India’s mutual fund industry witnessed a sharp slowdown in equity inflows during May 2026, with net investments into equity schemes falling nearly 40% compared to April. According to data released by the Association of Mutual Funds in India (AMFI), equity mutual funds attracted ₹22,907.77 crore in May, down from ₹38,440.20 crore in the previous month.
Despite the decline, investor participation remained largely positive across most equity categories, highlighting continued confidence in mutual funds as a long-term wealth creation vehicle. Mid-cap, small-cap and flexi-cap funds continued to attract strong inflows, while Gold ETFs witnessed net outflows after seeing robust inflows a month earlier.
Equity Mutual Fund Inflows Snapshot
Particulars
May 2026
April 2026
Change
Total Equity MF Inflows (₹ crore)
22,907.77
38,440.20
-40.4%
Gold ETF Flows (₹ crore)
-725+
3,040
Shift from inflows to outflows
Open-ended MF AUM (₹ lakh crore)
81.6
81.9
Declined by 0.3
Equity Mutual Fund Category-wise Flows
Category
May 2026 (₹ crore)
April 2026 (₹ crore)
% Change
Flexi Cap Fund
5,175.54
10,147.85
-49.0%
Small Cap Fund
4,945.57
6,885.90
-28.2%
Mid Cap Fund
4,385.06
6,551.40
-33.1%
Large & Mid Cap Fund
3,278.22
4,490.49
-27.0%
Multi Cap Fund
2,291.01
3,806.01
-39.8%
Large Cap Fund
1,592.93
2,524.61
-36.9%
Focused Fund
830.25
1,194.80
-30.5%
Sectoral/Thematic Funds
647.87
1,949.36
-66.8%
Value/Contra Fund
509.57
1,478.08
-65.5%
Dividend Yield Fund
-97.46
-20.58
Outflows increased
ELSS
-650.78
-567.73
Outflows increased
Total
22,907.77
38,440.20
-40.4%
Top Equity Categories by Inflows in May 2026
Rank
Category
Net Inflows (₹ crore)
1
Flexi Cap Fund
5,175.54
2
Small Cap Fund
4,945.57
3
Mid Cap Fund
4,385.06
4
Large & Mid Cap Fund
3,278.22
5
Multi Cap Fund
2,291.01
Categories Witnessing Outflows
Category
May 2026 Outflows (₹ crore)
ELSS
-650.78
Dividend Yield Fund
-97.46
Hybrid Mutual Fund Flows
Category
May 2026 (₹ crore)
April 2026 (₹ crore)
Arbitrage Fund
5,697.90
12,378.46
Multi Asset Allocation Fund
3,928.51
5,113.30
Balanced Hybrid / Aggressive Hybrid Fund
655.24
1,488.64
Dynamic Asset Allocation / Balanced Advantage Fund
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