New Delhi’s mutual fund landscape kicked off 2026 with robust momentum. Data released by the Association of Mutual Funds in India (AMFI) on Tuesday reveals that January saw a staggering 50% jump in investments into Gold Exchange-Traded Funds (ETFs), outpacing the entire active equity mutual fund segment.
Gold ETFs attracted a doubled inflow of ₹24,039.96 crore, up from ₹11,647 crore in December. This shift underscores investors’ growing appetite for safe-haven assets amid stock market volatility, balancing high-risk equity plays with gold’s stability.
Active equity mutual funds recorded ₹24,029 crore in inflows, a 14% dip from December’s ₹28,054 crore. Yet, this remains a testament to sustained investor confidence. For context, November inflows stood at ₹29,911 crore, October at ₹24,690 crore, with July 2025 marking the peak at ₹42,702 crore.
The broader mutual fund industry thrived, netting ₹1.56 lakh crore in total inflows against December’s ₹66,591 crore outflows. This turnaround signals a renewed investor tilt towards mutual funds.
Breaking down active equity categories: Large-cap funds drew ₹2,004 crore, surpassing December’s ₹1,567 crore. Mid-cap saw ₹3,185.47 crore, down from ₹4,176 crore. Small-cap inflows were ₹2,942.11 crore versus ₹3,824 crore last month. Flexi-cap funds stole the show with ₹7,672.36 crore, leading the pack.
Sectoral and thematic funds gained traction with ₹1,042 crore, a 9.2% rise from December, reflecting targeted sectoral bets.
Debt funds staged a dramatic recovery, pulling in ₹74,827.13 crore after December’s ₹1.32 lakh crore exodus. Overnight funds amassed ₹46,280 crore, liquid funds ₹30,681.55 crore, highlighting a flight to safety.
Hybrid schemes netted ₹17,356.02 crore, up from ₹10,755.57 crore, while arbitrage funds surged to ₹3,293.30 crore from a mere ₹126.31 crore.
New Fund Offers (NFOs) in active equity raised ₹806 crore, with sectoral/thematic launches prominent. Overall, 12 NFOs across categories collected ₹1,939 crore. SIP investments held steady at ₹31,002 crore, anchoring long-term discipline.
Morningstar’s Himanshu Srivastava notes, ‘Despite market swings, flows remain positive, driven by steady SIPs and faith in India’s long-term equity growth. The dip stems from mid- and small-cap slowdowns, offset by strong large-cap and focused fund buying.’
As 2026 unfolds, these trends point to a diversified, resilient investment strategy blending growth and protection.