Amfi January 2026 Data: Gold ETFs See Record Rs 24,000 Crore Inflows, Surpass Equity MFs For First Time

Amfi January 2026 Data: Equity-oriented mutual funds recorded net inflows of Rs 24,029 crore in January 2026, as per monthly data released by the Association of Mutual Funds in India (Amfi).

This was the second straight month of moderation in inflows, witnessing a month-on-month (m-o-m) decline of 14.35 per cent for the month, following inflows of Rs 28,054 crore in December and Rs 29,911 crore in November. In October, inflows were Rs 24,690 crore. The sequential slowdown comes amid heightened volatility in domestic equities, driven by persistent geopolitical uncertainty.

With January’s inflows, equity mutual funds extended their streak of positive flows to 59 consecutive months.

Overall, India's mutual fund industry recorded net inflows of Rs 1.56 lakh crore in January, reversing from an outflow of Rs 66,590.70 crore seen in December. The industry’s assets under management (AUM) stood at Rs 81.01 lakh crore, as of January 31, 2026.

In January, asset managers launched 12 new mutual fund schemes, collectively raising Rs 1,939 crore. Money market funds led the collections, raising Rs 442 crore, followed by sectoral and thematic equity funds, which raised Rs 423 crore.

Gold ETFs See Record Inflows, Surpass Equity Funds For First Time

Interestingly, gold exchange-traded funds (ETFs) also saw an equal amount of inflows of Rs 24,039.96 crore during the month under review, a jump of 106.41 per cent from Rs 11,646.74 crore inflows recorded in December.

This is the highest-ever monthly inflow for the category and also the first instance where gold ETF inflows have surpassed those into equity funds.

While equity funds’ AUM slipped to Rs 34.87 lakh crore from Rs 35.73 lakh crore in the previous month, gold ETFs' AUM jumped over 44 per cent to Rs 1.84 lakh crore from Rs 1.28 lakh crore in December.

Over the past few months, equity markets have delivered muted returns, while commodities, especially gold and silver, have seen strong momentum. As a result, a section of investors allocated their investments towards commodities during this period.

What Factors Drove Record Gold ETF Inflows

Analysts attribute the surge in gold ETF inflows to multiple factors, rather than a single catalyst.

“The surge in gold inflows in 2025 was not driven by a single factor, but by a rare alignment of macro, financial, and behavioural forces that reinforced each other,” Pattnayak said. He said persistent geopolitical and geoeconomic tensions increased demand for assets that are independent of sovereign risk and financial systems, strengthening gold’s role as a hedge.

He also said that declining real interest rates and growing uncertainty in bond markets made gold more attractive as an “all-weather” portfolio diversifier, especially when fixed income offered limited protection.

At the same time, record gold prices have led to a structural shift in markets such as India and China, where demand is increasingly moving away from jewellery towards "lower-margin" investment formats like bars, coins and ETFs. Gold demand, Pattnayak said, has not faded but changed in form, with ETF flows signalling a larger trend as India gradually emerges as a gold investment market rather than just a jewellery-driven one.

Flexicaps Continue to Draw Highest Inflows

Among the 11 equity mutual fund sub-categories, flexicap funds continued to draw the highest investor interest, recording inflows of Rs 7,672 crore in January, although this marked a 23 per cent m-o-m decline from Rs 10,019 crore in December.

Largecap funds saw inflows of Rs 2,005 crore, registering a 28 per cent m-o-m rise, while large- & mid-cap funds attracted Rs 3,182 crore. Midcap funds recorded inflows of Rs 3,185 crore but saw a 24 per cent m-o-m decline.

Smallcap funds garnered Rs 2,942 crore, down 23 per cent from the previous month. Multicap funds saw Rs 1,995 crore inflows during the period.

Focused funds logged a 47 per cent m-o-m jump in inflows to Rs 1,556 crore from Rs 1,056 crore in December. Sectoral and thematic funds attracted Rs 1,043 crore, up 10 per cent m-o-m.

Value and contra funds saw inflows of Rs 993 crore. On the other hand, ELSS funds recorded net outflows of Rs 594 crore during the month.

Debt Funds See Reversal

Debt mutual funds recorded net inflows of Rs 74,827 crore in January 2026, snapping two consecutive months of outflows, according to industry data. The category had seen net outflows of Rs 25,693 crore in November and a sharp Rs 1.32 lakh crore in December 2025.

Among the 16 debt sub-categories, overnight funds attracted the highest inflows at Rs 46,280 crore, followed by liquid funds with Rs 30,682 crore and money market funds at Rs 12,763 crore. In contrast, corporate bond funds saw the largest outflows during the month, at Rs 11,473 crore.

Hybrid Funds See 61% Surge In Inflows M-o-M

Hybrid schemes saw inflows jump 61 per cent m-o-m to Rs 17,356 crore in January, up from Rs 10,756 crore in December.

Multi-asset allocation funds once again led the category, pulling in Rs 10,485 crore for the second straight month. Arbitrage funds followed with inflows of Rs 3,293 crore, registering a 2,507 per cent surge from Rs 126 crore inflows in December 2025.

Dynamic asset allocation or balanced advantage funds attracted Rs 1,839 crore, while balanced hybrid or aggressive hybrid funds saw inflows of Rs 1,678 crore. Equity savings funds drew a Rs 137 crore, while conservative hybrid funds recorded outflows of Rs 77 crore.

Other Schemes

Inflows into index funds collapsed sharply in January, plunging 98 per cent m-o-m to Rs 27 crore from Rs 1,730 crore in December.

In contrast, fund-of-funds investing overseas saw a sharp revival, with inflows surging 501 per cent m-o-m to Rs 881 crore in January, up from Rs 146 crore in the previous month.

Inflows via SIPs Remain Flat, Stoppage Ratio Declines

The monthly contributions via the Systematic Investment Plan (SIP) route remained largely unchanged at Rs 31,002 crore for the month, Amfi data showed. The number of contributing SIP accounts increased to 9.92 crore in January from 9.79 crore in December.

However, SIP AUM declined to Rs 16.36 lakh crore from Rs 16.63 lakh crore, primarily due to mark-to-market losses amid the ongoing correction in equity markets. Despite the decline, SIP assets continued to account for about 20.2 per cent of the mutual fund industry’s total AUM.

The total number of SIP accounts rose to 10.29 crore in January from 10.11 crore in December. During the month, about 74 lakh new SIP accounts were registered, while nearly 55 lakh SIPs were discontinued or matured. This resulted in an SIP stoppage ratio of 74 per cent, lower than 85 per cent in December. A stoppage ratio below 100 per cent means more SIPs were added than discontinued in the month.