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October 2025 AUM Shift: Why Price Moves Drove the Equity Surge
Equity mutual funds saw a sharp jump in AUM in October 2025 — but not due to flows. An 83% contribution came from market price appreciation. This breakdown shows which fund categories benefited the most and why.
Written by: SERNET Research Team
Table of Content
Price Moves In Aum Shift – The Macro Picture
Each month the AUM of mutual funds shifts higher or lower. In October 2025, the overall AUM of mutual funds got tantalizingly close to ₹80 trillion. Let us just get a perspective of open-ended funds. Between September 2025 and October 2025; overall AUM spiked from ₹75.36 Trillion to ₹79.62 Trillion. That is AUM accretion of ₹4.26 trillion between September and October. Normally, when the AUM of debt fund changes, it is largely driven by inflows or outflows. However, in case of equity funds, hybrid funds, and passive equity funds; both flows and price moves can contribute in substantial measure. The table below captures the AUM shift dissection of active equity funds in Oct-25.
| Active Equity Market Funds |
Net Inflow in the Fund | AUM Closing Value | AUM Accretion | Price Accretion | Price Move Dominance |
| Dividend Yield Fund | -178.96 | 33,210.96 | 969.98 | 1,148.94 | 118.45% |
| ELSS | -665.66 | 2,53,264.09 | 8,489.50 | 9,155.16 | 107.84% |
| Value Fund/Contra Fund | 368.39 | 2,13,021.35 | 8,722.77 | 8,354.38 | 95.78% |
| Large Cap Fund | 971.97 | 4,10,156.51 | 15,063.19 | 14,091.22 | 93.55% |
| Sectoral/Thematic Funds | 1,366.16 | 5,33,830.68 | 20,361.25 | 18,995.08 | 93.29% |
| Focused Fund | 939.06 | 1,70,127.72 | 7,158.97 | 6,219.91 | 86.88% |
| Mid Cap Fund | 3,807.11 | 4,54,606.49 | 21,066.24 | 17,259.13 | 81.93% |
| Large & Mid Cap Fund | 3,177.07 | 3,22,158.21 | 15,254.86 | 12,077.79 | 79.17% |
| Small Cap Fund | 3,476.04 | 3,72,362.31 | 15,621.56 | 12,145.52 | 77.75% |
| Multi Cap Fund | 2,500.43 | 2,20,254.63 | 9,885.64 | 7,385.21 | 74.71% |
| Flexi Cap Fund | 8,928.71 | 5,33,756.17 | 25,840.13 | 16,911.43 | 65.45% |
| Active Equity Funds | 24,690.33 | 35,16,749.11 | 1,48,434.10 | 1,23,743.77 | 83.37% |
| Data Source: AMFI (absolute numbers are ₹ in crore) | |||||
What Triggered Aum Shift In Mutual Funds In Oct-25
Here is a break-up of triggers for the AUM shift in October 2025, across segments.
- In the case of debt funds, price changes contributed 6.79% of the AUM accretion, while the balance 93.21% was from flows.
- In the case of hybrid funds, price changes contributed 62.85% of the AUM accretion, while only the balance 37.15% was from flows.
- In the case of passive funds, price changes contributed 75.32% of the AUM accretion, while the balance 24.68% was from flows.
Equity Aum Shift: How It Panned Out In October 2025
Based on the data provided by AMFI, Equity Funds sawn an overall AUM accretion in the month of October 2025, compared to September. Here are the granular details.
- The overall AUM accretion for equity funds in October 2025 was to the tune of ₹1,48,434 crore. Out of this AUM accretion, only ₹24,690 crore was accounted for by inflows, while the balance ₹1,23,744 crore came from MTM price gains in October.
- In a nutshell, the price moves were actually dominant and accounted for 83.37% of the overall AUM accretion of equity funds. Only the balance 16.63% of the AUM accretion in the month was accounted for by inflows into equity funds.
- At the top of the list (shaded in green) are the funds with the highest price dominance. However, this is either due to tepid inflows or negative flows. The next 3 shaded in red have modest flows but dominant price appreciation. The last list shaded in blue shows the funds that had appreciation, but flows were very robust.
- An important consideration is; which fund categories contributed the most to rupee AUM accretion in October. The leaders were flexi-cap funds, mid-cap funds and sectoral / thematic funds. If we look at pure price appreciation impact, then sectoral funds emerge at the top, largely due to tepid inflows in October 2025.
It must be noted that while flows have been consistently positive in the case of equity funds, the price movement has worked both ways (positive and negative) depending on which way the indices move. In October 2025, equity funds gained from an index rally!
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