AMFI July 2026 Data: Equity Mutual Fund Inflows Fall 15% To Rs 24,697 Crore; Small-Cap Funds Hit Record High

Equity mutual fund inflows moderated in July 2026, falling 14.8% month-on-month to Rs 24,697 crore from Rs 28,973 crore in June, according to data released by the Association of Mutual Funds in India (AMFI).

The Rs 4,276 crore decline in monthly inflows was largely driven by weaker flows into large-cap, large & mid-cap, focused and flexi-cap funds. However, small-cap funds bucked the broader trend, attracting a record Rs 7,768 crore during the month.

Despite the moderation in fresh equity investments, equity-oriented mutual fund assets under management (AUM) rose 2.7% to Rs 38.36 lakh crore in July from Rs 37.34 lakh crore in June.

Small-Caps Buck Trend, Draw Record Inflows

Small-cap funds emerged as the standout category in July, with net inflows jumping 38.7% to Rs 7,768 crore from Rs 5,602 crore in June.

The July inflow was the highest monthly inflow ever recorded by the category.

Mid-cap funds also saw a marginal increase in investor interest, with inflows rising 1.7% to Rs 6,192 crore from Rs 6,090 crore in June. Multi-cap funds recorded a 5.1% increase in inflows to Rs 3,227 crore from Rs 3,070 crore.

Large-cap funds, on the other hand, saw a sharp reversal. The category moved from a net inflow of Rs 2,067 crore in June to an outflow of Rs 1,322 crore in July.

Large & mid-cap fund inflows fell 20.7% month-on-month to Rs 3,425 crore from Rs 4,321 crore, while flexi-cap funds attracted Rs 4,709 crore, down around 10% from Rs 5,231 crore in June.

Focused fund inflows fell 42.6% to Rs 642 crore from Rs 1,118 crore.

Sectoral and thematic funds also saw weaker demand, with inflows declining 9.6% to Rs 1,328 crore from Rs 1,469 crore.

ELSS funds continued to see withdrawals, with outflows widening to Rs 959 crore in July from Rs 634 crore in June. Value and contra funds also reversed sharply, moving from a Rs 687 crore inflow in June to a Rs 145 crore outflow in July.

SIPs Hold Above Rs 30,000 Crore For Fifth Month

While lump-sum equity flows moderated, systematic investment plan (SIP) contributions remained steady.

SIP contributions stood at Rs 31,961 crore in July, marginally higher than Rs 31,781 crore in June. This marked the fifth consecutive month in which monthly SIP contributions remained above the Rs 30,000-crore mark.

The sustained SIP flows provide continued support to the mutual fund industry even as category-level equity inflows fluctuate from month to month.

Debt Funds See Rs 2.97 Lakh Crore Swing

Debt-oriented funds saw the biggest month-on-month swing in July.

The category recorded a net inflow of Rs 1,87,511 crore, compared with a net outflow of Rs 1,09,054 crore in June. This represents an improvement of nearly Rs 2,96,565 crore in a single month.

Liquid funds accounted for a significant part of the reversal. Their flows swung from an outflow of Rs 42,293 crore in June to an inflow of Rs 1,19,066 crore in July.

Overnight funds also moved sharply into positive territory, recording an inflow of Rs 40,413 crore compared with an outflow of Rs 10,580 crore in June.

Low-duration funds moved from a Rs 16,484 crore outflow to a Rs 988 crore inflow, while corporate bond fund outflows narrowed to Rs 785 crore from Rs 7,557 crore.

The strong flows pushed debt fund AUM up 11.3% to Rs 19.33 lakh crore in July from Rs 17.38 lakh crore in June, an increase of nearly Rs 1.96 lakh crore.

Arbitrage Funds Gain As Hybrid Flows Ease

Hybrid mutual funds recorded net inflows of Rs 11,491 crore in July, down 10.9% from Rs 12,893 crore in June.

The category saw mixed trends. Arbitrage funds attracted Rs 6,502 crore, up 12.1% from Rs 5,799 crore in June.

Multi-asset allocation fund inflows, however, declined 22% to Rs 3,753 crore from Rs 4,811 crore.

Dynamic asset allocation or balanced advantage funds saw a sharp reversal, moving from a Rs 553 crore inflow in June to a Rs 252 crore outflow in July.

Conservative hybrid funds also moved into the red, with a Rs 22 crore outflow in July compared with a Rs 103 crore inflow in June.

Despite lower inflows, hybrid fund AUM rose 2.1% to Rs 11.68 lakh crore from Rs 11.44 lakh crore.

Gold ETFs Lose Momentum In July

Other mutual fund schemes, including index funds, gold ETFs, other ETFs and overseas fund of funds, saw combined net inflows decline 25.2% to Rs 12,517 crore in July from Rs 16,724 crore in June.

Gold ETFs saw inflows fall 54.7% to Rs 1,559 crore from Rs 3,443 crore. Other ETFs recorded inflows of Rs 9,512 crore, down 28.1% from Rs 13,238 crore.

Index funds bucked the trend, moving from a Rs 59 crore outflow in June to an inflow of Rs 1,537 crore in July.

Overseas fund of funds moved from a Rs 102 crore inflow to a Rs 90 crore outflow.

The AUM of other schemes increased 2% to Rs 15.61 lakh crore in July from Rs 15.30 lakh crore in June.

Overall Mutual Fund AUM Crosses Rs 85 Lakh Crore

Despite the moderation in equity inflows, the overall mutual fund industry continued to expand.

Total mutual fund AUM stood at Rs 85,75,657 crore, or Rs 85.76 lakh crore, as of July 31, 2026, compared with Rs 82,22,480 crore, or Rs 82.22 lakh crore, at the end of June.

This represents a month-on-month increase of around Rs 3.53 lakh crore, or 4.3%.

The July data therefore points to a mixed picture for the mutual fund industry. Equity inflows slowed, but investor interest remained strong in small-cap funds, SIP contributions stayed above Rs 30,000 crore and debt funds saw a sharp return of flows. The increase in overall AUM also indicates that the industry continued to grow despite the moderation in equity fund subscriptions.

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