Equity mutual funds continue to witness the maximum share from all states

The average assets under management (AAUM) surged by 37.29% on a yearly basis to Rs 57.01 lakh crore in April 2024. The equity-oriented schemes cornered the maximum share in AAUM in all states, shows a report by ICRA Analytics.

According to the report, Maharashtra contributed the most to the total AAUM in April 2024, with a share of 40.91%. It was followed New Delhi with a contribution of 8.35%, and Karnataka at 7%.

Gujarat contributed 6.84%, and West Bengal 5.11%. The top five states accounted for around 68% of total AAUM contribution.

No states and union territories in India witnessed a sequential decline in AAUM in April, said the report.

The top three states in terms of sequential growth were Meghalaya, Telangana, and Daman and Diu. The states that had lowest sequential growth were West Bengal, Tamil Nadu, Arunachal Pradesh.

The growth/equity-oriented schemes contributed the most towards AAUM in April 2024. This contribution stood at 52.36%. It was followed by other debt oriented schemes and liquid schemes, whose contribution stood at 15.89% and 13.15%, respectively.

With a relatively lower share, the other exchange traded funds (ETFs) were at 11.80%, followed by balanced schemes at 5.78%, gold exchange traded fund (Gold ETF) at 0.58% and fund of fund investing overseas at 0.44%.