ICRA Mutual Fund Screener

Mutual Fund
Screener
FOR THE QUARTER ENDED
DECEMBER 2022
MF Industry at a glance in Q3FY23
o Asset base of Mutual Fund (MF) industry ended Q3FY23 on a

strong note:
− Quarterly Average Assets Under Management (QAAUM)
surpassed Rs. 40 lakh crore mark for the first time ever
− Assets Under Management (AUM) grew by 3.8% vis-à-vis
Q2FY23 to Rs. 39.89 lakh crore
− Average Assets Under Management (AAUM) grew by 2.2% to
Rs. 40.76 lakh crore compared to previous quarter
o Systematic Investment Plan (SIP) Contribution remained above Rs.

13,000 crore mark at the end of Q3FY23
o Folios breached 14-crore mark for the first time ever. Composition
of top five categories remained unchanged from previous quarter.
ELSS continued to top the chart. Sectoral/Thematic Funds and
Large Cap Funds interchanged their positions. Large Cap fund took
the third position
o MF Industry saw net inflows for the second consecutive quarter in

Q3FY23, coming lower than net inflows in Q2FY23. All the three
months of the quarter saw net inflows, tapering month by month
o ELSS alone saw net inflows of Rs. 696 crore in Q3FY23, up by over
150% sequentially
o Monetary Policy Committee (MPC) hiked the repo rate by 225 bps
so far in FY23
o Foreign Portfolio Investors (FPIs) were net buyers of domestic

stocks in Q3FY23 for second consecutive quarter
Mutual Fund Screener – December 2022 ICRA Analytics Limited 2

Mutual Fund Screener
What’s
Inside
01 02 03
Mark et Mutual Fund Inflow Outflow
Update Industry Size Analysis
04 05 06
Industry Category Regulatory
Insights Performance Update

SECTION I
Mark et
Update
10-year benchmark yields fell quarterly, with
significant annual surge
10-year benchmark yields fell by 7 bps on

10-Yr GOI over the year
quarterly basis on:
7.65
• Easing of inflationary pressure; India’s
7.30 consumer price index-based inflation
came below the Reserve Bank of India’s
In %
6.95 upper tolerance level of 6% in November

2022 for the first time in eleven months
6.60
• Fall in global crude oil prices
6.25
Jan-22 Mar-22 May-22 Aug-22 Oct-22 Dec-22 Gains were restricted as:
• MPC raised key policy repo rate by 35
Net Liquidity
bps in December 2022
5.00
`
• U.S. Federal Reserve (Fed) raised interest

rates in its monetary policy review in
In Rs. Lakh Crore
0.00 December 2022 and indicated that

interest rates in U.S would remain at
elevated levels for an extended period
-5.00
• Surge in U.S Treasury Yields
-10.00 Like previous quarter, surplus liquidity in the

Jan-22 Mar-22 May-22 Aug-22 Oct-22 Dec-22
banking system moderated during October
2022 to December 2022 likely due to year-
end cash demand and investments
Yields grew by 87 bps annually due to:

• Surge in key policy repo by 225 bps between May and December 2022
• Domestic Inflationary pressures, rise in global crude oil prices, and U.S. Treasury Yields
• Concerns over ongoing Russia-Ukraine war
• Announcement of record borrowing in Union budget for FY23

Spread Analysis (1 of 2)
2 Year
3.50 o Credit Spread of A category over AAA
experienced spread contraction in two-year
Credit Spread (In %)
2.50 segment towards the end of the quarter,

remained flat in three-year segment and kept
fluctuating in five-year segment across the
1.50
quarter
0.50
Oct-22 Nov-22 Dec-22
AA category over AAA
A category over AAA
A category over AA 3 Year
Credit Spread (In %) 3.50
2.50
o Credit Spread of AA category over AAA remained

1.50
flat in two and three-year segment, experiencing
spread expansion in five-year segment
0.50

A category over AAA
A category over AA
5 Year
3.00
Credit Spread (In %)
2.00
o Credit Spread of A category over AA also

1.00
experienced spread contraction in two-year
segment towards the end of the quarter, remained
0.00 flat in three-year segment and kept fluctuating in
five-year segment across the quarter
A category over AAA
A category over AA
Source: ICRA Analytics Limited; Calculated as average of all securities maturing in 2024, 2025, 2027, respectively in MF
portfolio in their respective rating category

Spread Analysis (2 of 2)
o Yield Movement in 10-year G-sec, 10-year AAA

Bond PSU, 10-year AAA Bond, HFC and 10-
Benchmark Movement-10 Yr G-sec Vs year AAA Bond NBFC witnessed contraction
AAA Bond PSU Vs AAA Bond HFC vs AAA towards the end of the quarter
Bond NBFC
8.50 o Credit spread of one-year AAA over G-sec
experienced spread expansion on quarterly and
8.00 annual basis; Credit spread of three-year and
five-year AAA over G-sec experienced slight
In %
7.50 spread expansion on quarterly basis and

contraction on annual basis; Credit spread of
7.00 10-year AAA over G-sec experienced spread
Oct-22 Nov-22 Dec-22 contraction both on quarterly and yearly basis
10 Yr G-sec 10 Yr AAA Bond PSU
o Credit spread of one-year, three-year, five-year
& 10-year AA bond over G-sec witnessed
10 Yr AAA Bond HFC 10 Yr AAA Bond NBFC
spread expansion on quarterly basis; but
experienced little to nil spread movement on
annual basis
Corporate Bond and G-sec Spread Matrix* (In bps)

31-Dec-22 30-Sep-22 31-Dec-21 QoQ change YoY Change
1 Y-AAA 82 53 48 29 34
3 Y-AAA 53 44 60 9 -7
5 Y-AAA 55 50 94 5 -39
10 Y-AAA 44 60 103 -16 -59
1 Y-AA 134 46 130 88 4
3 Y-AA 127 70 125 57 2
5 Y-AA 115 102 119 13 -4
10 Y-AA 159 131 159 28 0
Source: ICRA Analytics Limited; Refinitiv

*With respect to G-Sec of similar maturity. Semi annualized yields of G-Sec Papers are annualized for calculating spreads

Nifty 50 grew quarterly in Q3FY23 with
yearly gains in CY22
Nifty 50** movement over the year
28,000
Index values
24,000
20,000
Jan-22 Apr-22 Jul-22 Sep-22 Dec-22
Nifty 50 grew by 6.1% QoQ as of December 30, 2022. The upside was driven by:
• Strong domestic demand due to festive season and easing of inflationary
pressure
• Decline in global crude oil prices
• Upbeat earnings numbers by multiple big-name companies for quarter ended
September 30, 2022
Gains were restricted as:
• MPC raised key policy repo rate by 35 bps in December 2022 and downgraded
the growth projections of the Indian economy for the current fiscal
• Major central banks across the globe advocated for continued rise in interest
rates in December 2022
• China continued to grapple with soaring COVID-19 infections that renewed
worries of slowdown in global growth
Index grew 5.7% YoY for the same period. Investor sentiments were boosted by:
• Growth-oriented budget delivered by the finance minister
• Upbeat consumer sentiment due to festive season towards the end of the year
However, gains were restricted by:
• Ongoing geo-political tension between Russia and Ukraine
• Rate hike stance adopted by central banks of major economies
• Global and domestic inflationary pressure; rise in crude oil prices; Higher U.S.
Treasury yields
• Resurgence of COVID-19 cases in China
Source: MFI Explorer; **TRI variant of the index has been used for representation purpose

Nifty PSU Bank saw highest yearly
gains at quarter-end
YoY Sectoral returns
Nifty PSU Bank 75

23
Nifty Metal 6 25
Nifty Bank 4 22
Nifty Private Bank 3 22
Nifty FMCG 12 20
Nifty Auto 17 21
Nifty Energy 17
15
Nifty Financial Services 11
-4
Nifty Commodities 9
0.05
Nifty India Consumption 9
11
Nifty Infrastructure 8
0.41
Nifty MNC 4
4
Nifty Services Sector -4 3
Nifty Media -10
-3
Nifty Realty -11
-17 -11
Nifty Pharma -10
Nifty IT -25
-21
-40.00 0.00 40.00 80.00
In %
Dec-22 Sep-22
o Nifty PSU Bank witnessed highest yearly gains for the second consecutive quarter. Gains were
significantly higher than that in previous quarter amid upbeat earnings for the quarter ended
September 30, 2022. Metal Stocks saw second highest returns following the withdrawal of
export duty on steel products and iron ore. Reports of steel price hike in 2023 also led to gains
o IT stocks remained under pressure with concerns over higher interest rates leading to global
recession impacting spends on IT services negatively
Source: MFI360; TRI variant of the index has been used for representation purpose

Gold Prices rose on quarterly basis;
Brent Crude prices and Rupee fell
o Gold prices rose on a quarterly basis with
uncertainty over U.S monetary policy
outlook. Further, increase in number of
Commodity movement over the year COVID-19 infection cases in China boosted
the safe-haven appeal of the yellow metal
19 o Yearly Gold prices fell slightly
Gold and Brent Crude
o Brent crude oil prices fell on quarterly basis

Rebased (to 10)
as:
14
• Concerns of a recession and slowdown
in global growth weighed on market
sentiment
• Number of Covid-19 cases in China
9
increased expectations for a rebound in
Jan-22 Apr-22 Jun-22 Sep-22 Dec-22
fuel demand in the second-largest oil
Gold Brent Crude consumer in the world
• Prices fell further as the Group of Seven
Currency Movement over the year (G7) countries considered a price ceiling
on Russian oil
12
• Losses were restricted after OPEC+
Currency rates (against INR)
11 agreed in October 2022 to tighten global

Rebased (to 10)
supply with a deal to cut production

10 targets by 2 million barrels per day
o Brent crude oil prices rose on annual basis
9 o Rupee saw quarterly losses with rise in the
U.S. Treasury yields, rise in Covid-19 cases
8
in China, concerns over global economy,
Jan-22 Apr-22 Jun-22 Sep-22 Dec-22
and continued interest rate hikes by global
USD GBP Euro JPY
central banks to tame inflation. However,
losses were restricted on periodic
interventions by the RBI
o Rupee saw losses on annual basis
Source: Refinitiv, ICRA Analytics Limited

SECTION II
Mutual Fund
Industry Size
For the first time ever, QAAUM surpassed
Rs. 40 lakh crore mark
Mutual Fund Industry (QAAUM)

Q3FY23,
45,00,000 Q3FY22, Q4FY22, Q1FY23, Q2FY23,
40,26,758
38,20,898 38,37,994 37,74,792 39,05,906
40,00,000
35,00,000
QUAAM (In Rs. Crore)
30,00,000
25,00,000
20,00,000
15,00,000
10,00,000
5,00,000
0
Q3FY22 Q4FY22 Q1FY23 Q2FY23 Q3FY23
Growth/De-growth* Trend of AMCs for the Quarter ended Dec-22

AMCs Range
Top 5 1.6% to 4.4%
Next 10 -0.8% to 5.4%
Rest -3.9% to 148.3%
o After surpassing Rs. 39 lakh crore mark in Q2FY23, asset base of the
industry breached Rs. 40 lakh crore mark in just one quarter in Q3FY23
o With a sequential growth of 3.1% and annual growth of 5.4%, QAAUM
(Quarterly Average Assets Under Management) grew to Rs. 40.27 lakh crore
in Q3FY23. This marked the second consecutive quarterly growth and tenth
consecutive annual growth
o Like previous quarter, only five AMCs witnessed quarterly decline
o Top five AMCs with sequential growth were:
• White Oak Capital Mutual Fund (148.3%)
• Quant Mutual Fund (34.6%)
• Navi Mutual Fund (24.8%)
• Shriram Mutual Fund (16.8%)
• Samco Mutual Fund (13.6%)
Source: AMFI, MFI 360; *On the basis of QAAUM ended Dec-22
Note: 1. Sundaram Mutual Fund had completed the acquisition of Principal Mutual Fund on December 31, 2021. Accordingly, % change in QAAUM and latest
QAAUM data for Principal Mutual Fund has not been displayed. Also, for Sundaram AMC %change may have been fueled by the acquisition of Principal AMC 2.
On March 14, 2022, BNP Paribas Asset Management India Pvt. Ltd. and Baroda Asset Management India Limited has merged to be a new entity with the name
of Baroda BNP Paribas Asset Management India Pvt. Ltd. Hence, for Q4FY22, QAAUM of Baroda BNP Mutual Fund has been shown and for previous quarters
QAAUM of Baroda Mutual Fund and BNP Mutual Fund has been shown. 3. HSBC Mutual Fund had completed the acquisition of L&T Mutual Fund in November
2022. Accordingly, % change in QAAUM and latest QAAUM data for L&T Mutual Fund has not been displayed. Also, for HSBC AMC %change may have been
fueled by the acquisition of L&T AMC.

Kotak Mahindra MF replaced Aditya Birla
Sun Life MF; top 10 composition unchanged
Top 10* AMCs

Q3FY23 Q2FY23 QoQ
7,50,000 6.0%
QoQ change (In %)

QAAUM (in Rs. Crore)
4.0%
5,00,000
2.0%
2,50,000
0.0%
0 -2.0%
SBI ICICI HDFC Nippon Kotak Aditya Axis UTI IDFC DSP
Mutual Prudential Mutual India Mahindra Birla Sun Mutual Mutual Mutual Mutual
Fund Mutual Fund Mutual Mutual Life Fund Fund Fund Fund
Fund Fund Fund Mutual
Fund
Q3FY23^ 17.69% 12.12% 11.05% 7.27% 7.12% 7.00% 6.16% 5.98% 2.95% 2.88%
Q2FY23^ 17.48% 12.19% 10.99% 7.30% 7.22% 7.23% 6.36% 5.98% 3.07% 2.85%
o The top 10 composition (accounting for ~80% of QAAUM) remained unaltered for tenth quarter in
a row in Q3FY23
o Among top 10 AMCs:
• With highest sequential growth of 4.4%, SBI Mutual Fund surpassed Rs. 7 lakh crore mark for
the first time
• Despite witnessing second highest sequential growth for second straight quarter, DSP Mutual
Fund maintained its 10th position
• With sequential decline of 0.31%, Aditya Birla Sun Life Mutual Fund lost its fifth position to
Kotak Mahindra AMC that gained 1.6%
Source: AMFI, MFI 360; *Top 10 AMCs are based on Dec-22 QAAUM; ^Market share in terms of QAAUM

AUM grew sequentially and annually
AUM in Q3FY23
40,37,561
39,88,735
39,50,323
42,00,000
39,33,878
38,42,351
38,03,683
38,01,210
37,74,803
37,56,683
37,56,296
37,22,010
35,64,090
AUM (In Rs. Crore)
38,00,000
34,00,000
30,00,000
Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22
o With 3.8% sequential growth and 5.7% annual growth, Assets Under
Management (AUM) grew to Rs. 39.89 lakh crore in Q3FY23
o Under Open Ended category:
• Top five sub-categories with maximum growth (in Rs.) were: Liquid Fund
(Rs. 46,132 crore), Other ETFs (Rs. 42,619 crore), Index Fund (Rs. 23,990
crore), Sectoral/Thematic Fund (Rs. 9,584 crore), Large Cap Fund (Rs. 9,228
crore)
• Five sub-categories with highest growth (in %) were: Index Fund (22.8%),
Long Duration (22.3%), Multi Asset Allocation (14.7%), Liquid Fund (13.1%),
Other ETFs (9.4%)
• Four out of five sub-categories with maximum degrowth (in %) were from
Debt Oriented Schemes: Overnight Fund (27.4%), Medium Duration Fund
(7.5%), Floater Fund (6.3%), Banking and PSU Fund (4.4%) and Arbitrage
Fund (3.8%)
Source: AMFI and MFI360

SECTION III
Inflow Outflow
Analysis
Surge in net outflows in Debt Oriented Schemes
led to sequential decline in net outflows
Net inflows in Q3FY23
2.00 0.73
0.65
1.00
In Rs. Lakh Crore
0.35
-0.41
0.32
0.13
0.24
0.14
0.04
0.00
-0.08
-0.70
-0.70
-1.00
May-22
Jun-22
Jul-22
Aug-22
Dec-22
Apr-22
Jan-22
Nov-22
Mar-22
Feb-22
Sep-22
Oct-22
o MF Industry saw net inflows for the second consecutive quarter in Q3FY23. However, it came in lower
than net inflows in Q2FY23. Net inflows came in at Rs. 0.32 lakh crore, down nearly 33% from Rs. 0.47
lakh crore in Q2FY23. Surge in net outflows for Debt Oriented Schemes and fall in net inflows for
Equity Oriented Schemes led to the downside
o Net inflows were seen in all three months of the quarter, tapering month by month
o Under Open Ended category:
• Net outflows in Debt Oriented Schemes were significantly higher at Rs. 0.21 lakh crore compared
to net outflows of Rs. 0.11 lakh crore in previous quarter
• Under Debt Oriented Schemes, Overnight Fund, Ultra Short Duration Fund, Dynamic Bond Fund
saw net outflows against net inflows in previous quarter. Liquid Fund, Money Market Fund,
Corporate Bond Fund saw net inflows in Q3FY23 compared with net outflows in previous quarter
• Within Equity Oriented Schemes (including ELSS), Small Cap Fund saw highest net inflows while
Large Cap Fund saw highest net outflows
• Net outflows in Hybrid Schemes fell significantly from Rs. 0.14 lakh crore to Rs. 0.07 lakh crore.
While net inflows for Multi Asset Allocation Fund surged by more than 300% to Rs. 0.02 lakh
crore, net outflows for Arbitrage Fund fell significantly to Rs. 0.06 lakh crore from Rs. 0.19 lakh
crore in Q2FY23
• Except for Gold ETF, all sub-categories under Solution Oriented Schemes and Other Schemes
witnessed net inflows
Source: AMFI and MFI Explorer

Net inflows for Equity Oriented Schemes
saw sequential decline
Equity Net Inflow in Q3FY23
0.35
Equity Net Flows (In Rs. Lakh Crore)
0.28
0.28
0.20
0.18
0.21 0.15
0.16
0.15
0.14
0.14
0.09
0.09
0.07
0.06
0.07
0.02
0.00
Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22
o Despite witnessing net inflows in all three months of Q3FY23, net inflows for
Equity funds (including ELSS) fell 35% sequentially to Rs. 0.19 lakh crore. The
downside reflects volatility in stock markets
o Under Open-Ended category:

– Large Cap Fund, Dividend Yield Fund, Focused Fund saw net outflows
compared to net inflows in the previous quarter. All sub-categories under
Equity Oriented Schemes saw net inflows in the previous quarter
– Flexi Cap Fund saw nearly 100% fall in net inflows to Rs. 5.10 crore
– ELSS alone saw net inflows of Rs. 696 crore in Q3FY23, up by more than 150%
sequentially, marking the sub-category with highest sequential growth
– Despite volatility, Equity oriented schemes witnessed net inflows for the twenty
second consecutive month in December 2022
Source: AMFI and MFI Explorer; Note: Equity includes ELSS funds

SECTION IV
Industry
Insights
MF Folios surpasses 14-crore mark for the
first time ever
o Adding 30 lakh folios, total number of
folios were at 14.11 crore at quarter
end. Sequential growth was at 2.2%
Folios' growth in a year and annual growth at 17%
14.1
14.0
13.9
13.8
14.50 0.38 o Category-wise, all Open-Ended
13.6
13.6
13.5
1-Month Change (In Crore)

13.3
Folio Count (In Crore)
13.1
13.0
13.50 0.28 categories witnessed growth as of

12.6
12.3
December 2022 vis-à-vis September

12.50 0.18
2022 except Debt Oriented schemes
11.50 0.08
that saw marginal fall (-0.3%)
10.50 -0.02
o Under Debt category, while Long
May-22
Jun-22
Jul-22
Aug-22
Dec-22
Apr-22
Jan-22
Nov-22
Mar-22
Feb-22
Sep-22
Oct-22
Duration Fund saw highest sequential

growth, Banking and PSU Fund saw
Folio 1-Month Change highest sequential decline
Top 5 Folio compostion
ELSS 1.49
Sectoral/Thematic Funds 1.29
Large Cap Fund 1.29
Flexi Cap Fund 1.25
Other ETFs 1.18
0.0 0.5 1.0 1.5 2.0

In Crore
o Under Equity category, maximum growth came from Small Cap Fund and only
Focused Fund saw sequential decline
o Under Hybrid Scheme, Arbitrage Fund saw maximum sequential decline and
Multi Asset Allocation Fund saw maximum growth
o Composition of top five categories remained unchanged for fifth consecutive
quarter and accounted for nearly 46% of total folios; ELSS continued to top
the chart. Sectoral/Thematic Funds and Large Cap Funds interchanged their
positions. Flexi Cap Fund and Other ETFs continued to maintain fourth and
fifth position, respectively
Source: AMFI, ICRA Analytics Limited

Stickiness in Equity funds by Individual
Investors, wavered slightly for Debt Funds
Equity investment in Q2FY23: Equity
38%
40%
AUM - 24.1 Lakh crore
o Individual investors held 54% of 32% Retail - 75%
their equity investments for over Non-Retail - 25%
24%
12 months vis-à-vis 52% in
In %
16%
previous quarter 16%
11% 10%
o Holdings by institutional investors 8% 6%
3% 3%
increased to 16% of their equity 2%2% 3%2% 5%
0%
investments for over 12 months
0-1 Month 1-3 Month 3-6 Month 6-12 12-24 >24 Month
against 15% in previous quarter Month Month
Retail Non-Retail
Non-Equity
22% 20% AUM - 14.4 Lakh crore
Retail - 31%
Non-Retail - 69%
13%
12%
10% 10% 11%
In %
11%
7% 6%
3% 3% 3%
2%
0%
0-1 Month 1-3 Month 3-6 Month 6-12 12-24 >24 Month
Month Month
Retail Non-Retail
Debt investment in Q2FY23:
o Individual investors held 19% of their debt investments for over 12 months
against 20% in Q4FY22
o Institutional investors held 22% for over 12 months vis-à-vis 21% in
Q1FY23
Source: AMFI, MFI360; Data as on Sep 30, 2022

SIP Contribution grew quarterly and
annually
SIP Contribution and Outstanding SIP accounts for the year
13,573
13,306
SIP Contribution (In Rs. Crore)
14,000 650
13,041
Total No. of outstanding SIP

12,976
12,693
Accounts (In Lakh)

600
12,328
12,286
12,276
12,140
13,000
11,863
550
11,517
11,438
12,000
500
11,000 450
May-22
Jun-22
Jul-22
Aug-22
Dec-22
Apr-22
Jan-22
Nov-22
Mar-22
Feb-22
Sep-22
Oct-22
SIP Contribution Total No. of outstanding SIP Accounts (In lakh)
o Systematic Investment Plan (SIP) Contribution remained above Rs. 13,000 crore
mark at the end of Q3FY23
o SIP Contribution grew for the second consecutive quarter. The growth was at
4.6% to Rs. 13,573 crore
o SIP AUM surged significantly by 6.20% quarterly to Rs. 6.75 lakh crore at the end
of Q3FY23. It is now at nearly 17% of total industry assets as against 16.5% in the
previous quarter
o SIP accounts grew by 4.9% quarterly to 6.12 crore
Source: AMFI, ICRA Analytics Limited

FPIs net buyers in Equity markets in Q3FY23,
net sellers for CY22 on enhanced global
uncertainty
Trends of FPI/FII & Mutual Fund Investment in Equity Markets
3.00 2.74
2.00 1.71
1.40
1.16
0.84 0.92
In Rs. Lakh Crore
1.00
0.26 0.06
0.01
0.00
-0.11
-1.00
-1.20
-2.00 -1.40
-3.00
FY18 FY19 FY20 FY21 FY22 FY23*
FPI/FII MF
o Foreign Portfolio Investors (FPIs) were net buyers of domestic stocks in Q3FY23 for second
consecutive quarter. However, it fell quarterly by 2.5% to Rs. 0.47 lakh crore. In CY22, the FPIs
were net sellers at Rs. 1.21 lakh crore as against net buyers in CY21 at Rs. 0.26 lakh crore
o The trend of foreign flows has not been encouraging in CY22 due to:
• aggressive rate hikes by central banks globally
• surge in U.S. Treasury yields
• weakening rupee
• enhanced global uncertainty amid Russian invasion of Ukraine and concerns about Covid-19
spread in China
o MF investment in equity was at Rs. 0.23 lakh crore in Q3FY23, up 2.3% vis-à-vis previous quarter.
MF investment so far in FY23 was Rs. 1.16 lakh crore, up nearly 12% on yearly basis
Source: MFI Explorer *Apr 1, 2022, to Dec 31, 2022

QAAUM Q3FY23 at a glance
Market QAAUM QAAUM % Change in QAAUM
Asset Management Company
Share Q3FY23 % Share Q2FY23 Q1FY23 Q4FY22 Q3FY22 3M 6M 9M 12M
SBI Mutual Fund 7,12,362 17.69 6,82,607 6,47,474 6,47,067 6,27,589 4.4 10.0 10.1 13.5
Top 5 = 55%
ICICI Prudential Mutual Fund 4,88,081 12.12 4,76,191 4,65,468 4,68,197 4,67,461 2.5 4.9 4.2 4.4
HDFC Mutual Fund 4,44,796 11.05 4,29,271 4,15,307 4,32,085 4,47,089 3.6 7.1 2.9 -0.5
Nippon India Mutual Fund 2,92,803 7.27 2,85,054 2,79,431 2,83,261 2,80,601 2.7 4.8 3.4 4.3
Top 10 = 80%
Kotak Mahindra Mutual Fund 2,86,600 7.12 2,82,058 2,82,002 2,84,618 2,85,260 1.6 1.6 0.7 0.5
Aditya Birla Sun Life Mutual
2,81,717 7.00 2,82,580 2,81,527 2,95,805 2,98,763 -0.3 0.1 -4.8 -5.7
Fund
Top 15 = 91%
Axis Mutual Fund 2,48,220 6.16 2,48,343 2,45,510 2,59,818 2,53,450 0.0 1.1 -4.5 -2.1
UTI Mutual Fund 2,40,841 5.98 2,33,595 2,24,279 2,23,842 2,24,671 3.1 7.4 7.6 7.2
IDFC Mutual Fund 1,18,899 2.95 1,19,870 1,16,928 1,21,032 1,25,141 -0.8 1.7 -1.8 -5.0
Top 20 = 97%
DSP Mutual Fund 1,16,096 2.88 1,11,341 1,06,682 1,07,911 1,10,614 4.3 8.8 7.6 5.0
Mirae Asset Mutual Fund 1,15,194 2.86 1,09,256 1,00,726 1,00,909 99,533 5.4 14.4 14.2 15.7
Tata Mutual Fund 94,532 2.35 91,284 88,367 86,713 83,554 3.6 7.0 9.0 13.1
Edelweiss Mutual Fund 93,165 2.31 88,590 81,861 78,642 70,434 5.2 13.8 18.5 32.3
HSBC Mutual Fund 85,840 2.13 13,621 13,392 12,637 12,449 530.2 541.0 579.3 589.5
Franklin Templeton Mutual
63,992 1.59 61,278 58,812 62,876 65,710 4.4 8.8 1.8 -2.6
Fund
Canara Robeco Mutual Fund 60,547 1.50 55,149 49,253 47,956 45,049 9.8 22.9 26.3 34.4
Invesco Mutual Fund 45,850 1.14 42,273 40,159 43,863 45,106 8.5 14.2 4.5 1.6
Sundaram Mutual Fund 44,657 1.11 42,422 39,954 43,107 34,362 5.3 11.8 3.6 30.0
PPFAS Mutual Fund 31,332 0.78 28,411 24,790 23,114 20,515 10.3 26.4 35.6 52.7
Motilal Oswal Mutual Fund 30,016 0.75 29,540 28,522 30,620 31,418 1.6 5.2 -2.0 -4.5
Baroda BNP Paribas Mutual
23,744 0.59 22,895 21,896 21,393 0 3.7 8.4 11.0
Fund
PGIM India Mutual Fund 21,116 0.52 19,333 17,206 16,492 14,702 9.2 22.7 28.0 43.6
LIC Mutual Fund 17,978 0.45 17,879 17,344 17,817 19,354 0.6 3.7 0.9 -7.1
Quant Mutual Fund 15,013 0.37 11,155 8,788 6,506 4,664 34.6 70.8 130.8 221.9
Union Mutual Fund 9,808 0.24 9,390 8,122 8,147 8,100 4.5 20.8 20.4 21.1
Mahindra Manulife Mutual
9,277 0.23 9,171 9,223 8,805 7,911 1.2 0.6 5.4 17.3
Fund
NJ Mutual Fund 4,770 0.12 4,962 4,979 5,247 3,697 -3.9 -4.2 -9.1 29.0
IIFL Mutual Fund 4,684 0.12 4,691 4,538 4,264 3,750 -0.1 3.2 9.8 24.9
IDBI Mutual Fund 3,867 0.10 3,761 3,862 4,121 4,433 2.8 0.1 -6.2 -12.8
Bank of India Mutual Fund 3,362 0.08 3,054 2,948 2,750 2,727 10.1 14.0 22.3 23.3
ITI Mutual Fund 3,298 0.08 2,927 2,706 2,718 2,407 12.7 21.9 21.3 37.0
JM Financial Mutual Fund 3,256 0.08 3,030 3,057 2,318 2,020 7.5 6.5 40.5 61.2
Navi Mutual Fund 2,184 0.05 1,736 1,353 1,039 930 25.8 61.5 110.2 135.0
Quantum Mutual Fund 1,872 0.05 1,801 1,756 1,784 1,858 4.0 6.6 4.9 0.8
WhiteOak Capital Mutual Fund 1,644 0.04 662 127 105 139 148.3 1198.0 1471.7 1082.4
IL&FS Mutual Fund (IDF) 1,455 0.04 1,421 1,394 1,338 1,280 2.4 4.3 8.7 13.6
Trust Mutual Fund 1,097 0.03 967 1,034 1,218 1,137 13.4 6.1 -9.9 -3.5
Samco Mutual Fund 735 0.02 647 590 367 0 13.6 24.5 100.5
IIFCL Mutual Fund (IDF) 634 0.02 631 625 625 618 0.5 1.4 1.5 2.5
Indiabulls Mutual Fund 593 0.01 581 524 544 653 2.0 13.1 8.9 -9.2
Taurus Mutual Fund 535 0.01 518 498 511 538 3.4 7.4 4.7 -0.6
Shriram Mutual Fund 296 0.01 254 208 220 227 16.8 42.2 34.5 30.5
L&T Mutual Fund 0 0.00 71,703 71,571 75,592 79,550
PRINCIPAL Mutual Fund 0 0.00 0 0 0 9,547
Baroda Mutual Fund 0 0.00 0 0 0 12,769
BNP Paribas Mutual Fund 0 0.00 0 0 0 9,117
Grand Total 40,26,758 100% 39,05,906 37,74,792 38,37,994 38,20,898
Note: 1. Sundaram Mutual Fund had completed the acquisition of Principal Mutual Fund on December 31, 2021. Accordingly, % change in QAAUM and latest QAAUM data for Principal Mutual Fund has not been
displayed. Also, for Sundaram AMC %change may have been fueled by the acquisition of Principal AMC 2. On March 14, 2022, BNP Paribas Asset Management India Pvt. Ltd. and Baroda Asset Management India
Limited has merged to be a new entity with the name of Baroda BNP Paribas Asset Management India Pvt. Ltd. Hence, for Q4FY22, QAAUM of Baroda BNP Mutual Fund has been shown and for previous quarters
QAAUM of Baroda Mutual Fund and BNP Mutual Fund has been shown. 3. HSBC Mutual Fund had completed the acquisition of L&T Mutual Fund in November 2022. Accordingly, % change in QAAUM and latest
QAAUM data for L&T Mutual Fund has not been displayed. Also, for HSBC AMC %change may have been fueled by the acquisition of L&T AMC..4. QAAUM in Rs. Crore

AMFI Stock Categorization – H2CY22 (1 of 2)
Small Cap Mid Cap Large Cap

Small to Mid Mid to Large
8 7
Mid to Small Large to Mid

8 6
Upward Movement (Total – 15)

From Mid Cap to Large Cap From Small Cap to Mid Cap
Sl. No. Company Name Sl. No. Company Name
1 Varun Beverages Limited 1 Timken India Limited
2 ABB India Limited 2 Metro Brands Limited
3 Page Industries Limited 3 Blue Dart Express Limited
4 Tata Elxsi Limited 4 Fine Organic Industries Limited
5 Bosch Limited 5 UCO Bank
6 Trent Limited [Lakme Limited] 6 ZF Commercial Vehicle Control Systems India Limited
7 PI Industries Limited 7 Apollo Tyres Limited
8 KPIT Technologies Limited
Downward Movement (Total – 14)

From Large Cap to Mid Cap From Mid Cap to Small Cap
Sl. No. Company Name Sl. No. Company Name
1 Muthoot Finance Limited 1 AAVAS Financiers Limited
2 One 97 Communications Limited 2 ICICI Securities Limited
3 Bandhan Bank Limited 3 The New India Assurance Company Limited
4 Mphasis Limited 4 Godrej Industries Limited
5 Gland Pharma Limited 5 National Aluminium Co. Limited
6 Piramal Enterprises Limited 6 Indian Energy Exchange Limited
7 Chambal Fertilisers & Chemicals Limited
8 Tanla Platforms Limited

Source: AMFI

AMFI Stock Categorization – H2CY22 (2 of 2)
New Companies added in the list
Categorization Count
Mid Cap 01
Small Cap 95
Average of Average of
All All
S No. Company name Categorization S No. Company name Categorization
Exchanges Exchanges
(Rs. Cr.) (Rs. Cr.)
1 Piramal Pharma Limited 16,814 Mid Cap 49 Hindprakash Industries Limited 108 Small Cap
2 Five-Star Business Finance Limited 16,286 Small Cap 50 Secur Credentials Limited 103 Small Cap
3 Global Health Limited 12,103 Small Cap 51 Aaa Technologies Limited 80 Small Cap
4 Bikaji Foods International Limited 9,533 Small Cap 52 Kesar India Limited 78 Small Cap
5 Tamilnad Mercantile Bank Limited 7,869 Small Cap 53 PNGS Gargi Fashion Jewellery Limited 70 Small Cap
54 Cargosol Logistics Limited 68 Small Cap
6 Archean Chemical Industries Limited 6,292 Small Cap
55 Ace Integrated Solutions Limited 57 Small Cap
7 Keystone Realtors Limited 6,004 Small Cap
56 Technopack Polymers Limited 52 Small Cap
8 KFIN Technologies Limited 5,936 Small Cap
57 Veerkrupa Jewellers Limited 52 Small Cap
9 Syrma SGS Technology Limited 5,075 Small Cap
58 Pearl Green Clubs And Resorts Limited 48 Small Cap
10 Kaynes Technology India Limited 4,219 Small Cap
59 Cargotrans Maritime Limited 44 Small Cap
11 Harsha Engineers International Limited 3,785 Small Cap
60 Ep Biocomposites Limited 38 Small Cap
12 Fusion Micro Finance Limited 3,705 Small Cap
61 Ambo Agritec Limited 35 Small Cap
13 Electronics Mart India Limited 3,388 Small Cap 62 Containe Technologies Limited 34 Small Cap
14 Sula Vineyards Limited 2,760 Small Cap 63 Narmada Agrobase Limited 32 Small Cap
15 Uniparts India Limited 2,541 Small Cap Reetech International Cargo And Courier
16 DCX Systems Limited 2,387 Small Cap 64 32 Small Cap
Limited
17 Dreamfolks Services Limited 2,045 Small Cap 65 Dipna Pharmachem Limited 27 Small Cap
18 Landmark Cars Limited 1,821 Small Cap 66 Sailani Tours N Travels Limited 21 Small Cap
19 Inox Green Energy Services Limited 1,566 Small Cap 67 Daps Advertising Limited 21 Small Cap
20 Dhampur Bio Organics Limited 1,169 Small Cap 68 Olatech Solutions Limited 21 Small Cap
21 Elin Electronics Limited 1,131 Small Cap 69 Naturo Indiabull Limited 18 Small Cap
22 Abans Holdings Limited 1,011 Small Cap 70 Healthy Life Agritec Limited 17 Small Cap
23 Tracxn Technologies Limited 796 Small Cap 71 Vedant Asset Limited 16 Small Cap
24 Dharmaj Crop Guard Limited 740 Small Cap 72 Shantidoot Infra Services Limited 15 Small Cap
25 Ddev Plastiks Industries Limited 664 Small Cap Maagh Advertising And Marketing
73 14 Small Cap
26 Ksolves India Limited 514 Small Cap Services Limited
27 B&B Triplewall Containers Limited 482 Small Cap 74 Mafia Trends Limited 11 Small Cap
28 Rhetan Tmt Limited 425 Small Cap 75 Samyak Corporation Limited 9 Small Cap
29 Indiabulls Enterprises Limited 310 Small Cap 76 Software Technology Group Intl. Limited 2 Small Cap
30 Droneacharya Aerial Innovations Limited 291 Small Cap 77 Autoriders Finance Limited 1 Small Cap
31 Osia Hyper Retail Limited 287 Small Cap 78 Aggarsain Spinners Limited 0 Small Cap
79 Ankur Marketing Limited 0 Small Cap
32 Virtuoso Optoelectronics Limited 287 Small Cap
80 Arihant Classic Finance Limited 0 Small Cap
33 Fourth Dimension Solutions Limited 255 Small Cap
81 Ayushman Infratech Limited 0 Small Cap
34 Insolation Energy Limited 244 Small Cap
82 Balaji Agro Oils Limited 0 Small Cap
35 Sarveshwar Foods Limited 211 Small Cap
83 Bharat Ekansh Limited 0 Small Cap
36 Tips Films Limited 203 Small Cap
84 Dalmia Bharat Refractories Limited 0 Small Cap
37 Steelman Telecom Limited 193 Small Cap
85 Ganodaya Finlease Limited 0 Small Cap
38 Modi’S Navnirman Limited 162 Small Cap 86 Goalpost Industries Limited 0 Small Cap
39 B-Right Realestate Limited 158 Small Cap 87 I Secure Credit & Capital Services Limited 0 Small Cap
40 Dc Infotech And Communication Limited 156 Small Cap 88 Rathi Industries Limited 0 Small Cap
41 Kshitij Polyline Limited 156 Small Cap 89 Rich 'N' Rich Finance And Holdings Limited 0 Small Cap
42 Trident Lifeline Limited 150 Small Cap 90 Sri Sarvaraya Sugars Limited 0 Small Cap
43 Bohra Industries Limited 144 Small Cap 91 Starlite Global Enterprises (India) Limited 0 Small Cap
44 Silicon Rental Solutions Limited 137 Small Cap 92 Shakumbhri Pulp & Paper Mills Limited 0 Small Cap
45 Jayant Infratech Limited 129 Small Cap 93 SPML India Limited 0 Small Cap
46 Pace E-Commerce Ventures Limited 118 Small Cap 94 SSF Limited 0 Small Cap
47 Concord Control Systems Limited 115 Small Cap 95 Swati Projects Limited 0 Small Cap
48 Vinny Overseas Limited 114 Small Cap 96 Technical Associates Infrapower Limited 0 Small Cap
Source: AMFI

SECTION V
Category
Performance
Mutual Fund Category Performance at a Glance
No. of No. of AUM as on Returns (%)
Category
Schemes Folios 31-Dec-22 1W 1M 3M 6M 1Y 3Y 5Y 10Y
Debt#
Liquid Fund 36 1,781,537 398,345 7.36 6.53 6.29 5.69 4.77 4.01 5.12 6.63
Corporate Bond Fund 20 616,661 115,652 5.32 5.20 6.38 5.93 3.10 5.69 6.46 7.35
Money Market Fund 22 427,888 111,182 7.80 6.71 6.20 5.48 4.43 4.57 5.76 6.92
Overnight Fund 32 620,274 102,637 6.17 5.95 5.87 5.47 4.61 3.67 4.52 6.02
Low Duration Fund 21 973,985 93,993 6.75 6.00 5.89 5.48 4.09 5.18 5.28 6.76
Short Duration Fund 25 517,483 93,743 4.58 4.75 7.22 6.18 4.14 5.60 5.71 7.04
Ultra Short Duration Fund 25 642,187 88,563 7.43 6.37 5.95 5.31 4.30 4.37 5.17 6.86
Banking and PSU Fund 23 303,474 74,252 5.71 4.95 6.18 5.71 3.31 5.60 6.61 7.39
Floater Fund 12 245,907 58,867 5.60 5.26 5.97 6.13 4.09 5.59 6.40 7.26
Medium Duration Fund 15 253,843 26,076 3.93 4.25 6.70 8.39 4.01 5.14 5.12 7.46
Credit Risk Fund 15 251,057 25,352 3.44 5.24 6.24 6.35 13.48 5.71 4.12 6.55
Dynamic Bond Fund 22 217,883 22,689 3.59 4.37 6.44 6.51 3.08 5.35 6.03 7.37
Gilt Fund 22 169,867 16,319 3.17 3.15 6.10 6.32 2.34 5.20 6.47 7.51
Medium to Long Duration Fund 12 106,888 8,822 1.88 2.99 6.61 6.78 2.56 5.01 5.46 6.60
Long Duration Fund 5 31,675 3,458 1.46 2.43 8.29 9.91 1.84 4.76 6.20 7.27
Gilt Fund with 10-year constant
5 42,357 1,592 1.88 3.05 8.35 8.00 0.85 4.98 7.28 8.76
duration
Equity*
Flexi Cap Fund 33 12,519,930 246,038 2.54 -2.92 2.52 14.25 0.29 15.78 10.42 13.81
Large Cap Fund 31 12,895,270 242,847 1.98 -3.23 4.16 14.45 2.02 13.64 9.97 12.65
Mid Cap Fund 29 10,178,944 184,723 3.55 -1.97 0.51 15.73 2.52 22.23 10.65 17.11
Sectoral/Thematic Funds$$ 123 12,903,923 168,660 2.42 -2.32 4.21 15.86 3.20 17.66 9.89 13.43
ELSS 42 14,603,730 154,558 2.46 -2.83 3.64 15.08 2.13 15.99 9.73 14.29
Small Cap Fund 24 10,099,288 130,336 4.46 -1.68 0.84 15.95 1.30 30.02 11.67 18.61
Large & Mid Cap Fund 26 7,567,749 127,753 2.81 -2.65 2.75 15.19 1.67 17.34 10.23 14.77
Focused Fund 26 5,312,917 103,432 2.19 -3.19 3.01 14.20 1.13 15.42 9.58 13.82
Value Fund/Contra Fund** 22 4,453,986 90,703 2.87 -2.24 5.47 17.51 7.02 20.10 10.57 14.95
Multi Cap Fund 16 3,812,088 65,731 3.09 -2.25 2.88 16.61 3.95 19.41 11.90 15.58
Dividend Yield Fund 8 591,575 10,231 2.49 -2.65 4.93 14.01 2.81 19.02 9.92 12.34
Hybrid*
Dynamic Asset
Allocation/Balanced Advantage 27 4,422,908 194,453 1.33 -1.51 2.56 8.87 3.55 10.17 7.40 10.70
Fund
Balanced Hybrid Fund/Aggressive
31 5,284,156 158,350 1.80 -2.09 3.35 12.16 2.53 13.85 9.14 12.42
Hybrid Fund
Arbitrage Fund 26 468,208 74,722 0.15 0.63 1.30 2.11 3.91 3.75 4.59 6.10
Multi Asset Allocation Fund 10 906,953 23,904 1.83 -0.77 4.15 11.23 5.51 16.03 11.36 10.77
Conservative Hybrid Fund 20 517,176 22,821 0.53 -0.45 2.04 5.38 4.38 7.72 5.98 8.06
Equity Savings Fund 22 362,710 16,826 0.93 -0.79 2.09 6.08 3.14 8.28 6.47 7.51
Solution Oriented Schemes#
Retirement Fund 25 2,666,506 16,444 1.24 0.74 0.79 7.75 16.71 12.41 11.73 12.58
Childrens Fund 10 2,885,806 13,091 1.70 1.43 1.77 12.23 28.30 15.33 12.99 13.87
Other Schemes*
Other ETFs 150 11,750,774 497,473 1.82 -1.95 5.46 14.12 3.94 13.85 10.55 11.03
Index Funds 146 3,210,377 128,984 1.68 -1.87 3.47 12.59 1.91 15.07 11.32 12.20
Gold ETF 11 4,638,319 21,455 0.61 4.20 9.66 8.44 14.15 11.22 12.59 5.06
Fund of funds investing overseas 49 1,251,851 20,482 0.18 -1.20 9.37 4.37 -13.66 4.44 5.62 5.03
Notes: 1. Source: AMFI, MFI 360; 2. Data as on December 31, 2022; 3. #Data < 1 year is simple annualized and ≥ 1 year is compounded annualized,
4. *Data < 1 year is absolute and ≥ 1 year is compounded annualized; 5. Performance data is simple average of all the open-ended regular plans
available for investment in a particular category 6.**Returns are an average of Value and Contra Fund 7. $$Returns are an average of Sectoral and
Thematic Fund. 8. AUM in Rs. Crore

Equity: Large Cap Funds
No. of No. of Average monthly net Average monthly

AUM1 AAUM1,5
Funds1 Folios1 flows4 Redemption4
31 Rs. 2.43 lakh crore Rs. 2.46 lakh crore 1.29 crore Rs. -297 crore Rs. 3,534 crore
AUM/Net Flows over the Year 2, 3
Net Flows (In Rs. Lakh Crore)

2.51
2.45
2.43
2.40
2.34
2.32
AUM (In Rs. Lakh Crore)
2.26
2.23
2.23
2.20
3.00 0.04
2.17
2.12
2.25
1.50 0.01
0.75
0.00 -0.03
May-22
Jun-22
Jul-22
Aug-22
Dec-22
Apr-22
Jan-22
Nov-22
Mar-22
Feb-22
Sep-22
Oct-22
AUM Net Flows
Source: AMFI, MFI 360
Note: 1. Data as on December 31, 2022; 2. Period considered – Jan-22 to Dec-22; 3. Only open-ended, growth and regular plans
considered; 4. Period considered – Oct-22 to Dec-22; 5. AAUM – Average Assets Under Management

Equity: Flexi Cap Funds

AUM1 AAUM1,5
33 Rs. 2.46 lakh crore Rs. 2.49 lakh crore 1.25 crore Rs. 2 crore Rs. 3,457 crore

2.53
2.49
2.46
2.42
2.39
2.31
2.25
2.24
2.23
2.19
2.16
2.11
3.00 0.05
2.25 0.03
1.50
0.75 0.00
0.00 -0.03
May-22
Jun-22
Jul-22
Aug-22
Dec-22
Apr-22
Jan-22
Nov-22
Mar-22
Feb-22
Sep-22
Oct-22
AUM Net Flows

Equity: Mid Cap Funds

AUM1 AAUM1,5
29 Rs. 1.85 lakh crore Rs. 1.86 lakh crore 1.02 crore Rs. 1,508 crore Rs. 2,192 crore

1.86
1.85
1.83
1.79
1.78
1.68
1.62
1.60
1.59
1.56
1.53
1.51
2.00 0.03
0.02
1.00
0.01
0.00 0.00
May-22
Jun-22
Jul-22
Aug-22
Dec-22
Apr-22
Jan-22
Nov-22
Mar-22
Feb-22
Sep-22
Oct-22
AUM Net Flows

Equity: ELSS Funds

AUM1 AAUM1,5
42 Rs. 1. 55 lakh crore Rs. 1.56 lakh crore 1.46 crore Rs. 232 crore Rs. 1,554 crore

1.59
1.55
1.55
1.54
1.49
1.48
1.48
1.47
1.46
1.41
1.41
1.34
1.65 0.03
1.10
0.01
0.55
0.00 -0.02
May-22
Jun-22
Jul-22
Aug-22
Dec-22
Apr-22
Jan-22
Nov-22
Mar-22
Feb-22
Sep-22
Oct-22
AUM Net Flows
Note: 1. Data as on December 31, 2022; 2. Period considered – Jan-22 to Dec-22; 3. Only open-ended, growth and regular
plans considered; 4. Period considered – Oct-22 to Dec-22; 5. AAUM – Average Assets Under Management

Equity: Large & Mid Cap Funds

AUM1 AAUM1,5

1.30
1.28
1.27
1.23
1.22
1.17
1.60 0.04
1.11
1.10
1.09
1.07
1.06
1.03
1.20
0.80 0.02
0.40
0.00 0.00
May-22
Jun-22
Jul-22
Aug-22
Dec-22
Apr-22
Jan-22
Nov-22
Mar-22
Feb-22
Sep-22
Oct-22
AUM Net Flows
Note: 1. Data as on December 31, 2022; 2. Period considered – Jan-22 to Dec-22; 3. Only open-ended, growth and regular
plans considered; 4. Period considered – Oct-22 to Dec-22; 5. AAUM – Average Assets Under Management

Performance at a glance
P2P Returns (CAGR %) SIP Returns (XIRR %)
Broad 1Yr 3Yrs 5Yrs 1Yr 3Yrs 5Yrs

Category market Broad Broad Broad Broad Broad Broad
index Category market Category Category Category Category Category
market market market market market
Average Average Average Average Average Average
index index index index index index
Large Cap Nifty 100

2.02 4.95 13.64 15.48 9.98 12.04 7.70 9.30 16.17 18.60 13.47 15.29
Fund TRI
Flexi Cap Nifty 500

0.16 4.26 15.75 17.38 10.40 11.50 6.09 9.33 17.15 20.14 14.79 16.18
Fund TRI
Nifty Mid
Mid Cap
Cap 150 2.53 3.92 22.23 24.57 10.65 11.18 7.73 10.84 22.63 25.83 18.15 20.00
Fund
TRI
Nifty 500
ELSS 2.14 4.26 16.01 17.38 9.73 11.50 7.99 9.33 18.14 20.14 14.80 16.18
TRI
Nifty
Large & Mid Large
1.67 4.50 17.34 20.06 10.23 11.71 7.69 10.13 19.56 22.22 15.93 17.69
Cap Fund Midcap
250 TRI
Note 1. Data as on December 31, 2022; 2. For every respective category, suitable benchmark has been considered; 3. Only
open-ended, growth and regular plans considered 4. Data < 1 year is absolute and ≥ 1 year is compounded annualized; 5.
Source: MFI360

Debt: Liquid Funds

AUM1 AAUM1,6
36 Rs. 3.98 lakh crore Rs. 4.41 lakh crore 0.18 crore Rs. 13,170 crore Rs. 2,92,699 crore
Performance across Periods 1,2,5

7.60
8.50
7.35
7.05
6.74
6.53
7.50
6.28
6.15
5.68
In %
6.50
5.23
4.77
5.50
4.50
1 Week 1 Month 3 Months 6 Months 1 Year
Liquid Fund ICRA Liquid Index
AUM/Net Flows over the year 4

4.50
4.11
4.10

0.55
3.98
3.89
3.79
3.76
3.73
4.00
3.64
3.58
3.52
3.48
3.46
-0.10
3.50
3.00 -0.75
May-22
Jun-22
Jul-22
Aug-22
Dec-22
Apr-22
Jan-22
Nov-22
Mar-22
Feb-22
Sep-22
Oct-22
AUM Net Flows

Note: 1. Data as on December 31, 2022; 2. ICRA Liquid Index has been considered as the benchmark for the schemes under
review; 3. Period considered - Oct-22 to Dec-22; 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. AAUM – Average
Assets Under Management

Debt: Corporate Bond Funds

AUM1 AAUM1,6
7.03
6.85
6.38
8.00
5.93
5.20
5.32
4.98
In %
3.54
3.10
4.00
1.55
0.00
Corporate Bond Fund NIFTY Corporate Bond Index

1.51
2.00 0.10
1.42
Net Flows (In Rs. Lakh

1.30
1.27
1.24
1.16
1.16
1.16
1.15
1.14
1.13
1.12
1.50 0.05
0.00
1.00
Crore)
-0.05
0.50 -0.10
0.00 -0.15
May-22
Jun-22
Jul-22
Aug-22
Dec-22
Apr-22
Jan-22
Nov-22
Mar-22
Feb-22
Sep-22
Oct-22
AUM Net Flows
Note: 1. Data as on December 31, 2022; 2. Nifty Corporate Bond Index has been considered as the benchmark for the schemes
under review; 3. Period considered - Oct-22 to Dec-22; 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. AAUM –
Average Assets Under Management

Debt: Low Duration Funds

AUM1 AAUM1,6
21 Rs. 0.94 lakh crore Rs. 0.94 lakh crore 0.10 crore Rs. -1,049 crore Rs. 8,262 crore

7.60
7.05
8.00
6.74
6.75
6.15
In %
6.00
5.89
5.23
6.00 5.48
4.09
4.00
Low Duration Fund ICRA Liquid Index

2.00 0.20
1.26
1.21
1.15
1.13

1.08
1.03
0.99
0.99
1.50
0.96
0.94
0.94
0.93
1.00 0.00
0.50
0.00 -0.20
May-22
Jun-22
Jul-22
Aug-22
Dec-22
Apr-22
Jan-22
Nov-22
Mar-22
Feb-22
Sep-22
Oct-22
AUM Net Flows

Assets Under Management

Debt: Short Duration Funds

AUM1 AAUM1,6
25 Rs. 0.94 lakh crore Rs. 0.95 lakh crore 0.05 crore Rs. -1721 crore Rs. 4,425 crore

7.22
7.50
6.75
6.18
6.16
6.50
5.12
4.75
4.58
5.50
In %
4.14
4.50
3.75
2.99
3.50
2.50
Short Duration Fund Nifty Short Duration Debt Index
AUM/Net Flows over the year4

2.00 0.05
1.36
1.25
1.16
1.11
1.03
0.99
0.97
1.50 0.00
0.96
0.95
0.95
0.94
0.94
1.00 -0.05
0.50 -0.10
0.00 -0.15
May-22
Jun-22
Jul-22
Aug-22
Dec-22
Apr-22
Jan-22
Nov-22
Mar-22
Feb-22
Sep-22
Oct-22
AUM Net Flows
Note: 1. Data as on December 31, 2022; 2. Nifty Short Duration Index has been considered as the benchmark for the schemes
under review; 3. Period considered - Oct-22 to Dec-22; 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. AAUM –
Average Assets Under Management`

Debt: Money Market Funds

AUM1 AAUM1,6

7.80
7.60
7.05
8.00
6.74
6.71
6.15
6.20
In %
6.00 5.48
5.23
4.43
4.00
Money Market Fund ICRA Liquid Index
AUM/Net Flows over the year4

1.31
1.20
1.19
1.18
1.16
1.50 0.25
1.14
1.12
1.11
1.11
1.09
1.07
1.06
0.16
1.00
0.07
-0.02
0.50
-0.11
0.00 -0.20
May-22
Jun-22
Jul-22
Aug-22
Dec-22
Apr-22
Jan-22
Nov-22
Mar-22
Feb-22
Sep-22
Oct-22
AUM Net Flows
Assets Under Management`

SECTION VI
Regulatory
Update
Key takeaways from Monetary Policy
Committee meetings (1/2)
MSF and Bank Standing
FY23 Repo Rate Inflation GDP
Rate Deposit Facility
Projection raised from:

6.5% to 6.6% for Q3FY23 Projection decreased from:
5.8% to 5.9% for Q4FY23 4.6% to 4.4% for Q3FY23
Increased Raised to
Raised to 6.00% Projection retained at: 4.6% to 4.2% for Q4FY23
07-Dec-22 from 5.90% 6.50% from
from 5.65% 6.7% for FY23 7.0% to 6.8% for FY23
to 6.25% 6.15%
5% for Q1FY24 7.2% to 7.1% for Q1FY24
Projected at: 5.4% for Projected at: 5.9% for Q2FY24
Q2FY23
Projection retained at 16.2%

Projection retained at
for Q1FY23
7.1% for Q2FY23
Projection raised from:
Projection raised from
Increased Raised to 6.2% to 6.3% for Q2FY23
Raised to 5.65% 6.4% to 6.5% for Q3FY23
30-Sep-22 from 5.40% 6.15% from 4.1% to 4.6% for Q3FY23
from 5.15% Projection retained at:
to 5.90% 5.65% 4.0% to 4.6% for Q4FY23
5.8% for Q4FY23
6.7% to 7.2% for Q1FY24
6.7% for FY23
Projection decreased from
5% for Q1FY24
7.2% to 7% for FY23
Projection decreased
from 7.4% to 7.1% for
Retained at:
Q2FY23
16.2% for Q1FY23
Projection raised from
Increased Raised to 6.2% for Q2FY23
Raised to 5.15% 6.2% to 6.4% for Q3FY23
05-Aug-22 from 4.90% 5.65% from 4.1% for Q3FY23
from 4.65% Projection retained at:
to 5.40% 5.15% 4.0% for Q4FY23
5.8% for Q4FY23
7.2% for FY23
6.7% for FY23
Projection for Q1FY24 at 6.7%
Projection for Q1FY24 at
5%
Source: RBI

Key takeaways from Monetary Policy
Committee meetings (2/2)
MSF and Bank Standing
FY23 Repo Rate Inflation GDP
Rate Deposit Facility
Projection raised from: Projection retained at:

6.3% to 7.5% for Q1FY23 16.2% for Q1FY23
Increased Raised to
Raised to 4.65% 5.8% to 7.4% for Q2FY23 6.2% for Q2FY23
08-Jun-22 from 4.40% 5.15% from
from 4.15% 5.4% to 6.2% for Q3FY23 4.1% for Q3FY23
to 4.90% 4.65%
5.1% to 6.8% for Q4FY23 4.0% for Q4FY23
5.7% to 6.7% for FY23 7.2% for FY23
Projection retained at: Projection retained at:

6.3% for Q1FY23 16.2% for Q1FY23
Increased Raised to
Raised to 4.15% 5.8% for Q2FY23 6.2% for Q2FY23
04-May-22 from 4.00% 4.65% from
from 3.75% 5.4% for Q3FY23 4.1% for Q3FY23
to 4.40% 4.25%
5.1% for Q4FY23 4.0% for Q4FY23
5.7% for FY23 7.2% for FY23
Projection raised from: Projection down from:

Unchanged at Unchanged at 5% to 5.8% for Q2FY23 7% to 6.2% for Q2FY23
08-Apr-22 Stands at 3.75%
4% 4.25% 4% to 5.4% for Q3FY23 4.3% to 4.1% for Q3FY23
4.5% to 5.7% for FY23 7.8% to 7.2% for FY23
Source: RBI

Regulatory Action
SEBI introduced credit rating-based limits for actively managed mutual fund
schemes
The Securities and Exchange Board of India (SEBI) introduced credit rating-based single-issuer
limits for actively managed mutual fund schemes. SEBI announced that Mutual fund schemes
should not invest more than 10% of its net asset value (NAV) in debt and money market
securities rated 'AAA' issued by a single issuer. For companies rated 'AA', the exposure should
not be more than 8% and the limit has been capped at 6% for 'A' and below-rated companies.
However, with prior approval of the board of trustees and directors, fund houses may extend
the investment limits by up to 2% of the NAV of the scheme. In May 2022, SEBI had
introduced credit risk based single issuer limits for debt ETFs/ Index Funds. This move aims to
avoid inconsistency in investment by mutual funds in debt instruments of an issuer, irrespective
of the nature of a scheme's management. The circular shall be applicable for all the new
schemes to be launched, effective immediately. The existing schemes shall be grandfathered
from these guidelines till the maturity of the underlying debt and money market securities.
Timelines for payout of redemption amount and dividend to unitholders

revised
SEBI has revised the timelines for the payout of redemption amount and dividend to
unitholders by Asset Management Companies (AMCs). It reduced the timeline for dividends
payout to seven working days from the current 15 days. Also, it stated that the record date
would be two working days from the issue of public notice, wherever applicable, for the
purpose of payment of dividend. Also, the timeline for redemption payout has been reduced to
three working days from the existing 10 working days. For schemes investing at least 80% of
total assets in such permissible overseas investments, the transfer of redemption or repurchase
proceeds to the unitholders would be made within five working days from the date of
redemption or repurchase.
SEBI changes effective date for one of the clauses on SEBI Circular on
Development of Passive Funds
In the SEBI circular “Circular on Development of Passive Funds” dated May 23, 2022, it was
announced that all the provisions as per circular including clause 2(IV)(A) shall be applicable
with effect from July 1, 2022. However, as per the latest circular by SEBI, clause 2(IV)(A) shall
be applicable from May 01, 2023. As per the circular, direct transaction in ETFs with AMCs
shall be facilitated for investors only for transactions above Rs. 25 Cr.
Source: RBI

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Mutual Fund

o Asset base of Mutual Fund (MF) industry ended Q3FY23 on a

o Systematic Investment Plan (SIP) Contribution remained above Rs.

o MF Industry saw net inflows for the second consecutive quarter in

o Foreign Portfolio Investors (FPIs) were net buyers of domestic

Mutual Fund Screener – December 2022 ICRA Analytics Limited 2

Mutual Fund Screener – December 2022 ICRA Analytics Limited 3

10-year benchmark yields fell by 7 bps on

6.95 upper tolerance level of 6% in November

• U.S. Federal Reserve (Fed) raised interest

0.00 December 2022 and indicated that

-10.00 Like previous quarter, surplus liquidity in the

Yields grew by 87 bps annually due to:

Mutual Fund Screener – December 2022 ICRA Analytics Limited 5

2.50 segment towards the end of the quarter,

Credit Spread (In %) 3.50

o Credit Spread of AA category over AAA remained

AA category over AAA

o Credit Spread of A category over AA also

Mutual Fund Screener – December 2022 ICRA Analytics Limited 6

o Yield Movement in 10-year G-sec, 10-year AAA

7.50 spread expansion on quarterly basis and

Corporate Bond and G-sec Spread Matrix* (In bps)

10 Y-AAA 44 60 103 -16 -59

1 Y-AA 134 46 130 88 4

3 Y-AA 127 70 125 57 2

5 Y-AA 115 102 119 13 -4

10 Y-AA 159 131 159 28 0

Source: ICRA Analytics Limited; Refinitiv

Mutual Fund Screener – December 2022 ICRA Analytics Limited 7

Mutual Fund Screener – December 2022 ICRA Analytics Limited 8

YoY Sectoral returns

Nifty PSU Bank 75

Mutual Fund Screener – December 2022 ICRA Analytics Limited 9

o Brent crude oil prices fell on quarterly basis

11 agreed in October 2022 to tighten global

supply with a deal to cut production

Source: Refinitiv, ICRA Analytics Limited

Mutual Fund Screener – December 2022 ICRA Analytics Limited 10

Mutual Fund Industry (QAAUM)

Growth/De-growth* Trend of AMCs for the Quarter ended Dec-22

Mutual Fund Screener – December 2022 ICRA Analytics Limited 12

Top 10* AMCs

QoQ change (In %)

Mutual Fund Screener – December 2022 ICRA Analytics Limited 13

Source: AMFI and MFI360

Mutual Fund Screener – December 2022 ICRA Analytics Limited 14

Net inflows in Q3FY23

Mutual Fund Screener – December 2022 ICRA Analytics Limited 16

Equity Net Inflow in Q3FY23

o Under Open-Ended category:

Mutual Fund Screener – December 2022 ICRA Analytics Limited 17

1-Month Change (In Crore)

13.50 0.28 categories witnessed growth as of

December 2022 vis-à-vis September

Duration Fund saw highest sequential

Top 5 Folio compostion

Sectoral/Thematic Funds 1.29

Large Cap Fund 1.29

Flexi Cap Fund 1.25

Other ETFs 1.18

0.0 0.5 1.0 1.5 2.0

Source: AMFI, ICRA Analytics Limited

Mutual Fund Screener – December 2022 ICRA Analytics Limited 19