Gold ETFs log record inflows as equity MF investments cool marginally in Dec: AMFI data
Despite the month-on-month dip in equity inflows, systematic investment plan (SIP) contributions touched a record ₹31,001.67 crore in December, highlighting disciplined retail participation.
- Jan 9, 2026,
- Updated Jan 9, 2026 2:29 PM IST
Equity-oriented mutual funds attracted ₹28,054 crore in December 2025, marking a month-on-month decline of about 6% from ₹29,911 crore in November, according to data released by the Association of Mutual Funds in India (AMFI) on Friday. Despite the moderation, equity inflows remained comfortably above October’s ₹24,690 crore, indicating continued investor participation amid market volatility.
The slowdown in equity inflows came alongside a marginal contraction in the mutual fund industry’s asset base, with total assets under management (AUM) slipping to ₹80.23 lakh crore in December from ₹80.80 lakh crore in November. The decline was largely driven by steep redemptions from debt schemes, which pushed the overall industry into net outflows of over ₹66,500 crore for the month.
Flexi-cap funds dominate; ELSS remains under pressure
Among equity categories, flexi-cap funds continued to lead, recording net inflows of ₹10,019 crore, up from ₹8,135 crore in November, reflecting investor preference for portfolio flexibility in uncertain market conditions.
Mid-cap and small-cap funds attracted ₹4,176 crore and ₹3,824 crore, respectively, while large-cap funds saw inflows of ₹1,567 crore.
In contrast, ELSS funds and dividend yield funds were the only equity categories to record net outflows, at ₹718 crore and ₹254 crore, respectively, pointing to profit-booking and seasonal tax-related adjustments.
Commenting on the trend, Himanshu Srivastava, Principal Research, Morningstar Investment Research India, said equity flows showed signs of consolidation rather than any meaningful shift in sentiment.
“Equity-oriented mutual fund categories recorded net inflows of ₹28,054 crore in December 2025, marginally lower than November, indicating a phase of consolidation. Flows remained resilient despite intermittent market volatility, supported by steady SIP contributions and continued confidence in India’s long-term growth outlook,” he said.
He added that the moderation was more visible in the mid- and small-cap segments, where investors appeared to be balancing return expectations with valuation comfort after a strong run-up.
Debt fund redemptions deepen; gold ETFs hit record inflows
Debt mutual funds witnessed massive net outflows of ₹1.32 lakh crore in December, sharply higher than ₹25,692 crore in November. Liquid funds led the redemptions, with outflows exceeding ₹47,300 crore, dragging the broader industry into negative territory.
Amid this divergence, investors turned increasingly towards safe-haven assets. Gold ETFs recorded their highest-ever monthly inflows of ₹11,647 crore, more than tripling from November’s ₹3,742 crore, supported by strong gold price momentum and elevated macro uncertainty.
Srivastava noted that gold ETFs have gained prominence as a portfolio hedge.
“Indian investors are increasingly turning to gold ETFs as a regulated, liquid and cost-efficient alternative to physical gold, particularly during periods of volatility across equity and bond markets,” he said.
Record SIP inflows underline domestic investor resilience
Despite the month-on-month dip in equity inflows, systematic investment plan (SIP) contributions touched a record ₹31,001.67 crore in December, highlighting disciplined retail participation.
Feroze Azeez, Joint CEO, Anand Rathi Wealth Limited, said the data reflects the growing role of domestic investors in supporting Indian markets.
“In calendar year 2025, the Nifty delivered about 8.8% returns even as foreign investors saw net outflows of nearly ₹1.66 lakh crore. The defining support came from domestic investors, whose steady inflows helped keep the market resilient,” he said.
Azeez added that total SIP contributions of ₹3.34 lakh crore in CY25 underscore long-term investor intent, even as asset allocation tilted towards gold following its strong returns during the year.
As of December 31, 2025, open-ended equity-oriented schemes managed assets worth ₹35.73 lakh crore, compared with ₹18.10 lakh crore for debt-oriented schemes, reinforcing equity’s continued dominance in India’s mutual fund landscape.
Equity-oriented mutual funds attracted ₹28,054 crore in December 2025, marking a month-on-month decline of about 6% from ₹29,911 crore in November, according to data released by the Association of Mutual Funds in India (AMFI) on Friday. Despite the moderation, equity inflows remained comfortably above October’s ₹24,690 crore, indicating continued investor participation amid market volatility.
The slowdown in equity inflows came alongside a marginal contraction in the mutual fund industry’s asset base, with total assets under management (AUM) slipping to ₹80.23 lakh crore in December from ₹80.80 lakh crore in November. The decline was largely driven by steep redemptions from debt schemes, which pushed the overall industry into net outflows of over ₹66,500 crore for the month.
Flexi-cap funds dominate; ELSS remains under pressure
Among equity categories, flexi-cap funds continued to lead, recording net inflows of ₹10,019 crore, up from ₹8,135 crore in November, reflecting investor preference for portfolio flexibility in uncertain market conditions.
Mid-cap and small-cap funds attracted ₹4,176 crore and ₹3,824 crore, respectively, while large-cap funds saw inflows of ₹1,567 crore.
In contrast, ELSS funds and dividend yield funds were the only equity categories to record net outflows, at ₹718 crore and ₹254 crore, respectively, pointing to profit-booking and seasonal tax-related adjustments.
Commenting on the trend, Himanshu Srivastava, Principal Research, Morningstar Investment Research India, said equity flows showed signs of consolidation rather than any meaningful shift in sentiment.
“Equity-oriented mutual fund categories recorded net inflows of ₹28,054 crore in December 2025, marginally lower than November, indicating a phase of consolidation. Flows remained resilient despite intermittent market volatility, supported by steady SIP contributions and continued confidence in India’s long-term growth outlook,” he said.
He added that the moderation was more visible in the mid- and small-cap segments, where investors appeared to be balancing return expectations with valuation comfort after a strong run-up.
Debt fund redemptions deepen; gold ETFs hit record inflows
Debt mutual funds witnessed massive net outflows of ₹1.32 lakh crore in December, sharply higher than ₹25,692 crore in November. Liquid funds led the redemptions, with outflows exceeding ₹47,300 crore, dragging the broader industry into negative territory.
Amid this divergence, investors turned increasingly towards safe-haven assets. Gold ETFs recorded their highest-ever monthly inflows of ₹11,647 crore, more than tripling from November’s ₹3,742 crore, supported by strong gold price momentum and elevated macro uncertainty.
Srivastava noted that gold ETFs have gained prominence as a portfolio hedge.
“Indian investors are increasingly turning to gold ETFs as a regulated, liquid and cost-efficient alternative to physical gold, particularly during periods of volatility across equity and bond markets,” he said.
Record SIP inflows underline domestic investor resilience
Despite the month-on-month dip in equity inflows, systematic investment plan (SIP) contributions touched a record ₹31,001.67 crore in December, highlighting disciplined retail participation.
Feroze Azeez, Joint CEO, Anand Rathi Wealth Limited, said the data reflects the growing role of domestic investors in supporting Indian markets.
“In calendar year 2025, the Nifty delivered about 8.8% returns even as foreign investors saw net outflows of nearly ₹1.66 lakh crore. The defining support came from domestic investors, whose steady inflows helped keep the market resilient,” he said.
Azeez added that total SIP contributions of ₹3.34 lakh crore in CY25 underscore long-term investor intent, even as asset allocation tilted towards gold following its strong returns during the year.
As of December 31, 2025, open-ended equity-oriented schemes managed assets worth ₹35.73 lakh crore, compared with ₹18.10 lakh crore for debt-oriented schemes, reinforcing equity’s continued dominance in India’s mutual fund landscape.