Friday, August 13, 2010

Equity Funds See Net outflow of Rs 3,500 cr

Diversified equity schemes of mutual funds witnessed net outflows for second month in a row as redemptions exceeded fresh inflows by Rs 3,539 crore (including tax saving schemes) in July.

In June, net outflows from equity funds were Rs 1,531crore. Industry experts said equity funds saw redemptions as stock markets regained February 2008 levels. "Many investors, who were stuck with their investments since 2007, have been redeeming their money as the Sensex touched February 2008 levels during the month," Waqar Naqvi, chief executive officer, Taurus Mutual Fund, said.

However, overall the industry saw net inflows of Rs 31,654 crore in July compared with net redemptions of Rs 1,19,449 crore in June, according to the Association of Mutual Funds in India (AMFI) data. Liquid and money market funds witnessed net inflows of Rs 34,303 crore, while income funds saw fresh inflows exceeding redemptions by Rs 475 crore.

In other categories, gold and other exchange-traded funds saw net inflows of Rs 530 crore, gilt funds witnessed net inflows of Rs 40 crore, while balanced funds saw net outflows of Rs 43 crore.

Meanwhile, the month-end asset under management (AUM) of the mutual fund industry jumped by 6 per cent to Rs 6,68,605 crore as on July 31, 2010 compared with Rs 6,30,185 crore on June 30.

Income funds accounted for 50 per cent of total AUM on July 31, while liquid and money market funds accounted for 16 per cent. Diversified equity funds (including tax saving funds) constituted 31 per cent of the total AUM.

Net inflows/outflows in July 2010

Fund Categories

 

 Net Inflow/Outflow

 

Income

 

475

 

Equity diversified

 

-3,400

 

Liquid/money market

 

34,303

 

Gilt

 

40

 

ELSS

 

-139

 

Balanced

 

-43

 

Gold ETF

 

155

 

Other ETFs

 

375

 

Net inflow/outflow (in Rs crore)     -3,539

 

 

 

 

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