November mutual fund net equity inflows rise 21% to Rs 29,894 crore, AUM touches Rs 80.8 lakh crore

In November 2025, India’s mutual fund industry saw strong momentum in equity inflows, with net investments hitting Rs 29,894 crore, a 21% increase over the Rs 24,671 crore recorded in October. This continued stream of investments reflects solid investor confidence amid a supportive market environment. Meanwhile, total assets under management (AUM) rose to Rs 80.80 lakh crore from Rs 79.87 lakh crore the previous month, signaling steady growth and broad participation across various fund categories.

The equity segment led the charge, with large-cap funds staging a solid comeback by attracting Rs 1,640 crore, a sharp 68.7% increase from Rs 972 crore in October. Funds combining large and mid-cap stocks also saw strong inflows, rising 41.7% to Rs 4,503 crore. Mid-cap funds experienced a 17.9% increase in inflows at Rs 4,487 crore, while small-cap funds reported Rs 4,407 crore, up 26.8% from the prior month. Such diverse inflows across market caps underline investors’ pursuit of growth opportunities in multiple segments.

The debt and other fund categories exhibited a mixed picture. Corporate bond funds drew Rs 1,525 crore in inflows, a significant drop compared to Rs 5,122 crore in October. Likewise, new fund offers (NFOs) raised Rs 3,126 crore, down from Rs 6,062 crore previously. Meanwhile, credit risk funds and ELSS funds witnessed outflows of Rs 118 crore and Rs 570.2 crore, respectively, indicating a somewhat selective investor approach in these riskier or tax-saving categories.

Exchange-traded funds

Exchange-traded funds (ETFs), gold ETFs, and thematic funds also attracted notable attention. Gold ETFs saw inflows of Rs 3,742 crore, although this was roughly half of October's Rs 7,743 crore. On the other hand, overall ETF inflows rose significantly to Rs 9,721 crore from Rs 6,182 crore, supported by sectoral and thematic funds, which attracted Rs 1,865 crore compared to Rs 1,366 crore in October. Liquid funds, often viewed as safe short-term instruments, saw continued outflows of Rs 14,050 crore in November, albeit at a much-reduced pace relative to the heavy Rs 89,375 crore withdrawals in October.

SIP inflows

Systematic Investment Plans (SIPs) maintained a steady pace of inflows, totaling Rs 29,445 crore for November, slightly down from Rs 29,529 crore the prior month. This consistency highlights retail investors’ preference for disciplined, long-term investment through SIPs.

Himanshu Srivastava, Principal Researcher at Morningstar Investment Research India, commented on the market trends: "Equity-oriented mutual funds registered a strong net inflow of INR 29,911 crore in November 2025, up from Rs 24,690 crore in October, reflecting sustained investor confidence amid a supportive macro environment, resilient corporate earnings, and improving clarity around the global interest-rate trajectory. Importantly, this also reversed a four-month declining trend in net inflows into the equity-oriented category. Strong domestic economic momentum, a healthy and stable SIP book, and broad-based gains across the equity markets further reinforced retail investor sentiment."

Elaborating further, he said, "Category-wise flows indicate a continued tilt toward growth-oriented and diversified mandates, with schemes that offer flexibility across market capitalisations—such as Multicap, Large & Midcap, and Flexicap funds—attracting sizeable inflows as investors sought exposure to multiple pockets of the market."

Srivastava also underscored investor interest in higher-growth segments: "At the same time, investors continued to favour mid-cap and small-cap funds, both of which recorded robust inflows supported by strong trailing returns, broad earnings delivery, and the perception of superior long-term compounding potential in these higher-growth segments. Intermittent corrections in these pockets also provided attractive entry points. That said, investors should ideally approach these categories with a long-term perspective, rather than basing allocations solely on short-term performance trends. Flexi-cap funds remained the single largest beneficiary of flows—they continued to receive the highest inflows, driven by their versatile mandate and the comfort of dynamic market-cap allocation, though November saw a marginal moderation compared with October."

Overall, the inflow trends from November 2025 highlight the strong and sustained interest of investors in equity mutual funds with diversified and flexible strategies, despite some market volatility and selective caution in certain debt and risk-oriented funds.