AMFI May 2026 data highlights: Equity MF inflows drop 40%, Gold ETFs see ₹725 crore outflows

Net inflows into equity mutual funds dropped nearly 40% in May 2026, compared to April, according to the latest data released by the Association of Mutual Funds in India (AMFI) on June 10, 2026.

The total inflows into equity schemes in May were approximately. ₹22,907 crore, while in April it was approx. ₹38,440.

Data also shows that Gold ETFs saw outflows of over ₹725 crore in May. In April, Gold ETFs had witnessed a net inflow of ₹3,040 crore.

The net inflows in equity-oriented mutual fund schemes in May were the lowest in the past 12 months.

Even as the net inflows in equity schemes declined month-on-month in May, most of them witnessed positive flows, indicating investors' continuing belief in mutual funds as a wealth compounding tool. However, outflows from dividend yield funds and ELSS funds increased further in May.

Data shows that net inflows were the highest in mid-cap and small-cap schemes in May at ₹4385 crore and ₹4945 crores respectively. Inflows into flexi-cap schemes declined nearly 50% in May compared to the previous month. The flexi-cap funds had seen net inflows of over ₹10,000 crore in April, which dropped to ₹5175 crore in May.

Large-cap, multi-cap and Large & Midcap funds also witnessed decent inflows in May.

Negative % in the above table means inflows declined or outflows increased. A very large percentage, like in case of Dividend Yield Fund, happened because it moved deeper into outflows, from ₹-20.58 crore to ₹-97.46 crore.

The net assets under management (AUM) in the open-ended schemes of the industry declined from ₹81.9 lakh crore in April to ₹81.6 lakh crore in May.

Hybrid funds also witnessed lower inflows in May, with arbitrage funds receiving the most inflows at Rs 5697 crore. It was followed by the Multi Asset Allocation Fund category.

Lump sums moderated, SIP continues

Commenting on the AMFI data, Suranjana Borthakur, Head of Distribution & Strategic Alliances at Mirae Asset Investment Managers (India), said, "May’s AMFI data shows equity inflows at ₹22,908 crore—a 40% drop from April. The headline looks sharp, but context is everything. Markets corrected meaningfully, with Sensex down 2.5–3% and Nifty off ~2.5%, compounded by geopolitical tension, crude volatility, and FII outflows."

"Flexi Cap, the industry’s bellwether saw inflows halve from ₹10,148 crore to ₹5,176 crore. Thematic and Value/Contra categories took the biggest hit, as they always do when sentiment softens. But Mid and Small Cap held their ground, which tells you something important: the SIP book is sticky. It is a lump sum that moderated," she added.

The expert further said, "In Hybrids, Multi Asset Allocation was the standout at ₹3,929 crore, while BAF bore the sharpest correction within the space. Gold ETF flipped to an outflow of ₹725 crore after months of strong inflows—classic profit-booking after a sustained rally. The number I keep coming back to is SIP at ₹30,954 crore. That single data point tells you the structural story is unbroken. Retail India is not running, it is staying, averaging, and compounding. Industry AUM holds steady at ₹81.05 lakh crore. NFO flows have cooled, and frankly, that is a healthy sign.”