Nuvama top picks: HDFC AMC, Nippon Life AMC, KFin Tech; SIP flows stay strong, lumpsum inflows lag
According to the domestic brokerage, SIP inflows remained robust at an all-time high of Rs 29,500 crore, rising 0.6 per cent month-on-month (MoM).
- Nov 11, 2025,
- Updated Nov 11, 2025 4:38 PM IST
Nuvama Institutional Equities highlighted that strong Systematic Investment Plan (SIP) inflows and a recovery in equity markets supported mutual fund (MF) industry volumes in October 2025, even as lumpsum investments moderated sharply.
According to the domestic brokerage, SIP inflows remained robust at an all-time high of Rs 29,500 crore, rising 0.6 per cent month-on-month (MoM). However, muted lumpsum inflows of just Rs 2,640 crore -- down 77.5 per cent MoM -- led to a 21.7 per cent decline in active equity net inflows to Rs 32,200 crore for the month.
For October, active equity (excluding arbitrage, index and ETF) net inflows came in at Rs 32,200 crore, while for FY26 to date, the industry reported active equity inflows of Rs 2.5 lakh crore, down 13.9 per cent year-on-year (YoY). Of this, SIP and lumpsum inflows contributed Rs 2 lakh crore and Rs 58,510 crore, respectively.
Nuvama said active equity flows through existing schemes fell 30.8 per cent MoM to Rs 27,740 crore, while new fund offerings (NFOs) garnered Rs 4,430 crore, up 341.5 per cent MoM, as seven active equity NFOs were launched during the month.
Category-wise, flexi-cap funds attracted the highest share of inflows at 27.8 per cent, followed by large and mid-cap funds at 24.7 per cent and small-cap funds at 10.8 per cent. Thematic funds accounted for 4.2 per cent of the month's net inflows.
A rally in the broader market supported overall assets under management (AUM). Nifty50 rose 4.5 per cent in October, while Nifty Midcap 150 and Nifty Smallcap 250 indices gained 4.8 per cent and 3.7 per cent, respectively. Consequently, total active equity AUM increased 4.3 per cent MoM to Rs 43.7 lakh crore.
Nuvama reiterated its positive stance on the asset management space, citing sustained SIP traction and market recovery as structural tailwinds. Its top picks in the sector are HDFC Asset Management Company Ltd (target price: Rs 7,020), Nippon Life India Asset Management Ltd (target price: Rs 1,090) and KFin Technologies Ltd (target price: Rs 1,480).
Nuvama Institutional Equities highlighted that strong Systematic Investment Plan (SIP) inflows and a recovery in equity markets supported mutual fund (MF) industry volumes in October 2025, even as lumpsum investments moderated sharply.
According to the domestic brokerage, SIP inflows remained robust at an all-time high of Rs 29,500 crore, rising 0.6 per cent month-on-month (MoM). However, muted lumpsum inflows of just Rs 2,640 crore -- down 77.5 per cent MoM -- led to a 21.7 per cent decline in active equity net inflows to Rs 32,200 crore for the month.
For October, active equity (excluding arbitrage, index and ETF) net inflows came in at Rs 32,200 crore, while for FY26 to date, the industry reported active equity inflows of Rs 2.5 lakh crore, down 13.9 per cent year-on-year (YoY). Of this, SIP and lumpsum inflows contributed Rs 2 lakh crore and Rs 58,510 crore, respectively.
Nuvama said active equity flows through existing schemes fell 30.8 per cent MoM to Rs 27,740 crore, while new fund offerings (NFOs) garnered Rs 4,430 crore, up 341.5 per cent MoM, as seven active equity NFOs were launched during the month.
Category-wise, flexi-cap funds attracted the highest share of inflows at 27.8 per cent, followed by large and mid-cap funds at 24.7 per cent and small-cap funds at 10.8 per cent. Thematic funds accounted for 4.2 per cent of the month's net inflows.
A rally in the broader market supported overall assets under management (AUM). Nifty50 rose 4.5 per cent in October, while Nifty Midcap 150 and Nifty Smallcap 250 indices gained 4.8 per cent and 3.7 per cent, respectively. Consequently, total active equity AUM increased 4.3 per cent MoM to Rs 43.7 lakh crore.
Nuvama reiterated its positive stance on the asset management space, citing sustained SIP traction and market recovery as structural tailwinds. Its top picks in the sector are HDFC Asset Management Company Ltd (target price: Rs 7,020), Nippon Life India Asset Management Ltd (target price: Rs 1,090) and KFin Technologies Ltd (target price: Rs 1,480).