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Motilal Oswal Report
We interacted with a few large mutual fund distributors (having an assets under management in excess of Rs 10 billion) and institutional sales representatives to gauge customer behavior in the current environment.
Strong recovery in the equity market and expectations of interest rate hikes by the Reserve Bank of India play a meaningful role in gauging customer interest for investing in Mutual Funds.
Over the past couple of months, a few major trends have emerged:
resurgence of new fund offers in Q2 FY23 after a hiatus,
steady trends in overall AUM,
sustained high outflows from the debt segment, and
new highs in monthly SIP inflows.
Our interactions with channel partners indicate:
Lump sum flows have been under pressure as high net worth individuals await a better entry point.
Slight moderation in NFO commission payouts.
A slowdown in SIP accounts owing to weakness from smaller ticket rural customers,
Growing inclination of HNIs towards long-term debt funds (target maturity funds).
As large institutions expect further rate hikes, they are waiting on the sidelines and will commit to substantial long-term debt investments in due course.
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