Equity mutual fund inflows slip 6% MoM to Rs 28,054 crore in December: AMFI data

AMFI December data

Equity mutual fund inflows stood at Rs 28,054 crore in December 2025, down about 6 percent from Rs 29,911 crore recorded in November, according to monthly data released by the Association of Mutual Funds in India (AMFI). Despite the marginal dip, equity schemes continued to see steady investor participation.

The overall mutual fund industry reported net outflows of Rs 66,571 crore during the month, largely dragged by sharp withdrawals from debt schemes. Debt mutual funds saw net outflows of Rs 1.32 lakh crore in December.

Venkat Chalasani, Chief Executive, AMFI says, “As of December 2025, the Indian mutual fund industry’s AUM stood at Rs 80.23 lakh crore. The moderation was primarily driven by debt fund outflows for liquidity management and limited market-related valuation changes. On a year-on-year basis, industry AUM grew by 19.9 percent, reflecting increased participation and continued adoption of mutual funds across investor segments.”

As of December 31, 2025, assets under management (AUM) of open-ended equity-oriented schemes stood at Rs 35.73 lakh crore, while open-ended debt-oriented schemes managed assets worth Rs 18.10 lakh crore.

Among other categories, hybrid schemes attracted inflows of Rs 10,756 crore, while 'other schemes', including ETFs, saw net inflows of Rs 26,723 crore. Solution-oriented schemes recorded modest inflows of Rs 345 crore during the month.

Gold ETFs recorded strong inflows of Rs 11,647 crore in December, sharply higher than Rs 3,742 crore in November, a rise of over 200 percent.

Equity funds: Inflows soften, but SIP strength stands out

Equity-oriented mutual funds saw net inflows of Rs 28,054 crore in December, slightly lower than November’s Rs 29,911 crore, but still well above the October level of Rs 24,690 crore. While overall equity inflows moderated month-on-month, investor participation remained broad-based across categories.

Flexi-cap funds continued to lead equity inflows, attracting Rs 10,019 crore during the month, higher than November’s Rs 8,135 crore. Mid-cap and small-cap funds saw some cooling, with inflows easing to Rs 4,176 crore and Rs 3,824 crore respectively, compared with stronger numbers in the previous month. Large-cap funds also recorded modest inflows of Rs 1,567 crore in December.

Within equity categories, ELSS funds remained under pressure, logging net outflows of Rs 718 crore for the month, extending a trend seen over recent months. Despite this, investor commitment through systematic investing stayed strong, with monthly SIP inflows hitting an all-time high of Rs 31,001.67 crore in December, taking SIP assets to Rs 16.63 lakh crore.

Ovas Bakshi, Head-Retail Sales, Kotak Mahindra AMC says, “Investors continue to experience the benefits of SIPs in wealth creation. Month after month, they return to build more investment-oriented portfolios. We are seeing a clear trend of financialization of savings in the country, and we believe this momentum will persist. More and more investors are expected to join mutual funds, keeping flows in positive territory and driving SIP numbers to new heights.”

Debt funds: Sharp year-end outflows drag overall industry flows

Debt mutual funds witnessed heavy outflows of Rs 1.32 lakh crore in December, reversing the strong inflows seen in October and adding pressure to overall industry numbers. The sharp withdrawals pushed total mutual fund flows into net outflow territory for the month.

Liquid funds and money market funds accounted for a large part of the exits, with outflows of Rs 47,308 crore and Rs 40,464 crore respectively. Several other debt categories, including ultra-short duration, low-duration and corporate bond funds, also reported net withdrawals during the month.

In contrast, a few segments such as overnight funds and floater funds saw marginal inflows, though these were not enough to offset the broader trend. The December data marks one of the weakest months for debt fund flows in the last five months.

Gold ETFs: Strongest monthly inflow in five months

Gold ETFs saw a sharp jump in investor interest in December, recording net inflows of Rs 11,647 crore, significantly higher than Rs 3,742 crore in November. This is the strongest monthly inflow into gold ETFs in the past five months.

The surge stands out when compared with October and September, when inflows were Rs 7,743 crore and Rs 8,363 crore respectively. December’s numbers also mark a clear acceleration from August, when gold ETF inflows were relatively modest at Rs 2,190 crore.

With equity inflows moderating and debt funds seeing large withdrawals, gold ETFs emerged as one of the strongest contributors to mutual fund inflows during the month.