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ICRA Online LtdA group ICRA company
May, 2015
Mutual Fund Screeners
MUTUAL FUND INDUSTRY OVERVIEW
Section I
ICRA Online Limited22/06/2015 2
Industry AUM expands again in May’15
ICRA Online Limited22/06/2015 3
1. Industry AUM breached Rs. 12 lakh crore
mark for the second time since Feb’15 as
equity market broke the negative momentum
of past two months and ended higher in May
‘15.
2. However, Foreign Institutional Investors (FIIs)
turned sellers of equities in May 2015, for the
first time since Dec '14
3. In the near term, monsoon is expected to
remain a key trigger for central bank's
monetary policy stance and direction of equity
markets as well.
4. Industry corpus grew 6% during May’15,
carrying forward the positive momentum of
the previous month.
5. While the AUM of top-10 rose by 5.9%
during the month, the next-10 (corpus range
7K-25K Crore) followed the bigger AMCs
with a growth rate of 5.6%.
9%
2%
-10%
10%
6%
-15%
-10%
-5%
0%
5%
10%
15%
950,000
1,000,000
1,050,000
1,100,000
1,150,000
1,200,000
1,250,000
1,300,000
Jan-15 Feb-15 Mar-15 Apr-15 May-15
Ch
an
ge i
n c
orp
us
(M-o
-M)
Ind
ust
ry
Co
rp
us
(In
Rs.
Cro
re)
MF Industry Corpus
Industry Corpus % Change (M-o-M)
Source: MFI Explorer
Top 5 funds maintain their position over last 5 quarters
ICRA Online Limited22/06/2015 4
1. The distribution patterns of asset under management remained consistent across months
2. Industry corpus continued to post positive growth in May’15 as well
3. HDFC, ICICI Prudential, Reliance, Birla Sunlife and UTI remained the top 5 AMCs in last 5 quarters managing over Rs
6.9 lakh crore together.
0%
2%
4%
6%
8%
10%
0%
20%
40%
60%
80%
100%
Q4FY14 Q1FY15 Q2FY15 Q3FY15 Q4FY15
Ch
an
ge i
n i
nd
ust
ry
co
rp
us
(Q-o
-Q)
Sh
are (
in %
)
Industry Positioning by AMCs (last 5 quarters)
Top 5 Next 10 Rest % Change (Q-o-Q)
Source: AMFI
-10.4%
9.9%
5.6%
-12%
-8%
-4%
0%
4%
8%
12%
0%
20%
40%
60%
80%
100%
Mar-15 Apr-15 May-15
Ch
an
ge i
n i
nd
ust
ry
co
rpu
s (M
-o-M
)
Sh
are
(in
%)
Industry Positioning by AMCs
Top 5 Next 10 Rest % Change MoM (RHS)
Source: ICRA Online Research
Equities witness record inflows in May ‘15
ICRA Online Limited22/06/2015 5
1. Income fund category witnessed a fall in market share from
45.83% in Apr ’15 to 45.53% in May’15.
2. However, equity fund category continued to increase its market
share from 24.50% in Apr ’15 to 25.19% in May ‘15.
1. Equity category continued to attract healthy inflows for past 12
months. The category has witnessed inflows in excess of Rs
7,000 crore for three months in a row.
2. Liquid/Money market witnessed an outflow of Rs. 15K crore,
reversing previous month’s inflow of Rs. 1 lakh crore.
-60,000 -20,000 20,000 60,000 100,000
Income
Infrastructure Debt Fund
Equity
Balanced
Liquid/Money Market
Gilt
Elss - Equity
Gold Etf
Other Etfs
FoFs Investing Overseas
In Rs. Crore
Net Inflow/Outflow pattern for TTM
Source: AMFI, Data is as on May-2015, TTM-Trailing twelve months
45.53%
21.46%
25.19%
3.27%
2.07%
0.66%
0.87%
0.25%
0.58%
0.11%
7.83%
Category wide distribution of industry corpus for TTM
Income
Liquid/Money Market
Equity
ELSS - Equity
Balanced
Gold ETF
Gilt
FoFs Investing Overseas
Other ETFs
Infrastructure Debt Fund
Source: AMFI, ICRA Online Research, Data is as on May-2015, TTM-Trailing twelve months
Bottom 7 categories
Category Movement Monitor for Trailing Twelve Months
ICRA Online Limited22/06/2015 6
Source: AMFI
1. Equity and Balanced fund category see a steady rise in AUM.
350,000
400,000
450,000
500,000
550,000
Income
50,000
100,000
150,000
200,000
250,000
300,000
Liquid/Money Market
50,000
100,000
150,000
200,000
250,000
300,000
350,000
Equity
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
ELSS - Equity
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
Balanced
0
3,000
6,000
9,000
12,000
Gold ETF
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
Gilt
0
1,000
2,000
3,000
4,000
FoFs Investing Overseas
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
Other ETFs
0
200
400
600
800
1,000
1,200
1,400
1,600
Infrastructure Debt Fund
Category Specific Deep Dive : Equity & Income
ICRA Online Limited22/06/2015 7
1. Sensex rebounds in May’15, rising 3.8%, backed by
encouraging global and domestic cues.
2. Equity fund category managed to see record inflow of Rs.
9,850 in May ‘15.
1. Income fund corpus witnessed a M-o-M growth of 1.5% in
May’15 (at Rs. 5.22 lakh crore).
2. Income fund category managed to reverse the outflow
witnessed in the previous month with an inflow of Rs.
4,205 crore in May ‘15.
-10
-5
0
5
10
-
2,000
4,000
6,000
8,000
10,000
12,000
Ma
y-1
4
Jun
-14
Jul-
14
Au
g-1
4
Sep
-14
Oct-
14
No
v-1
4
Dec
-14
Jan
-15
Feb
-15
Ma
r-1
5
Ap
r-1
5
Ma
y-1
5
Sen
sex
Mo
nth
ly r
etu
rn
(in
%)
Net
flo
w (
in R
s. c
ro
re)
Equity category flow vis-a-vis Sensex
Net Inflow/Outflow Sensex Returns M-o-M (RHS)
Source: AMFI, BSE
-15,000
-10,000
-5,000
0
5,000
10,000
15,000
20,000
25,000
Ma
y-1
4
Jun
-14
Jul-
14
Au
g-1
4
Sep
-14
Oct-
14
No
v-1
4
Dec-
14
Jan
-15
Feb
-15
Ma
r-1
5
Ap
r-1
5
Ma
y-1
5
420,000
440,000
460,000
480,000
500,000
520,000
540,000
Net
flo
w (
In R
s. c
ro
re)
Co
rp
us
(In
Rs.
cro
re)
Income AUM vis-a-vis net flows
Corpus (RHS) Net Inflow/Outflow
Source: AMFI
SAMPLE ANALYSIS OF SOME SELECT AMC’S/REGION
Section II
ICRA Online Limited22/06/2015 8
Mutual Fund AUM Monitor for BIG-5
ICRA Online Limited22/06/2015 9
1. Except for Birla Sun Life MF, other 4
AMCs witnessed healthy net inflows during
May’15.
2. Compared to the previous month, only
Reliance MF managed to attract better
inflows in May ‘15.
3. Reliance MF witnessed the highest M-o-M
rise in AUM followed up by UTI and HDFC
MF, respectively.
4. The Big-5 together have close to 55% of the
market share
5. As on May’15 there were 9 mutual funds
with AUM below Rs 2,000 crore.
Source: ICRA Online research
4.8 4.4
7.6
-1.2
5.6
-2
0
2
4
6
8
10
12
14
0
30,000
60,000
90,000
120,000
150,000
180,000
HDFC MF ICICI Pru Reliance
MF
Birla MF UTI MF
% G
row
th i
n A
UM
(M
-o-M
)
AU
M (
In R
s. C
ro
re)
May-15 Growth in AUM (M-o-M) RHS
AMC
Net Inflow -
May'15
Net Inflow -
Apr'15
AUM -
May'15
Net Inflow -
May'14
Net Inflow -
Apr'14
AUM -
May'14
Net Inflow -
CM/LM
Net Inflow -
CM TY/LY
AUM
TY/LY
HDFC Mutual Fund 7,768 9,699 168,901 6,590 15,748 132,202 -20% 18% 28%
ICICI Prudential Mutual Fund 6,714 11,435 158,130 11,140 12,657 122,761 -41% -40% 29%
Reliance Mutual Fund 10,449 8,991 148,531 12,616 10,723 117,859 16% -17% 26%
Birla Sun Life Mutual Fund -1,469 13,107 123,581 6,348 12,050 99,600 - - 24%
UTI Mutual Fund 5,001 10,396 94,406 5,187 12,207 81,739 -52% -4% 15%
*CM= Current month, LM = last month, TY = this year, LY = last year
THIS YEAR LAST YEAR GROWTH *
Understanding investment patterns of T-15 and B-15
ICRA Online Limited22/06/2015 10
Source: AMFI, AMCs website. AAUM monthly data pertains to May-15
1. Most funds have a disproportionate share of corpus coming from T-15 with Deutsche, Kotak, IDFC, Franklin and Birla having
exposure greater than 88%
2. Out of top 15 mutual funds, 12 mutual funds had more than 80% of its AUM exposure to T-15
3. In the B-15 category, UTI mutual fund leads the pack with close to 31% of its AUM exposure to B-15 followed by SBI at ~26%
Note: As per AMFI, T-15 cities consist of Mumbai (including Thane & Navi Mumbai), Delhi (including NCR), Bangalore, Kolkata, Chennai, Pune, Ahmedabad, Hyderabad,
Baroda, Panjim, Jaipur, Lucknow, Surat, Kanpur and Chandigarh
88.7% 88.8%90.4% 91.3%
91.8%
0
20,000
40,000
60,000
80,000
100,000
120,000
80.0%
85.0%
90.0%
95.0%
Franklin
Templeton
MF
Birla Sun
Life MF
IDFC MF Deutsche
MF
Kotak
Mahindra
MF
Co
ntr
ibu
tio
n o
f T
-15
(in
Rs.
Cro
re)
Co
ntr
ibu
tio
n o
f T
-15
as
% o
f A
UM
Contribution of T-15 and Total AUM
Contribution of T-15 as % of total AUM Contribution of T-15 (RHS)
18.2%19.1%
22.7%
25.6%30.7%
0
10,000
20,000
30,000
0%
10%
20%
30%
40%
50%
Sundaram
MF
Reliance
MF
Axis MF SBI MF UTI MF
Co
ntr
ibu
tio
n o
f B
-15
(in
Rs.
Cro
re)
Co
ntr
ibu
tio
n o
f B
-15
as
% o
f A
UM
Contribution of B-15 and Total AUM
Contribution of B-15 as % of total AUM Contribution of B-15 (RHS)
Asset Accumulation Pattern – Top 15
ICRA Online Limited22/06/2015 11
Source: AMFI, AMCs website. AAUM monthly data pertains to May-15
0%
20%
40%
60%
80%
100%A
xis
MF
Bir
la S
un
Lif
e M
F
DS
P B
lack
Ro
ck
MF
Fra
nk
lin T
em
ple
ton
MF
HD
FC
MF
ICIC
I P
rud
enti
al M
F
IDF
C M
F
Deu
tsch
e M
F
Ko
tak
Ma
hin
dra
MF
L&
T M
F
Rel
ian
ce M
F
SB
I M
F
Su
nd
ara
m M
F
Ta
ta M
F
UT
I M
F
Asset Accumulation Pattern as a % of AUM for Top-15 AMCs
Associate Distributor as % of AUM Non-Associate Distributor as % of AUM Direct Plan as % of AUM
Retail Business Share - Industry Level
ICRA Online Limited22/06/2015 12
Source: AMFI. Category AUM data pertains to May-15. Retail is inclusive of HNI
1. Balanced and Equity Categories command the highest retail participation at the industry level, whereas
Liquid/Money Market category is dominated by corporate.
2. Investors in Gilt Fund Category lead the pack in the Direct Channel
2.3%
11.4%
6.3%5.5%
7.4%6.9%
0%
2%
4%
6%
8%
10%
12%
14%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Liquid/
Money
Market
Gilt FMP Other Debt
Schemes
Equity (inc
ELSS)
Balanced
AU
M
sha
re (
in %
)
AU
M
sha
re (
in %
)
Retail Participation
Retail AUM share (%) - All channels Retail AUM share (%) - Direct Channel (RHS)
Retail business share via Direct Channel - Big 5
ICRA Online Limited22/06/2015 13
Source: AMFI. Category AUM data pertains to May-15
1. For B-15 cities, retail customers coming through direct channel preferred UTI AMC across all the fund categories (except for Liquid).
UTI was also preferred by investors of T-15 cities dealing in Equity and Liquid fund category via direct channel.
2. For T-15 cities, ICICI Prudential AMC is the preferred AMC for retail customers (of direct channel) dealing in Gilt and Other Debt
fund category. HDFC AMC was favored by investors dealing in FMP fund category.
0%
5%
10%
15%
20%
25%
30%
Liquid/ Money
Market
Gilt FMP Other Debt
Schemes
Equity (inc
ELSS)
Direct Channel AUM share (in %) - T15
HDFC MF ICICI Prudential MF Reliance MF Birla Sun Life MF UTI MF
0%
3%
6%
9%
12%
15%
Liquid/ Money
Market
Gilt FMP Other Debt
Schemes
Equity (inc
ELSS)
Direct Channel AUM share (in %) - B15
HDFC MF ICICI Prudential MF Reliance MF Birla Sun Life MF UTI MF
Category Wise Change in Market Share - Big 5
ICRA Online Limited22/06/2015 14
Source: AMFI. Category AUM monthly data pertains to May-15
1. Among the top-5 players, only ICICI Prudential MF registered marginal increase in market share in equities, while in Liquid fund
category, only HDFC MF managed to raise its market share by 75.5 basis points.
2. Except for UTI MF, other 4 AMCs registered marginal fall in their market share in Other Debt fund category.
HDFC
MF
ICICI
Pru.
MF
Relian
ce MF
Birla
Sun
Life
MF
UTI
MF
Liquid 75.55 -1.12 -31.55 -146.25 -6.10
Equity (RHS) -39.40 11.67 -19.72 -4.47 -19.96
-200
-150
-100
-50
0
50
100
150
-200
-150
-100
-50
0
50
100
150
Ch
an
ge i
n B
PS
Ch
an
ge i
n B
PS
Market share chg (m-o-m)
HDFC
MF
ICICI
Pru. MF
Reliance
MF
Birla Sun
Life MFUTI MF
FMP (LHS) -50.72 51.19 23.83 7.73 30.03
Other Debt -6.85 -17.01 -2.06 -24.31 12.76
-60
-40
-20
0
20
40
60
80
100
-60
-40
-20
0
20
40
60
80
100
Ch
an
ge i
n B
PS
Ch
an
ge i
n B
PS
Market share chg (m-o-m)
Geography wise Analysis
ICRA Online Limited22/06/2015 15
1. Maharashtra alone accounts for more than 44% of the market share
2. Seven states have corpus between Rs 50,000 and Rs 1,20,000 crore
3. The top 15 AMCs hold more than 87% of the market share in Maharashtra with the top 5 alone accounting for over
54% of that
4. The entire distribution is skewed towards one state leaving ample scope for AMCs to increase market share from other
States and Union Territories
5.7%
4.7%7.2%
9.6%
43.8%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
0
100,000
200,000
300,000
400,000
500,000
600,000
Gujarat Others Karnataka New Delhi Maharashtra
Sh
are
(%
)
AU
M (
In R
s. c
rore
)
AUM share of top-5 regions
AUM % share (RHS)
Source: AMFI, ICRA Online Research. Data as on May-15.
5.9
10.5 11.0
12.813.8
0
2
4
6
8
10
12
14
16
UTI MF Birla Sun
Life MF
Reliance
MF
ICICI
Prudentia l
MF
HDFC MF
% s
ha
re
% share of top 5 AMCs in Maharashtra
Analytics Group
ICRA Online Limited
Amol Wakekar ([email protected] / 9920665037)
Suman Roy ([email protected] / 9830274008)
ICRA Online Limited22/06/2015 16