Decomposition
Did AUM move because of flows or markets? Splitting the May-2026 change into cash (net flow) and a residual market move. Pure arithmetic on AMFI MCR data.
AUM Change
₹-34.0k Cr
Apr-2026 → May-2026, total industry
Net Flow
₹-64.0k Cr
Cash leg: sales − redemptions
Implied Market Move
+₹30.0k Cr
Residual: ΔAUM − net flow
Primary Driver
Flows
Net flow dominated ΔAUM
Total Industry — May-2026 Transition
Opening AUM + net flow + implied market move = closing AUM.
AUM changed by ₹-34.0k Cr: net flow contributed ₹-64.0k Cr and the implied market move +₹30.0k Cr.
Open-Ended Equity — May-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-201986 of 86 periods · drag handles for more rangeMay-2026
Starting from ₹24.79 L Cr in Apr-2019, the industry has added +₹56.80 L Cr to reach ₹81.58 L Cr — of which +₹26.88 L Cr (47.3%) is net money in, and +₹29.91 L Cr (52.7%) 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 | ₹35.78 L Cr | +₹22.9k Cr | +₹16.4k Cr | 0.5% | +₹39.3k Cr |
| Debt * | ₹19.31 L Cr | ₹-98.1k Cr | +₹7.9k Cr | 0.4% * | ₹-90.2k Cr |
| Hybrid | ₹11.06 L Cr | +₹10.6k Cr | ₹-902 Cr | -0.1% | +₹9.7k Cr |
| Solution | ₹57.6k Cr | +₹270 Cr | ₹-69 Cr | -0.1% | +₹201 Cr |
| Passive/Other | ₹15.20 L Cr | +₹362 Cr | +₹6.6k Cr | 0.4% | +₹7.0k 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.