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MF industry AUM undergoes correction in Mar’15
ICRA Online Limited17/04/2015 3
1. Industry corpus fell below Rs. 11 lakh crore
mark in Mar’15 as equity markets disappoint.
Weak global cues weighed on investors mind
and fear of further interest rate cuts adversely
affected banking stocks.
2. However, weak market performance couldn't
deter the FIIs, which remained net buyers of
equities for third consecutive month.
3. Industry corpus took a hit of 10% during
Mar’15, after witnessing two months of
consistent rise in AUM.
4. The top-10 AMCs contributed close to 80% of
the industry corpus.
5. While the AUM of top-10 shrunk by 8.9%, the
next-10 (corpus range 7K-25K Crore)
witnessed a negative growth of 13.4%, taking
a bigger hit.
4%
-5%
9%
2%
-10%
-12%
-8%
-4%
0%
4%
8%
12%
1,000,000
1,050,000
1,100,000
1,150,000
1,200,000
1,250,000
Nov-14 Dec-14 Jan-15 Feb-15 Mar-15
Ch
an
ge i
n c
orp
us
(M-o
-M)
Ind
ust
ry
Co
rp
us
(In
Rs.
Cro
re)
MF Industry Corpus
Industry Corpus % Change (M-o-M)
Source: MFI Explorer
Top 5 funds maintain their position over last 5 quarters
ICRA Online Limited17/04/2015 4
1. The distribution patterns of asset under management remained more of less consistent across months
2. After witnessing a slowdown in AUM growth in the previous month, industry corpus took a hit of 10% in Mar’15
3. HDFC, ICICI Prudential, Reliance, Birla Sunlife and UTI remained the top 5 AMCs in last 5 quarters managing over Rs
6.1 lakh crore together.
9.4%
2.0%
-10.4%-12%
-8%
-4%
0%
4%
8%
12%
0%
20%
40%
60%
80%
100%
Jan-15 Feb-15 Mar-15
Ch
an
ge i
n i
nd
ust
ry
co
rp
us
(M-o
-M)
Sh
are (
in %
)
Industry Positioning by AMCs
Top 5 Next 10 Rest % Change MoM (RHS)
Source: ICRA Online Research
0%
2%
4%
6%
8%
10%
0%
20%
40%
60%
80%
100%
Q4FY14 Q1FY15 Q2FY15 Q3FY15 Q4FY15
Ch
an
ge i
n i
nd
ust
ry
co
rp
us
(Q-o
-Q)
Sh
are (
in %
)
Industry Positioning by AMCs (last 5 quarters)
Top 5 Next 10 Rest % Change (Q-o-Q)
Source: AMFI
Equity continues to see healthy inflows for 12 months in a row
ICRA Online Limited17/04/2015 5
1. Liquid fund witnessed a fall in market share from 22.6% in
Feb’15 to 22.4% in Mar’15.
2. All major fund categories (except Gilt) witnessed negative
growth in AUM.
1. Equity category continued to attract healthy inflows
while Liquid/Money market witnessed highest outflows
in last 12 months.
2. Liquid/Money market witnessed an outflow of Rs. 1.1
lakh crore, second highest since Mar’14.
-15,000 0 15,000 30,000 45,000 60,000 75,000
Income
Infrastructure Debt Fund
Equity
Balanced
Liquid/Money Market
Gilt
Elss - Equity
Gold Etf
Other Etfs
FoFs Investing Overseas
In Rs. Crore
Net Inflow/Outflow pattern for TTM
Source: AMFI, Data is as on Mar-2015, TTM-Trailing twelve months
46.26%
22.37%23.86%
3.19%
1.92%
0.71%
0.75%0.27%
0.55%
0.11%
7.51%
Category wide distribution of industry corpus for TTM
Income
Liquid/Money Market
Equity
ELSS - Equity
Balanced
Gold ETF
Gilt
FoFs Investing Overseas
Other ETFs
Infrastructure Debt Fund
Source: AMFI, ICRA Online Research, Data is as on Mar-2015, TTM-Trailing twelve months
Bottom 7 categories
350,000
400,000
450,000
500,000
550,000
Income
50,000
100,000
150,000
200,000
250,000
300,000
Liquid/Money Market
50,000
100,000
150,000
200,000
250,000
300,000
350,000
Equity
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
ELSS - Equity
0
5,000
10,000
15,000
20,000
25,000
30,000
Balanced
0
3,000
6,000
9,000
12,000
Gold ETF
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
Gilt
0
1,000
2,000
3,000
4,000
FoFs Investing Overseas
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
Other ETFs
0
200
400
600
800
1,000
1,200
1,400
Infrastructure Debt Fund
Category Movement Monitor for Trailing Twelve Months
ICRA Online Limited17/04/2015 6
Source: AMFI
1. The three funds categories investing in– Equity, Gilt and Balanced Funds
see a steady increase in AUM.
Specific Category Deep Dive : Equity & Income
ICRA Online Limited17/04/2015 7
1. Sensex took a hit of 4.8% in Mar’15 after witnessing a
subdued performance in Feb’15.
2. However, the equity fund category managed to see an
average inflow of Rs. 5,600 for past twelve months.
1. Income fund corpus witnessed a fall of 1.3% M-o-M in
Mar’15 (at Rs. 5.15 lakh crore).
2. Income fund category witnessed outflow of Rs 8,927 crore
in Mar’15 after recording significant inflows for past six
months.
-10
-5
0
5
10
(4,000)
(2,000)
-
2,000
4,000
6,000
8,000
10,000
12,000
Ma
r-1
4
Ap
r-1
4
Ma
y-1
4
Jun
-14
Jul-
14
Au
g-1
4
Sep
-14
Oct-
14
No
v-1
4
Dec-1
4
Jan
-15
Feb
-15
Ma
r-1
5 Sen
sex
Mo
nth
ly r
etu
rn
(in
%)
Net
flo
w (
in R
s. c
ro
re)
Equity category flow vis-a-vis Sensex
Net Inflow/Outflow Sensex Returns M-o-M (RHS)
Source: AMFI, BSE
-15,000
-10,000
-5,000
0
5,000
10,000
15,000
20,000
25,000
Ma
r-1
4
Ap
r-1
4
Ma
y-1
4
Jun
-14
Jul-
14
Au
g-1
4
Sep
-14
Oct-
14
No
v-1
4
Dec-1
4
Jan
-15
Feb
-15
Ma
r-1
5
420,000
440,000
460,000
480,000
500,000
520,000
540,000
Net
flo
w (
In R
s. c
ro
re)
Co
rp
us
(In
Rs.
cro
re)
Income AUM vis-a-vis net flows
Corpus (RHS) Net Inflow/Outflow
Source: AMFI
Mutual Fund AUM Monitor for BIG-5
ICRA Online Limited17/04/2015 9
1. All the top-5 AMCs exhibited net outflows
during Mar’15, compared to the inflows
seen in the preceding month.
2. Disappointing performance of the domestic
equity market adversely affected the corpus
of top-5 AMCs.
3. UTI MF witnessed the highest outflow
followed up by HDFC and Reliance MF.
4. The Big-5 together have close to 57% of the
market share
5. As on Mar’15 there were 11 mutual funds
with AUM below Rs 2,000 crore.
Source: ICRA Online research
AMC
Net Inflow -
Mar'15
Net Inflow -
Feb'15
AUM -
Mar'15
Net Inflow -
Mar'14
Net Inflow -
Feb'14
AUM -
Mar'14
Net Inflow -
CM/LM
Net Inflow -
CM TY/LY
AUM
TY/LY
HDFC Mutual Fund -13,496 7,645 151,434 -8,062 6,762 109,864 67% 38%
ICICI Prudential Mutual Fund -10,499 -32 139,982 -6,180 -2,485 98,964 70% 41%
Reliance Mutual Fund -11,398 4,061 129,092 -9,918 961 94,519 15% 37%
Birla Sun Life Mutual Fund -8,240 1,748 111,943 -7,037 -1,920 81,202 17% 38%
UTI Mutual Fund -15,905 2,386 79,010 -11,126 310 64,345 43% 23%
THIS YEAR LAST YEAR GROWTH *
*CM= Current month, LM = last month, TY = this year, LY = last year
-8.2 -7.0 -8.1-6.9
-16.8
-21
-16
-11
-6
-1
4
9
14
0
30,000
60,000
90,000
120,000
150,000
180,000
HDFC MF ICICI Pru Reliance
MF
Birla MF UTI MF
% G
ro
wth
in
AU
M (
M-o
-M)
AU
M (
In R
s. C
ro
re)
Mar-15 Growth in AUM (M-o-M) RHS
Understanding investment patterns of T-15 and B-15
ICRA Online Limited17/04/2015 10
Source: AMFI, AMCs website. AAUM monthly data pertains to Mar-15
1. Most funds have a disproportionate share of corpus coming from T-15 with Deutsche, Kotak, IDFC, Franklin and Birla having
exposure greater than 88%
2. Out of top 15 mutual funds, 12 mutual funds had more than 80% of its AUM exposure to T-15
3. In the B-15 category, UTI mutual fund leads the pack with close to 31% of its AUM exposure to B-15 followed by SBI at ~25%
Note: As per AMFI, T-15 cities consist of Mumbai (including Thane & Navi Mumbai), Delhi (including NCR), Bangalore, Kolkata, Chennai, Pune, Ahmedabad, Hyderabad,
Baroda, Panjim, Jaipur, Lucknow, Surat, Kanpur and Chandigarh
88.7% 88.9%90.1% 90.9%
92.4%
0
20,000
40,000
60,000
80,000
100,000
120,000
80.0%
85.0%
90.0%
95.0%
Franklin
Templeton
MF
Birla Sun
Life MF
IDFC MF Kotak
Mahindra
MF
Deutsche
MF Co
ntr
ibu
tio
n o
f T-
15
(in
Rs.
Cro
re)
Co
ntr
ibu
tio
n o
f T
-15
as
% o
f A
UM
Contribution of T-15 and Total AUM
Contribution of T-15 as % of total AUM Contribution of T-15 (RHS)
18.3%19.4%
22.3%
25.2% 30.7%
0
10,000
20,000
30,000
0%
10%
20%
30%
40%
50%
Sundaram
MF
Reliance
MF
Axis MF SBI MF UTI MF
Co
ntr
ibu
tio
n o
f B
-15
(in
Rs.
Cro
re)
Co
ntr
ibu
tio
n o
f B
-15
as
% o
f A
UM
Contribution of B-15 and Total AUM
Contribution of B-15 as % of total AUM Contribution of B-15 (RHS)
Highlights of AUM Disclosure
ICRA Online Limited17/04/2015 11
Source: AMFI, AMCs website. Data pertains to Mar-15
0% 20% 40% 60% 80%
UTI MF
SBI MF
Axis MF
Reliance MF
Sundaram MF
Tata MF
HDFC MF
ICICI Prudentia l MF
DSP BlackRock MF
L&T MF
Franklin Templeton MF
Birla Sun Life MF
IDFC MF
Kotak Mahindra MF
Deutsche MF
% of industry corpus vis-a-vis contribution of B-15
Contribution of B15 as % of total AUM % of industry corpus (Q4FY15)
0% 20% 40% 60% 80% 100%
UTI MF
SBI MF
Axis MF
Reliance MF
Sundaram MF
Tata MF
HDFC MF
ICICI Prudential MF
DSP BlackRock MF
L&T MF
Franklin Templeton MF
Birla Sun Life MF
IDFC MF
Kotak Mahindra MF
Deutsche MF
% of industry corpus vis-a-vis contribution of T-15
Contribution of T15 as % of total AUM % of industry corpus (Q4FY15)
Asset Accumulation Pattern
ICRA Online Limited17/04/2015 12
Source: AMFI, AMCs website. AAUM monthly data pertains to Mar-15
0%
20%
40%
60%
80%
100%A
xis
MF
Bir
la S
un
Lif
e M
F
DS
P B
lack
Ro
ck
MF
Fra
nk
lin
Tem
ple
ton
MF
HD
FC
MF
ICIC
I P
rud
en
tia
l MF
IDF
C M
F
Deu
tsch
e M
F
Ko
tak
Ma
hin
dra
MF
L&
T M
F
Relia
nce M
F
SB
I M
F
Su
nd
ara
m M
F
Ta
ta M
F
UT
I M
F
Asset Accumulation Pattern as a % of AUM for Top-15 AMCs
Associate Distributor as % of AUM Non-Associate Distributor as % of AUM Direct Plan as % of AUM
Geography wise Analysis
ICRA Online Limited17/04/2015 13
1. Maharashtra alone accounts for more than 44% of the market share
2. Seven states have corpus between Rs 50,000 and Rs 1,10,000 crore
3. The top 15 AMCs hold more than 87% of the market share in Maharashtra with the top 5 alone accounting for over
54% of that
4. The entire distribution is skewed towards one state leaving ample scope for AMCs to increase market share from other
States and Union Territories
5.6%
4.9% 7.0%9.6%
44.2%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
0
100,000
200,000
300,000
400,000
500,000
600,000
Gujarat Others Karnataka New Delhi Maharashtra
Shar
e (%
)
AU
M (I
n R
s. c
rore
)
AUM share of top-5 regions
AUM % share (RHS)
Source: AMFI, ICRA Online Research. Data as on Mar-15.
6.3
10.8 11.0
13.1 13.6
0
2
4
6
8
10
12
14
16
UTI MF Birla Sun
Life MF
Reliance
MF
ICICI
Prudential
MF
HDFC MF
% s
ha
re
% share of top 5 AMCs in Maharashtra
Analytics Group
ICRA Online Limited
Amol Wakekar ([email protected] / 9920665037)
Suman Roy ([email protected] / 9830274008)
ICRA Online Limited17/04/2015 14