Decomposition
Did AUM move because of flows or markets? Splitting the Aug-2026 change into cash (net flow) and a residual market move. Pure arithmetic on AMFI MCR data.
AUM Change
+₹1.32 L Cr
Jul-2026 → Aug-2026, total industry
Net Flow
+₹41.4k Cr
Cash leg: sales − redemptions
Implied Market Move
+₹90.9k Cr
Residual: ΔAUM − net flow
Primary Driver
Markets
Mkt move dominated ΔAUM
Total Industry — Aug-2026 Transition
Opening AUM + net flow + implied market move = closing AUM.
AUM changed by +₹1.32 L Cr: net flow contributed +₹41.4k Cr and the implied market move +₹90.9k Cr.
Open-Ended Equity — Aug-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-201989 of 89 periods · drag handles for more rangeAug-2026
Starting from ₹24.79 L Cr in Apr-2019, the industry has added +₹62.29 L Cr to reach ₹87.08 L Cr — of which +₹29.13 L Cr (46.8%) is net money in, and +₹33.16 L Cr (53.2%) 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 | ₹38.40 L Cr | +₹29.3k Cr | +₹55.6k Cr | 1.4% | +₹84.9k Cr |
| Debt * | ₹19.46 L Cr | ₹-9.2k Cr | +₹8.3k Cr | 0.4% * | ₹-914 Cr |
| Hybrid | ₹11.68 L Cr | +₹10.0k Cr | +₹8.4k Cr | 0.7% | +₹18.4k Cr |
| Solution | ₹60.9k Cr | +₹343 Cr | +₹245 Cr | 0.4% | +₹588 Cr |
| Passive/Other | ₹15.61 L Cr | +₹10.9k Cr | +₹18.3k Cr | 1.2% | +₹29.2k 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.