Mutual Fund Screener - ICRA Analytics

Mutual Fund Screener

FOR THE QUARTER ENDED DECEMBER FY22

MF Industry at a glance in Q3FY22

o Asset base of Mutual Fund (MF) industry continued to grow:

- Assets Under Management (AUM) grew 3% vis-?-vis Q2FY22 to Rs. 37.73 lakh crore

- Average Assets Under Management (AAUM) grew 1.4% to Rs. 37.92 lakh crore for the same period

- Quarterly Average Assets Under Management (QAAUM) haven't looked back since Q2FY21; after regaining the Rs. 27 lakh crore mark in Q2FY21, it surpassed the Rs. 38 lakh crore level in Q3FY22, a growth of 38%

o NJ Mutual Fund became the new entrant in the MF space

o Systematic Investment Plan (SIP) contribution surpassed the Rs. 11,000 crore mark for the first time in November 2021; SIP AUM has grown 30% since April 2021

o Folios also for the first time surpassed the 12 crore mark in December 2021; it had crossed 10 crore in May 2021 and 11 crore in September 2021

o Though two months of the quarter saw net inflows, it fell 20% sequentially to Rs. 0.80 lakh crore in Q3FY22

o All sub-categories under Equity Oriented Schemes saw net inflows; net inflows for Multi Cap funds grew more than 200% on quarterly basis

Source: AMFI and MFI 360

Mutual Fund Screener - December 2021

ICRA Analytics Limited

02

Mutual Fund Screener

What's Inside

01

Market

Update

02

Mutual Fund

Industry Size

03

Inflow Outflow

Analysis

04

Industry

Insights

05

Category

Performance

06

Regulatory

Update

Mutual Fund Screener - December 2021

ICRA Analytics Limited

03

SECTION I

Market Update

10-year Benchmark yields grew quarterly and annually, Liquidity remained in surplus

In % In Rs. Crore

10-Yr GOI over the year

6.60

6.40

6.20

6.00

5.80 Jan-21 Mar-21 May-21 Aug-21 Oct-21 Dec-21

o 10-year benchmark yields grew 23 bps on quarterly basis due to following reasons: - Rise in global crude oil prices - Worries over rate hike by U.S Federal Reserve (Fed) in 2022 - Concerns over rise in retail inflation that may impact monetary policy - Lack of support from RBI in form of purchase of government securities through OMOs

`

Net Liquidity in surplus

0

-2,00,000

-4,00,000

-6,00,000

-8,00,000

-10,00,000 Jan-21

May-21

Aug-21

Dec-21

o However, RBI keeping key rates unchanged and maintaining accommodative policy stance to support growth restricted losses to some extent

o Yields grew 56 bps annually following rise in global crude oil prices, U.S. Treasury yields and domestic inflationary pressures

o Liquidity surplus came down to some extent but remained favorable

Source: Refinitiv

Mutual Fund Screener - December 2021

ICRA Analytics Limited

05

Spread Analysis (1 of 2)

Credit Spread (In %)

6.00 5.00 4.00 3.00 2.00 1.00

Oct-21

2 Year

Nov-21

Dec-21

AA category over AAA

A category over AAA

A category over AA

o Credit Spread of AA category over AAA remained flat in two-year, three-year and five-year segments

3 Year

4.00

Credit Spread (In %)

o Credit Spread of A category over AAA remained flat in three-year, though twoyear segment experienced compression of spreads and five-year segment saw spread expansion towards the end of the quarter

3.00

2.00

1.00 Oct-21

Nov-21

Dec-21

AA category over AAA A category over AAA A category over AA

Credit Spread (In %)

6.00 5.00 4.00 3.00 2.00 1.00

Oct-21

5 Year

Nov-21

Dec-21

AA category over AAA A category over AAA A category over AA

o Credit Spread of A category over AA remained flat in three-year, though twoyear segment experienced compression of spreads towards the end of the quarter and five-year segment saw spread expansion towards the end of the quarter

Source: ICRA Analytics Limited; Calculated as average of all securities maturing in 2023, 2024, 2026, respectively in MF portfolio in their respective rating category

Mutual Fund Screener - December 2021

ICRA Analytics Limited

06

In %

Spread Analysis (2 of 2)

Benchmark Movement-10 Yr G-sec Vs AAA Bond PSU Vs AAA Bond HFC vs

AAA Bond NBFC

7.50

7.00

o Yield movement in 10-year G-sec, 10year AAA Bond PSU, 10-year AAA Bond HFC and 10-year AAA Bond NBFC remained muted though experienced yield expansion at the quarter-end

6.50

6.00 Oct-21

Nov-21

Dec-21

o Credit spread of one-year AAA over G-sec experienced contraction on QoQ basis while credit spread of three-year and five-year saw a bit of expansion. However, it experienced contraction on YoY basis

10 Yr G-sec 10 Yr AAA Bond HFC

10 Yr AAA Bond PSU 10 Yr AAA Bond NBFC Source: ICRA Analytics Limited

o Credit spread of three-year and fiveyear AA Bond over G-sec witnessed contraction on QoQ and YoY basis

Corporate Bond and G-sec Spread Matrix* (In bps)

1 Y-AAA 3 Y-AAA 5 Y-AAA 10 Y-AAA 1 Y-AA 3 Y-AA 5 Y-AA 10 Y-AA

31-Dec-21

48 60 94 103 130 125 119 159

30-Sep-21 31-Dec-20 QoQ change YoY Change

82

96

-34

-48

38

100

22

-40

56

120

38

-26

100

111

3

-8

134

338

-4

-208

168

258

-43

-133

150

306

-31

-187

161

246

-2

-87

Source: ICRA Analytics Limited; Refinitiv *With respect to G-Sec of similar maturity. Semi annualized yields of G-Sec Papers are annualized for calculating spreads

Mutual Fund Screener - December 2021

ICRA Analytics Limited

07

Index values

Nifty 50 saw modest losses on quarterly basis, gained annually

27,000

Nifty 50** movement over the year

23,000

19,000 Jan-21

Apr-21

Jul-21

Oct-21

Dec-21

o Nifty 50** witnessed 1% decline QoQ as of December 31, 2021. Investors remained worried over: - Omicron variant of coronavirus would result in additional lockdowns and jeopardize the global economic recovery - Growing anticipation of sooner than expected interest rate hike by U.S. Fed. However, improved macro-economic numbers boosted the risk appetite of market participants

o Index grew 26% on annual basis despite wider economy shuttling between recovery and relapse, dictated by multiple mutations of the coronavirus. The below factors, however, supported buying interest: - Union Budget announcements for FY22 - Upbeat economic data - Robust corporate earnings from some of the index heavyweights

Source: MFI Explorer; **TRI variant of the index has been used for representation purpose

Mutual Fund Screener - December 2021

ICRA Analytics Limited

08

 ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download