The combination of AUM growth and yield decline for asset management companies (AMCs) has led to moderate earnings growth for most AMCs over the last 5 years (aggregate EBITDA CAGR of 8.2% for listed AMCs between FY18-23). However, the current phase promises a better balance considering that stock AUM with upfront commissions may be much lower now in the system while better capital market may lead to an increase in equity mix (already seen in H1CY23).