AUM of 11 equity funds (6 are ETFs!) grew by more than 30% in Oct 2019

AUM of many mutual funds registered a 30% or more growth in Oct 2019. Out of these 11 were equity mutual funds. Six of these are ETFs including ICICI Pru Nifty Low Vol 30 ETF (45% increase). A report.

Published: November 12, 2019 at 10:58 am

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October 2019 was a good month for the mutual fund industry. The AUM of as many as 45 funds moved up in AUM by 30% or more.  Out of these 11 are equity mutual funds including six ETFs. Notable among these is ICICI Pru Nifty Low Vol 30 ETF with a 45% increase in AUM. This is a report.

Studying monthly changes in AUM has two benefits. For an analyst, it indicates what products the AMC is “pushing”.  For an investor, depending on the fund category and AUM level it could be something to keep an eye on. Sustained high AUM growth month on month especially during a bull market should make investors look at performance closely.

The 11 mutual funds with more than 30% growth in AUM in Oct 2019

Scheme NameAUM ChangeNAV Change
ICICI Pru Pvt Banks ETF126%2%
Mirae Asset Nifty 50 ETF102%3%
IIFL Focused Equity Fund-Reg73%3%
Nippon India ETF Hang Seng BeES58%2%
Bharat 22 ETF53%3%
ICICI Pru Nifty Low Vol 30 ETF45%3%
ICICI Pru Bank ETF38%3%
Quant Active Fund35%10%
ICICI Pru Sensex Index Fund34%4%
Nippon India Index Fund – Sensex Plan31%4%
Motilal Oswal Nifty Midcap 150 Index Fund-Reg31%3%

The NAV change is also shown to check if the AUM growth was due to NAV movement or dominated by inflows. For example, ICICI Pru Technology Fund fell by 5% in Oct 2019. The AUM fell by 4%. Meaning inflows were limited.  In the case of Quantum Long Term Equity, the NAV moved up by 2% and the AUM by 3%. Again no significant inflows. All percentages are approximate. Notice that there are only two active funds in the top 11!

ICICI Prudential Private Banks ETF at 390 Crores AUM is fairly respectable. ICICI Pru Nifty Low Vol 30 ETF at  62 Crores is fairly small but something to keep an eye out for. ICICI Asset allocator and ICICI BSE 500 ETF moved up 20%. Readers may recall we had discussed why the AUM is increasing: ICICI Prudential Asset Allocator Fund: Here is why you should avoid this!

Mutual funds with biggest AUM increase during Oct 2019

Scheme NameNAV ChangeAUM Change
BNP Paribas Overnight Fund0.4%2018%
Mahindra Overnight Fund0.4%843%
LIC MF Overnight Fund0.4%616%
Nippon India Overnight Fund0.4%575%
Union Overnight Fund0.4%461%
Baroda Overnight Fund0.4%441%
Sundaram Overnight Fund0.4%411%
Indiabulls Overnight Fund0.4%348%
Quant Liquid Plan0.5%283%
Edelweiss Overnight Fund0.4%172%
SBI Overnight Fund0.4%146%
ICICI Pru Pvt Banks ETF2.1%126%
L&T Cash Fund0.3%117%
Mirae Asset Nifty 50 ETF3.4%102%
IDFC Overnight Fund0.4%95%
JM Short Term Fund-2.6%90%
PGIM India Overnight Fund0.4%81%
Tata Liquid Fund0.5%75%
HSBC Overnight Fund0.4%74%
ICICI Pru Overnight Fund0.4%74%
IIFL Focused Equity Fund2.7%73%
Baroda Ultra Short Duration Fund0.6%68%
Nippon India ETF Hang Seng BeES2.3%58%
Bharat 22 ETF3.1%53%
ICICI Pru Nifty Low Vol 30 ETF3.3%45%
HDFC Overnight Fund0.4%44%
LIC MF ST Debt Fund1.0%43%
Franklin India Savings Fund0.7%40%
PGIM India Ultra ST Fund0.5%39%
ICICI Pru Bank ETF3.0%38%
Nippon India Money Market Fund0.7%37%
Quant Active Fund10.2%35%
Axis Treasury Advantage Fund0.9%35%
ICICI Pru Sensex Index Fund3.6%34%
ICICI Pru Retirement Fund-Pure Debt Plan1.0%33%
Invesco India Ultra Short Term Fund0.7%32%
Canara Rob Overnight Fund0.4%32%
Nippon India Index Fund – Sensex Plan3.6%31%
Nippon India Liquid Fund0.5%31%
Axis Short Term Fund1.1%31%
Motilal Oswal Nifty Midcap 150 Index Fund3.4%31%
Franklin India Banking & PSU Debt Fund1.2%30%
SBI Magnum Ultra Short Duration Fund0.7%30%
LIC MF Banking & PSU Debt Fund1.1%30%
SBI Liquid Fund0.5%29%

This is the full list of 45 funds.  It is dominated by overnight funds. Since the portfolio of an overnight fund changes every day, such huge in and outflows will be common. Read more: Worried about risk in debt mutual funds? Park your money in overnight mutual funds

Funds that lost more than 10% AUM in Oct 2019

Scheme NameNAV ChangeAUM Change
Indiabulls Savings Fund-Reg(G)1%-63%
HDFC Sensex ETF4%-39%
PGIM India Insta Cash Fund(G)0%-35%
JM Low Duration Fund(G)-4%-28%
Franklin India Overnight Fund(G)0%-26%
Baroda Conservative Hybrid Fund(G)1%-26%
ITI Liquid Fund-Reg(G)0%-25%
Kotak Floating Rate Fund-Reg(G)0%-21%
LIC MF Arbitrage Fund-Reg(G)1%-21%
Principal Credit Risk Fund(G)1%-21%
ICICI Pru Liquid ETF0%-19%
DSP NIFTY Next 50 Index Fund-Reg(G)4%-18%
PGIM India Short Maturity Fund(G)1%-15%
Indiabulls Liquid Fund(G)0%-15%
Nippon India Prime Debt Fund(G)1%-15%
IDBI Gilt Fund(G)1%-14%
BNP Paribas Corp Bond Fund(G)2%-13%
Invesco India Equity Savings Fund-Reg(G)2%-11%

The drop in HDFC Sensex ETF is intriguing.

AUM Change vs Nav Change Oct 2019

If we exclude funds more than 30% increase in AUM (as they will skew the plot)

Aum change of mutual funds plotted against NAV change during the month of Oct 2019Most funds witnessed a less than 2% change in NAV and a less than 20% change in AUM. We shall track these changes in future months.

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