AMFI Data: Equity mutual fund inflows fall 14% in January 2026

AMFI Data January 2026: Equity mutual fund inflows slipped 14 per cent month-on-month to Rs 24,028 crore in January 2026, down from Rs 28,054 crore in December 2025, data from Association of Mutual Funds in India showed. On a year-on-year basis, inflows fell 39 per cent from Rs 39,687 crore in January 2025, pointing to softer risk appetite at the start of the year.

Where the money went

Among the 11 equity sub-categories, flexicap funds remained the top draw, with inflows of Rs 7,672 crore. Midcap funds followed with Rs 3,185 crore, while large & mid-cap funds attracted Rs 3,181 crore.

Add Zee Business as a Preferred Source

Smallcap funds saw inflows of Rs 2,942 crore. ELSS funds, however, reported outflows of Rs 593 crore.
On a month-on-month basis, focused funds stood out, with inflows rising 47 per cent to Rs 1,556 crore. Largecap funds and sectoral or thematic funds recorded MoM increases of 28 per cent and 10 per cent, respectively. In contrast, mid-cap and small-cap funds saw declines of 24 per cent and 23 per cent in monthly inflows.

Debt funds see sharp turnaround

Debt funds recorded inflows of Rs 74,827 crore in January, reversing two straight months of outflows. In November and December 2025, the category had seen combined outflows of Rs 1.58 lakh crore.

On a year-on-year basis, debt fund inflows were down 42 per cent from Rs 1.28 lakh crore in January 2025.

Overnight funds led the category with inflows of Rs 46,280 crore. Liquid funds and money market funds attracted Rs 30,681 crore and Rs 12,763 crore, respectively. Corporate bond funds, however, saw outflows of Rs 11,472 crore.

Hybrid funds gain traction

Hybrid funds reported a strong rebound. Monthly inflows rose 61 per cent to Rs 17,356 crore in January from Rs 10,755 crore in December. Compared with January 2025, inflows nearly doubled, rising 98 per cent from Rs 8,767 crore.

Multi-asset allocation funds led the segment with Rs 10,485 crore of inflows, followed by arbitrage funds at Rs 3,293 crore. Arbitrage funds also posted a sharp 2,507 per cent MoM jump from Rs 126 crore in December. Equity savings funds and conservative hybrid funds, however, saw MoM declines of 81 per cent and 35 per cent, respectively.

Passive and other schemes surge

Other schemes, including ETFs and index funds, saw inflows jump 50 per cent to Rs 39,954 crore in January from Rs 26,723 crore in December.
Gold ETFs attracted the highest inflows at Rs 24,039 crore, marking a 106 per cent MoM rise. Other ETFs received Rs 15,005 crore. Fund-of-funds investing overseas also saw a sharp 501 per cent increase in inflows to Rs 881 crore.

AUM rises; new fund launches modest

Total inflows into open-ended schemes stood at Rs 1.56 lakh crore in January, compared with an outflow of Rs 66,532 crore in December. Assets under management rose 1 per cent month-on-month to Rs 80.76 lakh crore.

During the month, 12 new funds were launched, raising a combined Rs 1,939 crore. Money market funds contributed the most, with collections of Rs 442 crore.

Mutual fund data for January (Highlights)

• Equity inflows stood at Rs 24,028 crore in January: AMFI
• Equity fund inflows fell from Rs 28,054 crore to Rs 24,028 crore
• Debt funds saw a net inflow of Rs 74,827 crore in January
• Debt funds had seen outflows of Rs 1.32 lakh crore in December
• Flexi-cap fund inflows declined from Rs 10,019 crore to Rs 7,672 crore
• Large-cap fund inflows rose from Rs 1,567 crore to Rs 2,005 crore
• Mid-cap fund inflows fell from Rs 4,176 crore to Rs 3,185 crore
• Small-cap fund inflows declined from Rs 3,824 crore to Rs 2,942 crore
• Gold ETF inflows increased from Rs 11,647 crore to Rs 24,040 crore
• Mutual fund industry AUM rose from Rs 80.23 lakh crore to Rs 81.01 lakh crore
• Equity fund AUM declined from Rs 35.72 lakh crore to Rs 34.86 lakh crore
• Debt fund AUM increased from Rs 18.09 lakh crore to Rs 18.90 lakh crore

Record investment through SIPs

• Record SIP inflows of Rs 31,002 crore in January
• SIP investments crossed Rs 31,000 crore for the second consecutive month
• SIP AUM stood at Rs 6.36 lakh crore on a month-on-month basis
• Number of active SIP accounts rose to 10.29 crore in January
• Around 74 lakh new SIP accounts were opened in January
• About 55 lakh SIP accounts were closed or matured during the month

Heavy investments in Gold ETFs

• Record investment of Rs 24,040 crore in Gold ETFs in January (MoM)
• Gold ETF investments doubled compared with December
• Gold ETF net inflows rose from Rs 11,647 crore to Rs 24,040 crore (MoM)
• Silver ETF net inflows stood at Rs 9,463 crore in January: AMFI
• Silver ETF AUM stood at Rs 1.17 lakh crore in January: AMFI
• Silver ETF net inflows hit a record high in January
• Investments in Gold ETFs were at par with equity fund inflow