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MUTUAL FUNDS · FLOW WATCH · MONTHLY

Where did money go this month? AMC × category flow heatmap — May 2026

₹22,908 crore of net new money entered equity mutual funds in May. Among the top 8 AMCs by AUM, HDFC MF and Nippon MF led, together accounting for 56% of the group's combined AUM change.

HDFC MF saw the largest AUM increase this month, concentrated in Mid Cap (+₹2,512 Cr). The single sharpest AUM decline was SBI MF's Large Cap book (−₹346.6 Cr), though that doesn't necessarily mean Large Cap lagged overall — see the category totals below. Mid Cap was the strongest category overall (+₹6,419.7 Cr), while Large Cap lagged (−₹168.3 Cr). Note: this heatmap measures AUM change (flow + market appreciation), not net flow in isolation — it isn't directly comparable to the net-flow totals below.

+₹22,908 Cr

EQUITY_NET_INFLOW

−₹96,949 Cr

DEBT_NET_FLOW

HDFC MF

TOP_AMC_BY_AUM_CHANGE

1

AMCs_WITH_AUM_DECLINE

CHART

AMC × Category AUM change — May 2026 (₹ Crore)

HDFC MF leads in Mid Cap. SBI MF shows the sharpest Large Cap AUM decline. Measures AUM change (flow + market movement), not net flow in isolation.

MID CAPFLEXI CAPSMALL CAPLARGE CAPMULTI CAPSECTORALSBI MF-1.1-220.4+100.4-346.6-93.4-333.7ICICI Pru+254.8+208.7+215.1+769+605.7+1011.8HDFC MF+2512+1839.7+931.4-144.9+112.7+840Nippon MF+1542.8-0.8+1990.9+53.1+633+27.3Kotak MF+966.1+237.1+533-20.6+620.5+449.5Aditya Birla+118.8+395.6+211.1-219.4+128.1-64.2UTI MF+229.6+196.8+159.2-114.8+36.4+72.1Axis MF+796.7+178.8+754.7-144.1+384.3+121.2
Inflow Outflow
ANALYST NOTE

Debt's −₹96,949 Cr net-flow outflow was led by Liquid Fund (−₹29,681 Cr), Overnight Fund (−₹15,525 Cr) and Corporate Bond Fund (−₹7,010 Cr) — the usual quarter-end pattern of corporate treasuries pulling cash ahead of the June 15 advance-tax deadline.