Multi-asset allocation funds (MAFs), a relatively unknown hybrid mutual fund (MF) category until early 2023, have eclipsed the more popular hybrid investment option, balanced advantage funds (BAFS), in terms of net inflows in 14 out of the past 15 months.
MAFS have raked in a net of ₹42,980 crore since April 2023 compared to just ₹14,033 crore in inflows into BAFS during the same period. As a result, the assets under management (AUM) of MAFS have grown more than threefold since April 2023 to ₹83,720 crore in June 2024. In the same period, the AUM of BAFS grew by 41 per cent to 2.7 trillion.
April 2023 marked a new beginning for MAFS as the change in debt fund taxation forced MFs to design new tax-efficient asset allocation products to retain the debt flows. MAFS emerged as the most popular option for MFs as they provided the needed flexibility, and most fund houses did not have a product in this category, say industry executives.
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