Decomposition
Did AUM move because of flows or markets? Splitting the Jun-2026 change into cash (net flow) and a residual market move. Pure arithmetic on AMFI MCR data.
AUM Change
+₹64.1k Cr
May-2026 → Jun-2026, total industry
Net Flow
₹-52.9k Cr
Cash leg: sales − redemptions
Implied Market Move
+₹1.17 L Cr
Residual: ΔAUM − net flow
Primary Driver
Markets
Mkt move dominated ΔAUM
Total Industry — Jun-2026 Transition
Opening AUM + net flow + implied market move = closing AUM.
AUM changed by +₹64.1k Cr: net flow contributed ₹-52.9k Cr and the implied market move +₹1.17 L Cr.
Open-Ended Equity — Jun-2026 Transition
The same split, restricted to the open-ended equity book.
Since Inception — Flows vs Market (since Apr-2019)
Of all the AUM the industry has built, how much is money that came in versus market gains?
Apr-201987 of 87 periods · drag handles for more rangeJun-2026
Starting from ₹24.79 L Cr in Apr-2019, the industry has added +₹57.44 L Cr to reach ₹82.22 L Cr — of which +₹26.35 L Cr (45.9%) is net money in, and +₹31.08 L Cr (54.1%) is cumulative market move. (The two legs reconcile exactly to month-end AUM.)
Implied Return by Broad Class
Per class: how much of the AUM change is cash versus a residual market move?
| Class | Opening AUM | Net Flow | Implied Mkt Move | Implied Return % | AUM Change |
|---|---|---|---|---|---|
| Equity | ₹36.18 L Cr | +₹29.0k Cr | +₹91.1k Cr | 2.5% | +₹1.20 L Cr |
| Debt * | ₹18.41 L Cr | ₹-1.12 L Cr | +₹22.0k Cr | 1.2% * | ₹-89.9k Cr |
| Hybrid | ₹11.16 L Cr | +₹12.9k Cr | +₹15.2k Cr | 1.4% | +₹28.1k Cr |
| Solution | ₹57.8k Cr | +₹321 Cr | +₹1.5k Cr | 2.7% | +₹1.9k Cr |
| Passive/Other | ₹15.27 L Cr | +₹16.7k Cr | ₹-12.7k Cr | -0.8% | +₹4.0k Cr |
* Debt: the implied return % is an accrual / mark-to-market artifact of the residual, not a realized yield. Debt AUM also moves with maturities, roll-down, and coupon — treat this figure as “not explained by net flow,” not as a fund return.
Method
Why the market move is an implied residual, not a measured quantity.
AMFI reports two things directly each month: net AUM (a stock) and net flow (a cash flow = gross sales − redemptions). It does not report market appreciation. We recover it by arithmetic:
Implied Market Move = ΔAUM − Net Flow
(where ΔAUM = closing net AUM − opening net AUM)
(where ΔAUM = closing net AUM − opening net AUM)
It is a pure residual: it absorbs genuine market appreciation plus anything else not captured by net flow (NAV-based valuation, reinvested income, data revisions). The earliest month in any series has no opening AUM, so it shows no decomposition.