Amfi Data July 2026: Smallcap, Midcap Funds Lead Equity MF Inflows As Largecap Schemes See Outflows

Amfi Data July 2026: Smallcap and midcap mutual funds continued to see strong investor demand in July 2026, even as overall inflows into actively managed equity schemes softened from June.

Actively managed equity mutual funds recorded net inflows of Rs 24,697.39 crore in July, lower than the Rs 28,973.41 crore received in June, according to monthly data released by the Association of Mutual Funds in India (Amfi).

The overall mutual fund industry recorded net inflows of nearly Rs 2.36 lakh crore in July, as against an outflow of Rs 52,948.78 crore in June, according to Amfi data. The net assets under management (AUM) of the whole mutual fund industry grew to Rs 85,75,656.52 crore, up 4.30 per cent from Rs 82,22,480.04 crore in June.

Total mutual fund folios rose to 280.87 million in July from 278.60 million in June, while equity fund folios increased to 187.29 million from 185.86 million.

Smallcap funds led the increase, adding 0.46 million folios to reach 291.87 million from 287.23 million. Midcap funds followed, with folios rising by 0.35 million to 258.62 million from 255.11 million.

Smallcaps, Midcaps Lead Equity MF Inflows

Smallcap funds led the equity category with inflows of Rs 7,767.50 crore in July, up sharply from Rs 5,601.96 crore in June. Midcap funds also attracted Rs 6,192.31 crore during the month as against Rs 6,090.17 crore in the previous month.

Together, smallcap and midcap funds attracted nearly Rs 13,960 crore in July, accounting for more than half of total equity mutual fund inflows.

Flexicap funds saw inflows of Rs 4,709.08 crore in July, although the figure was lower than the Rs 5,231.31 crore received in June. Multicap funds, meanwhile, attracted Rs 3,227.29 crore, up from Rs 3,070.26 crore in June.

The Large & Midcap category recorded inflows of Rs 3,425.34 crore in July, compared with Rs 4,321.32 crore in the previous month. Sectoral and thematic funds also continued to attract money, although inflows moderated to Rs 1,328.27 crore from Rs 1,469.26 crore in June.

Largecaps See First Monthly Outflow In Nearly Three Years

Largecap funds, on the other hand, recorded an outflow of Rs 1,321.69 crore in July. In June, the category had seen an inflow of Rs 2,067.48 crore.

This marked the first monthly outflow for largecap funds in nearly three years. The category last saw outflows in September 2023, at around Rs 110 crore, and December 2023, at around Rs 280 crore.

"The tilt toward the riskier end of the market suggests appetite for high-growth pockets held up even as overall flows cooled," said Aditya Agarwal, Co-Founder, Wealthy.in, a wealth management platform for mutual fund distributors. "Rotation out of large-caps and into small-caps points to investors chasing momentum while trimming exposure at the safer, index-heavy end of the market," he added.

Dividend yield, value/contra and ELSS funds also witnessed net outflows during the month.

Debt Mutual Funds Flows Rebound

Debt mutual funds saw inflows of Rs 1.87 lakh crore, reversing from the outflows of Rs 1.09 lakh crore seen last month. Within the debt category, liquid funds garnered the highest inflows worth Rs 1.19 lakh crore, followed by overnight funds, which saw inflows of Rs 40,412.55 crore.

Money market funds and ultra-short duration funds also saw inflows of Rs 21,180.23 crore and Rs 8,039.08 crore.

Arbitrage Schemes Lead Hybrid Funds Category

Hybrid mutual funds continued to attract investor money in July, although inflows moderated from the previous month. The category recorded net inflows of Rs 11,490.56 crore in July, compared with Rs 12,892.76 crore in June.

Arbitrage funds accounted for the largest share of inflows within the hybrid category, attracting Rs 6,502.44 crore in July, up from Rs 5,799 crore in June. Multi Asset Allocation funds followed with inflows of Rs 3,753.38 crore, although this was lower than the Rs 4,810.76 crore received in June.

Gold exchange-traded funds (ETFs) also saw inflows of Rs 1,558.75 crore in July, significantly lower than the Rs 3,443.23 crore recorded in the previous month.

Overseas Funds of Funds (FoFs) saw an outflow of Rs 90.39 crore in July, reversing from an inflow of Rs 101.81 crore in June. Flows have declined sharply from Rs 763.99 crore in May and Rs 1,660.97 crore in April, the highest monthly inflow for the category in 2026.

The slowdown can be attributed to limited headroom for overseas investments under regulatory caps, and weaker investor demand for international funds.

Amfi Monthly SIP Data

Contributions through the systematic investment plan (SIP) route rose marginally to Rs 31,961 crore in July from Rs 31,781 crore in June. This is the sixth consecutive month when inflows remained above or around the Rs 31,000-crore mark.

MF Houses Raise Rs 2,022 Crore Through 25 NFOs

Mutual fund houses launched 25 new schemes in July, raising Rs 2,022 crore, according to the Amfi monthly data. The new fund offers (NFOs) were from across schemes, including debt, equity, hybrid schemes, index funds and ETFs. Several of the launches focused on passive investing.

Among the launches were Choice Overnight Fund, TRUSTMF Large & Midcap Fund, NJ Value Fund and NJ Momentum Fund. The hybrid category saw new offerings from ICICI Prudential and AlphaGrep, while fund houses also launched index funds tracking the Nifty 50 Equal Weight, Nifty Auto and BSE Midcap 150 Momentum 30 indices. ETF launches included products focused on metal, banking, insurance and other market segments.