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Equity Mutual Funds (including ELSS) gained a net inflow of Rs 6,158 cr in January 2019 Net inflows into equity mutual funds declined further by 7% from a net inflow of Rs 6,606 cr. in December 2018 Balanced funds faced a net outflow of Rs 952 cr. in January 2019, versus an inflow of Rs 45 cr. in the month prior. Despite the slowdown in inflows, Mutual Fund net purchases of stocks moved higher to Rs 6,542 cr. in January 2019, as compared to a buying of Rs 2,919 cr. reported in December 2018. Once again, fund houses invested a large proportion of their assets in Large-cap^ stocks. About 70% of the assets (Rs 5,486* cr) was invested in Large Caps. About 13% of inflows was invested in Mid Caps, amounting to approx. Rs 967 cr. Small cap stocks too were favoured, receiving an inflow of about Rs 1,036 cr in the month....

Equity Mutual Funds (including ELSS) gained a net inflow of Rs 6,158 cr in January 2019 Net inflows into equity mutual funds declined further by 7% from a net inflow of Rs 6,606 cr. in December 2018 Balanced funds faced a net outflow of Rs 952 cr. in January 2019, versus an inflow of Rs 45 cr. in the month prior. Despite the slowdown in inflows, Mutual Fund net purchases of stocks moved higher to Rs 6,542 cr. in January 2019, as compared to a buying of Rs 2,919 cr. reported in December 2018. Once again, fund houses invested a large proportion of their assets in Large-cap^ stocks. About 70% of the assets (Rs 5,486* cr) was invested in Large Caps. About 13% of inflows was invested in Mid Caps, amounting to approx. Rs 967 cr. Small cap stocks too were favoured, receiving an inflow of about Rs 1,036 cr in the month....

Equity Mutual Funds (including ELSS) gained a net inflow of Rs 6,606 cr in December 2018 Net inflows into equity mutual funds declined further by 21.5% from a net inflow of Rs 8,414 cr in November 2018 Net inflows through balanced funds too, remained subdued at Rs 45 cr for December 2018. As a result, mutual fund investments in stocks fell to Rs 2,918 cr in December 2018 against an inflow of Rs 4,896 cr in November 2018. The third tranche of Reliance CPSE ETF garnered as much as Rs 17,000 cr. Fund houses invested a large proportion of their assets in Large-cap^ stocks. Bulk of the assets (Rs 5,800* cr) was invested in Large Caps. Mid Caps^ faced a net outflow of approximately Rs1,500 cr in December 2018, while small cap stocks faced an outflow of about Rs 620 cr in the month....

Equity Mutual Funds (including ELSS) gained a net inflow of Rs 6,606 cr in December 2018 Net inflows into equity mutual funds declined further by 21.5% from a net inflow of Rs 8,414 cr in November 2018 Net inflows through balanced funds too, remained subdued at Rs 45 cr for December 2018. As a result, mutual fund investments in stocks fell to Rs 2,918 cr in December 2018 against an inflow of Rs 4,896 cr in November 2018. The third tranche of Reliance CPSE ETF garnered as much as Rs 17,000 cr. Fund houses invested a large proportion of their assets in Large-cap^ stocks. Bulk of the assets (Rs 5,800* cr) was invested in Large Caps. Mid Caps^ faced a net outflow of approximately Rs1,500 cr in December 2018, while small cap stocks faced an outflow of about Rs 620 cr in the month....

Lastly, despite 44.7% YTD decline in equity inflows from the cyclical highs of FY18 (net equity inflows of Rs 2.6tn, +154% YoY), SIP inflows have continued at an average monthly pace of Rs 76bn. Recent market uncertainties (global and local) have hit stock prices. We believe CMPs provide attractive entry points for investors. With a total penetration level of just 11% (equity 4%, debt 7%), we believe that Indias mutual fund industry remains under-penetrated. We expect financialisation of savings to grow at 9.7% CAGR over FY18-30E. This provides Asset Management Cos (AMCs) and investors a structural growth opportunity.