资产管理公司：逐步复苏

EquitiesDiversified Financial SrvcsIndiaBahilShahAnalyst, India FinancialsHSBC Securities and Capital Markets (India) Privaterahil.shah@hsbc.co.in+91 22 6628 3719Abhishek Murarka*Senior Analyst, FinancialsHSBC Securities and Capital Markets (India) Privateabhishek.murarka@hsbc.co.in+91 96 1996 4653Gaurav Sharma*Analvst.InsuranceandDiversifiedFinancialsHSBC Securities and Capital Markets (India) PrivateLimitecgaurav11.sharma@hsbc.co.in+ 91 22 2268 2011*Employed by a non-US affliate of HSBC Securities (USA) Inc, and isnot registered/ qualified pursuant to FINRA regulationsHesitant bulls of summerThe 20th edition of the EM Sentiment SurveyClick to viewIssuer of report: HSBC Securities and CapitalMarkets (India) Private LimitedView HSBC Global Research at:https://www.research.hsbc.com Trends in the Asset Management sector1: Trends in total AAUM (INRbn)2: Trends in AAUM growth (%, y-o-y)80,00050%80%40%60,00060%30%40,00040%20%20,00010%20%0%0%3333444444555TotalAAUMNRbn)-· Growth (y-o-y, %)Source: AMFI, HSBCSource: AMFI, HSBC3: Trends in total AAUM mix (%)100%13%13%13%12%13%13%13%13%80%12%12%12%12%12%12%17%17%17%17%17%60%16%16%16%14%13%13%13%13%13%13%14%40%20%14%44%45%44%44%45%44%25EquityHybridPassive EquityDebtSource: AMFI, HSBC; Passive equity includes index funds, Gold ETFs, Other ETFs and Funds of Funds; Liquid funds include money market, overnight and liquid fundcategories; Others include retirement and children fund4: Trends in Equity AAUM (INRbn)5: Trends in Hybrid Funds (INRbn)35,00070%12,00030,00060%10,00025,00050%8,00020,00040%6,00015,00030%4,00010,00020%5,00010%2,0000%2Active Equity AUM (INR bn)Growth (y-o-y, %)Source: AMFI, HSBCSource: AMFI, HSBC Source: AMFI, HSBC14: Trend in SIP AUM contribution (%)21%20%19%18%17%16%SIP AUM as % of Total AAUMSIP AUM as % of Equity + Hybrid AAUMSource: AMFI, HSBC82.783.582.623Contributing SIP accounts (#m) MarketsharetrendsoftopfundsoflargeAMCsAUMAUMNetMarket share in AUM (%)growthflowsFund Category(INRbn,Change[(INRbn) (%, QTD)QTD)FY24FY251QFY26 (QTD, bP)Aggressive Hybrid7878%(6.7)i34.1%33.1%33.0%Large Cap5409%2.114.3%13.7%13.6%Value-Contra47412%15.917.9%23.0%23.3%Focused38610%(0.9)24.8%24.3%23.8%Dynamic Asset Allocation3668%5.011.6%12.0%11.9%Small Cap35716%11.510.5%10.4%10.1%Arbitrage37623%64.817.6%15.0%15.1%Large & Mid Cap33012%7.510.3%11.2%10.9%ELSS30610%4.810.2%11.9%12.1%Flexi Cap2257%--(2.8)5.8%4.8%4.6%_ (28)17: Market share trends of top funds of ICICI Prudential Mutual FundAUMAUMNetMarket share in AUM (%)growthflowsFund Category(INRbn,Change(INRbn) (%, QTD)QTD)FY24FY251QFY26 (QTD, bp)Large Cap72311%18.317.0%18.1%18.2%6538%4.122.6%21.4%21.3%Multi Asset Allocation62012%34.354.6%51.7%50.2%(151)Value-Contra54110%8.027.7%26.7%26.5%Aggressive Hybrid4469%6.817.0%18.7%18.7%Arbitrage30820%46.511.4%12.6%12.4%Sectoral Fund29515%13.96.0%5.6%5.8%Large & Mid Cap22918%17.26.0%7.4%7.6%Flexi Cap17913%2.24.2%3.7%3.6%Sectoral Fund14615%5.4:4.0%2.8%2.9%AUMAUMNetMarket share in AUM (%)growthflowsFund Category(INRbn,Change(INRbn) (%, QTD)QTD)FY24FY251QFY26 (QTD,bP))Dynamic Asset Allocation1,0288%12.932.1%33.4%33.5%Mid Cap84116%i17.120.9%19.7%19.5%Flexi Cap79614%41.314.5%16.0%16.1%Large Cap3898%i2.110.3%10.0%9.8%Small Cap35818%6.911.3%10.2%10.1%Aggressive Hybrid2497%(2.0) :11.5%10.6%10.4%Large & Mid Cap26815%7.38.4%8.9%8.9%Arbitrage21115%!30.17.0%9.0%8.4%Multi Cap18516%6.010.3%9.1%9.0%Focused20921%_22.118.0%11.9%12.9%i Disclosure appendixAnalyst CertificationThe following analyst(s), economist(s), or strategist(s) who is(are) primarily responsible for this report, including any analyst(s)whose name(s) appear(s) as author of an individual section or sections of the report and any analyst(s) named as the coveringanalyst(s) of a subsidiary company in a sum-of-the-parts valuation certifies(y) that the opinion(s) on the subject security(ies) orissuer(s), any views or forecasts expressed in the section(s) of which such individual(s) is(are) named as author(s), and any otherviews orforecasts expressed herein,including anyviews expressed onthe back page of the research report,accurately reflecttheir personal view(s) and that no part of their compensation was, is or will be directly or indirectly related to the specificImportant disclosuresEquities: Stock ratings and basis for financial analysisHSBC and its affiliates, including the issuer of this report ("HSBC") believes an investor's decision to buy or sell a stock shoulddepend on individual circumstances such as the investor's existing holdings, risk tolerance and other considerations and thatinvestors utilise various disciplines and investment horizons when making investment decisions. Ratings should not be used orrelied on in isolation as investment advice. Different securities firms use a variety of ratings terms as well as different ratingsystems to describe their recommendations and therefore investors should carefully read the definitions of the ratings used ineach research report. Further, investors should carefully read the ent