Top 5 states contribute over 67% to MF AAUM, Maharashtra contributes maximum in September: ICRA Analytics

The Average Assets Under Management (AAUM) of the domestic mutual fund industry grew by 14.37% on a yearly basis in September, and on a monthly basis, the same rose by 1.39%. The top five states contributed 67.41% to the domestic mutual fund industry AAUM, according to a press release by ICRA Analytics.

Among the states, Maharashtra led with the maximum contribution of 40.54%, followed by New Delhi, Gujarat, Karnataka, and West Bengal, whose respective contributions remained below 10%.

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New Delhi contributed 8.07% to the total mutual fund industry AAUM, whereas West Bengal contributed 4.85% in September.

The contribution of growth-oriented equity schemes remained the highest at 55.17%, followed by debt-oriented schemes and liquid schemes, which contributed 14.46% and 12.44%, respectively, the release said.

Other ETFs contributed 11.13%, followed by balanced schemes, which contributed 5.33%. Gold ETFs and FoFs investing overseas contributed 1.05% and 0.43%, respectively, in September.

Growth/Equity-oriented schemes contributed the most to the AAUM across the states. The contribution of equity-oriented schemes was the highest in Ladakh, at 90.61%, followed by Lakshadweep, where the contribution stood at 83.43%.

On a monthly basis, Odisha witnessed the maximum growth in AAUM, which stood at 8.53%, followed by Mizoram and Meghalaya, which grew 7.78% and 6.71%, respectively.

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Every year, Dadra and Nagar Haveli witnessed the maximum growth in AAUM, which stood at 46.32%, followed by Mizoram, which grew 38.46%. Barring Lakshadweep, all states witnessed growth in AAUM every year in September 2025, the minimum being that of Goa, whose AAUM grew 13.72% year-on-year in September 2025. The AAUM contribution from Lakshadweep fell 39.96% every year in September 2025.