MUTUAL FUNDS · FLOW WATCH · MONTHLY
Where did money go this month? AMC × category flow heatmap - May 2026
₹22,908 crore of net new money entered equity mutual funds in May. Among the top 8 AMCs by AUM, HDFC MF and Nippon MF led, together accounting for 56% of the group's combined AUM change.
HDFC MF saw the largest AUM increase this month, concentrated in Mid Cap (+₹2,512 Cr). The single sharpest AUM decline was SBI MF's Large Cap book (−₹346.6 Cr), though that doesn't necessarily mean Large Cap lagged overall - see the category totals below. Mid Cap was the strongest category overall (+₹6,419.7 Cr), while Large Cap lagged (−₹168.3 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.
+₹22,908 Cr
EQUITY_NET_INFLOW
−₹96,949 Cr
DEBT_NET_FLOW
HDFC MF
TOP_AMC_BY_AUM_CHANGE
1
AMCs_WITH_AUM_DECLINE
CHART
AMC × Category AUM change - May 2026 (₹ Crore)
HDFC MF leads in Mid Cap. SBI MF shows the sharpest Large Cap AUM decline. Measures AUM change (flow + market movement), not net flow in isolation.
Debt's −₹96,949 Cr net-flow outflow was led by Liquid Fund (−₹29,681 Cr), Overnight Fund (−₹15,525 Cr) and Corporate Bond Fund (−₹7,010 Cr) - the usual quarter-end pattern of corporate treasuries pulling cash ahead of the June 15 advance-tax deadline.
Frequently asked questions
Which AMC saw the largest AUM increase in May 2026?
HDFC MF saw the single largest AMC x category AUM increase in May 2026, concentrated in Mid Cap (+₹2,512 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 May 2026?
Yes - the sharpest single AMC x category AUM decline in May 2026 was SBI MF's Large Cap book (−₹346.6 Cr). Looking at total AUM change across all categories combined, SBI MF ended the month net negative overall. 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 May 2026?
Equity mutual funds saw +₹22,908 Cr in net inflow in May 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 May 2026?
Debt mutual funds saw −₹96,949 Cr in net flow in May 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 May 2026?
Mid Cap led with the highest total AUM change across all tracked AMCs in May 2026 (+₹6,419.7 Cr), while Large Cap lagged (−₹168.3 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.