CHENNAI: With the equity markets losing sheen, the domestic mutual fund industry is also passing through a turbulent phase. The average total assets under management (AUM) declared by 35 asset management companies (AMCs) showed a decline of 2.7% for September at Rs 5.30 lakh crore. This is the steepest fall for the industry this year. According to NAV India, of the 35 AMCs, only 13 fund houses posted a positive number on monthly basis, whereas 22 of them contributed to the overall decline in average AUM for September. The good news for the industry is that there has been no sign of large-scale redemption from equity funds till September-end, according to data provided by AMFI India. Net inflows for the month were Rs 604 crore with total inflows at Rs 2,885 crore and redemption worth Rs 2,281 crore. "Equity mutual funds have become static with only Rs 427 crore received in the past three months (July-September) compared to Rs 6,153 crore it received in the previous three months (April-June). Investors seem to be betting on the yellow metal as a safe haven in these troubled times. The five listed gold ETFs saw their asset base increase by 12% in September. The total asset base of gold ETFs increased to Rs 727 crore from Rs 650 crore a month ago. The total gold collections of the ETFs also increased by 2%. As of September 30, the total collections stood at 5.85 tonnes, marginally higher from 5.75 tonnes in August. Funds which witnessed increased outflow in equity component in them AUMs include Reliance, HDFC, ICICI Prudential, Franklin Templeton while Benchmark MF and Principal PNB MF saw an increase in the equity component in September. HDFC MF's total AUM plunged Rs 6,696.70 crore or 12.08% to Rs 48,761.80 crore, while ICICI Prudential saw a 12% drop in AUM at Rs 44,776 crore. In percentage terms, Mirae Asset Management saw a 39% drop in its AUM from Rs 2,957.91 crore. "A study shows that funds have increased exposure in PSU banks, MNC personal care and two-wheeler stocks. On the other hand, they have reduced their holdings in software, construction and electrical equipment," an HDFC Securities report said. Most equity schemes outperformed sensex, which shed 11% this month. http://economictimes.indiatimes.com/Mutual_Funds_witness_steepest_fall_in_September/articleshow/3611546.cms A graceful taunt is worth a thousand insults. ~Louis Nizer~ --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "Kences1" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [EMAIL PROTECTED] For more options, visit this group at http://groups.google.com/group/kences1?hl=en -~----------~----~----~----~------~----~------~--~---
