It has been a windfall for investors in Gujarat for the second straight month as their assets under management (AMU) of mutual funds have grown by a record Rs 16,171 crore in July.
According to the Association of Mutual Funds in India mutual fund AUM in the state stood at Rs 3.2 lakh crore in July compared to Rs 3.06 lakh crore in June.
The 30-share BSE Sensex settled at its all-time closing high of 67,571.9 with an intra-day peak of 67,619.17 on July 20, which indicates that positive market sentiments and a robust investment scenario in the state were instrumental in fuelling the growth.
This growth momentum has been sustained pan-India.
Market experts said, SIP inflows touched a record high of Rs 15,245 crore contributed by fresh investors. Greater awareness among retail investors and young professionals is a key factor behind the growth of AUM. In the past six months, investors have gained up to 20 per cent on investments with many booking their profits as well.
A large part of retail investments came in equity-linked mutual funds. AUM for equity mutual funds stood at Rs 1.81 lakh crore in July, up Rs 8,558.28 crore from the preceding month.
Fresh fund inflows from retail and institutional investors led to the growth in AUM. New fund offers continued through the past quarter, spurring the increase.
According to sources many new fund offers are being launched by mutual fund companies, coupled with SME IPOs and main board IPOs. This is further going to encourage fresh investments. Inflows from institutional investors have been upbeat for the past three months.
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