Equity MF Inflows Rebound After Three-Month Slide; Gold ETF Inflows Halve

Equity mutual fund inflows rose in November 2025 after three consecutive months of declines, indicating a shift in investor allocation behaviour. Net inflows into equity schemes increased 21.2% to ₹299.11 billion from ₹246.90 billion in October, data from the Association of Mutual Funds in India (AMFI)showed.

The rebound was supported by broader participation across categories. Large-cap funds posted a recovery with ₹16.40 billion in inflows, compared with ₹9.72 billion in the previous month. Large-and-mid-cap funds registered ₹45.03 billion, up 41.7% month-on-month. Mid-cap funds received ₹44.87 billion, an increase of 17.9%, while small-cap funds added ₹44.07 billion, rising 26.8%. Retail interest remained steady across growth-oriented segments.

Debt-oriented schemes, meanwhile, recorded net outflows of ₹256.94 billion, reversing the strong ₹1.60 trillion inflows seen in October. Liquid funds accounted for withdrawals of ₹140.51 billion, and overnight funds saw outflows of ₹376.25 billion as institutional investors adjusted allocations following quarter-end deployments. Shorter-duration categories such as money market, ultra-short, and corporate bond funds remained relatively stable.

Hybrid schemes registered net inflows of ₹132.99 billion, slightly below October’s ₹141.56 billion but indicating continued use of blended strategies as investors balanced equity gains and debt volatility.

Gold ETFs attracted ₹37.42 billion in November, easing from ₹77.43 billion a month earlier as safe-haven allocations moderated. Monthly SIP contributions also slipped marginally to ₹294.45 billion from ₹295.29 billion.

Total open-ended mutual fund AUM rose to ₹80.50 trillion, supported by market performance and continued participation across most categories.