Mutual Fund Screener - Home - Mutualfundindia.com · · 2017-07-24Mutual Fund Screener –What’s Inside 01 Industry Size 03 Inflow Outflow Analysis 04 Sector Update 06 Industry

Mutual Fund ScreenerFor the quarter ended Jun-17

Mutual Fund Screener – What’s Inside

01Industry

Size

03Inflow Outflow

Analysis

04Sector

Update

06Industry

Insights

07Regulatory

Update

05Category

Performance

02Investor

Trends

INDUSTRY SIZESection I

Industry QAAUM up 7% - Rs. 122,191 crore added in 1st quarter of FY18

Industry Quarterly Average Assets Under Management (QAAUM) grew for the 15th consecutive quarter in Q1FY18

The 6.7% quarterly growth in industry assets was driven by sustained inflows in equity schemes

through Systematic Investment Plans (SIPs) and mark to market gains

Growth in QAAUM for the Quarter Ended June-17

AMCs Range

Top 5 5% to 8%

Next 10 -1% to 13%

Rest -70% to 350%

Source: AMFI; ICRA Online Research. AMC list as of Jun-17 QAAUM

ICRA Online Limited 41AMFI

In the last decade, annual AUM of the MF industry

has grown five times and is expected to touch the

magical figure of Rs. 94 lakh crore by 20251

Jun-17,

1,951,775 Mar-17,

1,829,583

Jun-16,

1,441,027

0

500,000

1,000,000

1,500,000

2,000,000

Jun-17 Mar-17 Jun-16

QA

AU

M (

In R

s. C

rore

)

Mutual Fund Industry (QAAUM)

Source: AMFI, ICRA Online Research

Top 10 AMCs accounted for ~81% of QAAUM

ICRA Online Limited 5


0%

3%

6%

9%

12%

0

50,000

100,000

150,000

200,000

250,000

ICICI

Prudential

Mutual

Fund

HDFC

Mutual

Fund

Reliance

Mutual

Fund

Birla Sun

Life Mutual

Fund

SBI Mutual

Fund

UTI Mutual

Fund

Kotak

Mahindra

Mutual

Fund

Franklin

Templeton

Mutual

Fund

DSP

BlackRock

Mutual

Fund

Axis Mutual

Fund

Qo

QG

row

th (

In %

)

AU

M (

In R

s. C

rore

)

Top Ten AMCs

Jun-17 Mar-17 QoQ

Smaller AMCs grew at a faster pace

Edelweiss AMC was not included in the list of top 10 fastest growing AMCs as its YoY growth of 258% was fuelled by the acquisition of JP Morgan

AMC

Among the larger AMCs (QAAUM >

Rs. 35,000 crore), Kotak Mahindra,

DSP BlackRock, Axis, and L&T

Mutual Fund have shown

exceptional growth in assets


0%

100%

200%

300%

400%

0

30,000

60,000

90,000

120,000IIF

CL

Mu

tua

l Fu

nd

(ID

F)

Mira

e A

sse

t M

utu

al

Fu

nd

IIFL

Mu

tua

l Fu

nd

Mo

tila

l O

swa

l Mu

tua

l

Fu

nd

LIC

Mu

tua

l Fu

nd

DSP

Bla

ckR

oc

k M

utu

al

Fu

nd

Ind

iab

ulls

Mu

tua

l Fu

nd

Ko

tak M

ah

ind

ra M

utu

al

Fu

nd

L&T

Mu

tua

l Fu

nd

Axis

Mu

tua

l Fu

nd

Yo

Y G

row

th (

In %

)

AU

M (

In R

s. C

rore

)

Top ten fastest growing AMCs

Jun-17 Jun-16 YoY


Kotak Mahindra AMC crossed the

milestone of Rs. 1 lakh crore in the

Q1FY18 and became the seventh

AMC to join the Rs. 1 lakh crore

AUM group

QAAUM of five fastest growing

AMCs below Rs. 20,000 crore

Private sector joint ventures (predominantly Indian) manage 58% of QAAUM


Bank Sponsored_JV_Predominantly

Foreign

1%

Bank Sponsored_JV_Predominantly Indian

9%

Bank Sponsored_Others

8%

Institutions_Indian

1%

Private Sector_Foreign

7%

Private Sector_Indian

14%

Private

Sector_JV_Others

1%

Private

Sector_JV_Predominantly

Foreign

Private

Sector_JV_Predominant

ly Indian

58%

Source: AMFI, ICRA Online Research, data as of Jun-17


INVESTOR TRENDSSection II

MF industry added 28.3 lakh folios in 1st quarter of FY18

Total folio count at the end of Jun-17 stood at 5.82 crore, 5.1% higher than the previous quarter,

according to data from the Securities and Exchange Board of India (SEBI)

In the last 15 months, 69.1 lakh new folios were added to the Equity and ELSS categories, suggesting

more investors are opting for equity funds for long-term wealth creation


49

2

49

8

50

6

51

3

52

0

52

8 53

8

54

4 55

4

56

1 57

2 58

2

0

5

10

15

20

450

480

510

540

570

600

Ju

l-1

6

Au

g-1

6

Se

p-1

6

Oc

t-16

No

v-1

6

De

c-1

6

Ja

n-1

7

Fe

b-1

7

Ma

r-1

7

Ap

r-1

7

Ma

y-1

7

Ju

n-1

7 On

e m

on

th c

ha

ng

e (

In la

kh

s)

Fo

lio

(In

La

kh

s)

Folio growth in last 12 months

Folio 1M Change

Source: SEBI, ICRA Online Research

0 100 200 300 400

Liquid/ Money Market

Gilt

Income

ELSS

Equity

Balanced

GOLD ETF

Other ETFs

Fund of funds investing…

Folio (In Lakhs)

Category wise Folio Count



Industry assets equally distributed between individual and institutional

investors; both investor categories showing similar growth trends

In the last five years, total assets attributable to individual and institutional investors grew at

a CAGR of 25.2% and 25.9%, respectively


3.6 4.0 5.6 6.3 8.7

3.5 4.3 5.3 6.0 8.8

0%

20%

40%

60%

80%

100%

Mar-13 Mar-14 Mar-15 Mar-16 Mar-17

Individual and Institutional investor composition

Individual Institutional

Source: AMFI; Data pertains to month end

AUM

Individual investor includes Retail and HNI

Institutional investor includes Corporates,

Banks/FIs and FIIs

AUM (In Rs. Lakh Crore)

Individual investors continued to favour equity funds while institutional

investors preferred fixed income funds

As of Mar-17, equity funds formed 53% of the total asset base of individual investors, while debt-

oriented funds made up 85% of the portfolio of institutional investors of which liquid schemes

formed 32%


53%

9%0%

4%

34%Equity Funds

Balanced Funds

Others

Liquid Funds

Debt Funds

14%

1%

0%

32%53%

Equity Funds

Balanced Funds

Others

Liquid Funds

Debt Funds

Source: AMFI; Data as of month end AUM of March 2017

Equity Funds include ELSS and Other ETFs

Debt Funds include Gilt funds

Others include other ETFs and Fund of Funds investing overseas

Individual Institutional

Debt-oriented funds

B-15 locations generated 18% of industry AUM in Jun-17

Assets in top 15 cities (referred to as T-15)

grew 31% YoY, while that in smaller towns

(referred to as B-15 locations) expanded 46%

Activity in B-15 locations has increased in

recent years

Improved distribution and regulatory

changes to the fee structure have brought

more people into the mutual fund fold



AUM garnered by different channels

Jun-17 Mar-17

T-15 B-15 T-15 B-15

Associate Distributor 5% 8% 6% 13%

Non-Associate Distributor 50% 68% 48% 64%

Direct Plan 45% 24% 46% 22%

54%

31%

46%

69%

0%

20%

40%

60%

80%

T15 B15

In %

Equity/Non-equity asset mix in T-15/B-15

Locations (as of Jun-17)

Equity Non-Equity

16.4

12.5

3.52.4

0.0

5.0

10.0

15.0

20.0

Jun-17 Jun-16

AU

M (

In R

s. L

ak

h C

rore

)

Growth in assets in T-15/B-15 locations

T-15 B-15

INFLOW OUTFLOWANALYSIS

Section III

Investors poured in Rs. 0.93 lakh crore in mutual funds in the 1st quarter of FY18

Investors preferred equities (including

ELSS) and balanced funds over income

and liquid funds, which could be on

account of low yields on money market

and fixed income investments


-50,000 -25,000 0 25,000 50,000

Income

Infrastructure Debt Fund

Equity

Balanced

Liquid/Money Market

Gilt

ELSS - Equity

Gold ETF

Other ETFs

Fund Of Funds Investing Overseas

In Rs. Crore

Category-wise net inflow/outflow

Q1FY17 Q4FY17 Q1FY18


93,400

29,207

90,441

0

30,000

60,000

90,000

120,000

Q1FY18 Q4FY17 Q1FY17

In R

s. C

rore

Industry-wide net inflow/outflow


Robust retail participation led to high infusion in equity funds

Equity funds (including ELSS) saw net inflow of Rs. 28,332 crore in Q1FY18 vis-à-vis Rs. 9,479 crore in

Q1FY17

In FY17, equity funds (including ELSS) witnessed inflows in every month with net inflows amounting to

Rs. 98,699 crore

Equity funds are becoming popular long-term investment avenues and people are investing mainly

through SIPs


-5,000

0

5,000

10,000

15,000M

ay-1

3

De

c-1

3

Ju

l-1

4

Fe

b-1

5

Se

p-1

5

Ap

r-16

No

v-1

6

Ju

n-1

7

In R

s. C

rore

Equity Net Inflow/Outflow

Source: AMFI, ICRA Online Research; Equity includes ELSS funds

SECTOR UPDATE Section IV

Financial services remained the most preferred sector with more than 30% of

total equity AUM


0

10,000

20,000

30,000

Financial Services Automobile Consumer Goods Energy IT

Eq

uity

AU

M (

In R

s. C

rore

)

Equity exposure in top sectors (Top 5 AMCs)

ICICI Prudential Mutual Fund HDFC Mutual Fund Reliance Mutual Fund Birla Sun Life Mutual Fund SBI Mutual Fund

Source: ICRA Online Research; Data as of Jun 2017

In Q1FY18 highest inflow were seen in Healthcare Services (36.7%), Metals

(23.2%) and Services (17.6%) sectors


36.7

23.2

17.6

16.8

16.6

16.3 15.5

11.9 11.9 11.9

0

10

20

30

40

0

50,000

100,000

150,000

200,000

Healthcare

Services

Metals Services Financial

Services

Fertilisers &

Pesticides

Telecom Construction Paper Cement &

Cement

Products

Automobile

In %

In R

s. C

rore

Sector wise inflow in Q1FY18

Jun-17 Mar-17 % Change QoQ

Source: ICRA Online Research, Net-inflow has been calculated using the market value of the holdings; Top 10 sectors on the basis of QoQ

change (%)

CATEGORY PERFORMANCESection V

Domestic factors positively impacted equity-oriented mutual funds

Markets performed well on the back of strong economic data

Monsoons arrived on time

CPI-based inflation declined, beating expectations; RBI lowered

inflation projections


21

.45

14

.45 18

.65

11

.491

6.4

8

9.0

3 13

.01

19

.83

12

.87 16

.73

10

.85

21

.78

14

.48 18

.52

10

.941

6.3

1

8.6

4

13

.44

7.8

7

0.00

10.00

20.00

30.00

1 Year 3 Year 5 Year 10 Year

Re

turn

s (i

n %

)

Performance* of Equity-Oriented mutual fund categories

Diversified Funds Global Funds Sector Funds ELSS Index Funds

Source: ICRA Online Research; Data as of Jun-17; *Compound Annualized returns

BSE Sensex hovered above

the 31,000 mark

Long-term debt funds continued to outperform

Retail inflation slowed for the second consecutive month in May and remained at its lowest level

in five years; this reinforced expectations that Monetary Policy Committee (MPC) might consider

lowering interest rates in the near term

Markets gained after government officials allayed concerns of high inflation following the

implementation of the Goods and Services Tax from Jul 1, 2017

Geo-political tensions kept investors wary


6.3

6.1 6.5 7

.6

7.1

6.4 7

.4 8.08.6

6.6

8.9

8.9

0

3

6

9

12

3 Months 6 Months 1 Year 3 Years

Re

turn

s (i

n %

)

Performance* of Short-Term Debt Oriented

Categories

Liquid Funds Ultra Short-Term Funds Short-Term Funds

Source: ICRA Online Research; Data as of Jun-17; *Compound annualised returns for periods ≥1 year; Simple annualised returns for <1 year

10

.3

9.7

9.2

8.1

13

.3

11

.8

10

.0

8.8

0

3

6

9

12

15

1 Year 3 Years 5 Years 10 Years

Re

turn

s (i

n %

)

Performance* of Long-Term Debt Oriented

Categories

Income Funds Gilt Funds

INDUSTRY INSIGHTSSection VI

Gross commission almost doubled for top distributors in last 3 years

Gross commission earned by mutual fund distributors almost doubled from Rs. 2,603 crore in FY14

to Rs. 4,987 crore in FY17, according to AMFI data

Top 10 distributors earned Rs. 2,379 crore commission from the AMCs in FY17, representing 47.72%

of the total commission paid to distributors

In the last three fiscals, average assets under management of top 10 distributors have increased

from Rs. 1.43 lakh crore to Rs. 2.74 lakh crore


2,379

1,726

2,399

1,223

0

500

1,000

1,500

2,000

2,500

FY17 FY16 FY15 FY14

In R

s. C

rore

Commission earned by Top 10 distributors


Liquidity analysis of last 12 months


Source: ICRA Online Research

Jun-17 May-17 Apr-17 Mar-17 Feb-17 Jan-17 Dec-16 Nov-16 Oct-16 Sep-16 Aug-16 Jul-16

Equity 2.4 2.4 2.2 2.4 2.3 2.4 2.6 2.2 2.2 1.8 1.9 1.7

Speciality 0.0 0.1 0.1 0.0 0.1 0.1 0.1 0.0 0.0 0.0 0.0 0.0

Gilt 0.1 0.1 0.1 0.1 0.2 0.1 0.1 0.1 0.1 0.0 0.1 0.1

Liquid 17.1 20.2 19.7 16.3 19.5 18.7 16.2 16.7 17.4 17.0 18.9 20.1

Balanced 0.3 0.3 0.2 0.2 0.3 0.3 0.3 0.1 0.2 0.2 0.2 0.2

ETF 0.4 0.3 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.5 0.5 0.5

Fund of Funds 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.2

Dynamic/Asset

Allocation0.3 0.3 0.3 0.3 0.3 0.4 0.3 0.2 0.3 0.3 0.3 0.3

Debt 5.5 7.1 7.2 5.6 8.7 8.2 8.2 8.8 9.1 8.3 9.5 9.5

Values in the table denote the category-wise average holdings in cash & cash equivalents. In the table, red denotes highest liquidity (in termsof higher holding of cash & cash equivalents) while dark blue denotes minimum

Instrument allocation pattern in debt segment



2.2

56.7

20.5

6.33.8

8.0

0.4 1.2 0.92.2

56.3

17.4

6.14.7

7.9

0.4 0.7

4.22.3

45.5

23.6

4.7

11.49.7

0.3 0.9 1.6

0

15

30

45

60

Eq

uity

Bo

nd

/

De

be

n

ture

s

GIL

T

Mo

ne

y

Ma

rke

t

CD

CP

Ca

sh

Cu

rre

n

t A

sse

ts

Oth

ers

In %


Average maturity on rising trend post Mar-17; low inflation increased

rate-cut expectations



0

5

10

15

Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17

In Y

ea

rs

Average Maturity Trends in Income, Gilt Long-Term & Gilt Short-Term Funds

Income Fund Gilt Long-Term Gilt Short-Term

Investments by mutual funds in equity markets exceeded FII inflows in the 1st

quarter of FY18



140,033

79,723

110,540

-14,171

52,977

13,723

-22,678 -20,925

40,281

65,04154,912

28,325

-50,000

0

50,000

100,000

150,000

FY13 FY14 FY15 FY16 FY17 Q1FY18

In R

s. C

rore

FPI/FII and mutual fund investment trends in equity markets

FPI/FII MF

Large-caps commanded the largest share of assets



*Only equity diversified funds were considered for analysis; ICRA Online market cap classification based on Nifty 500

0%

20%

40%

60%

80%

100%

Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17

Ma

rke

t C

ap

(In

%)

Investment Across Market Caps*

Large-cap Mid-cap Small-cap Debt & Others

REGULATORY UPDATESection VII

Regulator remained pro-active during the quarter

SEBI mandated 30-day notice

for withdrawal of ratings

SEBI allowed instant

redemption of liquid funds

SEBI asked Credit Rating Agencies (CRAs) to give a

30-day notice before withdrawal of ratings in case of

open-ended mutual funds. The decision was taken in

consultation with CRAs and representations received

from the industry. SEBI said the rule is for open-ended

mutual fund schemes as they are continuous in nature

with no specified maturity period.

SEBI allowed MF houses to provide instant redemption

on liquid funds. AMCs can offer instant access facility

(through online mode) of up to Rs. 50,000 or 90% of

folio value, whichever is lower, by applying lower of

previous day Net Asset Value (NAV) or prospective

NAV. SEBI added that AMCs would not be allowed to

borrow for meeting the redemption requirement.


Source: Media Reports

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Mutual Fund Screener - Home - Mutualfundindia.com · · 2017-07-24Mutual Fund Screener –What’s Inside 01 Industry Size 03 Inflow Outflow Analysis 04 Sector Update 06 Industry