Decomposition
Did AUM move because of flows or markets? Splitting the Sep-2026 change into cash (net flow) and a residual market move. Pure arithmetic on AMFI MCR data.
AUM Change
₹-4.44 L Cr
Aug-2026 → Sep-2026, total industry
Net Flow
₹-1.33 L Cr
Cash leg: sales − redemptions
Implied Market Move
₹-3.10 L Cr
Residual: ΔAUM − net flow
Primary Driver
Markets
Mkt move dominated ΔAUM
Total Industry — Sep-2026 Transition
Opening AUM + net flow + implied market move = closing AUM.
AUM changed by ₹-4.44 L Cr: net flow contributed ₹-1.33 L Cr and the implied market move ₹-3.10 L Cr.
Open-Ended Equity — Sep-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-201990 of 90 periods · drag handles for more rangeSep-2026
Starting from ₹24.79 L Cr in Apr-2019, the industry has added +₹57.85 L Cr to reach ₹82.64 L Cr — of which +₹27.79 L Cr (48.0%) is net money in, and +₹30.06 L Cr (52.0%) 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 | ₹39.25 L Cr | +₹38.3k Cr | ₹-2.05 L Cr | -5.2% | ₹-1.67 L Cr |
| Debt * | ₹19.45 L Cr | ₹-1.83 L Cr | +₹13.6k Cr | 0.7% * | ₹-1.70 L Cr |
| Hybrid | ₹11.86 L Cr | ₹-457 Cr | ₹-33.4k Cr | -2.8% | ₹-33.8k Cr |
| Solution | ₹61.5k Cr | +₹518 Cr | ₹-2.5k Cr | -4.0% | ₹-2.0k Cr |
| Passive/Other | ₹15.90 L Cr | +₹11.7k Cr | ₹-82.8k Cr | -5.2% | ₹-71.0k 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.