Net inflows into equity mutual funds fell 14 per cent to ₹35,943.49 crore in November amid weak global cues and market volatility. It was at ₹41,886.69 crore in October.

Inflows, however, have stayed above ₹30,000 crore since May 2024 and were at 45 month positive since March 2021.

On the debt side, net inflows were only ₹12,915 crore after clocking at a high of ₹1,57,402.30 crore in October.

Mutual fund net assets under management reached ₹68 lakh crore in November, up from ₹67.25 lakh crore in October and ₹49.04 lakh crore in November 2023.

SIP contribution stood at ₹25,319.66 crore in November against ₹25,322.74 crore in October. A total of 18 schemes were launched, all in the category of open-ended schemes, raising a total of ₹4,052 crore, data from AMFI showed.

“There was heightened volatility due to various macro-economic factors, geo-political events and US election results. This resulted in investors opting for wait and watch approach while allocating larger amounts and thus decline in lumpsum flows, including flattish SIP numbers for November 2025,” said Akhil Chaturvedi, ED and CBO, Motilal Oswal AMC

“Thematic funds, accounting for 21 per cent of the net inflows in equity-oriented schemes, recorded de-growth of 37 per cent month-on-month. The 5-6 per cent correction in the domestic equity markets in October, huge outflows by FIIs followed by election in the US and assembly elections in a few states in India in November might have led investors to remain on the sidelines till clarity emerges,” said Deepak Ramaraju, senior fund manager, Shriram AMC.

“While large-cap funds and sectoral and thematic funds witnessed a drop in inflows by 26.20 per cent and 37.63 per cent, respectively, on a month-on-month basis, small-cap and mid-cap funds witnessed a growth of around 9 per cent and 4.3 per cent, respectively,” said Ashwini Kumar, senior vice-president and head market data, ICRA Analytics.

“Investors preferred to book profits keeping in mind chances of slowdown in the near term. I believe the smallcap and midcap category will remain a most favoured segment of inflows in next 2-3 quarters too,” said Narender Singh, smallcase manager and founder at Growth Investing.

“The monthly SIP inflows remained above ₹25,000 crore showcasing the investors’ long-term vision and commitment to their financial goals, despite the short-term market fluctuations,” said Venkat Chalasani, chief executive, AMFI.