ICRA Online Ltd - Mutual fund Fund... · ICRA Online Ltd A Group ICRA company ... ICICI Prudential...
Transcript of ICRA Online Ltd - Mutual fund Fund... · ICRA Online Ltd A Group ICRA company ... ICICI Prudential...
ICRA Online Ltd A Group ICRA company
November,2014
Mutual Fund Screeners
MUTUAL FUND INDUSTRY OVERVIEW
Section I
ICRA Online Limited 18/12/2014 2
MF Industry Corpus
ICRA Online Limited 18/12/2014 3
1. Industry corpus crossed the landmark Rs. 10
lakh crore in Q2FY15.
2. Of this the top 4 AMC (HDFC, ICICI
Prudential, Reliance and Birla Sun Life) each
had a corpus of more than Rs 1 Lakh Crores.
3. Corpus increased at 7.3% in the last quarter,
compared to (4.5%) for the same quarter last
year.
4. Kotak Mahindra AMC slipped one position to
end the quarter at 10th position behind DSP
Blackrock.
5. The top-10 AMCs contributed close to 78% of
the industry corpus.
6. While the top-10 grew by 7.1%, the next-10
(corpus range 8K-25K Crore) grew by over
8.5%, slightly above the industry average.
-4.5%
8.5%
3.3%
9.1%
7.3%
-6%
-4%
-2%
0%
2%
4%
6%
8%
10%
0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
Q2FY14 Q3FY14 Q4FY14 Q1FY15 Q2FY15
Ch
an
ge
in c
orp
us
(Q-o
-Q)
Ind
ust
ry C
orp
us
(In
Rs.
Cro
re)
MF Industry Corpus
Industry Corpus % Change (Q-o-Q)
Source: AMFI
Top 5 funds maintain their position over last 5 quarters
ICRA Online Limited 18/12/2014 4
1. The distribution patterns of asset under management remained more of less consistent across months
2. The rate of growth for AUM witnessed a dip during the three months of Q2FY15
3. HDFC, ICICI Prudential, Reliance, Birla Sunlife and UTI remained the top 5 AMCs in last 5 quarters managing over Rs 5.77
lakh crore together.
4. The industry corpus registered a positive growth of 3.7% in November, ending the month at Rs 11.3 Lakh Crores
-8%
-4%
0%
4%
8%
12%
0%
20%
40%
60%
80%
100%
Q2FY14 Q3FY14 Q4FY14 Q1FY15 Q2FY15
Ch
an
ge i
n i
nd
ustr
y co
rp
us (
Q-o
-Q)
Sh
are (
in %
)
Industry Positioning by AMCs (last 5 quarters)
Top 5 Next 10 Rest % Change (Q-o-Q)
Source: AMFI
-8%
-4%
0%
4%
8%
12%
0%
20%
40%
60%
80%
100%
Sep-14 Oct-14 Nov-14
Ch
an
ge i
n i
nd
ust
ry
co
rp
us
(M-o
-M)
Sh
are (
in %
)
Industry Positioning by AMCs
Top 5 Next 10 Rest % Change MoM (RHS)
Source: ICRA Online Research
Liquid/Money Market fund see huge out flows
ICRA Online Limited 18/12/2014 5
1. Income funds witnessed a fall in market share from 48.12% in
Oct to 47.89% in Nov
2. Liquid/Money Market category registered a de-growth in Nov
of -18% while other categories posted satisfactory growth
1. Equity category continued to attract healthy inflows while Liquid/Money
market now faces significant net outflow in trailing twelve months (TTM)
2. Income fund category’s healthy inflows for Nov helped the category turn
net positive for TTM, standing right behind the Equities.
47.89%
23.89%21.14%
2.99%
1.78%
0.84%
0.64%
7.08%
Category wide distribution of industry corpus for TTM
Income
Liquid/Money Market
Equity
ELSS - Equity
Balanced
Gold ETF
Gilt
FoFs Investing Overseas
Other ETFs
Infrastructure Debt Fund
Source: AMFI, ICRA Online Research, Data is as on Nov-2014, TTM-Trailing twelve
months
-40,000 -20,000 0 20,000 40,000 60,000
Income
Infrastructure Debt Fund
Equity
Balanced
Liquid/Money Market
Gilt
Elss - Equity
Gold Etf
Other Etfs
FoFs Investing Overseas
In Rs. Crore
Average Inflow/Outflow pattern for TTM
Source: AMFI, Data is as on Nov-2014, TTM-Trailing twelve months
Category Movement Monitor for Trailing Twelve Months
ICRA Online Limited 18/12/2014 6
Source: AMFI
1. The three funds categories investing in equities – Equity, ELSS, and Balanced
Funds see a steady increase in AUM
350,000
400,000
450,000
500,000
550,000
Income
50,000
100,000
150,000
200,000
250,000
300,000
Liquid/Money Market
50,000
100,000
150,000
200,000
250,000
300,000
Equity
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
ELSS - Equity
0
5,000
10,000
15,000
20,000
25,000
Balanced
0
3,000
6,000
9,000
12,000
Gold ETF
0
3,000
6,000
9,000
Gilt
0
1,000
2,000
3,000
4,000
FoFs Investing Overseas
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
Other ETFs
0
200
400
600
800
1,000
1,200
Infrastructure Debt Fund
Specific Category Deep Dive : Equity & Liquid
ICRA Online Limited 18/12/2014 7
1. Sensex carried forward its positive momentum in Nov’14 as
well.
2. Inflows to equity category remain upbeat for 7 months in a
row.
1. Liquid funds corpus in Nov’14 (at Rs. 2.28L crore) fell below
the 12 month average (of Rs 2.30L crore).
2. The outflow seen in Liquid/Money Market category was 4th
such instance since Jan’14 where it witnessed fund exodus in
excess of Rs 0.5 L crore.
-5
0
5
10
(4,000)
(2,000)
-
2,000
4,000
6,000
8,000
10,000
12,000
Dec-1
3
Jan
-14
Feb
-14
Ma
r-1
4
Ap
r-1
4
Ma
y-1
4
Jun
-14
Jul-
14
Au
g-1
4
Sep
-14
Oct-
14
No
v-1
4 Sen
sex
Mo
nth
ly r
etu
rn
(in
%)
Net
flo
w (
in R
s. c
ro
re)
Equity category flow vis-a-vis Sensex
Net Inflow/Outflow Sensex Returns M-o-M (RHS)
Source: AMFI, BSE
-150,000
-100,000
-50,000
0
50,000
100,000
150,000
Dec-1
3
Jan
-14
Feb
-14
Ma
r-1
4
Ap
r-1
4
Ma
y-1
4
Jun
-14
Jul-
14
Au
g-1
4
Sep
-14
Oct-
14
No
v-1
4
0
50,000
100,000
150,000
200,000
250,000
300,000
Net
flo
w (
In R
s. c
ro
re)
Co
rp
us
(In
Rs.
cro
re)
Liquid AUM vis-a-vis net flows
Corpus (RHS) Net Inflow/Outflow
Source: AMFI
SAMPLE ANALYSIS OF SOME SELECT FUNDS/REGIONS
Section II
ICRA Online Limited 18/12/2014 8
Mutual Fund AUM Monitor for BIG-5
ICRA Online Limited 18/12/2014 9
1. The top-5 AMCs managed to post healthy net
inflows during Nov’14, except for Reliance
Mutual Fund which witnessed muted inflows
compared to preceding months.
2. ICICI Prudential gained the most at 42% Y-o-
Y, thereby reducing the gap in AUM with the
market leader HDFC MF.
3. The Big-5 together have close to 55% of the
market share
4. The total number of players in Oct’14 with
positive AUM was 43.
5. As on Nov’14 there were 9 mutual funds with
AUM below Rs 1,000 crore.
AMC
Net Inflow -
Nov'14
Net Inflow -
Oct'14
AUM -
Nov'14
Net Inflow -
Nov'13
Net Inflow -
Oct'13
AUM -
Nov'13
Net Inflow -
CM/LM
Net Inflow -
CM TY/LY
AUM
TY/LY
HDFC Mutual Fund 8,664 7,691 156,523 3,535 9,982 113,515 13% 145% 38%
ICICI Prudential Mutual Fund 6,492 16,832 143,759 8,710 8,538 101,181 -61% -25% 42%
Reliance Mutual Fund 740 11,374 128,175 7,401 9,340 106,733 -93% -90% 20%
Birla Sun Life Mutual Fund 5,589 9,557 110,798 4,699 9,209 86,872 -42% 19% 28%
UTI Mutual Fund 4,753 7,526 90,720 -1,833 11,038 73,162 -37% -359% 24%
*CM= Current month, LM = last month, TY = this year, LY = last year
THIS YEAR LAST YEAR GROWTH *
Source: ICRA Online research
5.9
4.7
0.6
5.3 5.5
0
2
4
6
8
10
0
30,000
60,000
90,000
120,000
150,000
180,000
HDFC MF ICICI Pru Reliance
MF
Birla MF UTI MF
% G
ro
wth
in
AU
M (
M-o
-M)
AU
M (
In R
s. C
ro
re)
AUM - Nov'14 Growth in AUM (M-o-M)
Understanding investment patterns of T-15 and B-15
ICRA Online Limited 18/12/2014 10
Source: AMFI, AMCs website. AAUM monthly data pertains to Nov-14
1. Most funds have a disproportionate share of corpus coming from T-15 with Religare, Deutsche, Kotak and IDFC having exposure greater
than 89%
2. Out of top 15 mutual funds, 12 mutual funds had more than 80% of its AUM exposure to T-15 with exceptions being UTI, SBI and Axis
mutual fund
3. In the B-15 category, SBI mutual fund leads the pack with close to 74% of its AUM exposure to B-15 followed by UTI at ~31%
92.0% 91.7%
89.9%
89.0% 88.4%
0
20,000
40,000
60,000
80.0%
85.0%
90.0%
95.0%
Religare
MF
Deutsche
MF
Kotak
Mahindra
MF
IDFC MF Franklin
Templeton
MF
Co
ntr
ibu
tio
n o
f T-
15
(in
Rs.
Cro
re)
Co
ntr
ibu
tio
n o
f T
-15
as
% o
f A
UM
Contribution of T-15 and Total AUM
Contribution of T-15 as % of total AUM Contribution of T-15 (RHS)
73.8%
31.5%
21.0%
19.9%
15.9%
0
20,000
40,000
60,000
0%
15%
30%
45%
60%
75%
SBI MF UTI MF Axis MF Reliance
MF
Tata MF
Co
ntr
ibu
tio
n o
f B
-15
(in
Rs.
Cro
re)
Co
ntr
ibu
tio
n o
f B
-15
as
% o
f A
UM
Contribution of B-15 and Total AUM
Contribution of B-15 as % of total AUM Contribution of B-15 (RHS)
Highlights of AUM Disclosure
ICRA Online Limited 18/12/2014 11
Source: AMFI, AMCs website. Data pertains to Nov-14
0% 20% 40% 60% 80%
Deutsche MF
L&T MF
Kotak Mahindra MF
Franklin Templeton MF
Birla Sun Life MF
IDFC MF
ICICI Prudential MF
HDFC MF
DSP BlackRock MF
Tata MF
Religare MF
Reliance MF
Axis MF
SBI MF
UTI MF
% of industry corpus vis-a-vis contribution of B-15
Contribution of B15 as % of total AUM % of industry corpus (Q2FY15)
0% 20% 40% 60% 80% 100%
Deutsche MF
L&T MF
Kotak Mahindra MF
Franklin Templeton MF
Birla Sun Life MF
IDFC MF
ICICI Prudential MF
HDFC MF
DSP BlackRock MF
Tata MF
Religare MF
Reliance MF
Axis MF
SBI MF
UTI MF
% of industry corpus vis-a-vis contribution of T-15
Contribution of T15 as % of total AUM % of industry corpus (Q2FY15)
Asset Accumulation Pattern
ICRA Online Limited 18/12/2014 12
Source: AMFI, AMCs website. AAUM monthly data pertains to Nov-14
0%
20%
40%
60%
80%
100%A
xis
MF
Bir
la S
un
Lif
e M
F
DS
P B
lack
Ro
ck
MF
Fra
nk
lin
Tem
ple
ton
MF
HD
FC
MF
ICIC
I P
rud
en
tia
l MF
IDF
C M
F
Deu
tsch
e M
F
Ko
tak
Ma
hin
dra
MF
L&
T M
F
Relia
nce M
F
SB
I M
F
Religa
re M
F
Ta
ta M
F
UT
I M
F
Asset Accumulation Pattern as a % of AUM for Top-15 AMCs
Associate Distributor as % of AUM Non-Associate Distributor as % of AUM Direct Plan as % of AUM
Geography wise Analysis
ICRA Online Limited 18/12/2014 13
1. Maharashtra alone accounts for more than 44% of the market share driven by Debt Funds
2. Four states have corpus between Rs 50,000 and Rs 1,00,000 crore
3. The top 15 AMCs hold more than 85% of the market share in Maharashtra with the top 5 alone accounting for over
50% of that
4. The entire distribution is skewed towards one state leaving ample scope for AMCs to increase market share from
other States and Union Territories
44.4%
8.7%6.8%
4.7% 5.7%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
0
100,000
200,000
300,000
400,000
500,000
Maharashtra New Delhi Karnataka Others Gujarat
Shar
e (%
)
AU
M (I
n R
s. c
rore
)
AUM share of top-5 regions
AUM % share (RHS)
Source: AMFI, ICRA Online Research. Data as on Nov-14.
14.1
10.2
13.0
10.1
6.1
0
2
4
6
8
10
12
14
16
HDFC MF Reliance
MF
ICICI
Prudential
MF
Birla Sun
Life MF
UTI MF
% s
ha
re
% share of top 5 AMCs in Maharashtra
Analytics Group
ICRA Online Limited
Amol Wakekar ([email protected] / 9920665037)
Suman Roy ([email protected] / 9830274008)
ICRA Online Limited 18/12/2014 14