2025-06-10-Jefferies-2025年5月共同基金_股票资金流入因较高赎回量而下降；系统性投资计划（SIP）稳定_10页_781kb

Equity Market Analysis: India

Net Equity Flows (ex. arbitrage & NFOs) in May-25:

• Down 21% month-on-month (MoM) at Rs227bn, representing 0.6% of operational AUM.
• Equity lumpsum net outflows at Rs12bn, the first fall since July 23, attributed to a sharp market rally.
• SIP (Systematic Investment Plan) flows remained stable at Rs267bn, up 28% year-on-year (YoY) and unchanged MoM.
• Number of contributing SIP accounts increased by 2% MoM to 86mn, a 30% YoY rise.

Fund House AUM Growth:

• Total AUM grew 3% MoM to Rs72tn, with a 23% YoY increase.
• Equity AUM increased 5% MoM (27% YoY) to Rs31tn.

Category-Wise Performance:

• Equity category experienced broadly lower net flows, especially large-cap funds (flows down 53% MoM).
• SIP growth remains robust with Rs267bn in May-25, driven by healthy inflows.

Other Highlights:

• Debt funds saw net inflows of Rs206bn, marking the highest monthly inflows to date in May-25.
• Liquid funds recorded significant net outflows of Rs370bn.
• Equity and ETF/FoF categories are growing fastest, leading overall AUM growth.
• HDFC AMC and Nippon Life India Asset Management (NAM) are highlighted with price targets of Rs5,000 and Rs800 respectively under a 'Buy' rating based on future earnings multiples.

Key Risks & Considerations:

• Equity markets face risks including continued down-cycle, competition, tepid NFO responses, and style diversification challenges.
• ETFs and FoFs saw lower flows, while credit funds continued to experience outflows.