Silver ETFs saw gross inflows of Rs 4628 crore during the month, while redemptions stood at Rs 5455 crore, resulting in a net outflow of Rs 826.3 crore. This marked the first net outflow since November 2023, compared with net inflows of Rs 9463.40 crore in January.
Even as markets slipped in February, the last month’s AMFI data shows that mutual fund investors continued to stay the course. Equity schemes attracted Rs 25,978 crore during the month, marking the 60th consecutive month of inflows, despite the Sensex falling 1.2 percent and the Nifty declining 0.6 percent amid global uncertainty and geopolitical tensions.
The steady inflows helped lift the mutual fund industry’s assets under management (AUM) to Rs 82.03 lakh crore, a 1.3 percent increase from January. The industry also added 42.58 lakh net folios during the month, reflecting continued retail participation in financial markets.
AMFI CEO Venkat Chalasani said February’s numbers reflect the continued stability and resilience of the mutual fund industry.
“This sustained momentum reflects growing investor participation despite intermittent market volatility, with market sentiment supported by robust quarterly corporate earnings and continued inflows from both domestic and foreign institutional investors,” he said.
Here are some of the key takeaways from this month’s numbers.
Flexi-cap funds lead equity inflows
Equity funds received net inflows of Rs 25,978 crore during February despite market fluctuations driven by global economic data and rising geopolitical risks.
Among equity categories, flexi-cap funds recorded the highest inflows at Rs 6,925 crore, extending their inflow streak to the seventh consecutive month. Mid-cap funds attracted Rs 4,003 crore, while small-cap funds received Rs 3,881 crore. Sectoral and thematic funds also remained popular, attracting Rs 2,987 crore in net inflows during the month.
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Himanshu Srivastava, Principal Research at Morningstar Investment Research India, said the flow trend suggests that domestic investor participation remains robust, with allocations increasingly reflecting a mix of growth-seeking behaviour in mid- and small-cap segments along with continued interest in diversified and flexible strategies.
“The persistence of inflows despite market fluctuations highlights the growing maturity of retail investors and the structural strength of the mutual fund investment ecosystem in India,” he added.
SIP inflows remain resilient
Monthly Systematic Investment Plan (SIP) contributions stood at Rs 29,845 crore in February, slightly lower than the Rs 31,002 crore recorded in January.
Venkat Chalasani attributed the decline mainly to the shorter month of February and the last day falling on a non-banking Saturday, which delayed some SIP transactions to March. Despite the dip in monthly contributions, SIP assets grew 1.7 percent month-on-month to Rs 16.64 lakh crore, accounting for around 20.3 percent of the total mutual fund industry AUM. SIP stoppage for the month rose to 76 percent, up from 74 percent in January 2026.
Commenting on the monthly numbers, Feroze Azeez, Joint CEO at Anand Rathi Wealth, said SIP contributions during the month were marginally lower than the record level seen in January but remain close to the Rs 30,000 crore mark and continue to show strong growth on a yearly basis.
“This clearly reflects the discipline that retail investors are bringing to their investment journey. The sustained growth in SIP inflows over the past year highlights the increasing trust that households are placing in mutual funds as a long-term wealth creation vehicle,” he said.
NFO activity remains strong
Fund houses launched eight equity new fund offers (NFOs) during February, which collectively mobilised Rs 3,955 crore. Sectoral and thematic funds dominated the new launches, with six such funds raising Rs 3,560 crore.
A large-cap fund mobilised Rs 324 crore, while a mid-cap fund collected Rs 71 crore.
Specialised Investment Funds gain traction
Specialised Investment Funds (SIFs) recorded strong growth during the month, with assets rising to Rs 9,711 crore, marking a 47.9 percent month-on-month increase.
The category saw record inflows of Rs 3,127 crore, supported by the launch of three new investment strategies, including two equity strategies that raised Rs 916 crore and one hybrid strategy that garnered Rs 436 crore.
Passive Funds see mixed trends
Passive funds showed mixed trends during the month. While the segment’s overall AUM declined 1.1 percent month-on-month to Rs 15.23 lakh crore due to mark-to-market losses, inflows remained positive.
Gold exchange-traded funds (ETFs) emerged as the biggest contributor within the passive segment, attracting inflows of Rs 5,555 crore during February. However, the overall AUM in gold ETFs declined marginally due to market losses.
But the inflows were sharply lower compared to January, when gold ETFs had attracted record investments of around Rs 24,039 crore, highlighting a significant moderation in investor allocations after the previous month’s surge. Silver ETFs saw gross inflows of Rs 4628 crore during the month, while redemptions stood at Rs 5455 crore, resulting in a net outflow of Rs 826.3 crore. This marked the first net outflow since November 2023, compared with net inflows of Rs 9463.40 crore in January.
Index funds also saw inflows of Rs 3,233 crore, reflecting continued investor interest in passive investment strategies.
Suranjana Borthakur, Head of Distribution and Strategic Alliances at Mirae Asset Investment Managers (India), noted that although there was a decline in flows into gold ETFs and other ETFs compared to the previous month, the numbers remain strong in absolute terms.
“This comes amid heightened risks and as investors continue being drawn to the rally in precious metals,” she said.
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