrawals. Corporate bond funds reported outflows of Rs 11,473 crore, while gilt and dynamic bond categories also remained in the red, suggesting investors continued to favour shorter-tenure debt products.

Gold ETFs: Inflows more than double, strongest stretch in months

Gold exchange-traded funds (ETFs) extended their momentum in January, attracting Rs 24,040 crore, more than double December’s Rs 11,647 crore and sharply higher than November’s Rs 3,742 crore. The latest inflow is the strongest in the past five months.

The surge stands out against October and September levels of Rs 7,743 crore and Rs 8,363 crore respectively, highlighting a clear acceleration in investor interest in gold alongside broader portfolio allocations.