November 2020 saw the highest ever net outflows equity mutual funds. To be sure, equity funds have been seeing net outflows since July 2020. The month of November was the fifth consecutive month of net outflow from equity funds, as per AMFI data. Experts believe that investors are seeing the recent market move as a relief rally and taking money off the table. As per the latest industry data, retail investors have accounted for more than half of the overall equity funds' AUM. Their total number of accounts/folios almost doubled over the last five years to 6.1 crore.