Mutual Fund Flows – December 2025

Equity Mutual Funds

• Inflows: ₹28,054 crore in December (down ~6% from ₹29,911 crore in November).
• Investor Participation: Despite the dip, equity schemes continued to see steady retail inflows.
• AUM (Equity-oriented schemes): ₹35.73 lakh crore as of December 31, 2025.

Debt Mutual Funds

• Net Outflows: ₹1.32 lakh crore in December.
• Impact: Sharp withdrawals dragged overall industry flows into negative territory.
• AUM (Debt-oriented schemes): ₹18.10 lakh crore as of December 31, 2025.

Industry Overview

• Overall Net Outflows: ₹66,571 crore in December.
• Total Industry AUM: ₹80.23 lakh crore (December 2025).
• YoY Growth: 19.9%, reflecting increased participation and adoption across investor segments.
• Driver of Moderation: Debt fund outflows for liquidity management and limited valuation changes.

Other Categories

• Hybrid schemes: Inflows of ₹10,756 crore.
• Other schemes (including ETFs): Net inflows of ₹26,723 crore.
• Solution-oriented schemes: Modest inflows of ₹345 crore.

Expert View

Venkat Chalasani, CEO of AMFI, noted:

“The moderation was primarily driven by debt fund outflows for liquidity management and limited market-related valuation changes.”

Outlook

The December data highlights a divergence between equity inflows and debt outflows. While equity and hybrid categories continue to attract retail investors, debt schemes remain sensitive to liquidity cycles. ETFs and other passive products are gaining traction, reflecting evolving investor preferences.