MUTUAL FUNDS · FLOW WATCH · MONTHLY
Where did money go this month? AMC × category flow heatmap — July 2026
₹24,697 crore of net new money entered equity mutual funds in July. Among the top 8 AMCs by AUM, HDFC MF and ICICI Pru led, together accounting for 55% of the group's combined AUM change.
HDFC MF saw the largest AUM increase this month, concentrated in Flexi Cap (+₹4,124 Cr). The single sharpest AUM decline was Kotak MF's Flexi Cap book (−₹429.2 Cr), though that doesn't necessarily mean Flexi Cap lagged overall — see the category totals below. Flexi Cap was the strongest category overall (+₹7,749.2 Cr), while Small Cap lagged (+₹2,268.7 Cr). Note: this heatmap measures AUM change (flow + market appreciation), not net flow in isolation — it isn't directly comparable to the net-flow totals below.
+₹24,697 Cr
EQUITY_NET_INFLOW
+₹1,87,511 Cr
DEBT_NET_FLOW
HDFC MF
TOP_AMC_BY_AUM_CHANGE
0
AMCs_WITH_AUM_DECLINE
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AMC × Category AUM change — July 2026 (₹ Crore)
HDFC MF leads in Flexi Cap. Kotak MF shows the sharpest Flexi Cap AUM decline. Measures AUM change (flow + market movement), not net flow in isolation.
Large Cap turned net negative for the first time in this tracked window (−₹1,322 Cr AMFI-reported net flow, a −₹3,389 Cr swing from June). Debt's swing to +₹1,87,511 Cr net flow (Liquid Fund +₹1,19,066 Cr, Overnight Fund +₹40,413 Cr) is the mirror image of June's outflow: advance-tax cash returning to its normal parking spot, not a new risk-off signal.