In November 2025, open-ended mutual funds saw net inflows of ₹33,233 Crore across categories. Here is a quick look at the key flow narratives.

1. Debt funds saw net outflows of ₹(25,693) Crore dominated by outflows at the short end of the yield curve; mainly overnight funds and liquid funds.
2. Equity Fund inflows were robust at ₹29,911 Crore. Flows were led by Flexi Cap Funds, Large & Mid-Cap Funds, Small Cap funds, Focused Funds, and Multi-Cap Funds 
3. Hybrid funds saw net inflows of ₹13,619 Crore, while passive funds also saw robust inflows of ₹15,385 Crore for the month of November 2025.
4. The NFO slackened in November 2025 at ₹3,126 Crore, while gross SIP flows in November 2025 touched a new all-time record at ₹29,445 Crore. 

Let us turn to flow significance as a share of net AUM. 

When it comes to mutual fund flows; two things matter. The size of the flows and whether the swing flows were on the positive or negative side? Here is a quick macro picture. 

Data Source: AMFI 

In debt funds, swing flows were all on the negative side. The overall significance of flows as a percentage of the net AUM was around -1.33%, which is clearly favoring outflows from debt flows. What is more relevant in this case is whether the top fund categories in terms of Flow/AUM significance are on the positive side or on the negative side. For the month, positive traction was about hybrid funds, passive funds, and equity funds; in that order.
 

In the case of debt funds in November 2025, out of the 16 fund categories, 10 categories saw net inflows while 6 categories saw net outflows. In terms of the five most significant flow categories, 3 were on the positive side while 2 were on the negative side. 

Data Source: AMFI 

As can be seen in the above table, the most significant flow as share of AUM was on the negative side (overnight fund); and that skewed the overall picture. On the positive side, ultra short duration funds, low duration funds, and money market funds showed positive flow traction as share of AUM. On an overall basis, debt funds saw net outflows, but the figure was largely skewed by overnight funds and, to some extent, liquid funds. 

In the case of equity funds in November 2025, out of the 11 fund categories, 9 categories saw net inflows while only 2 categories saw net outflows (dividend yield funds and ELSS). In terms of the 5 most significant flow categories, all were in the positive. 

 Data Source: AMFI 

If you look at the five categories of equity funds with the most significant flow to AUM ratio, there are 2 themes that emerge. Flexi cap funds, large & mid-cap funds, and multi-cap funds are about allocation and diversification, with investors trying to optimize risk-adjusted returns. Small Cap Funds and Focused  Funds are about generating alpha at a time when the traditional large caps are struggling to beat the indices. However, flow volumes have been falling steadily in last 2 months, due to uncertainty at higher index levels. 

In the case of hybrid funds in November 2025; out of the 8 hybrid categories, 7 saw positive flows with only Conservative Hybrid Funds seeing net outflows. Fund flows into hybrids have stayed robust. The 5 most significant flow categories, were all in the positive. 

Data Source: AMFI 

If you look at the five categories of equity funds with the most significant flow to AUM ratio, the broad theme in 4 out of 5  cases is about strategic asset allocation and risk management. That explains funds like multi-asset allocation funds, Equity Savings Funds, and Children’s Funds in the list. Inflows are back into arbitrage funds; a virtual proxy for liquid funds. 

In the case of hybrid allocation funds in August 2025, out of the 4 fund categories, all of them saw net inflows. In terms of the most significant flow categories, here is the list. 

Data Source: AMFI 

If you look at the top categories in terms of significance of flow / AUM ratio, gold funds at the top are not a surprise. Index ETFs are also material as flows are on a massive base. FOFs turned in at third place despite the low base in this group. Interestingly, in November also, the most significant flow/AUM ratio belongs to alternates like hybrids and passives. 

Active and passive equity flows continue to be positive in November 2025. The debt picture is actually balanced, but skewed largely by the presence of outflows from overnight funds!