§01 · EDITORIAL · GLOSSARY · AUM
AUM — Assets Under Management
The total market value of investments a fund manages on behalf of its investors. Tracked monthly by AMFI.
mutual-fundsamc
Assets Under Management (AUM) is the total market value of all investments a mutual fund manages on behalf of its unit-holders. It includes equities, debt, cash and any other assets held in the scheme's portfolio.
AUM is reported in Indian Rupees and disclosed monthly by every scheme via the AMFI bulletin.
How it changes
Two forces move AUM up or down:
- Net flows — new money coming in (purchases, SIPs) minus money leaving (redemptions, SWPs).
- Mark-to-market — daily NAV changes applied to the existing portfolio.
A scheme can grow AUM purely because the market rose, even with zero net inflow. Reading AUM alongside the net-flow disclosure gives a truer picture than either number alone.
Why it matters
- Liquidity — a very small fund (under ~₹100cr) may face constraints when a large investor exits.
- Expense ratio — AMCs are required to reduce TER as AUM grows past certain slabs; check the TER slab table.
- Strategy fit — large AUM in a small-cap scheme can constrain the manager's ability to enter or exit positions without moving the market.
Reviewed · January 2026