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ICRA Online Ltd A Group ICRA company

November,2014

Mutual Fund Screeners

MUTUAL FUND INDUSTRY OVERVIEW

Section I

ICRA Online Limited 18/12/2014 2

MF Industry Corpus


1. Industry corpus crossed the landmark Rs. 10

lakh crore in Q2FY15.

2. Of this the top 4 AMC (HDFC, ICICI

Prudential, Reliance and Birla Sun Life) each

had a corpus of more than Rs 1 Lakh Crores.

3. Corpus increased at 7.3% in the last quarter,

compared to (4.5%) for the same quarter last

year.

4. Kotak Mahindra AMC slipped one position to

end the quarter at 10th position behind DSP

Blackrock.

5. The top-10 AMCs contributed close to 78% of

the industry corpus.

6. While the top-10 grew by 7.1%, the next-10

(corpus range 8K-25K Crore) grew by over

8.5%, slightly above the industry average.

-4.5%

8.5%

3.3%

9.1%

7.3%

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

Q2FY14 Q3FY14 Q4FY14 Q1FY15 Q2FY15

Ch

an

ge

in c

orp

us

(Q-o

-Q)

Ind

ust

ry C

orp

us

(In

Rs.

Cro

re)

MF Industry Corpus

Industry Corpus % Change (Q-o-Q)

Source: AMFI

Top 5 funds maintain their position over last 5 quarters


1. The distribution patterns of asset under management remained more of less consistent across months

2. The rate of growth for AUM witnessed a dip during the three months of Q2FY15

3. HDFC, ICICI Prudential, Reliance, Birla Sunlife and UTI remained the top 5 AMCs in last 5 quarters managing over Rs 5.77

lakh crore together.

4. The industry corpus registered a positive growth of 3.7% in November, ending the month at Rs 11.3 Lakh Crores

-8%

-4%

0%

4%

8%

12%

0%

20%

40%

60%

80%

100%

Q2FY14 Q3FY14 Q4FY14 Q1FY15 Q2FY15

Ch

an

ge i

n i

nd

ustr

y co

rp

us (

Q-o

-Q)

Sh

are (

in %

)

Industry Positioning by AMCs (last 5 quarters)

Top 5 Next 10 Rest % Change (Q-o-Q)

Source: AMFI

-8%

-4%

0%

4%

8%

12%

0%

20%

40%

60%

80%

100%

Sep-14 Oct-14 Nov-14

Ch

an

ge i

n i

nd

ust

ry

co

rp

us

(M-o

-M)

Sh

are (

in %

)

Industry Positioning by AMCs

Top 5 Next 10 Rest % Change MoM (RHS)

Source: ICRA Online Research

Liquid/Money Market fund see huge out flows


1. Income funds witnessed a fall in market share from 48.12% in

Oct to 47.89% in Nov

2. Liquid/Money Market category registered a de-growth in Nov

of -18% while other categories posted satisfactory growth

1. Equity category continued to attract healthy inflows while Liquid/Money

market now faces significant net outflow in trailing twelve months (TTM)

2. Income fund category’s healthy inflows for Nov helped the category turn

net positive for TTM, standing right behind the Equities.

47.89%

23.89%21.14%

2.99%

1.78%

0.84%

0.64%

7.08%

Category wide distribution of industry corpus for TTM

Income

Liquid/Money Market

Equity

ELSS - Equity

Balanced

Gold ETF

Gilt

FoFs Investing Overseas

Other ETFs

Infrastructure Debt Fund

Source: AMFI, ICRA Online Research, Data is as on Nov-2014, TTM-Trailing twelve

months

-40,000 -20,000 0 20,000 40,000 60,000

Income


Equity

Balanced

Liquid/Money Market

Gilt

Elss - Equity

Gold Etf

Other Etfs


In Rs. Crore

Average Inflow/Outflow pattern for TTM

Source: AMFI, Data is as on Nov-2014, TTM-Trailing twelve months

Category Movement Monitor for Trailing Twelve Months


Source: AMFI

1. The three funds categories investing in equities – Equity, ELSS, and Balanced

Funds see a steady increase in AUM

350,000

400,000

450,000

500,000

550,000

Income

50,000

100,000

150,000

200,000

250,000

300,000

Liquid/Money Market

50,000

100,000

150,000

200,000

250,000

300,000

Equity

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

ELSS - Equity

0

5,000

10,000

15,000

20,000

25,000

Balanced

0

3,000

6,000

9,000

12,000

Gold ETF

0

3,000

6,000

9,000

Gilt

0

1,000

2,000

3,000

4,000


0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

Other ETFs

0

200

400

600

800

1,000

1,200


Specific Category Deep Dive : Equity & Liquid


1. Sensex carried forward its positive momentum in Nov’14 as

well.

2. Inflows to equity category remain upbeat for 7 months in a

row.

1. Liquid funds corpus in Nov’14 (at Rs. 2.28L crore) fell below

the 12 month average (of Rs 2.30L crore).

2. The outflow seen in Liquid/Money Market category was 4th

such instance since Jan’14 where it witnessed fund exodus in

excess of Rs 0.5 L crore.

-5

0

5

10

(4,000)

(2,000)

-

2,000

4,000

6,000

8,000

10,000

12,000

Dec-1

3

Jan

-14

Feb

-14

Ma

r-1

4

Ap

r-1

4

Ma

y-1

4

Jun

-14

Jul-

14

Au

g-1

4

Sep

-14

Oct-

14

No

v-1

4 Sen

sex

Mo

nth

ly r

etu

rn

(in

%)

Net

flo

w (

in R

s. c

ro

re)

Equity category flow vis-a-vis Sensex

Net Inflow/Outflow Sensex Returns M-o-M (RHS)

Source: AMFI, BSE

-150,000

-100,000

-50,000

0

50,000

100,000

150,000

Dec-1

3

Jan

-14

Feb

-14

Ma

r-1

4

Ap

r-1

4

Ma

y-1

4

Jun

-14

Jul-

14

Au

g-1

4

Sep

-14

Oct-

14

No

v-1

4

0

50,000

100,000

150,000

200,000

250,000

300,000

Net

flo

w (

In R

s. c

ro

re)

Co

rp

us

(In

Rs.

cro

re)

Liquid AUM vis-a-vis net flows

Corpus (RHS) Net Inflow/Outflow

Source: AMFI

SAMPLE ANALYSIS OF SOME SELECT FUNDS/REGIONS

Section II


Mutual Fund AUM Monitor for BIG-5


1. The top-5 AMCs managed to post healthy net

inflows during Nov’14, except for Reliance

Mutual Fund which witnessed muted inflows

compared to preceding months.

2. ICICI Prudential gained the most at 42% Y-o-

Y, thereby reducing the gap in AUM with the

market leader HDFC MF.

3. The Big-5 together have close to 55% of the

market share

4. The total number of players in Oct’14 with

positive AUM was 43.

5. As on Nov’14 there were 9 mutual funds with

AUM below Rs 1,000 crore.

AMC

Net Inflow -

Nov'14

Net Inflow -

Oct'14

AUM -

Nov'14

Net Inflow -

Nov'13

Net Inflow -

Oct'13

AUM -

Nov'13

Net Inflow -

CM/LM

Net Inflow -

CM TY/LY

AUM

TY/LY

HDFC Mutual Fund 8,664 7,691 156,523 3,535 9,982 113,515 13% 145% 38%

ICICI Prudential Mutual Fund 6,492 16,832 143,759 8,710 8,538 101,181 -61% -25% 42%

Reliance Mutual Fund 740 11,374 128,175 7,401 9,340 106,733 -93% -90% 20%

Birla Sun Life Mutual Fund 5,589 9,557 110,798 4,699 9,209 86,872 -42% 19% 28%

UTI Mutual Fund 4,753 7,526 90,720 -1,833 11,038 73,162 -37% -359% 24%

*CM= Current month, LM = last month, TY = this year, LY = last year

THIS YEAR LAST YEAR GROWTH *

Source: ICRA Online research

5.9

4.7

0.6

5.3 5.5

0

2

4

6

8

10

0

30,000

60,000

90,000

120,000

150,000

180,000

HDFC MF ICICI Pru Reliance

MF

Birla MF UTI MF

% G

ro

wth

in

AU

M (

M-o

-M)

AU

M (

In R

s. C

ro

re)

AUM - Nov'14 Growth in AUM (M-o-M)

Understanding investment patterns of T-15 and B-15


Source: AMFI, AMCs website. AAUM monthly data pertains to Nov-14

1. Most funds have a disproportionate share of corpus coming from T-15 with Religare, Deutsche, Kotak and IDFC having exposure greater

than 89%

2. Out of top 15 mutual funds, 12 mutual funds had more than 80% of its AUM exposure to T-15 with exceptions being UTI, SBI and Axis

mutual fund

3. In the B-15 category, SBI mutual fund leads the pack with close to 74% of its AUM exposure to B-15 followed by UTI at ~31%

92.0% 91.7%

89.9%

89.0% 88.4%

0

20,000

40,000

60,000

80.0%

85.0%

90.0%

95.0%

Religare

MF

Deutsche

MF

Kotak

Mahindra

MF

IDFC MF Franklin

Templeton

MF

Co

ntr

ibu

tio

n o

f T-

15

(in

Rs.

Cro

re)

Co

ntr

ibu

tio

n o

f T

-15

as

% o

f A

UM

Contribution of T-15 and Total AUM

Contribution of T-15 as % of total AUM Contribution of T-15 (RHS)

73.8%

31.5%

21.0%

19.9%

15.9%

0

20,000

40,000

60,000

0%

15%

30%

45%

60%

75%

SBI MF UTI MF Axis MF Reliance

MF

Tata MF

Co

ntr

ibu

tio

n o

f B

-15

(in

Rs.

Cro

re)

Co

ntr

ibu

tio

n o

f B

-15

as

% o

f A

UM

Contribution of B-15 and Total AUM

Contribution of B-15 as % of total AUM Contribution of B-15 (RHS)

Highlights of AUM Disclosure


Source: AMFI, AMCs website. Data pertains to Nov-14

0% 20% 40% 60% 80%

Deutsche MF

L&T MF

Kotak Mahindra MF

Franklin Templeton MF

Birla Sun Life MF

IDFC MF

ICICI Prudential MF

HDFC MF

DSP BlackRock MF

Tata MF

Religare MF

Reliance MF

Axis MF

SBI MF

UTI MF

% of industry corpus vis-a-vis contribution of B-15

Contribution of B15 as % of total AUM % of industry corpus (Q2FY15)

0% 20% 40% 60% 80% 100%

Deutsche MF

L&T MF

Kotak Mahindra MF

Franklin Templeton MF

Birla Sun Life MF

IDFC MF

ICICI Prudential MF

HDFC MF

DSP BlackRock MF

Tata MF

Religare MF

Reliance MF

Axis MF

SBI MF

UTI MF

% of industry corpus vis-a-vis contribution of T-15

Contribution of T15 as % of total AUM % of industry corpus (Q2FY15)

Asset Accumulation Pattern


Source: AMFI, AMCs website. AAUM monthly data pertains to Nov-14

0%

20%

40%

60%

80%

100%A

xis

MF

Bir

la S

un

Lif

e M

F

DS

P B

lack

Ro

ck

MF

Fra

nk

lin

Tem

ple

ton

MF

HD

FC

MF

ICIC

I P

rud

en

tia

l MF

IDF

C M

F

Deu

tsch

e M

F

Ko

tak

Ma

hin

dra

MF

L&

T M

F

Relia

nce M

F

SB

I M

F

Religa

re M

F

Ta

ta M

F

UT

I M

F

Asset Accumulation Pattern as a % of AUM for Top-15 AMCs

Associate Distributor as % of AUM Non-Associate Distributor as % of AUM Direct Plan as % of AUM

Geography wise Analysis


1. Maharashtra alone accounts for more than 44% of the market share driven by Debt Funds

2. Four states have corpus between Rs 50,000 and Rs 1,00,000 crore

3. The top 15 AMCs hold more than 85% of the market share in Maharashtra with the top 5 alone accounting for over

50% of that

4. The entire distribution is skewed towards one state leaving ample scope for AMCs to increase market share from

other States and Union Territories

44.4%

8.7%6.8%

4.7% 5.7%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

0

100,000

200,000

300,000

400,000

500,000

Maharashtra New Delhi Karnataka Others Gujarat

Shar

e (%

)

AU

M (I

n R

s. c

rore

)

AUM share of top-5 regions

AUM % share (RHS)

Source: AMFI, ICRA Online Research. Data as on Nov-14.

14.1

10.2

13.0

10.1

6.1

0

2

4

6

8

10

12

14

16

HDFC MF Reliance

MF

ICICI

Prudential

MF

Birla Sun

Life MF

UTI MF

% s

ha

re

% share of top 5 AMCs in Maharashtra

Analytics Group

ICRA Online Limited

Amol Wakekar ([email protected] / 9920665037)

Suman Roy ([email protected] / 9830274008)

[email protected]


mailto:[email protected]






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