Mutual Fund Screener

For the quarter ended

March 2021

Mutual FundScreener

Mutual Fund Screener - March 2021

MF industry at a glance: Q4FY21

Asset base of the MF (Mutual Fund) industry continued to

expand:

- AUM (Assets Under Management) remained above Rs. 31

lakh crore, up 1% against December 2020

- AAUM (Average Assets Under Management) grew to Rs.

32.17 lakh crore, up 4% against December 2020

- QAAUM (Quarterly Average Assets Under Management)

surpassed Rs. 32 lakh crore with a sequential growth of

8%

Monthly SIP contribution crossed the Rs. 9,000 crore mark in

March and SIP AUM exceeded Rs. 4 lakh crore for the first

time in Q4FY21

Folio count set a new record as 35.30 lakh folios were added

January and March saw net outflows

ELSS funds attracted inflows in March as people did tax

planning, which supported Equity category as a whole. Two

notable trends were:

- Open Ended Equity funds including ELSS saw net

inflows for the first time in nine months

- ELSS on standalone basis saw net inflows

for the first time in seven months

Debt constituted around 48% of industry

AAUM vis-à-vis 51% in Q3FY21

Individual investors accounted for 54%

(up from 52% in the previous quarter) of

total AAUM while institutional investors

held the balance

Maharashtra, New Delhi, Karnataka,

Gujarat and West Bengal retained their

top five positions in terms of AAUM

25 Multi Cap Funds were recategorized to

Flexi Cap Funds; the Flexi Cap category was

introduced by SEBI in November 2020

01Market Update

02Mutual Fund Industry Size

03Inflow Outflow Analysis

04Category Performance

05Investor Trends

09Annexure

06Industry Insights

07Regulatory Updates

08Investor Awareness

(QAAUM Heat Map as of March 2021)

CONTENTS

3

7

9

10

17

25

24

22

19


Market UpdateSection I

Slew of measures aided Domestic Equity and Debt market in FY21

Yields rose quarterly and annually, liquidity remained favourable

Repo rate was cut by 40 bps through the fiscal; latest repo rate stands at 4%

Liquidity injected through TLTRO (Targeted long-term repo operation) and surge in open market purchase of government securities

PLI (Production Linked Incentive) scheme introduced to lower inflation on import bill and boost domestic manufacturing sector

Subsidy support scheme launched to incentivise creation of new employment opportunities during COVID-19 recovery phase

PM Atmanirbhar Swasth Bharat Yojana launched with an outlay of about Rs. 64,180 crore spanning over 6 years

Provision created for an outlay of Rs. 20,000 crore each for recapitalisation of state-run banks and to set up Development Financial Institution (DFI)

Initiatives Proposed:

- Increasing the permissible limit for foreign direct investment from 49% to 74% in insurance companies and allowing foreign ownership and control with safeguards

- Creating permanent institutional framework to improve secondary market liquidity in corporate debt market

- Privatising two state-run banks and one general insurance company in FY22 apart from IDBI bank. Finance Minister announced IPO of LIC in FY22. Government estimates to raise Rs. 1.75 lakh crore from divestments in FY22

As on March 31, 2021, 10-yr benchmark yields rose 28 bps on quarterly basis, and 4 bps on yearly basis

The borrowing announced for FY22 was sharply higher than anticipated. Amidst the announcement, yields rose on quarterly basis. Rise in global crude oil prices and U.S. Treasury yields also held the market back

Yields rose on a yearly basis as retail inflation remained above the tolerance level of 6% for a prolonged period in FY21, lowering the prospects of further monetary easing by MPC. However, RBI purchasing government securities through OMOs limited the losses

Timely intervention by RBI made liquidity conditions favorable on quarterly and yearly basis

3

10-Yr GOI over the year Net Liquidity remains favorable

5.70

5.85

6.00

6.15

6.30

6.45

6.60

Apr-20 Jun-20 Aug-20 Nov-20 Jan-21 Mar-21

In %

-800,000

-700,000

-600,000

-500,000

-400,000

-300,000

-200,000

-100,000

0

Apr-20 Aug-20 Nov-20 Mar-21

In R

s. C

rore

Source: Refinitiv


Market Update

4

1Yr-AAA

3 Yr-AAA

5 Yr-AAA

10 Yr-AAA

1 Yr-AA

3 Yr-AA

5 Yr-AA

10 Yr-AA

63

70

88

113

192

207

242

247

96

100

120

111

338

258

306

246

152

138

145

136

250

185

192

255

-33

-30

-32

2

-146

-51

-64

1

-89

-68

-57

-23

-58

22

50

-8

31-Mar-21

31-Dec-20

31-Mar-20

QoQ change

YoY Change

2 Year 3 Year 5 Year

Spread Analysis

Source: ICRA Analytics Limited; Calculated as average of all securities maturing in 2022, 2023, 2026, respectively in MF portfolio in their respective rating category

AA category over AAAA category over AAAA category over AA



Corporate Bond and G-sec Spread Matrix*

Credit spread of AA category and A category over AAA papers remained flat in two, three and five year segments across the quarter

Towards the end of the quarter, Credit spread of A category over AA papers witnessed an upward movement in three years segment but remained flat in two and five year segments

Credit spread of 10 Yr AAA Bond PSU, 10 Yr AAA Bond HFC and 10 Yr AAA Bond NBFC over 10 Yr G-sec widened towards the end of the quarter

Credit spread of 10 Yr AAA Bond HFC over 10 Yr AAA Bond PSU contracted towards the end of the quarter

Yield movement in 10 Yr AAA Bond NBFC remained muted and yields were almost flat across the entire quarter

Credit spread of 1 Yr AAA , 3 Yr AAA Bond, 5 Yr AAA Bond and 10 Yr AAA Bond over G-sec witnessed contraction in comparison with QoQ and YoY spreads

Credit spread of 3 Yr and 5 Yr AA paper over G-sec saw contraction in comparison with QoQ spread but was up compared with YoY spreads

Credit spread of 10 Yr AA paper over G-sec remained almost flat in comparison with QoQ and YoY spreads

1.00%

3.00%

5.00%

7.00%

9.00%

Jan-21 Jan-21 Feb-21 Mar-21

Cre

dit

Sp

read

(In%

)

1.50%

3.00%

4.50%

6.00%

7.50%


Cre

dit

Sp

read

(In

%)

0.50%

2.50%

4.50%

6.50%

8.50%


Cre

dit

Sp

read

(In

%)

Benchmark Movement-10 Yr G-sec Vs AAA Bond PSU Vs AAA Bond HFC vs AAA Bond NBFC

Source: ICRA Analytics Limited Source: Refinitiv *With respect to G-Sec of similar maturity. Semi annualized yields of G-Sec Papers are annualized for calculating spreads in bps

5.50

6.00

6.50

7.00

7.50

Jan-21 Feb-21 Mar-21

10 Yr G-sec

10 Yr AAA Bond PSU

10 Yr AAA Bond HFC

10 Yr AAA Bond NBFC

In %


Market Update

5

Equity markets reached record high

Source: MFI 360

Nifty 50** movement over the year

Nifty 50** gained 105% QoQ, touching a record high on Feb 15, 2021

Union Budget announcements for FY22, encouraging GDP numbers for Q3FY21, upbeat economic growth projections, MPC stance and COVID-19 vaccination drive led to the upside in the quarter. However, the second wave of the pandemic weighed heavily on market sentiment

In FY21, markets posted their best performance in a decade as index surged 73% annually. They overcame massive odds – pandemic-induced lockdowns and never-before-seen business disruptions. Big stimulus measures supported gains

10,000

16,500

23,000

Ind

ex v

alue

s

Apr-20 Jul-20 Sep-20 Dec-20 Mar-21

**TRI variant of the index has been used for representation purpose


Market Update

6

All major sectoral indices showed YoY gains vis-à-vis previous quarter

YoY Sectoral returns

The third quarter had seen four sectors post negative returns, which were made good in the fourth quarter

Nifty Metal TRI topped the chart, replacing Nifty Pharma TRI (on top for 3 quarters in a row) followed by Nifty Auto TRI and Nifty IT TRI. All three sectors’ returns were more than 100% in 1-year period

With elevated U.S. Treasury yields and hopes for a faster recovery of the U.S. economy, Gold values saw a quarterly decline. However, it grew annually in FY21 on the back of persisting concerns over the pandemic

Brent crude prices were at elevated levels over the quarter with low crude inventories in U.S. Gains were extended after Saudi Arabia unilaterally agreed to cut down on output over the next two months. However, apprehension over the pandemic continued to restrict gains. Brent crude also grew annually in FY21 in hope that OPEC and its allies would delay a planned increase in oil output

The rupee fell against the dollar during the quarter following consistent rise in U.S. Treasury yields and intervention by RBI through greenback purchases via state-run banks

Source: Refinitiv

Source: MFI 360

30484949

6368697274757576

9198

106110

154

1520

-815

-31

105

62-3-3

1414

613

5813

18

-50 0 50 100 150 200

Nifty FMCG TRINifty India Consumption TRI

Nifty Media TRINifty MNC TRI

Nifty PSU Bank TRINifty Energy TRI

Nifty Financial Services TRINifty Pharma TRI

Nifty Bank TRINifty Private Bank TRI

Nifty Services Sector TRINifty Infrastructure TRI

Nifty Realty TRINifty Commodities TRI

Nifty IT TRINifty Auto TRI

Nifty Metal TRI

In %

Dec-20

Mar-21

Commodity movement over the year Currency Movement over the year

Brent Crude gained, Gold and Rupee saw quarterly decline in Q4FY21 amid rise

in U.S. Treasury yields

0

14

28

42

56

70

Ap

r-20

May

-20

Jul-

20

Sep

-20

Nov

-20

Jan-

21

Mar

-21Gol

d a

nd B

rent

Cru

de

Reb

ased

(to

10)

Gold Brent Crude

9

10

11

12

Apr-20 Jun-20 Aug-20 Sep-20 Nov-20 Jan-21 Mar-21Reb

ased

(to

10) C

urre

ncy

rate

s (a

gain

st IN

R)

USD GBP Euro JPY


Top 10* AMCs account for nearly 83% of QAAUM

Q4FY21^

Q3FY21^

15.71%

15.36%

12.94%

13.11%

12.63%

12.79%

8.39%

8.60%

7.28%

7.28%

7.12%

7.17%

6.12%

5.97%

5.70%

5.56%

3.80%

4.08%

3.03%

3.01%

Source: AMFI, MFI 360; *Top 10 AMCs are based on Mar-21 QAAUM; ^Market share in terms of QAAUM

Top 10* composition remained unchanged in Q4FY21

Q4FY21 Q3FY21 % Change QoQ

0%

5%

10%

15%

20%

0

105,000

210,000

315,000

420,000

525,000

SBI MutualFund

HDFCMutual Fund

ICICIPrudential

Mutual Fund

Aditya BirlaSun Life

Mutual Fund

KotakMahindra

Mutual Fund

Nippon IndiaMutual Fund

Axis MutualFund

UTI MutualFund

IDFC MutualFund

DSP MutualFund

QoQ

Gro

wth

(In

%)

QA

AU

M (I

n R

s. C

rore

)

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

Q4FY20 Q3FY21 Q4FY21

QA

AU

M (I

n R

s. C

rore

)

Mutual Fund Industry SizeSection II

7

Asset base of industry grew sequentially and annually to Rs. 32.11 lakh crore in Q4FY21; a surge in equity markets drove this growth

Smaller AMCs such as Quant Mutual Fund saw maximum growth (59.1%) followed by ITI Mutual Fund (39.5%) and PGIM Mutual Fund (34.7%)

Maximum decline was witnessed by JM Financial Mutual Fund (35.4%) followed by IndiaBulls Mutual Fund (28%) and Yes Mutual Fund (15%)

Trust Mutual Fund made its maiden NFO in January 2021

Source: AMFI, MFI 360; Note: QAAUM – Quarterly Average Assets Under Management

QAAUM grew quarterly and annually

2,703,6762,971,435

3,210,589

Q-o-Q 8%

Y-o-Y 19%

QAAUM surpassed Rs. 32 lakh crore mark

Growth/De-growth Trend of AMCs for the Quarter ended Mar-21

Top 5

5.4% to 10.5%

Next 10

0.8% to 19.9%

Rest

-35.4% to 59.1%

AMCs

Range

Source: AMFI and MFI 360; Note: QoQ growth of QAAUM ended Mar-21


Mutual Fund Industry Size

8

All top 10* AMCs saw sequential growth ranging from 0.8% (IDFC Mutual Fund) to 10.7% (Axis Mutual Fund)

SBI Mutual fund gained the maximum market share (0.35%) and held 15.7% of the total industry QAAUM. It also became the first AMC to cross Rs. 5 lakh crore mark

Though IDFC Mutual Fund lost maximum market share (-0.28%), it remained in the top 10*, accounting for 3.8% of the industry QAAUM

AUM grew 1.3% on quarterly basis and 41% on yearly basis to Rs. 31.43 lakh crore due to surge in equity markets

Maximum AUM increase under the Open Ended category was seen for: Other ETFs (Rs. 19,694 crore), Sectoral/Thematic Funds (Rs. 13,727 crore), Arbitrage Fund (Rs. 12,311 crore), Mid Cap Fund (Rs. 12,267 crore) and Balanced Advantage Fund (Rs. 9,730 crore)

Top 5 categories to experience growth (in percentage terms) were Fund of Funds investing overseas (37%), Index Funds (26%), Arbitrage Fund (20%), Sectoral/Thematic Funds (16%) and Retirement Fund (14%)

Categories to experience maximum de-growth (in percentage terms) were Multi Cap Fund (-88%), Medium to Long Duration Fund (-15%), Low Duration Fund (-14%), Gilt Fund (-13%) and Liquid Fund (-12%)

Source: AMFI and MFI 360; Note: AUM – Assets Under Management

AUM rises 1% on quarterly basis in Mar-21

AUM remained above Rs. 31 lakh crore mark at quarter-end

2,39

3,48

6

2,45

4,75

8

2,54

8,84

8

2,71

1,89

4

2,74

9,38

9

2,68

5,98

2

2,82

2,94

1

3,00

0,90

4

3,10

2,47

6

3,05

0,13

0

3,16

4,11

4

3,14

2,76

4

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21

AU

M (I

n R

s. C

rore

)

Mutual Fund Screener - March 2021 9

Industry witnessed net outflows in Q4FY21

Industry saw 11-month-high equity net inflows in March

After seeing net inflows of Rs. 1.29 lakh crore in Q3FY21, the MF industry saw net outflows of Rs. 0.61 lakh crore in the quarter. Significant net outflows or lower net inflows in Open Ended Debt funds in Q4FY21 led to the downside. Two of the three months in the quarter saw net outflows

In Q4FY21, within Open Ended Debt category, Floater Fund and Liquid Fund saw highest net inflows and outflows, respectively

Open Ended Equity funds including ELSS (Equity Linked Savings Schemes) saw robust net inflows in March 2021

Under Open Ended Hybrid category, Arbitrage Fund and Aggressive Hybrid Fund saw highest net inflows and outflows, respectively. Balanced Advantage Fund, Arbitrage Fund and Conservative Hybrid Fund saw net inflows in all three months of the quarter

Equity including ELSS reversed its eight-month streak of net outflows and posted net inflows in March 2021

Net outflows in Q4FY21 was Rs. 2,662 crore vis-à-vis net outflows of Rs. 30,116 crore in Q3FY21

Multi Cap Fund saw highest net inflows followed by Sectoral/Thematic Funds during the quarter. Meanwhile, Flexi Cap Funds saw highest net outflows followed by Large Cap Funds

ELSS witnessed net inflows in March as people did tax planning. Open Ended ELSS funds posted net inflows for the first time in seven months in March. For the quarter, ELSS saw net outflows of Rs. 116 crore compared with net outflows of Rs. 2,353 crore in Q3FY21

Inflow Outflow AnalysisSection III

Equity Netflow

Two months in Q4FY21 saw net outflows

Source: AMFI, MFI 360; Note: Equity includes ELSS funds

Source: AMFI and MFI360

45,99970,813

7,266

89,813

-14,553

-52,091

98,576

27,1942,968

-35,587

4,090

-29,745

-100,000

-50,000

0

50,000

100,000

Ap

r-20

May

-20

Jun-

20

Jul-

20

Aug

-20

Sep

-20

Oct

-20

Nov

-20

Dec

-20

Jan-

21

Feb

-21

Mar

-21

In R

s. C

rore

6,108 5,046

225

-3,845 -4,029-1,009

-3,991

-13,004 -13,121

-6,261-2,391

5,990

-25,000

-17,000

-9,000

-1,000

7,000

15,000


Eq

uity

Net

Flo

ws

(In R

s. C

rore

)

Section IV

Category Performance#

Mutual Fund Category Performance at a Glance

CategoryNo. of

Schemes No. of Folios

AUM as on 31-Mar-21

Returns (%)

1W 1M 3M 6M 1Y 3Y 5Y 10Y

Debt#

Liquid Fund 38 2,228,970 336,598 3.59 3.25 3.12 3.11 3.46 5.53 6.09 7.40

Corporate Bond Fund 21 713,303 160,125 10.34 8.34 0.43 4.82 6.59 7.42 7.54 8.27

Short Duration Fund 27 698,566 145,662 9.26 7.32 0.88 5.06 6.66 5.95 6.55 7.76

Low Duration Fund 25 1,226,301 129,767 7.89 5.04 3.18 4.65 6.55 4.98 5.94 7.27

Banking and PSU Fund 22 384,593 119,559 9.67 9.01 0.16 4.84 7.53 8.16 7.91 8.46

Ultra Short Duration Fund 28 799,537 91,998 5.42 3.89 3.29 3.65 4.65 5.78 6.37 7.78

Money Market Fund 18 484,464 89,758 5.69 4.20 3.39 3.56 5.01 6.68 6.79 7.83

Overnight Fund 30 123,221 71,009 3.11 3.07 2.97 2.93 2.96 4.62 5.25 6.77

Floater Fund 10 251,799 65,436 5.91 4.44 1.21 4.99 7.39 7.52 7.47 8.09

Medium Duration Fund 16 299,850 31,740 10.04 8.81 -7.40 1.64 1.74 4.75 6.18 7.84

Credit Risk Fund 18 326,233 28,308 24.94 11.29 -3.27 3.37 -0.95 1.42 3.86 7.73

Dynamic Bond Fund 25 285,119 27,552 5.20 9.66 -4.94 2.87 5.08 6.98 7.23 8.30

Gilt Fund 21 213,245 16,246 1.49 9.05 -4.25 3.15 6.10 8.49 8.14 8.56

Medium to Long Duration Fund 13 123,703 10,390 8.35 10.18 -10.17 0.10 4.76 6.78 6.89 7.72

Long Duration Fund 2 29,840 2,578 2.91 17.78 -6.63 3.37 5.44 8.62 8.75 8.52

Gilt Fund with 10 year constant duration

4 57,385 1,500 1.43 11.40 -5.41 2.72 6.96 10.43 9.44 9.56

Equity*

Large Cap Fund 32 10,581,870 178,324 0.99 0.44 5.23 29.21 62.78 11.44 12.87 11.00

Flexi Cap Fund 25 8,370,526 158,725 1.18 1.26 6.53 29.71 66.79 11.62 13.79 12.04

ELSS 42 12,604,158 125,228 1.21 0.88 8.31 31.65 75.68 9.83 14.31 12.40

Mid Cap Fund 27 6,660,657 116,403 1.91 1.66 12.15 33.78 85.72 11.34 15.16 15.47

Sectoral/Thematic Funds$$ 106 7,877,874 98,080 1.46 1.10 8.57 32.98 73.55 10.56 13.49 11.17

Large & Mid Cap Fund 28 5,017,194 76,428 1.46 1.08 8.94 31.48 73.21 10.81 14.28 13.01

Small Cap Fund 24 5,055,627 69,799 1.84 2.69 14.42 37.01 104.56 8.74 15.03 15.40

Focused Fund 25 3,927,912 68,603 1.16 0.62 6.89 30.97 68.05 11.16 14.43 12.13

Value Fund/Contra Fund** 18 3,749,461 61,150 1.28 0.66 9.81 35.30 82.56 10.02 14.00 12.68

Multi Cap Fund 10 1,396,229 19,891 1.21 0.87 10.40 34.33 74.94 11.19 14.02 13.12

Dividend Yield Fund 7 502,856 6,735 1.50 2.27 7.68 29.08 69.41 8.86 13.12 10.48

Hybrid*

Balanced Hybrid Fund/Aggressive Hybrid Fund

34 4,753,093 123,075 0.95 0.89 5.51 23.59 51.56 9.72 11.67 10.84

Dynamic Asset Allocation/Balanced Advantage Fund

24 2,840,426 107,883 0.51 0.52 2.83 14.21 35.00 8.16 9.66 10.24

Arbitrage Fund 27 438,567 74,530 0.07 0.34 0.70 1.45 2.89 4.85 5.46 6.85

Multi Asset Allocation Fund 10 719,116 14,795 0.47 0.38 2.69 15.87 47.98 9.98 10.15 9.55

Conservative Hybrid Fund 21 381,152 12,916 0.33 0.66 0.41 7.00 16.03 6.37 7.57 8.27

Equity Savings Fund 23 289,451 9,759 0.50 0.44 2.78 11.74 25.96 6.93 7.82 7.57

Solution Oriented Schemes#

Retirement Fund 25 2,626,188 13,569 0.73 0.76 2.97 15.99 35.70 7.94 10.91 9.09

Childrens Fund 10 2,883,877 10,808 1.17 1.79 4.80 22.21 49.82 8.84 10.96 10.80

Other Schemes*

Other ETFs 92 4,255,464 275,931 0.57 0.41 5.48 30.56 62.67 11.36 13.48 8.73

Index Funds 44 1,014,993 19,164 0.74 0.89 5.82 30.90 71.52 12.51 13.80 10.05

GOLD ETF 11 1,299,324 14,123 -1.56 -4.15 -12.05 -12.71 -0.21 11.59 7.43 6.61

Fund of funds investing overseas 35 696,682 12,408 1.07 -0.16 2.63 18.95 50.37 11.65 11.49 6.16


Notes: 1. Source: AMFI, MFI 360; 2. Data as on Mar 31, 2021; 3. #Data < 1 year is simple annualized and ≥ 1 year is compounded annualized, 4. *Data < 1 year is absolute and ≥ 1 year is compounded annualized; 5. Performance data is simple average of all the open ended regular plans available in a particular category 7.**Returns are an average of Value and Contra Fund 8. $$Returns are an average of Sectoral and Thematic Fund. 9. Each category is sorted based on AUM 10. AUM is in Rs. Crore and Returns are in %.

Category Performance


Large Cap

Source: AMFI and MFI 360

Note: 1. Data as on Mar 31, 2021; 2. Period considered - Apr-20 to Mar-21; 3. Market cap has been calculated by taking average of period under review (Apr-20 to Mar-21); 4. Only open-ended, growth and regular plans considered; 5. Period considered – Jan-21 to Mar-21 6. Percentages have been rounded and may not total to 100% 7. AAUM – Average Assets Under Management

Market Cap % Allocation 2, 3, 4, 6

Mid Cap


Note: 1. Data as on Mar 31, 2021; 2. Period considered - Apr-20 to Mar-21; 3. Market cap has been calculated by taking average of period under review (Apr-20 to Mar-21); 4. Only open-ended, growth and regular plans considered; 5. Period considered – Jan-21 to Mar-21 6. Percentages have been rounded and may not total to 100% 7. AAUM – Average Assets Under Management

Snapshot

AUM1 Rs. 1.78 lakh crore

AAUM1,7 Rs. 1.80 lakh crore

No. of Funds1 32

No. of Folios1 105.82 lakh

Average Monthly Net Flows5 Rs. -1,136.80 crore

Average Monthly Redemption5 Rs. 5,079.13 crore

Snapshot

Large Cap - 92%

Mid Cap - 6%

Small Cap - 2%


AUM/Net Flows over the Year 2, 4


Equity

Large Cap - 29%

Mid Cap - 60%

Small Cap - 11%

AUM Net Flows

AUM Net Flows



No. of Funds1


27

Average Monthly Net Flows5 Rs. 65.73 crore


1.30

1.29 1.37 1.45

1.49

1.45

1.49 1.

63 1.72

1.66 1.78

1.78

-0.05

-0.04

-0.02

-0.01

0.01

0.03

0.00

0.50

1.00

1.50

2.00


Net

Flo

ws

(In R

s. L

akh

Cro

re)

AU

M (I

n R

s. L

akh

Cro

re)

0.74

0.73 0.80

0.83 0.89

0.90

0.90 1.01

1.04

1.03 1.14

1.16

-0.05

-0.03

0.00

0.03

0.05

0.00

0.50

1.00

1.50


Net

Flo

ws

(In R

s. L

akh

Cro

re)

AU

M (I

n R

s. L

akh

Cro

re)



Small Cap

Source: AMFI and MFI 360Note: 1. Data as on Mar 31, 2021; 2. Period considered - Apr-20 to Mar-21; 3. Market cap has been calculated by taking average of period under review (Apr-20 to Mar-21); 4. Only open-ended, growth and regular plans considered; 5. Period considered – Jan-21 to Mar-21 6. Percentages have been rounded and may not total to 100% 7. AAUM – Average Assets Under Management


Flexi Cap8

Source: AMFI and MFI 360Note: 1. Data as on Mar 31, 2021; 2. Period considered – Jan-21 to Mar-21; 3. Market cap has been calculated by taking average of period under review (Jan-21 to Mar-21); 4. Only open-ended, growth and regular plans considered; 5. Period considered – Jan-21 to Mar-21 6. Percentages have been rounded and may not total to 100% 7. AAUM – Average Assets Under Management 8. During Q4FY21, 25 Multi Cap Funds were re-categorized as Flexi Cap Fund




Large Cap - 78%

Mid Cap - 15%

Small Cap - 7%

SnapshotSnapshot

Snapshot

Large Cap - 7%

Mid Cap - 30%

Small Cap - 62%

AUM Net Flows

AUM Net Flows



No. of Funds1 24


Average Monthly Net Flows5 Rs. -562.66 crore




No. of Funds1 25




0.40

0.40 0.45

0.47 0.52

0.54

0.53 0.59 0.63

0.61 0.

68

0.70

-0.02

-0.01

0.00

0.01

0.00

0.40

0.80

Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Net

Flo

ws

(In R

s. L

akh

Cro

re)

AU

M (I

n R

s. L

akh

Cro

re)

0.76

1.56 1.59

-0.08

-0.03

0.02

0.00

0.50

1.00

1.50

2.00

Jan-21 Feb-21 Mar-21

Net

Flo

ws

(In R

s. L

akh

Cro

re)

AU

M (I

n R

s. L

akh

Cro

re)




ELSS

Performance at a glance

Source: AMFI and MFI 360Note: 1. Data as on Mar 31, 2021; 2. Period considered - Apr-20 to Mar-21; 3. Market cap has been calculated by taking average of period under review (Apr-20 to Mar-21); 4. Only open-ended, growth and regular plans considered; 5. Period considered – Jan-21 to Mar-21 6. Percentages have been rounded and may not total to 100% 7. AAUM – Average Assets Under Management

Source: AMFI and MFI 360Note 1. Data as on Mar 31, 2021; 2. For every respective category, suitable benchmark has been considered; 3. Only open-ended, growth and regular plans considered 4. Data < 1 year is absolute and ≥ 1 year is compounded annualized


Large Cap - 74%

Mid Cap - 18%

Small Cap - 8%

Snapshot

AUM Net Flows

BroadmarketIndex Category

Average

1 Year 3 Year

P2P Returns (CAGR %) SIP Returns (XIRR %)

5 Year 1 Year 3 Year 5 Year

Broadmarketindex

CategoryAverage

Broadmarketindex

CategoryAverage

Broadmarketindex

CategoryAverage

Broadmarketindex

CategoryAverage

Broadmarketindex

CategoryAverage

Broadmarketindex

Category

Large Cap

Mid Cap

SmallCap

Multi Cap

ELSS

62.78

85.72

104.56

66.79

70.17

72.54

103.91

127.45

77.58

76.26

11.46

11.23

8.74

11.67

10.51

14.58

9.09

2.46

12.61

13.74

12.88

15.08

15.03

13.82

13.95

15.12

14.34

11.77

15.15

15.5

55.70

79.56

98.32

59.82

62.90

62.50

94.05

113.45

67.73

66.50

17.19

23.55

25.56

18.97

18.62

19.52

23.28

22.21

20.07

20.39

13.00

15.76

15.96

13.90

13.74

15.60

14.61

11.36

15.13

15.69

Nifty 50TRI

NiftyMidcap100 TRI

NiftySmallcap100 TRI

Nifty 500TRI

S&P BSE200 TRI



No. of Funds1 42




0.85

0.83 0.90

0.95

0.99

0.98

1.00 1.11 1.18

1.15 1.23

1.25

-0.02

0.01

0.03

0.00

0.50

1.00

1.50


Net

Flo

ws

(In R

s. L

akh

Cro

re)

AU

M (I

n R

s. L

akh

Cro

re)



AUM/Net Flows over the year 3,4

Ultra Short Duration

Source: AMFI and MFI 360Note: 1. Data as on Mar 31, 2021; 2. Nifty Ultra Short Duration Debt Index has been considered as the benchmark for the schemes under review; 3. Period considered - Apr-20 to Mar-21; 4. Only open-ended, growth and regular plans considered; 5. Returns less than one year are simple annualized and greater than or equal to one year are compounded annualized; 6. Period considered – Jan-21 to Mar-21; 7. Percentages have been rounded and may not total to 100% 8. AAUM – Average Assets Under Management

Instrument Allocation 3,4,7

Bond/Debentures - 28%

CP - 20%

T Bill - 15%

CD - 15%

Cash & Equivalents - 14%

Others - 3%

Gilt - 2%

SDL - 2%

Performance across Periods 1,2,5

Snapshot


Liquid

Source: AMFI and MFI 360Note: 1. Data as on Mar 31, 2021; 2. ICRA Liquid Index has been considered as the benchmark for the schemes under review; 3. Period considered - Apr-20 to Mar-21; 4. Only open-ended, growth and regular plans considered; 5. Returns less than one year are simple annualized and greater than or equal to one year are compounded annualized; 6. Period considered – Jan-21 to Mar-21; 7. Percentages have been rounded and may not total to 100%. 8. AAUM – Average Assets Under Management

Performance across Periods 1,2,5 Instrument Allocation 3,4,7

Snapshot

Debt

Liquid Funds ICRA Liquid Index

AUM Net Flows

Ultra Short Duration FundsNifty Ultra Short Duration Debt Index



No. of Funds1 38



Average Monthly Redemption6 Rs. 2,84,896.80 crore



No. of Funds1 28

No. of Folios1 8 lakh

Average Monthly Net Flows6 Rs. - 3,041.64 crore


CP - 36%T Bill - 30%


CD - 8%

Others - 6%

Bonds/Debentures - 2%

Gilt - 1%

SDL - 0.3%

AUM Net Flows

4.05 4.

69

4.26

4.42

4.27

3.62

3.83

3.76

3.82

3.37

3.56

3.37

-1.500

-0.500

0.500

1.500

0.00

2.00

4.00

6.00

Ap

r-20

May

-20

Jun-

20

Jul-

20

Aug

-20

Sep

-20

Oct

-20

Nov

-20

Dec

-20

Jan-

21

Feb

-21

Mar

-21

Net

Flo

ws

(In R

s. L

akh

Cro

re)

AU

M (I

n R

s. L

akh

Cro

re)

3.59

3.24

3.12

3.10 3.

453.75

3.58

3.41

3.43 3.

88

0.00

2.50

5.00

1 Week 1 Month 3 Months 6 Months 1 Year

In %

Net

Flo

ws

(In R

s. L

akh

Cro

re)

AU

M (I

n R

s. L

akh

Cro

re)

0.69

0.71

0.73 0.84

0.90

0.85 0.

99

1.05

1.00

1.01

0.98

0.92

-0.15-0.050.050.150.25

0.00

0.40

0.80

1.20

Ap

r-20

May

-20

Jun-

20

Jul-

20

Aug

-20

Sep

-20

Oct

-20

Nov

-20

Dec

-20

Jan-

21

Feb

-21

Mar

-21

5.28

3.73

3.15 3.51 4.

52

4.30

3.85

3.66 3.88 4.

91

0.00

2.00

4.00

6.00

8.00


In %



Low Duration


Short Duration

Source: AMFI, MFI 360

Note: 1. Data as on Mar 31, 2021; 2. Nifty Short Duration Debt Index has been considered as the benchmark for the schemes under review; 3. Period considered - Apr-20 to Mar-21; 4. Only open-ended, growth and regular plans considered; 5. Returns less than one year are simple annualized and greater than or equal to one year are compounded annualized; 6. Period considered – Jan-21 to Mar-21; 7. Percentages have been rounded and may not total to 100% 8. AAUM – Average Assets Under Management



Note: 1. Data as on Mar 31, 2021; 2. ICRA Liquid Index has been considered as the benchmark for the schemes under review; 3. Period considered - Apr-20 to Mar-21; 4. Only open-ended, growth and regular plans considered; 5. Returns less than one year are simple annualized and greater than or equal to one year are compounded annualized; 6. Period considered – Jan-21 to Mar-21; 7. Percentages have been rounded and may not total to 100% 8. AAUM – Average Assets Under Management


Low Duration

ICRA Liquid Index


Bond/Debentures - 47%

CP - 12%

CD - 10%


T Bill - 9%

Gilt - 7%

Others - 3%

SDL - 2%


Short Duration Funds

Nifty Short Duration Debt Index



Gilt - 18%


SDL - 4%

Others - 3%

T Bill - 2%

CP - 2%

CD - 2%

Snapshot

Snapshot

AUM Net Flows

AUM Net Flows



No. of Funds1 25


Average Monthly Net Flows6 Rs. - 7,014.57 crore




No. of Funds1 27


Average Monthly Net Flows6 Rs.- 4,139.55 crore


0.75

0.76 0.89 1.

04

1.10

1.12 1.23 1.

51

1.50

1.42

1.45

1.30

-0.20

0.05

0.30

0.00

0.55

1.10

1.65

Ap

r-20

May

-20

Jun-

20

Jul-

20

Aug

-20

Sep

-20

Oct

-20

Nov

-20

Dec

-20

Jan-

21

Feb

-21

Mar

-21

Net

Flo

ws

(In R

s. L

akh

Cro

re)

AU

M (I

n R

s. L

akh

Cro

re)

8.01

4.96

3.06

4.49

7.50

3.75

3.58

3.41

3.43 3.88

0.00

5.00

10.00


In %

0.91

0.95 1.05 1.18

1.17

1.22 1.

39 1.53

1.58 1.65

1.54

1.46

-0.15

0.00

0.15

0.30

0.00

0.50

1.00

1.50

2.00

Ap

r-20

May

-20

Jun-

20

Jul-

20

Aug

-20

Sep

-20

Oct

-20

Nov

-20

Dec

-20

Jan-

21

Feb

-21

Mar

-21

Net

Flo

ws

(In R

s. L

akh

Cro

re)

AU

M (I

n R

s. L

akh

Cro

re)

8.93

6.91

0.34

4.43

6.76

5.58

8.21

1.63

5.53

8.21

0.00

5.00

10.00


In %



Credit Risk



Note: 1. Data as on Mar 31, 2021; 2. Nifty Short Duration Debt Index has been considered as the benchmark for the schemes under review; 3. Period considered - Apr-20 to Mar-21; 4. Only open-ended, growth and regular plans considered; 5. Returns less than one year are simple annualized and greater than or equal to one year are compounded annualized; 6. Period considered – Jan-21 to Mar-21; 7. Percentages have been rounded and may not total to 100% 8. AAUM – Average Assets Under Management


Credit Risk Funds Nifty Short Duration Debt Index




Gilt - 6%

Others - 5%

CP - 2%

CD - 1%

T Bill - 1%

SDL - 0.3%

REITs & InvITs - 0.2%

Snapshot

AUM Net Flows



No. of Funds1 18



Average Monthly Redemption6 Rs. 899.38 crore

0.35

0.30

0.29

0.29

0.29

0.28

0.28

0.29

0.28

0.29

0.28

0.28

-0.250

-0.150

-0.050

0.050

0.00

0.20

0.40

Ap

r-20

May

-20

Jun-

20

Jul-

20

Aug

-20

Sep

-20

Oct

-20

Nov

-20

Dec

-20

Jan-

21

Feb

-21

Mar

-21

Net

Flo

ws

(In R

s. L

akh

Cro

re)

AU

M (I

n R

s. L

akh

Cro

re)

28.8

5

11.2

8

5.76 7.

84

3.195.58 8.

21

1.63 5.53 8.

21

0.00

10.00

20.00

30.00


In %

17Mutual Fund Screener - March 2021

Share of Equity category grew to nearly 38% as against 34% while Debt fell to 48% vis-à-vis 51% in last quarter

Individual investors contributed 61.27% of Equity AAUM, growing their exposure by 3% QoQ

Similarly, Institutional investors continued to opt for Debt contributing 70.60%, though their exposure fell by 4% QoQ

Contribution of Equity AAUM grew in Q4FY21 vis-à-vis Q3FY21

Category-wise breakout of AAUM Contribution of Institutional Investors

35.30 lakh folios added in Q4FY21

Folios remained above the 900-lakh mark throughout FY21. Total number of folios went up 4% QoQ and 9% YoY to 979 lakh at the end of the quarter, marking a record high

More than 35 lakh folios were added in Q4FY21 vis-à-vis addition of 10.28 lakh in Q3FY21

Folios of Floater Funds, Sectoral/Thematic Funds and Arbitrage Funds grew the most in the quarter (in percentage terms) under Open Ended Debt, Equity and Hybrid category, respectively

Top 5 sub-categories in terms of folio count were from the Equity category. ELSS topped the chart

Flexi Cap funds replace Multi Cap Funds at third position in 2nd month of Q4FY21 Folios at record high in last month of Q4FY21

Source: AMFI and MFI 360, *Includes close ended and interval schemes

Investor TrendsSection V

Equity (37.62%)

Debt (47.9%)

Balanced (5.00%)

ETF (9.1%)

Fund of funds investing overseas (0.4%)

Equity (10.21%)

Debt (70.60%)

Balanced (0.67%)

ETF (18.40%)


Folio 1-Month Change

Rs. 32.17 lakh crore


Contribution of Individual Investors

Equity (61.27%)

Debt (28.37%)

Balanced (8.75%)

ETF (1.06%)




904.

3

910.

4

915.

4

921.

1

925.

7

933.

1

937.

2

936.

8

943.

4

951.

9

961.

9

978.

7

-1

6

13

20

850

900

950

1,000

Ap

r-20

May

-20

Jun-

20

Jul-

20

Aug

-20

Sep

-20

Oct

-20

Nov

-20

Dec

-20

Jan-

21

Feb

-21

Mar

-21

1-M

onth

Cha

nge

(In L

akh)

Folio

Cou

nt (I

n La

kh)

66.6

78.8

83.7

105.8

130.4

0 50 100 150

Mid Cap Fund

Sectoral/Thematic Funds

Flexi Cap Fund

Large Cap Fund

ELSS

In Lakh


Investor Trends

In both Q3 and Q2 of FY21, individual investors held 54% of their Equity investments for over 12 months. In contrast, only 14% institutional investors held their investment in equity for similar investment horizon even lower than 15% in Q2FY21

In both Q3 and Q2 of FY21, individual investors held 16% of their Debt investments for over 12 months. Institutional investors held 18% in Q3FY21 as against 20% in Q2FY21, for similar investment horizon

Individual investors showed stickiness with Equity funds

Source: AMFI, MFI 360 *Data as on Dec 31, 2020. Data for Q4FY21 is not yet reported

Equity Non-Equity

Retail Non-RetailRetail Non-Retail Retail Non-RetailAUM - 15.1 Lakh croreRetail - 75%Non-Retail - 25%

AUM - 15.9 Lakh croreRetail - 32%Non-Retail - 68%

2% 3% 5%

11%15%

39%

2% 2% 2%5% 5%

9%

0%

8%

16%

24%

32%

40%

0-1 Month

1-3 Month

3-6 Month

6-12 Month

12-24Month

>24 Month

2%3%

4%6% 6%

19%

15%

9%8% 7%

11%

0%

10%

20%

0-1 Month

1-3 Month

3-6 Month

6-12 Month

12-24Month

>24 Month

10%


T30 and B30 contribution grew 4% and 6% QoQDistributors contributed 50% and 80% to AAUM in T30 and B30 cities


Both T30 and B30 locations saw sequential and annual growth in AAUM

B30 locations increased their share of industry AAUM compared with Q3FY21 (16.27% vis-à-vis 15.99%) while T30 locations marginally receded their share (83.73% vis-à-vis 84.01%)

T30 AAUM remained skewed towards Debt (52%) and B30 towards Equity (68%)

Concentration of Debt AAUM in T30 is due to greater presence of Institutional investors. B30 locations, on the other hand, have higher proportion of retail investors

AAUM contribution grew 4% QoQ and 30% YoY in Mar 2021

19

SIP contribution for FY21 fell 4% YoY to Rs. 96,080 crore due to uncertainty during the pandemic

However, March witnessed a strong trend with monthly contribution of Rs. 9,182 crore, surpassing the Rs. 9,000 crore mark for the first time

At the end of the quarter, SIP AUM stood at Rs. 4.28 lakh crore, up 7% QoQ

SIP AUM accounted for 14% of total industry assets at the fiscal-end

SIP accounts grew 7% to 3.73 crore

Industry InsightsSection VI

Monthly SIP contribution and no. of SIP accounts decline towards quarter-end

MF Industry surpassed Rs. 9,000 crore mark for the first time

SIP Contribution Total No. of outstanding SIP Accounts


Equity Non-equityT30 B30

Tota

l No.

of

outs

tand

ing

SIP

A

ccou

nts

(in L

akh)

SIP

Con

trib

utio

n (In

Rs.

Cro

re)

8,37

6

8,12

3

7,91

7

7,83

1

7,79

2

7,78

8

7,80

0 7,30

2

8,41

8

8,02

3

7,52

8

9,18

2

314.

07

320.

49

323.

48

327.

32

330.

75

333.

87

337.

27

340.

66

347.

12

355.

91

362.

92

372.

54

300

350

400

7,000

7,500

8,000

8,500

9,000

9,500


2,693,708 2,601,086

2,085,923

523,487 495,189 384,959

0

900,000

1,800,000

2,700,000

Mar-21 Dec-20 Mar-20

AA

UM

(In

Rs.

Cro

re)

48.4

% 68.1

%

45.4

%

65.9

%

43.2

% 62.2

%

51.6

%

31.9

%

54.6

%

34.1

%

56.8

%

37.8

%

0.0%

25.0%

50.0%

75.0%

100.0%

T30 B30 T30 B30 T30 B30

Mar-21 Dec-20 Mar-20


Industry Insights

Quarterly Growth in State AAUM – Mar-21

Highest contributing States for respective categories

Despite a quarterly fall (3%) in AAUM contribution, Maharashtra continued to hold the lion’s share (41.42%) followed by New Delhi (9.48%)

Gujarat (6.72%), Karnataka (6.61%) and West Bengal (5.16%) maintained their third, fourth and fifth positions, respectively

Composition of top 10 states remained unchanged from Q3FY21

Tamil Nadu replaced Haryana at 6th position

Liquid Schemes

Maharashtra

(52.80%)

Other Debt Oriented Schemes

Maharashtra

(42.92%)

Growth / Equity Oriented Schemes

Maharashtra

(31.39%)

BalancedSchemes

Maharashtra

(29.33%)

Fund Of Funds Investing Overseas

Maharashtra

(40.60%)

Gold ExchangeTraded Fund

Maharashtra

(80.85%)

Other Exchange Traded Fund

Maharashtra

(62.61%)

New Delhi

(11.92%)New Delhi

(8.60%)New Delhi

(8.38%)West Bengal

(9.58%)New Delhi

(9.83%)Tamil Nadu

(2.96%)New Delhi

(15.56%)

Karnataka

(6.25%)Gujarat

(7.35%)Gujarat

(8.28%)Gujarat

(9.41%)Karnataka

(9.18%)Karnataka

(2.48%)Karnataka

(0.96%)

1

2

3

rowth in State AAUM Mar 21

tributing States for respective categories

Contribution of Top 5 States

in AAUM

1. Maharashtra (43%)

2. New Delhi (9%)

3. Gujarat (7%)

4. Karnataka (7%)

5. West Bengal (5%)

Highest

Sequential Decline

Dadra and Nagar Haveli

Maharashtra

Chandigarh

New Delhi

Highest

Sequential Growth

Source: AMFI, MFI360This pictorial representation of the map of India does not purport to be the political map of India

Lowest to Highest Sequential Growth

KEY


Industry Insights


FPI/FII MF

FPI (Foreign portfolio investors) bought domestic stocks worth Rs. 274,032 crore in FY21. The value was Rs. 6,152 crore in FY20. Ample liquidity in global markets and hopes of faster economic recovery drove the upside

Stimulus measures throughout the year and improvement in ease of access for FPIs attracted investment. For the same reason, mutual funds booked profits, triggering a massive pull out

The pace of investment by FPIs significantly tapered off in Q4FY21 (Rs. 55,741 crore) as against Q3FY21 (Rs. 141,914 crore), most likely because of spike in U.S. Treasury bond yields

Strong FPI inflows witnessed in equity markets in FY21

Trends of FPI/FII & Mutual Fund Investment in Equity Markets

-14,171

52,97726,021 993 6,152

274,032

65,041 54,912

140,042

84,226 92,040

-119,918-150,000

-75,000

0

75,000

150,000

225,000

300,000

FY16 FY17 FY18 FY19 FY20 FY21

In R

s. C

rore

Key takeaways from Monetary Policy Committee meetings

Regulatory UpdateSection VII

FY21 and FY22 Monetary Policy Rates Inflation projection GDP - economic growth

Apr 07, 2021

Feb 05, 2021

- Repo rate reiterated at 4.00%

- Reverse Repo rate unchanged at 3.35%, Marginal Standing Facility (MSF) rate and Bank Rate unchanged at 4.25%

- Accommodative stance maintained

- Inflation projected for Q4FY21 – lowered from 5.2% to 5.0%

- Q1FY22 and Q2FY22 – 5.2%

- Q3FY22 – increased from 4.3% to 4.4%

- Q4FY22 – 5.1%

- FY22 – 10.5% (Q1FY22 26.2%, Q2FY22 - 8.3%, Q3FY22 – lowered from 6% to 5.4% and Q4 – 6.2%)




- Inflation projected for Q4FY21 – lowered from 5.8% to 5.2%

- H1FY22 – range expanded 5.0%-5.2%

- Q3FY22 – 4.3%

- FY22 – 10.5% (H1 – 8.3%-26.2%) and (Q3 - 6%)

Dec 04, 2020

Oct 09, 2020




- Inflation projected for Q3FY21 - 6.8%

- Q4FY21 - 5.8%

- H1FY22 - 4.6%-5.2%

- Real GDP growth projected for FY21 improved - (7.5%) with 0.1% in Q3FY21 and 0.7% in Q4FY21

- H1FY22 – 6.5%-21.9%




- Inflation projected for Q2FY21 - 6.8%

- Second half of FY21 - 4.5%-5.4%

- Q1FY22 - 4.3%

- Real GDP growth projected for FY21 - (9.5%)

- Q2FY21 - (9.8%)

- Q3FY21 - (5.6%)

- Q4FY21 - 0.5%

- Q1FY22 - 20.6%

Aug 06, 2020 - Repo rate reiterated at 4.00%

- Reverse Repo rate unchanged at 3.35%, Marginal standing facility (MSF) rate and Bank Rate unchanged at 4.25%


- Headline inflation may remain elevated in Q2FY21; but may moderate in H2FY21

- Real GDP growth expected to be negative in FY21

May 22, 2020 - Repo rate lowered 40 bps to 4.00%

- Reverse Repo rate lowered to 3.35%, Marginal standing facility (MSF) rate and Bank Rate lowered to 4.25%


- Headline inflation to fall below target in Q3 and Q4 of FY21

- Economic activity other than agriculture is likely to remain depressed in Q1FY21

- Recovery in economic activity is expected to begin in Q3FY21 and gain momentum in Q4FY21 as demand gradually revives


Regulatory action

SEBI announced that minimum of 20% of the compensation of the

key employees of AMCs shall be in Mutual Fund units. The

compensation would include salary/perks/ bonus/ non-cash

compensation (gross annual CTC) net of income tax and any statutory

contributions. Exchange Traded Funds (ETFs), Index Funds,

Overnight Funds and existing close ended schemes shall be

excluded.

SEBI brings in compensation guidelines for key employees

Mutual Fund Screener -March 2021 23

SEBI has announced that the cumulative gross exposure through

equity, debt, derivative positions (including commodity and fixed

income derivatives), repo transactions and credit default swaps in

corporate debt securities, Real Estate Investment Trusts,

Infrastructure Investment Trusts, other permitted securities/assets

and such other securities/assets as may be permitted by the board

from time to time should not exceed 100% of the net assets of the

scheme

Cumulative gross exposure for mutual fund schemes not to exceed 100%

SEBI has clarified that disclosure of mutual fund schemes since

inception shall be made since the date of allotment of units in the

scheme.

Since inception performance of MF schemes to be made since date of allotment of units

Mutual Funds invest in certain debt instruments with special features

like subordination to equity (absorbs losses before equity capital) and

/or convertible to equity upon trigger of a pre-specified event for loss

absorption. Additional Tier I bonds and Tier 2 bonds issued under

Basel III framework are some instruments that have these special

features. The debt instruments having such special features, (which

otherwise are Non-Convertible Debentures) may be treated as debt

instruments until converted to equity.

Further, presently there are no specified investment limits for these

instruments with special features and these instruments may be riskier

than other debt instruments. Therefore, following prudential

investment limits have been decided for such instruments.

i. No Mutual Fund under all its schemes shall own more than 10%

of such instruments issued by a single issuer.

ii. A Mutual Fund scheme shall not invest –

a) more than 10% of its NAV of the debt portfolio of the scheme

in such instruments; and

b) more than 5% of its NAV of the debt portfolio of the scheme

in such instruments issued by a single issuer.

These investment limit for a mutual fund scheme shall be within the

overall limit for debt instruments issued by a single issuer.

Investment limits set for certain debt instruments

SEBI has decided that deemed residual maturity for the purpose of

valuation of existing as well as new bonds issued under Basel III

framework shall be following:

Deemed Residual Maturity of Basel III AT-1 Bonds - Till March 31,

2022 – 10 Years; April 01, 2022 – September 30, 2022 – 20 Years;

October 01, 2022 – March 31, 2023 – 30 Years; April 01, 2023

onwards – 100 Years from the date of issuance of the bond.

Deemed Residual Maturity of Basel III Tier 2 Bonds - Till March 31,

2022 – 10 years or Contractual Maturity whichever is earlier; April 01,

2022 – September 30, 2022 – Contractual Maturity; October 01, 2022

– March 31, 2023 – Contractual Maturity; April 01, 2023 onwards –

Contractual Maturity.

Further, if the issuer does not exercise call option for any ISIN then

Macaulay Duration shall be valued and calculated considering maturity

of 100 years from the date of issuance for AT-1 Bonds and Contractual

Maturity for Tier 2 bonds, for all ISINs of the issuer. Additionally, if the

non-exercise of call option is due to the financial stress of the issuer or

if there is any unfavorable news, the same shall be reflected in the

valuation. This got effective from April 1, 2021

Deemed residual maturity for valuation of existing and new bonds issued under Basel III framework, decides SEBI

From January 2021, Risk-o-meter started to assess Mutual Funds at

six levels of risk instead of five. The modified categories are Low, Low

to Moderate (renaming Moderately Low), Moderate, Moderately High,

High and Very High (newest entrant). “Product Labeling in Mutual

Fund schemes – Risk-o-meter” – a circular released by SEBI on

October 5, 2020, was based on recommendations made by the

MFAC (Mutual Fund Advisory Committee)

Six-level risk assessment instead of five for Mutual Funds

SEBI has announced that the following exposures shall not be

considered in the cumulative gross exposure:

a) Short position in ETCD (Exchange Traded Commodity

Derivatives) not exceeding the holding of the underlying goods

received in physical settlement of ETCD contracts

b) Short position in ETCDs not exceeding the long position in

ETCDs on the same goods

Also, it has stated that mutual funds shall not write options, or

purchase instruments with embedded written options in goods or on

commodity futures

SEBI clarifies hedging position for ETCD contracts

SEBI has announced that for Overnight funds, Liquid funds and

Money Market funds, returns can be shown by simple annualization of

yields, if a performance figure is available for at least 7 days, 15 days

and 30 days. It was, however, stated that misleading picture of the

performance or future performance of the scheme should not be

reflected

Funds of short investment horizon may provide performance disclosure for 7, 15 and 30 days

Investor Awareness

Trade Mechanism and Demat accounts

• Units of ETFs are usually bought and sold through a registered broker of a recognized stock exchange. To invest in ETFs an investor needs to have demat and trading account with a stock broker

• ETFs can be bought or sold from the exchange on a real-time basis. The price changes during the trading session. It will be similar to holding other shares and securities in demat account

• The price at which an ETF is traded is based on the NAV of the underlying stocks that it represents

• There are buyers and sellers and the price is determined based on the demand and supply. Every ETF will be assigned a unique ISIN number and the investor can therefore hold these ETFs in the demat account

• Index funds’ units can be sold at end-of-day NAVs. To invest in index Funds, investors do not need demat account. Instead, they can maintain the investment in index funds through the investor folios with mutual fund

Struggling to choose? Here are some pointers to note!

• Index funds invest in stocks imitating a stock market index like the NSE Nifty, BSE Sensex, etc.

• These are passively managed funds wherein the fund manager does not play an active role in selecting industries and stocks to build the portfolio

• It invests in the same securities as present in the underlying index in the same proportion.

• However, the fund manager needs to ensure that the tracking error is minimum

Trading Process ETF units can be sold at real-time NAVs prevailing - So investor can trade ETFs intra-day too, just like stocks

Index fund units can be sold at end-of-day NAVs

Expense Ratio Low High

SIP facility No SIP facility as the investor does not deal with the fund but a counterparty in ETFs

Offers SIP facility

Option availability ETFs have only the dividend option, and the investor has to necessarily receive dividend in their bank account and reinvest themselves manually

*It is the investors’ choice:

An experienced investor who likes trading might consider ETFs. Meanwhile, the rest could opt for index funds

Available with growth option with automatic reinvestment of dividends

• Unlike regular Mutual Funds, an ETF (Exchange Traded

Fund) trades like a common stock on a stock exchange

• It tracks indices such as CNX Nifty or BSE Sensex, etc.

• ETFs enable investors to gain broad exposure to the stock market of different countries or specific sectors or themes on a real-time basis

Exchange Traded Fund Index Funds

*Note: ETFs carry a low expense ratio compared with Index Funds

Criteria ETFs Index Funds


Section VIII

ETFs and Index Funds – An Overview

QAAUM Heat Map as of March 2021


Annexure

Section IX


Lowest Highest

Q4FY21 % Share Q3FY21 Q2FY21 Q1FY21 Q4FY20 3M 6M 9M 12M

SBI Mutual Fund 504,455 15.7% 456,498 421,364 364,363 373,537 10.5% 19.7% 38.4% 35.0%

HDFC Mutual Fund 415,566 12.9% 389,467 375,516 356,183 369,783 6.7% 10.7% 16.7% 12.4%

ICICI Prudential Mutual Fund 405,406 12.6% 379,991 360,049 326,291 350,743 6.7% 12.6% 24.2% 15.6%

Aditya Birla Sun Life Mutual Fund 269,278 8.4% 255,458 238,674 214,592 247,522 5.4% 12.8% 25.5% 8.8%

Kotak Mahindra Mutual Fund 233,780 7.3% 216,228 191,598 167,326 186,088 8.1% 22.0% 39.7% 25.6%

Nippon India Mutual Fund 228,586 7.1% 213,033 200,030 180,061 204,884 7.3% 14.3% 26.9% 11.6%

Axis Mutual Fund 196,549 6.1% 177,474 156,255 134,316 138,402 10.7% 25.8% 46.3% 42.0%

UTI Mutual Fund 182,853 5.7% 165,359 155,190 133,631 151,513 10.6% 17.8% 36.8% 20.7%

IDFC Mutual Fund 122,131 3.8% 121,102 114,336 101,770 103,912 0.8% 6.8% 20.0% 17.5%

DSP Mutual Fund 97,386 3.0% 89,487 82,286 73,477 80,422 8.8% 18.4% 32.5% 21.1%

Franklin Templeton Mutual Fund 82,553 2.6% 81,266 79,197 79,808 116,323 1.6% 4.2% 3.4% -29.0%

L&T Mutual Fund 72,728 2.3% 68,976 63,104 58,362 71,056 5.4% 15.3% 24.6% 2.4%

Mirae Asset Mutual Fund 69,598 2.2% 58,070 50,313 40,998 43,200 19.9% 38.3% 69.8% 61.1%

Tata Mutual Fund 62,078 1.9% 59,263 56,458 48,202 53,149 4.7% 10.0% 28.8% 16.8%

Edelweiss Mutual Fund 46,849 1.5% 41,424 34,244 23,620 24,472 13.1% 36.8% 98.3% 91.4%

Invesco Mutual Fund 36,795 1.1% 32,744 27,105 23,103 25,664 12.4% 35.8% 59.3% 43.4%

Sundaram Mutual Fund 32,052 1.0% 30,467 28,070 25,794 31,377 5.2% 14.2% 24.3% 2.2%

Canara Robeco Mutual Fund 28,273 0.9% 23,209 19,856 17,263 17,942 21.8% 42.4% 63.8% 57.6%

Motilal Oswal Mutual Fund 25,460 0.8% 22,762 20,700 17,230 19,957 11.9% 23.0% 47.8% 27.6%

LIC Mutual Fund 16,927 0.5% 15,744 18,080 15,002 16,605 7.5% -6.4% 12.8% 1.9%

HSBC Mutual Fund 10,385 0.3% 9,965 9,313 8,715 11,327 4.2% 11.5% 19.2% -8.3%

Baroda Mutual Fund 9,641 0.3% 8,286 7,646 7,307 11,809 16.4% 26.1% 31.9% -18.4%

PPFAS Mutual Fund 8,720 0.3% 6,632 5,065 3,601 3,138 31.5% 72.2% 142.2% 177.9%

BNP Paribas Mutual Fund 7,837 0.2% 7,331 6,786 6,380 7,647 6.9% 15.5% 22.8% 2.5%

PRINCIPAL Mutual Fund 7,768 0.2% 6,855 6,283 5,495 6,403 13.3% 23.6% 41.4% 21.3%

PGIM India Mutual Fund 6,527 0.2% 4,847 4,103 3,693 4,335 34.7% 59.1% 76.7% 50.5%

Mahindra Manulife Mutual Fund 5,271 0.2% 5,058 5,036 4,708 5,396 4.2% 4.7% 12.0% -2.3%

Union Mutual Fund 5,240 0.2% 4,613 4,019 3,623 4,075 13.6% 30.4% 44.6% 28.6%

IDBI Mutual Fund 4,120 0.1% 4,325 4,677 3,762 5,031 -4.7% -11.9% 9.5% -18.1%

JM Financial Mutual Fund 2,389 0.1% 3,700 4,182 4,049 6,109 -35.4% -42.9% -41.0% -60.9%

IIFL Mutual Fund 2,370 0.1% 1,885 1,669 1,509 1,832 25.7% 42.0% 57.1% 29.3%

BOI AXA Mutual Fund 2,289 0.1% 2,351 2,071 1,943 2,271 -2.6% 10.5% 17.8% 0.8%

Quantum Mutual Fund 1,786 0.1% 1,592 1,460 1,198 1,362 12.1% 22.3% 49.1% 31.1%

IL&FS Mutual Fund (IDF) 1,679 0.1% 1,730 1,768 1,804 1,831 -2.9% -5.0% -6.9% -8.3%

ITI Mutual Fund 1,179 0.0% 845 708 581 527 39.5% 66.5% 102.8% 123.7%

Quant Mutual Fund 722 0.0% 454 281 239 249 59.1% 156.8% 202.3% 190.5%

Essel Mutual Fund 698 0.0% 670 687 639 763 4.1% 1.6% 9.3% -8.6%

Indiabulls Mutual Fund 664 0.0% 921 906 970 1,550 -28.0% -26.7% -31.6% -57.2%

Trust Mutual Fund 625 0.0% 0 0 0 0 NA NA NA NA

IIFCL Mutual Fund (IDF) 588 0.0% 603 612 580 571 -2.6% -4.0% 1.3% 2.9%

Taurus Mutual Fund 475 0.0% 435 409 358 419 9.2% 16.3% 32.9% 13.6%

Shriram Mutual Fund 203 0.0% 189 182 165 182 7.0% 11.2% 22.8% 11.2%

Yes Mutual Fund 110 0.0% 129 84 57 253 -15.0% 29.9% 92.5% -56.6%

Sahara Mutual Fund 0 0.0% 0 0 0 46 NA NA NA NA

Grand Total 3,210,589 100% 2,971,435 2,760,372 2,462,770 2,703,676

Asset Management CompanyQAAUM QAAUM (In Rs. Crore) % Change in QAAUM

Top

20 =

97%

Top

15 =

93%

Top

10 =

83% To

p 5

= 57

%

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