AUM ACCRETION – JUNE 2025 MACRO STORY
What was the quality of the AUM shift between May 2025 and June 2025? In this period; the AUM of open-ended funds bounced from ₹71.94 Trillion to ₹74.15 Trillion, assisted by healthy inflows but much healthier value accretion. AUM accretion between May and June 2025 was ₹2,20,987 Crore. In June 2025, open-ended funds saw limited net inflows of ₹49,302 Crore, led by active equity funds and hybrid funds. Effectively, June 2025 saw price accretion impact of ₹1,71,685 Crore. Obviously, active equity funds, hybrid funds, and passive funds cornered bulk of the equity price accretion benefits in June 2025.
AUM ACCRETION OF ACTIVE DEBT FUNDS – JUNE 2025
In June 2025, debt funds saw positive flows, and some consolation from price accretion.
| Active Debt Market Funds |
Net Inflow in the Fund | AUM Closing Value | AUM Accretion | Price Accretion | Price Move Dominance |
| Dynamic Bond Fund | 44.03 | 36,912.30 | -175.65 | -219.68 | 125.07% |
| Medium to Long Duration Fund | -65.77 | 11,852.05 | -146.97 | -81.20 | 55.25% |
| Floater Fund | 230.72 | 51,668.08 | 462.66 | 231.93 | 50.13% |
| Long Duration Fund | -445.88 | 20,538.60 | -876.65 | -430.77 | 49.14% |
| Gilt Fund | -957.32 | 41,449.72 | -1,550.42 | -593.09 | 38.25% |
| Ultra Short Duration Fund | 2,943.76 | 1,32,827.32 | 3,717.32 | 773.56 | 20.81% |
| Low Duration Fund | 3,136.40 | 1,31,414.89 | 3,862.14 | 725.73 | 18.79% |
| Money Market Fund | 9,484.29 | 2,90,723.82 | 11,248.05 | 1,763.76 | 15.68% |
| Gilt Fund (10-Y duration) | -141.79 | 4,935.09 | -166.38 | -24.59 | 14.78% |
| Banking and PSU Fund | 238.60 | 82,228.64 | 279.03 | 40.44 | 14.49% |
| Short Duration Fund | 10,276.75 | 1,33,337.00 | 10,577.44 | 300.69 | 2.84% |
| Corporate Bond Fund | 7,124.48 | 2,03,199.04 | 7,211.65 | 87.17 | 1.21% |
| Overnight Fund | -8,154.49 | 71,480.93 | -7,703.33 | 451.17 | -5.86% |
| Liquid Fund | -25,196.09 | 4,99,856.82 | -22,857.70 | 2,338.39 | -10.23% |
| Credit Risk Fund | -168.18 | 20,349.89 | -87.11 | 81.07 | -93.07% |
| Medium Duration Fund | -60.98 | 25,335.98 | -29.61 | 31.37 | -105.95% |
| Active Debt Funds | -1,711.47 | 17,58,110.18 | 3,764.48 | 5,475.94 | 145.46% |
Data source: AMFI (absolute figures are ₹ in Crore)
The 4 categories at the bottom; Medium Duration Funds, Credit Risk Funds, Liquid Funds, and Overnight Funds; saw least price impact. In rupee terms; most meaningful rupee price contribution came from money market funds, low duration funds, and ultra-short duration funds. Overall, net AUM accretion of active debt mutual funds in June 2025 stood at ₹3,765 Crore. This was composed of ₹(1,711) Crore of net outflows, partially offset by positive price contribution of ₹5,476 Crore. The 100 bps rate cut has led to the price accretion.
AUM ACCRETION OF ACTIVE EQUITY FUNDS – JUNE 2025
June 2025 equity fund flows were modest, but price accretion did the magic.
| Active Equity Market Funds |
Net Inflow in the Fund | AUM Closing Value | AUM Accretion | Price Accretion | Price Move Dominance |
| ELSS | -556.11 | 2,53,585.36 | 7,292.31 | 7,848.42 | 107.63% |
| Sectoral/Thematic Funds | 475.61 | 5,09,344.83 | 16,941.02 | 16,465.41 | 97.19% |
| Dividend Yield Fund | 45.55 | 33,161.75 | 984.61 | 939.06 | 95.37% |
| Large Cap Fund | 1,694.33 | 3,97,470.47 | 13,803.88 | 12,109.55 | 87.73% |
| Focused Fund | 965.05 | 1,62,172.57 | 6,302.13 | 5,337.08 | 84.69% |
| Value Fund/Contra Fund | 1,159.44 | 2,03,756.28 | 7,416.89 | 6,257.45 | 84.37% |
| Mid Cap Fund | 3,754.42 | 4,31,699.79 | 23,607.11 | 19,852.69 | 84.10% |
| Small Cap Fund | 4,024.50 | 3,54,550.63 | 18,545.42 | 14,520.93 | 78.30% |
| Large & Mid Cap Fund | 3,496.91 | 3,02,139.03 | 14,746.53 | 11,249.62 | 76.29% |
| Flexi Cap Fund | 5,733.16 | 4,94,278.83 | 22,304.35 | 16,571.19 | 74.30% |
| Multi Cap Fund | 2,794.20 | 2,04,689.94 | 9,530.18 | 6,735.97 | 70.68% |
| Active Equity Funds | 23,587.05 | 33,46,849.48 | 1,41,474.44 | 1,17,887.39 | 83.33% |
Data source: AMFI (absolute figures are ₹ in Crore)
Low variance in Price Dominance column indicates that impact of price accretion was largely uniform across active equity fund categories. Overall, net AUM accretion of active equity funds in June 2025 stood at ₹1,41,474 Crore. This comprised of ₹23,587 Crore of net inflows into equity funds, and positive price impact of ₹1,17,887 Crore. Bulk of the positive price effect came from ELSS funds, Thematic Funds, dividend yield funds, and large cap funds. The rupee price accretion contribution came mainly from mid-cap funds, flexi cap funds, sectoral funds, and small cap funds.
AUM ACCRETION IN HYBRID FUNDS – JUNE 2025
In June 2025, hybrid fund saw robust inflows, with equal support from price accretion.
| Hybrid and Solution Funds |
Net Inflow in the Fund | AUM Closing Value | AUM Accretion | Price Accretion | Price Move Dominance |
| Retirement Fund | 78.47 | 31,973.26 | 966.28 | 887.81 | 91.88% |
| Aggressive Hybrid Fund | 1,331.50 | 2,38,686.36 | 6,785.38 | 5,453.88 | 80.38% |
| Children’s Fund | 128.02 | 24,174.56 | 650.71 | 522.68 | 80.33% |
| Dynamic Asset Allocation/BAF | 1,885.53 | 3,06,648.51 | 7,141.76 | 5,256.23 | 73.60% |
| Conservative Hybrid Fund | 138.18 | 29,084.83 | 259.48 | 121.30 | 46.75% |
| Multi Asset Allocation Fund | 3,209.97 | 1,23,584.50 | 5,430.77 | 2,220.80 | 40.89% |
| Equity Savings Fund | 1,072.90 | 44,639.46 | 1,626.89 | 553.99 | 34.05% |
| Arbitrage Fund | 15,584.57 | 2,49,364.93 | 15,402.01 | -182.56 | -1.19% |
| Hybrid Allocation Funds | 23,429.15 | 10,48,156.41 | 38,263.29 | 14,834.14 | 38.77% |
Data source: AMFI (absolute figures are ₹ in Crore)
The impact of price dominance was the maximum in Retirement Funds, Aggressive Hybrid Funds, and Children’s Funds; due to a combination of tepid flows and strong equity exposure. In absolute terms, Aggressive Hybrid Funds, BAFs and Multi-Asset Allocation Funds contributed the most to overall price accretion in June 2025. Overall, net AUM of hybrid funds in June 2025 saw accretion of ₹38,263 Crore. This comprised of ₹23,429 Crore net inflows into hybrid funds, supported by price accretion of ₹14,834 Crore. Arbitrage funds showed negative price effect due to short term liquidity easing in money markets.
AUM ACCRETION IN PASSIVE FUNDS – JUNE 2025
In June 2025, passive funds saw limited traction in flows but reasonable price accretion.
| Index and Passive Funds |
Net Inflow in the Fund | AUM Closing Value | AUM Accretion | Price Accretion | Price Move Dominance |
| International FOFs | 28.80 | 28,695.43 | 1,681.28 | 1,652.48 | 98.29% |
| Other ETFs | 844.43 | 8,59,260.59 | 25,294.74 | 24,450.31 | 96.66% |
| Index Funds | 1,043.09 | 3,08,996.39 | 8,184.90 | 7,141.82 | 87.26% |
| GOLD ETF | 2,080.85 | 64,777.23 | 2,324.29 | 243.44 | 10.47% |
| Passive Funds | 3,997.16 | 12,61,729.63 | 37,485.21 | 33,488.05 | 89.34% |
Data source: AMFI (absolute figures are ₹ in Crore)
Here is what we read from the AUM shift of passive equity funds in June 2025. Overall, the net AUM accretion of passive funds in June 2025 stood at ₹37,485 Crore. This comprised of ₹3,997 Crore of net inflows into passive funds, and positive price impact of ₹33,488 Crore. Bulk of the price accretion in absolute terms came from index ETFs, followed by index funds. Gold funds had the lowest price impact as it was stuck in a range.
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