MUTUAL FUNDS · FLOW WATCH · MONTHLY
Where did money go this month? AMC × category flow heatmap - September 2026
₹38,307 crore of net new money entered equity mutual funds in September. Among the top 8 AMCs by AUM, Kotak MF and UTI MF led, together accounting for 8% of the group's combined AUM change.
Kotak MF saw the largest AUM increase this month, concentrated in Multi Cap (+₹704.3 Cr). The single sharpest AUM decline was ICICI Pru's Sectoral book (−₹7,920.6 Cr), though that doesn't necessarily mean Sectoral lagged overall - see the category totals below. Multi Cap was the strongest category overall (−₹5,193.5 Cr), while Sectoral lagged (−₹17,484.2 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.
+₹38,307 Cr
EQUITY_NET_INFLOW
−₹1,83,565 Cr
DEBT_NET_FLOW
Kotak MF
TOP_AMC_BY_AUM_CHANGE
8
AMCs_WITH_AUM_DECLINE
CHART
AMC × Category AUM change - September 2026 (₹ Crore)
Kotak MF leads in Multi Cap. ICICI Pru shows the sharpest Sectoral AUM decline. Measures AUM change (flow + market movement), not net flow in isolation.
Corrected 2026-10-13: AMFI's Aug-2026 report renamed several debt-duration and Sectoral/Thematic category labels, which this site's pipeline didn't recognize until fixed — the real numbers below replace the originally-published −₹1,57,795 Cr debt / ₹34,136 Cr equity. Debt's real net outflow was −₹1,83,565 Cr, the same cash-parking pattern as June: Liquid Fund (−₹95,743 Cr), Money Market Fund (−₹50,846 Cr), Ultra Short Duration Fund (−₹11,729 Cr), Overnight Fund (−₹7,281 Cr) and Low Duration Fund (−₹6,632 Cr) together account for nearly all of it, pulled out for the Sep-15 advance-tax installment. Expect a partial reversal in October, mirroring June's outflow flipping to July's +₹1,87,511 Cr inflow. Large Cap flipped net positive (+₹859 Cr) after two straight negative months, while Small Cap (+₹9,039 Cr) and Mid Cap (+₹7,835 Cr) stayed equity's biggest draws.
Frequently asked questions
Which AMC saw the largest AUM increase in September 2026?
Kotak MF saw the single largest AMC x category AUM increase in September 2026, concentrated in Multi Cap (+₹704.3 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 September 2026?
Yes - the sharpest single AMC x category AUM decline in September 2026 was ICICI Pru's Sectoral book (−₹7,920.6 Cr). Looking at total AUM change across all categories combined, SBI MF, ICICI Pru, HDFC MF, Nippon MF, Kotak MF, Aditya Birla, UTI MF, Axis 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 September 2026?
Equity mutual funds saw +₹38,307 Cr in net inflow in September 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 September 2026?
Debt mutual funds saw −₹1,83,565 Cr in net flow in September 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 September 2026?
Multi Cap led with the highest total AUM change across all tracked AMCs in September 2026 (−₹5,193.5 Cr), while Sectoral lagged (−₹17,484.2 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.