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Business News/ Money / Personal Finance/  Bull run effect? 185 new mutual fund offers raised a whopping 66,000 crore in fiscal 2024

Bull run effect? 185 new mutual fund offers raised a whopping ₹66,000 crore in fiscal 2024

A total of 185 new funds (both open and close-ended) were launched, also known as NFOs (new fund offers) in fiscal 2024 raising a total of whopping 66,364 crore, shows the AMFI data

The maximum number of NFOs were launched in February 2024 when 22 schemes raised 11,720 crore

The fiscal 2023-24 was undoubtedly a good year for stock markets in general, thus delivering an impressive return of 30 percent to the benchmark index of Nifty50. No wonder then the stocks and mutual funds drew investors galore.

It will, therefore, not come as a surprise that a total of 185 new fund offers, or NFOs, were launched in fiscal 2024, raising a whopping 66,364 crore, shows the AMFI data. These include both open-ended and close-ended schemes.

It is interesting to note that a 34 percent of the total funds were raised in the past three months alone between Jan to March.

ALSO READ: NFO Alert: Tata Mutual Fund launches the Tata Nifty Financial Services Index Fund; all you need to know

The maximum number of NFOs were launched in February when 22 schemes raised 11,720 crore followed by Dec when 21 schemes raised 9,872 crore. Even March 2024 witnessed launched of new 21 schemes which collectively raised 4,146 crore.

Month                                  No. of NFOs Funds raised ( crore)
April              1,828
May                                                          5483
June                                          113,228
July                                                 176,723
Aug                           157,531
Sept                                                  167,795
Oct                                                143,638
Nov                                                  142,583
Dec                                      219,872
Jan                                              206,817
Feb                                                     2211,720
Mar                                             214,146
Total                                          185 66,364 

(Source: AMFI)

Among all the categories, index and hybrid mutual funds were quite popular among fund houses. These new launches included 35 index funds and 17 hybrid funds, the data shows.

SIP at all-time high

Meanwhile, total inflow into all the mutual fund schemes via systematic investment plans (SIPs) stood at 1.99 lakh crore, 28 per cent higher than 1.56 lakh crore recorded in the preceding financial year.

SIP contribution stood at an all-time high of 19,270.96 crore in March 2024 as against 19,186.58 crore in February 2024.

In fact, SIP contribution into mutual funds increased every month during the entire year, except in the months of April and June.

ALSO READ: Sensex, Nifty on the dance floor — should you simply invest in index funds and relax? Here is what experts say

The Retail mutual fund folios (Equity, Hybrid and Solution Oriented Schemes) were also at an all-time high of 14.24 crore for March 2024, compared to 13.94 crore for the month of Feb 2024.

Conversely, the mutual fund (MF) industry’s net assets under management (AUM) fell by a meagre 2 per cent to 53,40,194 crore at the end of March 2024.

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