New Delhi: The pecking order has just changed in the mutual fund industry. ICICI Prudential Mutual Fund has pipped HDFC Mutual Fund as the second largest fund house in terms of asset under management (AUM).
ICICI Pru MF recorded an AUM of Rs 4.13 lakh crore at the end of April against HDFC MF’s Rs 4.08 lakh crore. SBI Mutual Fund continued to be the chart topper with an AUM of Rs 5.04 lakh crore.
Previously, the difference in AUM between ICICI Mutual Fund and HDFC Mutual Fund was just Rs 1,000 crore. The former has now managed to beat the latter by Rs 5,500 crore.
IPO-bound Aditya Birla Sun Life Mutual Fund is placed fourth, with an AUM of Rs 2.66 lakh crore. It is followed by Kotak Mutual Fund (Rs 2.42 lakh crore), Nippon India Mutual Fund (Rs 2.35 lakh crore) and Axis Mutual Fund (Rs. 1.99 lakh crore).
ICICI Prudential Mutual Fund said all-round focus on equity, debt and hybrid schemes has helped it grow better. It said its duration debt and equity hybrid funds made a major difference in asset growth.
“The value-oriented equity calls have played out well for us,” the second largest fund house said. “We have not seen any negative development in terms of credit related accidents or delay in payments The strategy to opt for ‘AA’ over ‘AAA’-rated debt has helped us deliver better investment experience to debt investors.”
In the hybrid fund category, the fund house has been constantly focusing on the need to adhere to asset allocation in a volatile market for more than 10 years now. The fund house’s total AUM as of March 31 rose to Rs 32.38 lakh crore from Rs 31.42 lakh crore, thanks to a net inflow of Rs 92,906.45 crore. The rise in AUM was largely due to massive inflows to debt schemes.
Debt fund schemes saw massive fund mobilisation during the month, as they cumulatively saw an inflow of Rs 1,00,903.48 crore. Investors put in a net of Rs 41,507.47 crore in liquid funds and Rs 20,286.62 crore in money market funds.
Amfi data released for April showed investors poured in a net of Rs 3,437.37 crore against the previous month’s Rs 9,115.12 crore in equity-oriented funds, and the buying was seen largely in broader market funds. Equity funds saw a total inflow of Rs 22,077.10 crore and outflow of Rs 18,639.73 crore, both of which were significantly lower than the March figures.