MUTUAL FUNDS · FLOW WATCH · MONTHLY
Where did money go this month? AMC × category flow heatmap - July 2026
₹24,697 crore of net new money entered equity mutual funds in July. Among the top 8 AMCs by AUM, HDFC MF and ICICI Pru led, together accounting for 55% of the group's combined AUM change.
HDFC MF saw the largest AUM increase this month, concentrated in Flexi Cap (+₹4,124 Cr). The single sharpest AUM decline was Kotak MF's Flexi Cap book (−₹429.2 Cr), though that doesn't necessarily mean Flexi Cap lagged overall - see the category totals below. Flexi Cap was the strongest category overall (+₹7,749.2 Cr), while Small Cap lagged (+₹2,268.7 Cr). Note: this heatmap measures AUM change (flow + market appreciation), not net flow in isolation - it isn't directly comparable to the net-flow totals below.
+₹24,697 Cr
EQUITY_NET_INFLOW
+₹1,87,511 Cr
DEBT_NET_FLOW
HDFC MF
TOP_AMC_BY_AUM_CHANGE
0
AMCs_WITH_AUM_DECLINE
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AMC × Category AUM change - July 2026 (₹ Crore)
HDFC MF leads in Flexi Cap. Kotak MF shows the sharpest Flexi Cap AUM decline. Measures AUM change (flow + market movement), not net flow in isolation.
Large Cap turned net negative for the first time in this tracked window (−₹1,322 Cr AMFI-reported net flow, a −₹3,389 Cr swing from June). Debt's swing to +₹1,87,511 Cr net flow (Liquid Fund +₹1,19,066 Cr, Overnight Fund +₹40,413 Cr) is the mirror image of June's outflow: advance-tax cash returning to its normal parking spot, not a new risk-off signal.
Frequently asked questions
Which AMC saw the largest AUM increase in July 2026?
HDFC MF saw the single largest AMC x category AUM increase in July 2026, concentrated in Flexi Cap (+₹4,124 Cr). Note this measures AUM change - flow plus market appreciation - for one specific AMC-category pair, not that AMC's total inflow across all categories combined.
Did any AMC see a net AUM decline in July 2026?
Yes - the sharpest single AMC x category AUM decline in July 2026 was Kotak MF's Flexi Cap book (−₹429.2 Cr). No AMC was net negative overall across all categories combined, though this specific AMC-category pair still declined. A single-cell decline doesn't necessarily mean that AMC or category lagged industry-wide - see the category totals for the broader picture.
How much net money flowed into equity mutual funds in July 2026?
Equity mutual funds saw +₹24,697 Cr in net inflow in July 2026, per AMFI's own monthly disclosure - this is a real net-flow figure (money in minus money out), independent of the AMC x category heatmap above, which measures AUM change (flow plus market appreciation) rather than flow alone. The two numbers aren't directly comparable: a category can show a large AUM increase purely from market gains even with modest or negative net flow, or vice versa.
What happened to debt fund flows in July 2026?
Debt mutual funds saw +₹1,87,511 Cr in net flow in July 2026. Debt fund flows are typically far more volatile month-to-month than equity, since they're heavily influenced by institutional treasury cash management (advance-tax outflows, quarter-end parking) rather than retail sentiment - a sharp swing in either direction in a single month is common and doesn't necessarily signal a shift in retail investor behavior the way an equity flow swing might.
Which category led AUM growth in July 2026?
Flexi Cap led with the highest total AUM change across all tracked AMCs in July 2026 (+₹7,749.2 Cr), while Small Cap lagged (+₹2,268.7 Cr). These are AUM-change totals (flow plus market appreciation) summed across the 8 AMCs tracked here, not the full industry - a category's true industry-wide ranking could differ once every AMC, not just these 8, is included.