The Indian mutual fund industry demonstrated resilience in March 2024 versus February 2024. While overall asset under management (AUM) dipped slightly due to short-term volatility, equity investments continued to flourish.

Equity AUM Up in March Despite Market Dip

Total AUM across all asset management companies (AMCs) saw a 2.39% decline last month, dropping from Rs 55.86 lakh crore in February 2024 to Rs 54.52 lakh crore in March 2024. However, equity AUM defied the trend, registering a positive growth of 2.39%, reaching Rs 34.08 lakh crore last month from Rs 33.28 lakh crore in February. This indicates investor confidence in the stock market's long-term prospects.

AMCs Navigate Market Volatility Differently

Individual AMCs navigated the market fluctuations with varied success. SBI Mutual Fund, for instance, maintained a steady equity AUM growth (+2.71%) despite a slight dip in total AUM (-0.11%). ICICI Prudential Mutual Fund stood out with an impressive 4.83% increase in equity AUM, even though their total AUM decreased by 1.40%.

Individual AMC Performance in terms of overall AUM:

- SBI Mutual Fund (MF): SBI MF experienced a marginal decrease in AUM from Rs 9,20,524 crore to Rs 9,19,520 crore, representing a small decline of Rs 1,004 crore or 0.11%.

- ICICI Prudential Mutual Fund (MF): ICICI Pru MF's AUM dropped from Rs 7,27,022 crore to Rs 7,16,868 crore, indicating a decrease of Rs 10,154 crore or 1.40%.

- HDFC Mutual Fund (MF): HDFC MF saw a reduction in AUM from Rs 6,29,740 crore to Rs 6,14,665 crore, marking a decline of Rs 15,074 crore or 2.39%.

- Nippon India Mutual Fund (MF): Nippon India MF experienced a decrease in AUM from Rs 4,42,963 crore to Rs 4,38,277 crore, showing a drop of Rs 4,687 crore or 1.06%.

- Kotak Mutual Fund (MF): Kotak MF's AUM decreased from Rs 3,89,748 crore to Rs 3,81,240 crore, indicating a decline of Rs 8,509 crore or 2.18%.

Individual AMC Performance in terms of equity AUM value:

- SBI Mutual Fund (MF): SBI MF's Equity Value rose from Rs 6,27,257 crore to Rs 6,44,259 crore, indicating an increase of Rs 17,002 crore or 2.71%.

- ICICI Prudential Mutual Fund (MF): ICICI Pru MF saw a significant growth in Equity Value from Rs 3,85,478 crore to Rs 4,04,090 crore, marking an increase of Rs 18,612 crore or 4.83%.

- HDFC Mutual Fund (MF): HDFC MF's Equity Value increased from Rs 3,50,525 crore to Rs 3,54,966 crore, showing a growth of Rs 4,441 crore or 1.27%.

- Nippon India Mutual Fund (MF): Nippon India MF experienced an increase in Equity Value from Rs 2,81,113 crore to Rs 2,88,684 crore, representing a rise of Rs 7,572 crore or 2.69%.

- Kotak Mutual Fund (MF): Kotak MF's Equity Value grew from Rs 2,12,642 crore to Rs 2,19,400 crore, indicating an increase of Rs 6,758 crore or 3.18%.

Q4 2024 Sees Positive Growth

Looking at the broader picture, the average AUM for Q4 March 2024 witnessed a healthy 9.90% growth compared to Q3 December 2024. Similarly, the combined equity value for all AMCs in Q4 rose by 7.61% over Q3. This reinforces the industry's positive trajectory.

Individual AMC performance in terms of overall AUM (Q4 FY24 vs Q3 FY24):

- SBI Mutual Fund (MF): SBI MF's Average AUM rose from Rs 8,52,087 crore to Rs 9,15,902 crore, indicating an increase of Rs 63,815 crore or 7.49%.

- ICICI Prudential Mutual Fund (MF): ICICI Pru MF saw a substantial growth in Average AUM from Rs 6,41,297 crore to Rs 7,11,553 crore, marking an increase of Rs 70,257 crore or 10.96%.

- HDFC Mutual Fund (MF): HDFC MF's Average AUM increased from Rs 5,56,007 crore to Rs 6,17,678 crore, showing a growth of Rs 61,671 crore or 11.09%.

- Nippon India Mutual Fund (MF): Nippon India MF experienced a notable increase in Average AUM from Rs 3,80,049 crore to Rs 4,33,897 crore, representing a rise of Rs 53,848 crore or 14.17%.

- Kotak Mutual Fund (MF): Kotak MF's Average AUM grew from Rs 3,53,913 crore to Rs 3,84,007 crore, indicating an increase of Rs 30,094 crore or 8.50%.

A Promising Future

With continued investor participation and a stable market environment, the Indian mutual fund industry is well-positioned for further growth in both AUM and equity value.

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