These mutual fund schemes got the most investor money in Q2. Do you own any?

The Indian mutual fund industry has recorded strong growth in the recent past as stock markets recovered rapidly since the crash in March 2020 and as more and more investors sought to deploy their money in equities instead of relying only on fixed-income products.

In fact, latest data from the industry group Association of Mutual Funds in India (AMFI) show that the value of assets managed by the MF industry has increased almost 35% to Rs 37.41 trillion in September 2021 from Rs 27.74 trillion in September 2020.

Within this, the share of equity-oriented MF schemes has risen to 47.2% of the total industry assets in September 2021 from 40% in September 2020. This indicates an increase in the number of investors in such schemes as also growth in the value of assets held by these schemes.

However, there is a clear divergence in the MF schemes that have grown their assets under management (AUM) and those with smaller AUMs than before. So, which are these schemes?

Mutual funds launched 32 open-ended and 11 close-ended schemes during the three months through September. These include 13 equity schemes, 18 debt schemes, six exchange-traded funds (ETFs) and one hybrid scheme. These schemes mobilised a total of Rs 49,283 crore, AMFI data show.

Overall, equity schemes garnered a total of Rs 39,927 crore during the second quarter of the ongoing fiscal year on a net basis while hybrid schemes mopped up a net amount of Rs 41,774 crore.

A closer look at the data shows the schemes that received the highest inflows. Here are those schemes:

Highest recipient

The rapid rise in the stock markets has prompted some investors to exercise caution. This was evident from the tilt towards hybrid schemes, which invest in both equity and debt.

And it was a fund in this category that received the highest inflows during the quarter. The scheme was SBI Balanced Advantage Fund, which mopped up Rs 14,500 crore during its NFO in August. In fact, the scheme’s AUM crossed Rs 20,000 crore last month as it attracted more investors even after the NFO.

Large-cap funds

The total assets in this category rose to Rs 2.18 lakh crore as of September 30, 2021, from about Rs 1.95 lakh crore three months before, AMFI data show. This segment accounts for nearly 17% of the open-ended equity fund assets.

In this category, Axis Bluechip received the most net inflows—Rs 1,518 crore—in the July-September period. It was followed by Canara Robeco Bluechip Equity and Mirae Asset Large Cap with Rs 1,019 crore and Rs 631 crore, respectively, according to Morningstar data. All three funds are among the top performers in the category.

Flexi-cap funds

This is the second-largest segment among open-ended equity funds, barring ETFs. The total assets in this category rose to Rs 2.15 lakh crore as of September 30, 2021, from about Rs 1.76 lakh crore three months before.

ICICI Prudential Flexi Cap topped the charts in this category by garnering Rs 10,520 crore in its new fund offering.

Nippon India Flexi Cap collected Rs 2,860 crore in its NFO while existing star performer Parag Parikh Flexi Cap mopped up Rs 2,873 crore.

Mid-cap funds

The total AUM of mid-cap schemes climbed to Rs 1.53 lakh crore as of September 2021 from Rs 1.35 lakh crore at the end of June. This is 12% of the open-ended equity MFs.

Kotak Emerging Equity led the segment with net inflows of Rs 922 crore, according to Morningstar data.

Axis Midcap Fund, a favourite of investors, mopped up Rs 879 crore, while star performer PGIM India Midcap Opportunities Fund received Rs 775 crore.

Small-cap funds

The total AUM of this category increased to Rs 98,014 crore at the end of September 2021 from Rs 85,957 crore three months before.

PGIM India Small Cap was the top recipient in this category as it mobilised Rs 910 crore in its NFO.

Axis Small Cap came second with net inflows of Rs 541 crore, followed closely by Kotak Small Cap with net inflows of Rs 513 crore.