Mutual Fund Screener · 2016-02-23 · Mutual Fund Screener –What’s Inside 01 Industry AUM 02...
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Mutual Fund Screener For the quarter ended Dec 2015 ICRA Online Ltd A Group ICRA company
Transcript of Mutual Fund Screener · 2016-02-23 · Mutual Fund Screener –What’s Inside 01 Industry AUM 02...
Mutual Fund ScreenerFor the quarter ended Dec 2015
ICRA Online LtdA Group ICRA company
Mutual Fund Screener – What’s Inside
01
Industry
AUM
02
Folio Analysis
03
Inflow Outflow
Analysis
05
Insights
04
Performance
Monitor
INDUSTRY AUM
Section I
ICRA Online Limited
Industry AUM grew 6% in Q3 and 21% CY15
10,78,337
12,29,34313,05,933
0
3,50,000
7,00,000
10,50,000
14,00,000
Dec-14 Sep-15 Dec-15
In R
s. C
rore
Source: AMFI
2,83,221 3,05,669 3,32,884 3,46,990 3,64,562
36257 39,470 39,429
3952741100
0
90,000
1,80,000
2,70,000
3,60,000
4,50,000
Dec-14 Mar-15 Jun-15 Sep-15 Dec-15
In R
s. C
rore
Equity ELSS
Source: AMFI
Mutual fund industry AUM Consistent increase in equity AUM
Industry AUM crossed the record Rs. 13 trillion mark in Q3 FY 16
9th straight quarter of AUM growth
25 fund houses reported AUM growth during the quarter
Industry AUM still far behind Rs. 91 trillion aggregate deposits held by commercial banks (as of Dec 11, 2015)
In Dec-15, Equity oriented AUM (Equity + ELSS) crossed the Rs. 4 trillion milestone
81% of AUM is concentrated with top 10 AMCs
0
10
20
30
40
50
60
0
40000
80000
120000
160000
200000
HD
FC
Mu
tual
Fu
nd
ICIC
I P
rud
enti
al
Mu
tual
Fu
nd
Rel
ian
ce M
utu
al
Fu
nd
Bir
la S
un L
ife
Mu
tual
Fu
nd
UT
I M
utu
al F
un
d
SB
I M
utu
al F
un
d
Fra
nkli
n
Tem
ple
ton
Mu
tual
Fu
nd
Ko
tak
Mah
ind
ra
Mu
tual
Fu
nd
IDF
C M
utu
al
Fu
nd
DS
P B
lack
rock
Mu
tual
Fu
nd
AU
M (
In R
s. C
rore
)
Dec-15 Dec-14 Growth (YoY)
Source: AMFI, ICRA Online Research
Top ten AMC’s as per AUM
The top 10 AMCs added close to Rs. 1.97 trillion to their AUM in CY 15
87% of total industry AUM increase
The top 10 AMCs added close to Rs. 0.63 trillion to their AUM in Q3 FY16
81% of total industry AUM increase
With a corpus of Rs. 1.73 trillion, HDFC AMC retained the top position for the 18th consecutive quarter
Smaller AMCs register highest growth
175.6%153.4%
83.7% 76.0% 67.5%55.7% 54.8% 50.1% 41.0% 33.4%
0%
40%
80%
120%
160%
200%
Motilal Oswal
Mutual Fund
Edelweiss
Mutual Fund
Mirae Asset
Mutual Fund
Indiabulls
Mutual Fund
LIC Nomura
Mutual Fund
Axis Mutual
Fund
Kotak Mahindra
Mutual Fund
IIFL Mutual
Fund
SBI Mutual
Fund
Baroda Pioneer
Mutual Fund
0% 10% 20% 30% 40% 50% 60%
Top 5, 55.73%
Next 10, 33.80%
Rest, 10.47%
Top 5, 56.44%
Next 10, 34.69%
Rest, 8.88% Dec-15 Dec-14
Top-10 Fastest growing AMCs in Q3 FY 16 (Y-o-Y)
Source: AMFI, ICRA Online ResearchAUM movement across AMC’s
Source: AMFI, ICRA Online Research
Out of top-10 fastest growing AMCs, 6 have AUM
below Rs. 10,000 crore
The change in distribution pattern of AUM across
AMCs remained in the range of +/-1%
Motilal Oswal AMC witnessed the highest % change in
AUM (Y-o-Y) and more than doubled its corpus to Rs.
4,792 crore.
47% of the AUM managed by private sector-joint
ventures which are predominantly Indian
Bank Sponsored-
Joint Ventures
Predominantly
Indian
8%
Bank Sponsored-
Joint Ventures
Predominantly
foreign
1%
Bank Sponsored-
others
9%
Institutions-Indian
0%
Institutions-Joint
Ventures
predominantly
Indian
1%
Private Sector-Indian
26%Private Sector-
Foreign
6%
Private Sector-Joint
Ventures
predominantly
Indian
47%
Private Sector-Joint
Ventures
Predominantly
foreign
2%
Private Sector-Joint
Ventures others
0%
Who is managing the AAUM?
Source: AMFI, ICRA Online Research
T15-B15
D E B T
O R IE N T E D
S C H E M E S
E Q U IT Y
O R IE N T E D
S C H E M E S
B A LA N C E D
S C H E M E S
E T F
88% 75% 76%95%
12% 25% 24%5%
T-15 B-15
Retail Investor
18%
Corporates
51%
Banks/FIs
9%
FIIs/FPIs
0%
HNIs
22%
Retail Investor
73%
Corporates
7%
Banks/FIs
0%FIIs/FPIs
0%
HNIs
20%
Where the AUM is coming from?
Investor wise bifurcation of Debt oriented schemes asset in B-15 Cities Investor wise bifurcation of equity oriented schemes asset in B-15 Cities
Source: AMFI, ICRA Online ResearchSource: AMFI, ICRA Online Research
At the end of Q3 FY16 B-15 cities contributed 25%
of equity oriented AUM and 12% of debt oriented
AUM
Mumbai remains the top investment destination
accounting for 41.89% of industry AUM
FOLIO ANALYSIS
Section II
ICRA Online Limited
Folios have grown steadily in last 4 quarters
Folio Numbers Dec-15 Sep-15 Jun-15 Mar-15 Dec-14
Institution 441,630 413,025 371,500 366,681 333,864
Individual 45,411,644 44,030,662 42,406,501 41,373,522 39,943,116
Mar-15,
10%
Jun-15, 1%
Sep-15, 11%
Dec-15, 7%
Mar-15, 4%Jun-15, 2%
Sep-15, 4%Dec-15, 3%
0%
2%
4%
6%
8%
10%
12%
Institution Individual
Mar-15, 3%
Jun-15, 2%
Sep-15, 4%Dec-15, 3%
Mar-15, 8%
Jun-15, 6%
Sep-15, 7%
Dec-15, 5%
0%
2%
4%
6%
8%
10%
Retail investor accounts HNI accounts
Folio growth trend in last 4 quartersHNI accounts have seen higher growth among individual investors
Source: AMFI, ICRA Online Research Source: AMFI, ICRA Online Research
Bulk of the equity folios over 2 years old
Folio Ageing 0-1 Month 1-3 Month 3-6 Month 6-12 Month 12-24 Month >24 Month
Equity Category 4.82% 7.36% 10.53% 18.7% 21.48% 37.11%
Non-equity Category 17.09% 10.23% 10.38% 16.35% 20.2% 25.76%
0 - 1
M O N T H
1 - 3
M O N T H
3 - 6
M O N T H
6 - 1 2
M O N T H
1 2 - 2 4
M O N T H
> 2 4
M O N T H
9.3913.62
18.6824.68
18.0715.56
11.51 4.77 14.52
14.5647.58
7.06
0.09
0.341.09
27.16
5.39
65.93
5.1
8.7412.12 23.81
27.84
22.4
3.01 4.43 6.72 13.04 18.23
54.58
Corporates Banks/FIs FIIs High Networth Individuals Retail
0 - 1
M O N T H
1 - 3
M O N T H
3 - 6
M O N T H
6 - 1 2
M O N T H
1 2 - 2 4
M O N T H
> 2 4
M O N T H
31.86
13.21 10.24 15.0916.24 13.37
41
29.97
10.797.25
9.35 1.64
3.18
2
7.5221.3
62.48
3.52
7.8
8.22
10.77 15.82 25.6
31.79
4.166.84
9.31 13.22 24.89
41.58
Corporates Banks/FIs FIIs High Networth Individuals Retail
Equity folio distribution ageing wise Non-equity folio distribution ageing wise
Source: AMFI, ICRA Online Research Source: AMFI, ICRA Online Research
INFLOW OUTFLOW ANALYSIS
Section III
ICRA Online Limited
Most MF categories witness growth in CY15
Income
48%
Infrastructure
Debt Fund
0%
Equity
27%
Balanced
2%
Liquid/Money
Market
17%
GILT
1%
ELSS - Equity
3%
Gold ETF
1%
Other ETFs
1%FoFs Investing
Overseas
0%
Income
44%
Infrastructure
Debt Fund
0%
Equity
29%
Balanced
3%
Liquid/Money
Market
18%
GILT
1%
ELSS - Equity
3%
Gold ETF
1%Other ETFs
1%
FoFs Investing
Overseas
0%
11%31% 29%
72%
31%
93%
13%
-20%
77%
-24%
-40%
0%
40%
80%
120%
Income Infrastructure
Debt Fund
Equity Balanced Liquid/Money
Market
GILT ELSS - Equity Gold ETF Other ETFs FoFs Investing
Overseas
Growth in AUM as per category
Where were we in Dec-14?
Source: AMFI, ICRA Online Research
Where are we in Dec-15?
Source: AMFI, ICRA Online ResearchSource: AMFI, ICRA Online Research
Investors continue to put money in equity funds
-20000
-10000
0
10000
20000
30000
40000
50000
60000
70000
80000
Income Infrastructure
Debt Fund
Equity Balanced Liquid/Money
Market
GILT ELSS-Equity Gold ETFs Other ETFs FoF investing
overseas
in R
s. C
rore
9MFY16 FY15 FY14
Maximum inflows into Equity and Liquid Funds
Source: AMFI, ICRA Online Research
PERFORMANCE MONITOR
Section IV
ICRA Online Limited
Equity-oriented funds outperform the broader index
Equity-oriented funds returned 1.45% in Q3 while BSE Sensex lost 0.14% and Nifty 50 lost 0.03%
Nearly 94% of the equity AUM fetched returns up to 5%; proportion of 10%+ returns negligible
Equity-oriented funds returned 2.57% in CY 15 while BSE Sensex lost 5.03% and Nifty 50 lost 4.06%
Nearly 42% of the equity AUM fetched returns above 5%; 7.8% fetched 10%+ returns
1%6%
94%
8%
34%
58%
0%
20%
40%
60%
80%
100%
>10% 5%-10% <5%%age
of
equ
ity
-ori
ente
d
AU
M
Q3FY16 CY15
Source: ICRA Online Research; data as on 31st Dec 2015
% Returns
Equity funds generated positive real returns, after
adjusting for inflation
Diversified and sector funds generated highest returns within equity oriented funds across periods
Global funds that aim to diversify across economies, met with limited traction, as performance was disappointing
against domestic diversified funds
Source: ICRA Online Research, Returns as on 31-Dec-2015
Less than 1 year absolute returns, Greater than 1 year Compound Annualized returns
2.9
17
.5
10
.3
13
.5
-2.2
9.2
5.2
1.7
16
.5
8.7
14
.2
3.2
17
.9
10
.4 11
.7
-4.1
10
.4
5.3
10
.8
1 YEAR 3 YEAR 5 YEAR 1 0 YEAR
Diversified Funds Global Funds Sector Funds ELSS Nifty
Equity oriented Mutual Fund Performance
Debt funds remain a steady performer
RBI cut interest rates by 125 bps in 2015, which resulted in decent returns for dynamic bond funds.
7.1
8.5 8.8
7.4
6.4
8.7
8.5
7.3
1 YEAR 3 YEAR 5 YEAR 1 0 YEAR
Income Funds GILT Funds
Source: ICRA Online Research, Returns as on 31-Dec-2015
Less than 1 year Simple Annualized returns, Greater than 1 year Compound Annualized returns
7.9
8.8 9.0
8.18.2 8
.6 8.7
7.78.0 8
.5
8.6
7.5
1 YEAR 3 YEAR 5 YEAR 1 0 YEAR
Short Term Ultra Short Term Liquid
Long term-Debt Oriented Mutual Fund Performance Short term-Debt Oriented Mutual Fund Performance
INSIGHTS
Section V
ICRA Online Limited
Most sought after sectors in last 12 months
Banking and Auto has been the most sought after sector in diversified equity mutual funds
Recently a strong interest has been seen in Petroleum, Gas and Petrochemical sector
Auto &
Auto
Ancillaries
Banks
Engineering
& Capital
Goods
FMCG HFCMedia &
EntertainmentNBFC
Petroleum, Gas and
petrochemical
products
Pharmaceuticals &
Biotechnology
Software and
Consultancy Services
Telecom
Services
Dec 2015 9.81 17.45 5.12 4.44 3.62 3.27 4.09 7.75 7.50 10.28 2.50
Nov 2015 10.27 18.12 5.22 4.39 3.68 3.31 4.03 7.32 7.39 10.29 2.45
Oct 2015 10.05 17.86 5.23 4.25 3.70 3.23 4.01 6.88 8.19 10.56 2.48
Sep 2015 10.02 18.31 5.49 4.31 3.85 3.17 3.79 6.58 8.13 10.87 2.52
Aug 2015 10.16 18.02 5.67 4.23 3.73 2.98 3.73 6.93 7.94 10.46 2.46
Jul 2015 10.14 18.60 5.89 4.21 3.89 2.97 3.88 7.28 7.25 9.63 2.64
Jun 2015 10.04 18.85 5.79 4.27 3.74 2.75 3.88 7.16 7.79 9.40 2.77
May 2015 9.90 19.01 5.48 3.89 3.60 2.71 3.63 6.74 7.61 9.89 2.72
Apr 2015 10.00 18.92 5.52 4.10 3.56 2.61 3.69 6.72 7.68 9.83 2.75
Mar 2015 10.01 18.33 5.55 4.26 3.94 2.66 3.61 6.65 7.43 10.56 2.75
Feb 2015 10.09 19.65 5.62 4.33 3.98 2.70 3.69 6.24 6.71 11.23 2.33
Jan 2015 10.42 19.72 5.47 4.46 3.73 2.62 3.75 6.67 6.71 10.72 2.38
Liquidity analysis
Debt fund have held good amount of cash in the last 12 months
During the year as interest rate started falling, debt funds reduced their cash positions accordingly
Cash & Cash Equivalent as a % of Net Assets -Category wise
Mutual Fund Category Dec 2015 Nov 2015Oct
2015
Sep
2015Aug 2015
Jul
2015
Jun
2015
May
2015
Apr
2015Mar 2015
Feb
2015
Jan
2015
Equity 2.10 2.09 2.03 2.10 2.14 2.22 2.27 2.22 1.78 1.93 1.93 1.80
Specialty 0.04 0.04 0.04 0.05 0.03 0.05 0.03 0.03 0.03 0.05 0.03 0.03
Gilt 0.11 0.06 0.06 0.06 0.05 0.05 0.05 0.06 0.08 0.05 0.05 0.05
Liquid 18.87 19.17 18.64 15.98 19.45 19.92 18.06 20.96 19.38 12.43 20.77 20.23
Balanced 0.15 0.18 0.17 0.19 0.17 0.17 0.15 0.09 0.09 0.09 0.08 0.09
ETF 0.51 0.48 0.54 0.57 0.53 0.51 0.61 0.60 0.64 0.68 0.63 0.67
Fund of Funds 0.17 0.17 0.19 0.20 0.19 0.18 0.21 0.21 0.23 0.25 0.23 0.25
Dynamic/Asset Allocation 0.11 0.10 0.10 0.11 0.12 0.12 0.13 0.12 0.11 0.12 0.11 0.12
Debt 9.39 10.03 9.92 9.72 11.08 11.02 11.19 11.15 12.21 14.88 16.11 16.83
Instrument allocation pattern in Debt Segment
15.39
0.38
13.17
9.82
1.16
22.82
2.51
21.22
5.043.83
4.66
14.10
0.65
11.01 10.35
0.46
21.84
2.38
22.40
5.50
3.42
7.89
0.00
5.00
10.00
15.00
20.00
25.00
Bond Cash CD CP Current
Assets
Debentures Equity Gilt Money
Market
ZCB Others
Dec-15 Sep-15
Instrument allocation pattern
Source: AMFI, ICRA Online Research
Disclaimer:
All information contained in this document has been obtained by ICRA Online Limited from sources believed by it to be accurate and reliable. Although reasonable
care has been taken to ensure that the information herein is true, such information is provided ‘as is’ without any warranty of any kind, and ICRA Online Limited or
its affiliates or group companies and its respective directors, officers, or employees in particular, makes no representation or warranty, express or implied, as to the
accuracy, suitability, reliability, timelines or completeness of any such information. All information contained herein must be construed solely as statements of
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liability or damage of any kind incurred from and arising out of any use of this document or its contents in any manner, whatsoever. Opinions expressed in this
document are not the opinions of our holding company, ICRA Limited (ICRA), and should not be construed as any indication of credit rating or grading of ICRA for
any instruments that have been issued or are to be issued by any entity.
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