Equity Mutual Fund Inflows Slip 6% MoM to Rs 28,054 Crore in December 2025: AMFI Data

Equity mutual fund inflows dipped month-on-month in December 2025, even as the broader mutual fund industry recorded significant outflows due to heavy withdrawals from debt categories. According to the Association of Mutual Funds in India (AMFI), equity mutual fund inflows stood at Rs 28,054 crore in December 2025, down about 6 per cent from Rs 29,911 crore in November. Despite this moderation, investor participation in equity schemes remained steady.

The overall mutual fund industry reported net outflows of Rs 66,571 crore in December, driven largely by sharp redemptions in debt funds. Debt mutual funds alone saw net outflows of Rs 1.32 lakh crore during the month, overshadowing gains in other categories.

As of December 2025, the Indian mutual fund industry’s assets under management (AUM) stood at Rs 80.23 lakh crore.  Hybrid schemes attracted inflows of Rs 10,756 crore, while ‘other schemes’, including ETFs, saw net inflows of Rs 26,723 crore. Solution-oriented schemes also recorded net inflows of Rs 345 crore.

Overall Mutual Fund Flows (Rs crore)

Equity Funds: Inflows Soften, SIP Momentum Stays Strong

Net inflows into equity-oriented mutual funds totalled Rs 28,054 crore in December 2025, slightly below November’s Rs 29,911 crore but still higher than the October figure of Rs 24,690 crore. Flexi-cap funds led the equity category with inflows of Rs 10,019 crore, up from Rs 8,135 crore in November. Mid-cap and small-cap funds saw some cooling, posting inflows of Rs 4,176 crore and Rs 3,824 crore respectively, compared with stronger levels in the previous month. Large-cap funds recorded modest inflows of Rs 1,567 crore in December.

ELSS funds continued to remain under pressure, registering net outflows of Rs 718 crore for the month. However, investor discipline through systematic investing stood out, with monthly SIP contributions touching an all-time high of Rs 31,001.67 crore in December and SIP assets rising to Rs 16.63 lakh crore.

Ovas Bakshi, Head-Retail Sales, Kotak Mahindra AMC, stated that investors are consistently experiencing the benefits of SIP-based wealth creation. He highlighted the ongoing financialization of savings in India and believes that mutual fund participation will continue to rise, supporting equity flows and further driving SIP contributions.

Debt Funds: Year-End Redemptions Pressure Overall Flows

Debt mutual funds witnessed heavy outflows of Rs 1.32 lakh crore in December, reversing the strong inflows seen in October and weighing on industry-wide flows. Liquid funds and money market funds led the exits, with outflows of Rs 47,308 crore and Rs 40,464 crore respectively. Other debt categories, including ultra-short duration, low-duration and corporate bond funds, also reported net withdrawals. Some segments such as overnight and floater funds recorded marginal inflows, but these were insufficient to offset the broader decline. December marked one of the weakest months for debt flows in the past five months.

Debt Fund Category-wise Flows (Rs crore)

Gold ETFs: Strongest Monthly Inflow in Five Months

Gold ETFs emerged as a major bright spot, recording net inflows of Rs 11,647 crore in December, sharply higher than Rs 3,742 crore in November—an increase of over 200 per cent month-on-month. This marks the strongest monthly inflow into gold ETFs in the past five months. In comparison, inflows stood at Rs 7,743 crore in October and Rs 8,363 crore in September, while August saw a relatively modest Rs 2,190 crore. With equity inflows moderating and debt witnessing heavy withdrawals, gold ETFs became one of the strongest contributors to overall mutual fund inflows during the month.

Disclaimer: The article is for informational purposes only and not investment advice.