Mutual Fund Screener: For The Quarter Ended March 2020

Mutual Fund
Screener
For the quarter ended March 2020
Mutual Fund Screener
- What’s Inside
01 05
Industry Size Industry Insights
02 06
Inflow Outflow Regulatory Updates
Analysis
03 07
Category Annexure
Performance
04
Investor Trends
Section I
Industry Size
Industry AUM tumbles more than 6% y-o-y in FY20

Industry Assets Under Management (AUM) declined 6.4% y-o-y due to market volatility; and high debt
redemptions amid credit downgrades and introduction of exit load in liquid funds. Unprecedented
situation arising from novel coronavirus severely impacted AUM in Mar-20
AUM for open-ended debt funds plunged 8.8% q-o-q, with liquid, ultra short and money market funds
posting highest fall. AUM for open-ended equity schemes declined 24.9% with huge drop in large cap,
multi cap and ELSS
However, QAAUM grew 10% y-o-y and 1% q-o-q as Jan-20 and Feb-20 AUM remained high
Assets Under Management over the year
28
27
27
30.00
27
26
26
25
25
25
25
24
AUM (In Rs. Lakh Crore)
22
25.00
20.00
15.00
10.00
5.00
0.00
Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20
Source: AMFI and MFI 360; Note: AUM – Assets Under Management
Industry QAAUM was Rs. 27.04 lakh crore in Q4FY20

Industry’s QAAUM improved 1% versus Q3FY20 supported by strong inflows in overnight and liquid
schemes in Jan-20 and steady inflows in equity schemes
However, deep market corrections and rapid spread of coronavirus in Mar-20 capped QAAUM growth
Among the top 10 fund houses, Axis and SBI reported the highest q-o-q growth in QAAUM, while
Franklin Templeton and UTI suffered the steepest decline
Growth Trend of AMCs for the Quarter ended Mar-20
AMCs Top 5 Next 10 Rest
Range -3.3% to 5.9% -8% to 12.6% -36.1% to 209.4%

Source: AMFI and MFI 360; Note: Q-o-Q growth of QAAUM as of Mar-20
Mutual Fund Industry (QAAUM)

Y-o-Y 10%
Q-o-Q 1%
3,000,000 2,677,562 2,703,676
QAAUM (In Rs. Crore)
2,448,438
2,000,000
1,000,000
0
Q4FY19 Q3FY20 Q4FY20
Source: AMFI and MFI 360; Note: QAAUM – Quarterly Average Assets Under Management
Mutual Fund Screener - March 2020 3

Industry Size
Top 10 AMCs* account for 83% of QAAUM

Top Ten AMCs basis QAAUM
Q4FY20 Q3FY20 Q-o-Q Growth
400,000 20%
15%
Q-o-Q Growth (In %)

300,000
10%
200,000 5%
0%
100,000
-5%
0 -10%
SBI Mutual HDFC ICICI Aditya Birla Nippon Kotak UTI Mutual Axis Mutual Franklin IDFC Mutual
Fund Mutual Fund Prudential Sun Life India Mutual Mahindra Fund Fund Templeton Fund
Mutual Fund Mutual Fund Fund Mutual Fund Mutual Fund
Market share
Q4FY20 13.80% 13.70% 13.00% 9.20% 7.60% 6.90% 5.60% 5.10% 4.30% 3.80%
Q3FY20 13.20% 14.30% 13.50% 9.30% 7.60% 6.60% 5.90% 4.60% 4.70% 3.90%
Source: AMFI and MFI 360; *Top 10 AMC’s are on the basis of Mar-20 QAAUM
SBI Mutual Fund surpassed HDFC Mutual Fund and ICICI Prudential Mutual Fund in terms of QAAUM in
Q4FY20
Of the top 10 AMCs, six suffered a q-o-q decline in QAAUM relative to just one AMC in Q3FY20
Top 10 fastest growing AMCs*

Top Ten AMCs (Y-o-Y growth)
Q4FY20 Q4FY19 Y-o-Y Growth
400,000 120%
320,000 100%
Y-o-Y Growth (In %)
80%
240,000
60%
160,000
40%
80,000 20%
0 0%
Edelweiss Mirae Asset Axis IDFC SBI Kotak Canara ICICI LIC HDFC
Mutual Mutual Fund Mutual Mutual Fund Mutual Mahindra Robeco Prudential Mutual Fund Mutual Fund
Fund Fund Fund Mutual Mutual Mutual
Fund Fund Fund
Source: AMFI and MFI360;
*Top 10 fastest growing AMCs are on the basis of y-o-y QAAUM growth. AMCs with QAAUM => median have been considered. The median is Rs. 11,327 crore.
The 10 AMCs have collectively increased their market share to 60% as on Q4FY20 from 54% a year ago

Section II
Inflow Outflow Analysis
Industry sees huge debt outflows towards FY20 end

Industry-wide Net Flows FY20
200,000
133,482 120,149
100,460 102,538
76,990 87,088
100,000
54,419
0
In Rs. Crore
-1,986
-100,000 -61,810
-159,814 -151,790
-200,000
-212,737
-300,000
Source: AMFI and MFI360
Industry saw heavy outflows in Q4FY20 relative to healthy inflows in Q3FY20 due to market volatility that
led to high redemptions, particularly in debt funds
Downgrade of debt securities and default by few NBFCs triggered redemptions in credit risk funds.
Withdrawal by foreign institutional investors amid market volatility and Covid-19 outbreak increased
outflows
Corporates, too, pulled out from liquid funds in Mar-20 to meet advance tax payments and near-term
operational needs. Liquid and money market funds’ redemption stood as high as Rs. 548,864 crore in
Mar-20
Equity saw net inflows in Q4FY20

Equity Net Flows Vs SIP Contribution*
Equity Netflow SIP Contribution
Equity Net Flows (In Rs. Crore)
11,485
15,000 9,000
10,730
SIP Contribution (In Rs. Crore)

9,090
8,013
7,548
7,367
10,000
6,479
6,009
4,968
4,432
8,500
4,229
5,000
933
0 8,000
Source: AMFI, MFI 360; Note: Equity includes ELSS funds
Equity inflows were encouraging and March recorded highest net inflows for FY20
Inflows were mostly through SIP route. Investors poured money into multi caps, large caps and mid caps,
which made a combined contribution of Rs. 14,919 crore of the total net inflows in Q4FY20

Section III
Category Performance#
Equity
Large Cap
Snapshot Market Cap % Allocation 2, 3, 4
AUM1 Rs. 1.14 lakh crore
AAUM1 Rs. 1.26 lakh crore Large cap (90.43%)

Mid cap (7.01%)
No. of Funds1 29
Small cap (2.56%)
No. of Folios1 100.28 lakh
Average Monthly Net Flows5 Rs. 1,607 crore
AUM/Net Flows over the Year 2, 4

AUM Net Flows
1.36
1.54
1.54
1.52
2.00 0.03
1.50
1.46
1.44
1.42
1.41
(In Rs. Lakh Crore)

1.36
1.14
1.27
1.50
Net Flows
0.02
1.00
0.01
0.50
0.00 0.00
Source: AMFI and MFI 360

Note: 1. Data as on Mar 31, 2020; 2. Period considered - Apr-19 to Mar-20; 3. Market cap has been calculated by taking average of period under review (Apr-19 to
Mar-20); 4. Only open-ended, growth and regular plans considered; 5. Period considered – Jan-20 to Mar-20
Mid Cap
2, 3, 4
Snapshot Market Cap % Allocation
AAUM1 Rs. 0.76 lakh crore Large cap (16.76%)
No. of Funds 1
25 Mid cap (67.73%)
Small cap (15.52%)
2, 4
AUM/Net Flows over the Year
AUM Net Flows
0.91
0.89
0.82
0.84
0.85
0.79
0.78
0.78
1.00 0.04
0.75
0.74
0.73
Net Flows (In Rs. Lakh

0.66
Crore)
0.50 0.02
0.00 0.00

#
The category list is not exhaustive

Category Performance
Small Cap
2, 3, 4
Snapshot Market Cap % Allocation
AAUM1 Rs. 0.42 lakh crore

Large cap (7.26%)
No. of Funds 1
23 Mid cap (19.41%)
Small cap (73.33%)

Average Monthly Net Flows5 Rs. 911 crore
2, 4
AUM Net Flows
0.52
0.51
0.49
0.48
0.48
0.46
0.46
0.46
0.60 0.02
0.44
0.43
0.42

0.36
0.40
Crore)
0.01
0.20
0.00 0.00

Note: 1. Data as on Mar 31, 2020; 2. Period considered – Apr-19 to Mar-20; 3. Market cap has been calculated by taking average of period under review (Apr-19
to Mar-20); 4. Only open-ended, growth and regular plans considered; 5. Period considered – Jan-20 to Mar-20
Multi Cap

Large cap (73.35%)
No. of Funds1 34 Mid cap (16.99%)
No. of Folios1
92.64 lakh Small cap (9.66%)
2, 4
AUM Net Flows
1.56
1.53
2.00 0.05
1.52
1.52
1.50
1.49
1.45
1.44
1.44

1.36
1.36
1.14
1.50
Crore)
1.00 0.03
0.50
0.00 0.00


ELSS

Large cap (70.13%)
No. of Funds1 39 Mid cap (19.96%)
Small cap (9.91%)

2, 4
AUM Net Flows
1.50 0.04

1.01
1.00
0.99
0.98
0.97
0.94
0.94
0.94
0.92
0.89
0.88
0.75
0.03
1.00
Crore)
0.02
0.50
0.01
0.00 0.00

Note: 1. Data as on Mar 31, 2020; 2. Period considered – Apr-19 to Mar-20; 3. Market cap has been calculated by taking average of period under review (Apr-19 to
Performance at a glance
P2P returns (CAGR %) SIP Returns (XIRR %)
1 Year 3 Year 5 Year 1 Year 3 Year 5 Year
Broad Broad Broad Broad Broad Broad Broad
market Category market Category market Category market Category market Category market Category market
Category Index Average index Average index Average index Average index Average index Average index
Large Nifty 50 -21.58 -24.85 -2.1 -0.81 0.91 1.56 -39.17 -43.43 -12.64 -12.84 -3.52 -2.83
Cap TRI
Nifty
Mid Cap Midcap -24.43 -34.83 -5.81 -11.09 0.67 -0.95 -39.29 -51 -16.81 -24.95 -5.99 -11.05
100 TRI
Nifty
Small Cap Smallcap -30.3 -45.03 -10 -18.94 -0.78 -7.55 -45.67 -62.6 -23.84 -36.4 -10.57 -20.45
100 TRI
Nifty 500
Multi Cap -22.74 -26.44 -3.48 -3.14 0.91 1.29 -39.73 -44.09 -14.63 -15.61 -4.52 -4.47
TRI
S&P BSE
ELSS 200 TRI -22.89 -25.24 -3.27 -2.02 1.1 1.76 -40.48 -43.07 -14.98 -14.16 -4.56 -3.49

Note 1. Data as on Mar 31, 2020; 2. For every respective scheme, suitable benchmark has been considered; 3. Period considered – Apr-19 to Mar-20; 4. Only
open-ended, growth and regular plans considered
Broad market indices recorded sharp decline in FY20 due to unstable equity markets, U.S.-China trade
war and uncertainty amid Covid-19 outbreak towards year end
Though equity funds recorded losses, category averages were better than the broader indices. The
short-term losses muted the funds’ 3- and 5-year returns

Debt
Liquid
Snapshot AUM/Net Flows over the year 3,4
AUM Net Flows

AUM1 Rs. 3.35 Lakh crore
Net Flows (In Rs. Lakh Crore)

5.27
4.85
4.84
4.78
5.49
4.46
4.43
4.24
4.93
3.98
3.88
AAUM1 Rs. 3.82 Lakh crore 6.00 1.00
3.35
4.00 0.00
No. of Funds1 39
2.00 -1.00
No. of Folios1 18.16 Lakh 0.00 -2.00
Apr-19
May-19
Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
Mar-20
Average Monthly Net Flows6 Rs. -31,393 crore
1,2,5 3,4
Performance across Periods Instrument Allocation
Liquid Funds ICRA Liquid Index
CP - 49.85%
21.66
CD - 19.57%
25.00
T Bill - 11.27%
15.05
20.00
Cash & Equivalents - 10.37%
15.00
In %
Others - 5.10%
6.15
6.22
5.56
5.36
5.31
6.02
5.96
5.55
10.00
Bonds/Debentures - 2.54%
5.00
Gilt - 0.86%
0.00
SDL - 0.44%
1 Week 1 Month 3 Months 6 Months 1 Year

Note: 1. Data as on Mar 31, 2020; 2. ICRA Liquid Index has been considered as the benchmark for the schemes under review; 3. Period considered - Apr-19 to
Mar-20; 4. Only open-ended, growth and regular plans considered; 5. Returns less than one year are simple annualized and greater than or equal to one year are
compounded annualized; 6. Period considered – Jan-20 to Mar-20
Ultra Short Duration

AUM Net Flows


1.01
1.01
0.95
0.93
0.93
0.93
0.90
0.90
0.88
0.87
0.87
0.72

0.8 0.0
No. of Funds1 29 -0.1
0.4 -0.2
1 0.0 -0.3
No. of Folios 6.50 Lakh
Jul-19
Apr-19
Jun-19
Oct-19
Jan-20
Feb-20
Mar-20
Dec-19
Aug-19
Nov-19
Sep-19
May-19
1,2,5 3,4
Ultra Short Duration Funds
54.59
Bonds/Debentures - 39.74%
Nifty Ultra Short Duration Debt Index
60.00 CD - 23.75%
38.85
CP - 17.51%
40.00 Cash & Equivalents -11.48%
In %
T Bill - 3.93%
7.36
6.52
6.49
6.29
6.27
5.19
5.01
3.87
20.00 Others - 3.01%

SDL - 0.37%
0.00 Gilt - 0.21%


Low Duration
AUM Net Flows

1.01
0.98
0.93
0.92
0.90
0.89
0.88
0.86
0.85
0.84
0.84
0.81
1.2 0.1
AAUM1 Rs. 0.92 Lakh crore
0.0
0.8
No. of Funds1 26 -0.1
0.4
-0.2
No. of Folios 1
9.64 Lakh 0.0 -0.3
Apr-19
May-19
Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
Mar-20
Performance across Periods 1,2,5 Instrument Allocation 3,4

78.53
Low Duration Bonds/Debentures - 55.23%

ICRA Liquid Index CD - 23.01%
65.00
CP - 9.38%
In %
15.05
Cash & Equivalents - 8.17%

6.22
6.02
5.56
5.55
1.28
25.00
Others - 3.13%
Gilt - 0.72%
- .28
- .61
-15.00
-14.89
SDL - 0.20%
0
1
T Bill - 0.17%
Source: AMFI, MFI 360

Short Duration
AUM Net Flows


0.99
0.96
1.05
0.93
0.93
0.89
AAUM1
0.86
Rs. 0.99 lakh crore

0.84
0.83
0.82
0.81
0.81
1.2 0.1
No. of Funds 1
28 0.8
-0.1
0.4
1
No. of Folios 3.60 Lakh 0.0 -0.3
Apr-19
May-19
Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
Mar-20
1,2,5 3,4
Short Duration Funds Bonds/Debentures - 72.90%

120.01
108.17
Nifty Short Duration Debt Index Cash & Equivalents - 9.69%

120.00 Gilt - 7.77%
CD - 4.54%
In %
80.00
Others - 2.19%
SDL - 1.48%
8.19
8.85
8.80
40.00
5.41
7.54
2.22
6.97
4.34
CP - 1.24%
0.00 T Bill - 0.19%


Credit Risks
AUM Net Flows


0.80
0.76
0.70
0.63
0.73
0.62
0.62
0.65
0.66
0.64
0.55
0.68
0.6 -0.02
1
No. of Funds 23 0.4
-0.04
0.2
No. of Folios1 4.62 Lakh 0.0 -0.06
May-19
Apr-19
Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
Mar-20
Performance across Periods 1,2,5 Instrument Allocation 3,4

Credit Risk Funds Nifty Short Duration Debt Index Bonds/Debentures - 82.06%
8.80
Cash & Equivalents -9.72%

8.19
7.98
7.61
4.90
10.00 CD - 2.77%
2.58
Others - 2.51%
In %
5.00
CP - 2.26%
0.00 Gilt - 0.56%
- 2.37
SDL - 0.08%
-2.60
-5.00
REITs & InvITs - 0.04%
6 Months 1 Year 3 Years 5 Years


Section IV
Investor Trends
Individual investors make for more than half the mutual fund industry’s AAUM
Individual investors, comprising retail investors and High Networth Individuals* (HNIs), have grown more
than institutional investors’ in the past five years
As of Mar-20, individual investors made for around 52% of the AAUM, while institutional investors, mostly
comprising corporates, accounted for the remaining AAUM
Investment Profile of Individual Investor Investment Profile of Institutional Investor
Equity (55.92%) Debt (33.02%) Balanced (10.08%) Equity (10.13%) Debt (75.92%) Balanced (0.87%)
ETF (0.80%) Fund of funds investing overseas (0.17%) ETF (13.04%) Fund of funds investing overseas (0.04%)a
Source: AMFI and MFI 360; As of Mar 31, 2020; *HNI investors are those who have cumulative investments in schemes greater than Rs. 5 lakh
ELSS made up more than 14% of the total industry folios

ELSS funds ended the year with highest folio count (14.27% of the total industry folios), followed by large
cap funds (11.17%) and multi cap funds (10.32%)
In the last quarter of FY20, 26.19 lakh new folios were added
Folio count increased 72.9 lakh in FY20 supported by greater retail participation. Number of folios at year
end were 9% higher than a year-ago
Folios of Top 5 subcategories within Equity Category* Folio Growth in Last 12 Months
897
888
885
ELSS 128 900 15

871
865
863
1-Month Change (In Lakhs)

Folio Count (In Lakhs)
856
853
848
838
Large Cap Fund 100

832
827
850 10
Multi Cap Fund 93

800 5
Sectoral/Thematic Fund 65
750 0
Jul-19
Sep-19
Jun-19
Feb-20
Nov-19
Jan-20
Apr-19
Mid Cap Fund

Mar-20
65
Aug-19
Oct-19
May-19
Dec-19
- 20 40 60 80 100 120 140

Folio 1-Month Change
In Lakhs
Source: AMFI and MFI 360, As on Mar 31, 2020 Source: AMFI and MFI 360
*Includes close ended and interval schemes

Investor Trends
Portfolio turnover remains high for Institutional Investors
Individual investors held 52% of their equity investments for ≥ 12 months in Q4FY20 versus 54% in
Q3FY20, whereas, institutional investors held 13%, thereby remaining steady q-o-q
Equity
Retail Non-Retail
AUM - 10.2 Lakh crore

Retail - 76%
35%
Non-Retail - 24% 33%
28%
In %
21% 19%
14%
10%
8%
7% 4% 5% 5% 5%
3% 3% 2% 3%
0%
0-1 Month 1-3 Month 3-6 Month 6-12 Month 12-24 >24 Month
Month
Source: AMFI, MFI 360; Data as of Mar-20
Individual investors held 20% of their non-equity investments for ≥ 12 months in Q4FY20 versus 18% in
Q3FY20, whereas, institutional investors held 22% versus ~20%
Non-Equity**
Retail Non-Retail AUM - 12.1 Lakh crore

Retail - 35%
Non-Retail - 65%
30%
22%
20%
In %
13%
12%
10% 9%
7% 8% 8%
6%
5%
4% 3%
3%
0%
0-1 Month 1-3 Month 3-6 Month 6-12 Month 12-24 Month >24 Month
Source: AMFI, MFI 360; Data as of Mar-20

Section V
Industry Insights
Investment into SIP schemes stayed above Rs. 8,000 crore mark for 16th
consecutive month
Mutual Funds collected Rs. 100,084 crore in FY20 through the SIP route compared with Rs. 92,693 crore
in FY19
Investors stayed the course even as liquidity was drying up during the year end amid the pandemic
O/S SIP Accounts Vs SIP Contribution

SIP Contribution Total No. of outstanding SIP Accounts
8,641
350 8,700
8,532
8,518
SIP Contribution (In Rs. Crore)

8,513
Total No. of outstanding SIP
8,600
8,500
8,324
300
8,273
8,263
8,246
Accounts
8,238
8,400
8,231
8,183
8,300
8,122
250
8,200
8,100
200 8,000
AAUM contribution from B30 cities shows steady y-o-y growth

Penetration is low in ‘beyond the top 30 cities’ (B30) but has shown steady growth over the years. The
untapped territories offer opportunity for the mutual fund industry
B30 shows more inclination towards equity. As on Mar-20, more than 62% of the industry AAUM coming
from B30 was in equity vis-à-vis 43% from T30
Distributors (Associate and Non-Associate Distributor) contributed 50% and 79% of AAUM in T30 and
B30 cities, respectively in Mar- 20
Growth in assets in T30/B30 locations Equity/Non-equity asset mix in T30/B30 Locations
2,500,000 2,299,538 100.0%

65.9%
65.0%
2,085,923
62.2%
2,078,454
56.8%
55.9%
AAUM (In Rs. Crore)
54.5%
2,000,000
45.5%
75.0%
44.1%
43.2%
37.8%
35.0%
34.1%
1,500,000
50.0%
1,000,000
25.0%
384,959 426,394 379,562
500,000
0.0%
0 T30 B30 T30 B30 T30 B30
Mar-20 Dec-19 Mar-19
Mar-20 Dec-19 Mar-19
T30 B30 Equity Non-equity

Industry Insights
FPIs withdrew towards end of FY20, but retail investors displayed resilience
Foreign portfolio investors’ sentiments dented amid coronavirus pandemic, resulting in massive pull out in
Mar-20 after six straight months of net inflows in equities
Contrarily, mutual funds saw strong equity inflow as retail investors exhibited resilience despite huge
sell-off in the market
FPI/FII & Mutual Fund Investment Trends in Equity Markets

FPI/FII MF
150,000 140,042
100,000 92,040
84,226
65,041
In Rs. Crore
52,977 54,912
50,000
26,021
6,152
993
0
-14,171
-50,000 FY16 FY17 FY18 FY19 FY20
Debt makes for the larger part of Top 2 states contribute ~51% of
AAUM, but equity is gaining ground mutual fund assets
Debt continues to occupy the larger share of the Maharashtra continues to contribute highest
asset base in Q4FY20, contributing to 52% of the share in mutual fund AAUM followed by New
AAUM Delhi, Karnataka, Gujarat and West Bengal
However, prominence of equity has grown over More than 54% of Maharashtra’s investments
time, owing to rising investor awareness and were in liquid and other debt schemes as the
attractive returns, albeit with higher risk state attracts greater institutional and corporate
participation
Equity accounted for 48% of assets in Q4FY20;
gradual shift in this asset class is mostly driven In contrast, Dadra and Nagar Haveli made the
by individual investors highest equity contribution (~70%) among all
states and union territories due to high retail
participation
Category-wise AAUM Break-up in Q4FY20 Top 10 State-wise Contribution in Q4FY20
Maharashtra (41.13%) New Delhi (9.68%) Karnataka (6.98%)

Equity (35.35%) Debt (51.94%) Balanced (5.92%) Gujarat (6.76%) West Bengal (5.34%) Tamil Nadu (4.91%)
ETF (6.68%) Fund of funds investing overseas (0.10%) Haryana (4.54%) Uttar Pradesh (4.07%) Telangana (1.74%)
Rajasthan (1.71%) Others (13.39%)
Source: AMFI and MFI 360 Source: AMFI and MFI 360
Note: 1. AAUM excludes Fund of Funds Scheme(Domestic); 2. Equity includes Note 1. Data is an average of contribution for Jan-20, Feb-20 and Mar-20
ELSS schemes, Balanced and ETF; 3. Debt includes Liquid/ Money Market,
Gilt, FMP, Debt (assured return) Infrastructure Debt Funds and Other Debt
Schemes; 4. ETF includes Gold and Other ETF's 5. Data is an average of
contribution for Jan-20, Feb-20 and Mar-20

Section VI
Regulatory Update
MPC makes steepest rate cuts in FY20

FY20 Bi-monthly GDP - economic
Monetary Policy Rates Inflation projection growth projection
First - Repo rate down 25 bps to 6% - Q4FY19 - lowered to 2.4% - FY20 - lowered to 7.2%
(April 4, 2019) - Reverse Repo rate adjusted to 5.75%, Marginal - H1FY20 - lowered to 2.9%-3% - H1FY20 - lowered to 6.8%-7.1%
standing facility (MSF) rate and Bank Rate to - H2FY20 - 3.5%-3.8% - H2FY20 - 7.3%-7.4%
6.25%
- Maintained Neutral stance
Second - Repo rate down 25 bps to 5.75% - H1FY20 - raised to 3%-3.1% - FY20 - lowered to 7%
(June 6, 2019) - Reverse Repo rate adjusted to 5.50%, Marginal - H2FY20 - lowered to 3.4%-3.7% - H1FY20 - lowered to 6.4%-6.7%
standing facility (MSF) rate and Bank Rate to - H2FY20 - broadened range to
6.00% 7.2%-7.5%
- Changed the stance from Neutral to
Accommodative
Third - Repo rate down 35 bps to 5.40% - Q2FY20 - 3.1% - FY20 - lowered to 6.9%
(August 7, 2019) - Reverse Repo rate adjusted to 5.15%,Marginal - H2FY20 - raised the lower end to - H1FY20 - lowered to 5.8%-6.6%
standing facility (MSF) rate and Bank Rate to 3.5%-3.7% - H2FY20 - raised the lower end to
5.65% - Q1FY21 - 3.6% 7.3%-7.5%
- Maintains Accommodative stance - Q1FY21 - 7.4%
Fourth - Repo rate down 25 bps to 5.15% - Q2FY20 - raised to 3.4% - FY20 - lowered to 6.1%
(October 4, 2019) - Reverse Repo rate adjusted to 4.90%, Marginal - H2FY20 - retained 3.5%-3.7% - Q2FY20 - 5.3%
standing facility (MSF) rate and Bank Rate to - Q1FY21 - retained 3.6% - H2FY20 - lowered to 6.6%-7.2%
5.40%
- Q1FY21 - lowered to 7.2%
- Maintains Accommodative stance
Fifth - Repo rate unchanged at 5.15% - H2FY20 - raised to 4.7%-5.1% - FY20 - lowered to 5%
(December 5, 2019) - Reverse Repo rate unchanged at 4.90%, - H1FY21 - retained 3.8% - 4.0% - H2FY20 - lowered to 4.9%-5.5%
Marginal standing facility (MSF) rate and Bank - H1FY21 - lowered to a range of
Rate unchanged at 5.40% 5.9%-6.3%
Sixth - Repo rate unchanged at 5.15% - Q4FY20 - 6.5% - FY21 - 6%

(February 6, 2020) - Reverse Repo rate unchanged at 4.90%, - H1FY21 - raised to 5% - 5.4% - H2FY21 - lowered to 5.5%-6%
Marginal standing facility (MSF) rate and Bank - Q3FY21 - 3.2% - Q3FY21 - 6.2%
Rate unchanged at 5.40%
Seventh - Repo rate lowered 75 bps to 4.40% - No announcements - No announcements

(March 27, 2020) - Reverse Repo rate lowered 90 bps to 4.00%,
- preponed Marginal standing facility (MSF) rate and Bank
from April 3, 2020 Rate lowered 75 bps to 4.65%

Regulatory action
amid Covid-19 pandemic
Stewardship
Code deadline
extended
1
SEBI extended the deadline for
implementing the Stewardship Code for
MFs and AIFs from Apr 1, 2020 to Jul
1, 2020 considering the prevailing
situation arising from the Covid-19
Ease in
compliance
timelines
2
Amid the recent events owing to
Covid-19, SEBI eased compliance
timelines for AMCs. Disclosure of half
yearly unaudited financial results has
3
been extended to May 31, 2020. Yearly
disclosures of investor complaints have
Temporary relaxation been relaxed to Jun 30, 2020
in some policy
initiatives
SEBI has temporarily relaxed the
4
implementation date to Jun 30, 2020
for some policy initiatives including the
risk management framework for liquid Transaction of mutual
and overnight funds, review of mutual funds through stock
fund investment norms for debt and exchange
money market instruments and
valuation of money market and debt SEBI permitted investors to use the
securities stock exchange platform to transact in
mutual funds. The step may need the
recognised stock exchanges, clearing
corporations and depositories to
amend their existing byelaws, rules and
5
regulations
RBI decides to
conduct TLTROs
6
In the seventh bi-monthly monetary
policy meeting for FY20 on Mar 27,
2020 (preponed from Apr 3, 2020), NFO letter
RBI decided to conduct Targeted Long
validity kept at
Term Repos Operations (TLTROs) of up
1 year
to three years tenor of appropriate
sizes. It also decided to reduce the NFOs where SEBI issued an
cash reserve ratio (CRR) of all banks by observation / final observation letter,
100 bps to 3% of net demand and time the regulator has kept a validity period
liabilities and the requirement of of one year from the date of the letter in
minimum daily CRR balance view of the prevailing Covid-19
maintenance from 90% to 80% scenario
Section VII
Annexure
Mkt QAAUM QAAUM (In Rs. Crore) % Change in QAAUM

Asset Management Company
Share Q4FY20 % Share Q3FY20 Q2FY20 Q1FY20 Q4FY19 3M 6M 9M 12M
Top 5 = 57.2%
SBI Mutual Fund 373,537 13.8% 352,632 320,663 307,534 283,807 5.9% 16.5% 21.5% 31.6%
HDFC Mutual Fund 369,783 13.7% 382,517 376,598 362,538 342,291 -3.3% -1.8% 2.0% 8.0%
ICICI Prudential Mutual Fund 350,743 13.0% 361,507 348,068 337,287 320,793 -3.0% 0.8% 4.0% 9.3%
Top 10 = 83%
Aditya Birla Sun Life Mutual Fund 247,522 9.2% 249,926 253,828 253,965 246,480 -1.0% -2.5% -2.5% 0.4%
Nippon India Mutual Fund 204,884 7.6% 204,371 202,649 222,576 233,617 0.3% 1.1% -7.9% -12.3%
Top 15 = 93.3%
Kotak Mahindra Mutual Fund 186,088 6.9% 176,961 168,399 161,209 150,099 5.2% 10.5% 15.4% 24.0%
UTI Mutual Fund 151,513 5.6% 157,119 154,229 157,866 159,694 -3.6% -1.8% -4.0% -5.1%
Top 20 = 97.1%
Axis Mutual Fund 138,402 5.1% 122,867 105,526 102,221 89,720 12.6% 31.2% 35.4% 54.3%
Franklin Templeton Mutual Fund 116,323 4.3% 126,475 124,025 124,967 118,912 -8.0% -6.2% -6.9% -2.2%
IDFC Mutual Fund 103,912 3.8% 104,630 94,151 82,279 69,352 -0.7% 10.4% 26.3% 49.8%
DSP Mutual Fund 80,422 3.0% 77,213 75,416 77,619 78,363 4.2% 6.6% 3.6% 2.6%
L&T Mutual Fund 71,056 2.6% 71,587 69,213 73,497 70,944 -0.7% 2.7% -3.3% 0.2%
Tata Mutual Fund 53,149 2.0% 52,678 49,646 53,641 54,194 0.9% 7.1% -0.9% -1.9%
Mirae Asset Mutual Fund 43,200 1.6% 39,349 33,282 29,261 24,191 9.8% 29.8% 47.6% 78.6%
Sundaram Mutual Fund 31,377 1.2% 31,469 30,613 31,220 30,497 -0.3% 2.5% 0.5% 2.9%
Invesco Mutual Fund 25,664 0.9% 25,182 23,543 24,635 23,990 1.9% 9.0% 4.2% 7.0%
Edelweiss Mutual Fund 24,472 0.9% 12,415 11,764 12,128 11,665 97.1% 108.0% 101.8% 109.8%
Motilal Oswal Mutual Fund 19,957 0.7% 20,281 18,934 19,640 19,090 -1.6% 5.4% 1.6% 4.5%
Canara Robeco Mutual Fund 17,942 0.7% 17,310 16,540 15,852 14,583 3.7% 8.5% 13.2% 23.0%
LIC Mutual Fund 16,605 0.6% 16,624 15,468 16,294 15,240 -0.1% 7.4% 1.9% 9.0%
Baroda Mutual Fund 11,809 0.4% 11,153 10,676 11,181 11,320 5.9% 10.6% 5.6% 4.3%
HSBC Mutual Fund 11,327 0.4% 11,255 11,747 11,608 11,054 0.6% -3.6% -2.4% 2.5%
BNP Paribas Mutual Fund 7,647 0.3% 7,731 7,301 7,244 7,209 -1.1% 4.7% 5.6% 6.1%
PRINCIPAL Mutual Fund 6,403 0.2% 6,730 6,838 7,280 7,091 -4.8% -6.4% -12.0% -9.7%
JM Financial Mutual Fund 6,109 0.2% 5,683 6,488 7,710 8,712 7.5% -5.8% -20.8% -29.9%
Mahindra Mutual Fund 5,396 0.2% 5,258 5,221 4,972 4,748 2.6% 3.4% 8.5% 13.7%
IDBI Mutual Fund 5,031 0.2% 5,089 5,348 6,457 9,266 -1.1% -5.9% -22.1% -45.7%
PGIM India Mutual Fund 4,335 0.2% 4,042 4,264 5,412 7,627 7.3% 1.7% -19.9% -43.2%
Union Mutual Fund 4,075 0.2% 4,285 4,089 4,307 4,259 -4.9% -0.3% -5.4% -4.3%
PPFAS Mutual Fund 3,138 0.1% 2,770 2,379 2,116 1,805 13.3% 31.9% 48.3% 73.8%
BOI AXA Mutual Fund 2,271 0.1% 2,323 2,479 3,128 3,626 -2.3% -8.4% -27.4% -37.4%
IIFL Mutual Fund 1,832 0.1% 1,232 1,349 1,523 1,640 48.8% 35.9% 20.4% 11.7%
IL&FS Mutual Fund (IDF) 1,831 0.1% 1,259 1,236 1,523 1,593 45.5% 48.1% 20.2% 15.0%
Indiabulls Mutual Fund 1,550 0.1% 1,453 2,237 4,530 4,808 6.7% -30.7% -65.8% -67.8%
Quantum Mutual Fund 1,362 0.1% 1,457 1,453 1,444 1,360 -6.6% -6.3% -5.7% 0.1%
Essel Mutual Fund 763 0.0% 856 901 1,041 1,416 -10.8% -15.3% -26.7% -46.1%
IIFCL Mutual Fund (IDF) 571 0.0% 561 562 563 580 1.9% 1.6% 1.3% -1.5%
ITI Mutual Fund 527 0.0% 170 63 67 -- 209.4% 733.6% 692.2% --
Taurus Mutual Fund 419 0.0% 431 410 435 424 -3.0% 2.0% -3.8% -1.3%
YES Mutual Fund 253 0.0% 395 917 1,421 2,000 -36.1% -72.5% -82.2% -87.4%
Quant Mutual Fund 249 0.0% 82 215 217 196 204.9% 15.5% 14.7% 26.7%
Shriram Mutual Fund 182 0.0% 185 171 133 124 -1.3% 6.9% 37.5% 47.3%
Sahara Mutual Fund 46 0.0% 50 49 54 55 -7.3% -5.0% -13.7% -15.0%
Grand Total 2,703,676 100% 2,677,562 2,568,947 2,550,592 2,448,438
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Mutual Fund Screener: For The Quarter Ended March 2020

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Mutual Fund Screener: For The Quarter Ended March 2020

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Mutual Fund

Industry AUM tumbles more than 6% y-o-y in FY20

Assets Under Management over the year

Industry QAAUM was Rs. 27.04 lakh crore in Q4FY20

Growth Trend of AMCs for the Quarter ended Mar-20

AMCs Top 5 Next 10 Rest

Range -3.3% to 5.9% -8% to 12.6% -36.1% to 209.4%

Mutual Fund Industry (QAAUM)

Mutual Fund Screener - March 2020 3

Top 10 AMCs* account for 83% of QAAUM

Q4FY20 Q3FY20 Q-o-Q Growth

Q-o-Q Growth (In %)

Top 10 fastest growing AMCs*

Q4FY20 Q4FY19 Y-o-Y Growth

Mutual Fund Screener - March 2020 4

Inﬂow Outﬂow Analysis

Industry sees huge debt outﬂows towards FY20 end

Source: AMFI and MFI360

Equity saw net inﬂows in Q4FY20

SIP Contribution (In Rs. Crore)

Source: AMFI, MFI 360; Note: Equity includes ELSS funds

Mutual Fund Screener - March 2020 5

AUM1 Rs. 1.14 lakh crore

AAUM1 Rs. 1.26 lakh crore Large cap (90.43%)

Average Monthly Net Flows5 Rs. 1,607 crore

AUM/Net Flows over the Year 2, 4

(In Rs. Lakh Crore)

Source: AMFI and MFI 360

AUM1 Rs. 0.66 lakh crore

AAUM1 Rs. 0.76 lakh crore Large cap (16.76%)

Average Monthly Net Flows5 Rs. 1,494 crore

Net Flows (In Rs. Lakh

Source: AMFI and MFI 360

Mutual Fund Screener - March 2020 6

AUM1 Rs. 0.36 lakh crore

AAUM1 Rs. 0.42 lakh crore

Small cap (73.33%)

Average Monthly Net Flows5 Rs. 911 crore

Net Flows (In Rs. Lakh

Source: AMFI and MFI 360

AUM1 Rs. 1.14 lakh crore

AAUM1 Rs. 1.27 lakh crore

Average Monthly Net Flows5 Rs. 1,872 crore

Net Flows (In Rs. Lakh

Source: AMFI and MFI 360

Mutual Fund Screener - March 2020 7

AUM1 Rs. 0.75 lakh crore

AAUM1 Rs. 0.83 lakh crore

Small cap (9.91%)

Average Monthly Net Flows5 Rs. 1,118 crore

Net Flows (In Rs. Lakh

Source: AMFI and MFI 360

Source: AMFI and MFI 360

Mutual Fund Screener - March 2020 8

AUM Net Flows

Net Flows (In Rs. Lakh Crore)

Source: AMFI and MFI 360

Ultra Short Duration

AUM Net Flows

Net Flows (In Rs. Lakh Crore)

AAUM1 Rs. 0.88 Lakh crore 1.2 0.1

Average Monthly Net Flows6 Rs. -6,980 crore

20.00 Others - 3.01%