Equity mutual funds log ₹22,908 crore inflows in May: AMFI data
Synopsis
Indian equity mutual funds pulled in nearly ₹23,000 crore in May, even as inflows moderated sharply from April's ₹38,440 crore. Flexi-cap, small-cap, and mid-cap funds together cornered 63% of equity flows, while Gold ETFs saw outflows — a sign that retail investors are rotating away from safe-haven assets and doubling down on growth-oriented strategies.
Key Takeaways
Equity mutual funds recorded net inflows of ₹22,907.77 crore in May 2025 , according to AMFI data released on 10 June .
Industry AUM stood at ₹81.58 lakh crore ; total folios rose to 27.65 crore .
Flexi-cap funds led equity categories with ₹5,175.54 crore , followed by small-cap (₹4,945.57 crore) and mid-cap (₹4,385.06 crore).
Flexi-cap, small-cap, and mid-cap funds together accounted for over 63% of total equity inflows.
Gold ETFs saw net outflows of ₹725.04 crore during the month.
May inflows moderated from April's equity inflow of ₹38,440.20 crore .
Equity mutual funds recorded net inflows of ₹22,907.77 crore in May 2025, according to data released by the Association of Mutual Funds in India (AMFI) on Wednesday, 10 June. The figures point to sustained retail appetite for equity-linked instruments even as broader market volatility persisted.
Industry AUM and Folio Count
The mutual fund industry's total assets under management (AUM) stood at ₹81.58 lakh crore at the end of May. The number of folios climbed to 27.65 crore, signalling continued deepening of retail participation in India's capital markets.
Category-Wise Equity Inflows
Flexi-cap funds led all equity categories with net inflows of ₹5,175.54 crore, followed by small-cap funds at ₹4,945.57 crore and mid-cap funds at ₹4,385.06 crore. Together, these three categories pulled in over ₹14,500 crore — accounting for more than 63% of total equity inflows for the month, reflecting a clear investor preference for diversified and broader-market strategies.
Large and mid-cap funds attracted ₹3,278.22 crore, while multi-cap funds received ₹2,291.01 crore.
Hybrid and Passive Products
Hybrid schemes remained in favour, garnering net inflows of ₹10,560.24 crore. Within the category, arbitrage funds led with inflows of ₹5,697.90 crore, followed by multi-asset allocation funds at ₹3,928.51 crore.
Among passive products, index funds recorded net inflows of ₹943.26 crore, while fund of funds investing overseas attracted ₹763.99 crore.
Gold ETFs See Outflows
Gold ETFs bucked the trend, witnessing net outflows of ₹725.04 crore during May — a notable reversal that may reflect profit-booking after a strong run in bullion prices earlier in the year.
Context: April Comparison
May's equity inflows of ₹22,908 crore mark a notable moderation from April, when equity-oriented schemes attracted ₹38,440.20 crore and overall industry inflows surged to ₹3.22 lakh crore. Nonetheless, the sustained five-figure monthly equity tally underscores the structural shift in Indian household savings toward market-linked instruments.
With folio counts at a record high and AUM near ₹82 lakh crore, the industry's next test will be whether inflows hold up if equity markets face a sharper correction in the months ahead.
Point of View
But the month-on-month drop from ₹38,440 crore to ₹22,908 crore warrants scrutiny — April's outsized figure may have been a one-off driven by seasonal or tactical flows rather than a new baseline. The 63% concentration in flexi-cap, small-cap, and mid-cap funds also signals that retail investors are chasing higher-risk, higher-return buckets, which could amplify volatility in these segments if sentiment turns. Gold ETF outflows, meanwhile, suggest a risk-on rotation — fine in a bull run, but a potential vulnerability if global macro conditions deteriorate. The structural story of financialisation of Indian savings remains intact; the question is whether the industry has the investor-education infrastructure to manage the behavioural risk that comes with it.
NationPress
5 Aug 2026
Frequently Asked Questions
How much did equity mutual funds attract in May 2025?
Equity mutual funds recorded net inflows of ₹22,907.77 crore in May 2025, according to AMFI data released on 10 June. This marks a moderation from April's ₹38,440.20 crore but sustains the trend of strong retail participation.
Which mutual fund category received the highest inflows in May 2025?
Flexi-cap funds led all equity categories with net inflows of ₹5,175.54 crore in May 2025, followed by small-cap funds at ₹4,945.57 crore and mid-cap funds at ₹4,385.06 crore.
What is the current AUM of the Indian mutual fund industry?
The mutual fund industry's assets under management stood at ₹81.58 lakh crore at the end of May 2025, with total folios reaching 27.65 crore, reflecting sustained retail participation.
Why did Gold ETFs see outflows in May 2025?
Gold ETFs recorded net outflows of ₹725.04 crore in May 2025. While AMFI data does not specify a reason, this likely reflects profit-booking by investors after a strong rally in bullion prices and a broader rotation toward equity-oriented products.
How do May 2025 mutual fund inflows compare to April 2025?
May 2025 equity inflows of ₹22,908 crore were significantly lower than April's ₹38,440.20 crore. Overall industry inflows in April had reached ₹3.22 lakh crore, making May a relative moderation rather than a reversal of the broader inflow trend.
