March 10, 2023

MONTHLY REPORT | Sector: Asset Managers Recommendation table

Mutual Fund Data – Feb’ 2023 Company Rating TP

UTI AMC BUY 825
Net equity inflows improve MoM, Non-liquid Nippon AMC ADD 265
ABSL AMC ADD 425
debt outflows decline significantly MoM HDFC AMC NEUTRAL 1900
N.B. In order of investment preference
✓ Net inflow into Equity Mutual Funds improved MoM in February 2023 to Rs
156.57bn (excl. Hybrid), up 26% MoM but down -20% YoY. Total Equity AAUM
(excl. Hybrid) for February 2023 stood at Rs. 15.27 trn, flat MoM but up 15% YoY.

✓ Debt-oriented schemes during the month witnessed a net outflow of -Rs 11.2 bn,
as against a net outflow number of -Rs 111.5 bn in January 2023 and net outflow of
-Rs. 476.9 bn in February 2022. The Total Debt AAUM stood at Rs. 7.73 trn, flat
MoM but down -22% YoY.

✓ The net inflow into Hybrid schemes for the month amounted to Rs 4.6 bn, down by
-90% MoM and -86% YoY. The Total Hybrid Scheme AAUM for the month stood at
Rs 5,096 bn, flat MoM but up 2% YoY.

✓ Net outflow from Liquid Funds in February 2023 amounted to -Rs 118.47 bn, as
against a net inflow of Rs. 14.18 bn in January 2023 and Rs.396.2bn in February
2022. Liquid Fund AAUM for the month was at Rs 5,539 bn, down -4% MoM but up
7% YoY.

✓ The net inflow into Other schemes (mainly ETFs and Index Funds) for the month
was at Rs 64.88bn, up 64% MoM but down -61% YoY. The Total Other AAUM for
the month was Rs 6,723 bn, up 1% MoM and 39% YoY.

✓ In terms of number of folios, there has been a fall in the Debt fund category whereas
the other categories have witnessed new folio addition in February 2023. The
addition of folios in Equity Funds was lower MoM with an addition of 1.02 mn in the
month of February 2023 compared with 1.27mn in the month of January 2023.

✓ SIP inflow was lower sequentially, with the inflow for the month of February 2023
being Rs 136.86 bn, down -1.2% MoM but up 20% YoY.

✓ Among Asset managers, UTI AMC is our only BUY rated stock. We rate Nippon and
ABSL an ADD and HDFC AMC a NEUTRAL. We have authored 4 key sector reports
on estimation of net equity inflows, market share in AUM, yield analysis and the
most key one on commission rate analysis.

N.B. Kindly see page 2 onwards for detailed additional data.

Exhibit 1: New Folio addition in Equity segment continue to drive inflows

∆ Equity AAUM Net Equity Inflow Nifty Return (RHS)

Rs bn
1,500 10%

8%
1,000
6%

500 4%

2%
0 0%
SHIVAJI THAPLIYAL
-2%
(500) Head of Research
-4% & Lead Analyst

(1,000) -6% shivaji.thapliyal@ysil.in

Oct-22
Mar-22

Jun-22

Aug-22

Sep-22

Dec-22

+91 22 6885 0521

Jan-23
Feb-22

Jul-22
May-22

Feb-23
Apr-22

Nov-22

SIDDHARTH RAJPUROHIT, Analyst

Source: AMFI, YES Sec – Research

For important information about YES Securities (India) Ltd. and other disclosures, refer to the end of this material. 1
 Mutual Fund Data – February 2023

Exhibit 2: Category wise Net Inflow

YoY MoM YoY
Net Inflow/Outflow (Rs. Mn) Feb-23 Feb-22 Jan-23 YTD FY23 YTD FY22
Growth Growth Growth
Income/Debt Oriented (11,201) (476,896) - (111,514) - (1,740,697) (956,435) -
Liquid/Money Market (118,466) 396,180 - 14,183 - 190,733 664,825 -71%
Total Equity (a + b) 161,170 228,218 -29% 169,636 -5% 1,181,440 2,246,473 -47%
Growth/Equity Oriented (a) 156,567 196,449 -20% 124,716 26% 1,245,850 1,258,360 -1%
Hybrid Schemes (b) 4,603 31,769 -86% 44,920 -90% (64,410) 988,113 -
Solution Oriented Schemes 1,694 1,650 3% 1,894 -11% 16,121 11,239 43%
Other Schemes 64,882 165,214 -61% 39,546 64% 1,306,845 1,194,262 9%
Interval Schemes (2,327) 970 - (13) - 457 4,381 -90%
Total 95,752 315,335 -70% 113,732 -16% 954,898 3,164,744 -70%
Source: AMFI, YES Sec – Research

Exhibit 3: Category wise AAUM

AAUM (Rs. Mn) Feb-23 Feb-22 YoY Growth Jan-23 MoM Growth
Income/Debt Oriented Schemes 7,725,535 9,924,463 -22% 7,709,821 0%
Liquid/Money Market 5,539,393 5,184,635 7% 5,759,411 -4%
Total Equity (a + b) 20,368,830 18,309,865 11% 20,331,083 0%
Growth/Equity Oriented Schemes (a) 15,273,170 13,334,594 15% 15,244,297 0%
Hybrid Schemes (b) 5,095,660 4,975,271 2% 5,086,786 0%
Solution Oriented Schemes 322,835 292,423 10% 321,531 0%
Other Schemes 6,723,444 4,844,335 39% 6,672,680 1%
Interval Schemes 7,966 5,676 40% 8,580 -7%
Total 40,688,003 38,561,397 6% 40,803,106 0%
Source: AMFI, YES Sec – Research

For important information about YES Securities (India) Ltd. and other disclosures, refer to the end of this material. 2
 Mutual Fund Data – February 2023

Exhibit 4: Net Inflow/Outflow - Scheme Type wise

Net Inflows (Rs. In mm) Feb-23 Feb-22 YoY % Jan-23 MoM % YTD FY23 YTD FY22 YoY %
Open – Ended Income/Debt Oriented Schemes
Overnight Fund 29,458 12,961 127% (36,879) - (62,569) 414,144 -
Liquid Fund (113,043) 402,733 - (50,417) - 203,212 410,144 -50%
Ultrashort Duration Fund (24,300) (13,150) - 17,651 - (33,820) 2,872 -
Low Duration Fund (19,037) (49,815) - (7,757) - (249,251) (129,210) -
Money Market Fund (5,424) (6,553) - 64,600 - (12,479) 254,681 -
Short Duration Fund 4,116 (120,919) - (38,587) - (286,272) (210,377) -
Medium Duration Fund (2,944) (10,619) - (763) - (81,194) 22,509 -
Medium to Long Duration Fund (1,950) (29,071) - (68) - (15,968) 2,798 -
Long Duration Fund 3,434 (582) - 2,403 43% 14,445 (1,022) -
Dynamic Bond Fund 5,016 (17,053) - 532 843% (27,489) (9,540) -
Corporate Bond Fund 6,618 (102,187) - (23,334) - (190,725) (251,839) -
Credit Risk Fund (6,730) (3,878) - (4,493) - (42,983) 9,658 -
Banking and PSU Fund (2,601) (36,541) - (11,729) - (227,016) (224,845) -
Gilt Fund 4,508 (4,641) - (569) - 10,415 (11,988) -
Gilt Fund with 10 year duration 1,371 (198) - 624 120% 4,877 (2,173) -
Floater Fund (16,646) (103,230) - (14,376) - (270,368) 187,717 -
Open – Ended Growth/Equity Oriented Schemes
Multi Cap Fund 19,774 5,853 238% 17,730 12% 107,033 184,016 -42%
Large Cap Fund 3,539 23,386 -85% 7,160 -51% 74,616 105,168 -29%
Large & Mid Cap Fund 16,510 20,356 -19% 19,020 -13% 166,026 115,586 44%
Mid Cap Fund 18,167 19,543 -7% 16,281 12% 180,768 141,152 28%
Small Cap Fund 22,463 14,297 57% 22,559 0% 196,737 84,492 133%
Dividend Yield Fund 479 1,565 -69% 22 2100% 1,763 10,919 -84%
Value Fund/Contra Fund 7,132 8,370 -15% 7,633 -7% 66,998 (7,979) -
Focused Fund 2,403 19,556 -88% 1,833 31% 61,100 137,243 -55%
Sectoral/Thematic Funds 38,559 34,410 12% 9,032 327% 198,020 268,214 -26%
Flexi Cap Fund 18,020 38,736 -53% 10,056 79% 158,549 333,277 -52%
ELSS 9,522 10,606 -10% 13,905 -32% 47,871 (23,012) -
Other Equity Schemes 0 (229) - (514) - (13,631) (90,716) -
Open – Ended Hybrid Schemes
Conservative Hybrid Fund (923) (509) - 1,102 - 9,281 43,561 -79%
Balanced Hybrid /Aggressive Hybrid 1,254 9,101 -86% 4,541 -72% 57,541 21,161 172%
Dynamic Asset Allocation/Balanced 578 21,180 -97% (2,178) - 48,983 553,650 -91%
Multi Asset Allocation 5,105 2,046 150% 21,817 -77% 55,971 13,051 329%
Arbitrage Fund 646 (3,359) - 20,546 -97% (230,138) 295,505 -
Equity Savings (2,057) 3,311 - (908) - (6,049) 61,185 -
Open – Ended Solution Oriented Schemes
Retirement Fund 1,000 1,077 -7% 1,183 -15% 9,660 6,824 42%
Children’s Fund 695 572 21% 712 -2% 6,461 4,415 46%
Other Schemes
Index Funds 62,443 57,478 9% 58,132 7% 684,423 324,458 111%
GOLD ETF 1,654 (2,481) - (1,994) - 9,194 23,355 -61%
Other ETFs 289 107,912 -100% (17,090) - 598,570 739,429 -19%
Fund of funds investing overseas 495 2,305 -79% 498 -1% 14,658 107,020 -86%
Close - Ended Debt Schemes
Fixed Term Plan 8,485 2,027 319% 7,537 13% (270,502) (734,427) -
Capital Protection Schemes 0 0 0 0% (9,965) (10,706) -
Infrastructure Debt Fund 0 0 (1,706) - (1,706) (3,190) -
Other Debt 0 0 0 0% (606) (6,815) -
Others 0 0 0 0% 0 0
Close - Ended Interval Schemes
Interval - Debt Schemes (2,327) 970 - (13) - 457 4,381 -90%
Interval - Equity Oriented 0 0 0 0% 0 0
Net Inflows 95,752 315,335 -70% 113,732 -16% 954,898 3,164,744 -70%
Source: AMFI, YES Sec – Research

For important information about YES Securities (India) Ltd. and other disclosures, refer to the end of this material. 3
 Mutual Fund Data – February 2023

Exhibit 5: SIP flows saw a strong growth of 20% YoY Exhibit 6: Folio Addition for the month

Rs. mn No.
SIP Inflow YoY Growth
160,000 60% 4,000,000
140,000 3,500,000
50%
120,000 3,000,000
40% 2,500,000
100,000
2,000,000
80,000 30%
1,500,000
60,000
20% 1,000,000
40,000
10% 500,000
20,000
0
0 0%

Oct-22
Mar-22

Jun-22

Sep-22

Dec-22
Aug-22

Jan-23
Feb-22

May-22

Feb-23
Apr-22

Jul-22

Nov-22
Oct-22
Mar-22

Jun-22

Sep-22

Dec-22
Aug-22

Jan-23
Feb-22

Jul-22
May-22

Feb-23
Apr-22

Nov-22

Source: AMFI, YES Sec – Research Source: AMFI, YES Sec – Research

Exhibit 7: Industry AUM Exhibit 8: Share of Equity AUM remains stable

Rs. mn Equity Debt Liquid ETFs & Index

100%
4,200,000 13% 13% 14% 14% 14% 14% 15% 15% 16% 16% 16% 16% 17%
90%
4,100,000 80% 13% 13% 14% 13% 14% 14% 14% 13% 13%
13% 14% 14% 14%
4,000,000 70%
60% 27% 25% 24% 25% 24% 22% 22% 21% 21% 20% 20% 20% 20%
3,900,000
50%
3,800,000
40%
3,700,000 30%
47% 48% 49% 48% 48% 49% 50% 50% 50% 51% 50% 50% 50%
3,600,000 20%
10%
3,500,000
0%
Oct-22
Mar-22

Jun-22

Sep-22

Dec-22
Aug-22
Feb-22

Jul-22

Jan-23
May-22

Feb-23
Apr-22

Nov-22

Oct-22
Mar-22

Jun-22

Sep-22

Dec-22
Aug-22

Jan-23
Feb-22

May-22

Feb-23
Apr-22

Jul-22

Nov-22

Source: AMFI, YES Sec – Research Source: AMFI, YES Sec – Research

Exhibit 9: Equity Fund Flow (excl. Hybrid) Exhibit 10: Debt Fund Flow (excl. Liquid & Hybrid)

Inflows Redemption Net Inflows (RHS) Inflows Redemption Net Inflows (RHS)
Rs. bn Rs bn Rs. bn Rs bn
500 300 7,000 200
450 100
250 6,000
400 0
350 5,000 -100
200
300 4,000 -200
250 150 -300
200 3,000 -400
150 100 -500
2,000
100 50 -600
1,000
50 -700
0 0 0 -800
Oct-22

Oct-22
Mar-22

Jun-22

Sep-22

Dec-22

Mar-22

Jun-22

Sep-22

Dec-22
Aug-22

Jan-23

Aug-22

Jan-23
May-22

May-22
Feb-22

Jul-22

Feb-23

Feb-22

Jul-22

Feb-23
Apr-22

Nov-22

Apr-22

Nov-22

Source: AMFI, YES Sec – Research Source: AMFI, YES Sec – Research

For important information about YES Securities (India) Ltd. and other disclosures, refer to the end of this material. 4
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YES Securities (India) Limited Registration Nos.: CIN: U74992MH2013PLC240971 | SEBI Single
Registration No.: NSE, BSE, MCX & NCDEX : INZ000185632 | Member
Registered Address: 2nd Floor, North Side, YES BANK House, Code: BSE - 6538, NSE - 14914, MCX - 56355 & NCDEX - 1289 | CDSL: IN-
Off Western Express Highway, Santacruz East, DP-653-2021 | MERCHANT BANKER: INM000012227 | RESEARCH
Mumbai - 400 055, Maharashtra, India. ANALYST: INH000002376 | INVESTMENT ADVISER: INA000007331 |
Correspondence Address: 4th Floor, AFL House, Sponsor and Investment Manager to YSL Alternates Alpha Plus Fund (CAT
Lok Bharti Complex, Marol Maroshi Road, Andheri East, III AIF) SEBI Registration No.: IN/AIF3/20-21/0818 |
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 DISCLOSURE OF INTEREST RECOMMENDATION PARAMETERS FOR FUNDAMENTAL
REPORTS
Name of the Research Analyst: Shivaji Thapliyal, Siddharth Rajpurohit
Analysts assign ratings to the stocks according to the expected
The analyst hereby certifies that opinion expressed in this research
report accurately reflect his or her personal opinion about the subject upside/downside relative to the current market price and the estimated
securities and no part of his or her compensation was, is or will be directly target price. Depending on the expected returns, the recommendations
or indirectly related to the specific recommendation and opinion are categorized as mentioned below. The performance horizon is 12 to
expressed in this research report. 18 months unless specified and the target price is defined as the analysts’
valuation for a stock. No benchmark is applicable to the ratings
Sr. mentioned in this report.
Particulars Yes/No
No.
Research Analyst or his/her relative’s or YSL’s
1 No
financial interest in the subject company(ies)
BUY: Upside greater than 20% over 12 months
Research Analyst or his/her relative or YSL’s
actual/beneficial ownership of 1% or more ADD: Upside between 10% to 20% over 12 months
2 securities of the subject company(ies) at the end of No
NEUTRAL: Upside between 0% to 10% over 12 months
the month immediately preceding the date of
publication of the Research Report REDUCE: Downside between 0% to -10% over 12 months
Research Analyst or his/her relative or YSL has any
3 other material conflict of interest at the time of No SELL: Downside greater than -10% over 12 months
publication of the Research Report NOT RATED / UNDER REVIEW
Research Analyst has served as an officer, director
4 No
or employee of the subject company(ies)
YSL has received any compensation from the
5 No
subject company in the past twelve months
YSL has received any compensation for investment
banking or merchant banking or brokerage services
6 No
from the subject company in the past twelve
months
YSL has received any compensation for products or
services other than investment banking or
7 No
merchant banking or brokerage services from the
subject company in the past twelve months
YSL has received any compensation or other
8 benefits from the subject company or third party in No
connection with the research report
YSL has managed or co-managed public offering of
9 securities for the subject company in the past No
twelve months
Research Analyst or YSL has been engaged in
10 market making activity for the subject No
company(ies)

Since YSL and its associates are engaged in various businesses in the
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received compensation for investment banking or merchant banking or
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ABOUT YES SECURITIES (INDIA) LIMITED
securities are discussed herein.
YES Securities (India) Limited (‘‘YSL’’) is a wholly owned subsidiary of YES
Associates of YSL may have actual/beneficial ownership of 1% or more
BANK LIMITED. YSL is a SEBI registered stock broker holding
and/or other material conflict of interest in the securities discussed
membership of NSE, BSE, MCX & NCDEX. YSL is also a SEBI registered
herein.
Category I Merchant Banker, Investment Adviser and a Research
Digitally signed by SIDDHARTH Digitally signed by Analyst. YSL offers, inter alia, trading/investment in equity and other
SHIVAJI SHIVAJI THAPLIYAL
ARVIND
SIDDHARTH ARVIND
RAJPUROHT financial products along with various value added services. We hereby
THAPLIYAL Date: 2023.03.10
17:55:12 +05'30' RAJPUROHT
Date: 2023.03.10
17:59:24 +05'30'
declare that there are no disciplinary actions taken against YSL by
SEBI/Stock Exchanges.

For important information about YES Securities (India) Ltd. and other disclosures, refer to the end of this material. 6