The mutual fund industry added over 68 lakh folios in FY 2019-20, according to data released by Association of Mutual Funds in India or Amfi. Topping the charts were- Axis Mutual Fund, ICICI Prudential Mutual Fund and Mirae Asset Mutual Fund.
Axis Mutual Fund has added most number of folios in the financial year 2019-20. The fund house garnered 21,21,367 folios in FY 2019-20, 55% up from the folios added in FY 2018-19. Axis MF was followed by ICICI Prudential Mutual Fund, which added 16,77,737 folios in FY 2019-20. Mirae Asset added 11,73,384 folios.
“We believe the robust growth in folio count seen over the last financial year is largely a result of our relentless digital focus, increased investor awareness levels and our ability to deliver better investment experience across market cycles and asset classes with zero defaults over the past two decades. All of these factors have rendered investor confidence which translated into improved customer acquisitions,” said Nimesh Shah, MD & CEO, ICICI Prudential AMC.
Swarup Mohanty, Chief Executive Officer, Mirae Asset Investment Managers said, “We have always believed that this is a business of simplicity and continuity. That starts with the addition of investors. We believe that once we are able to give our partners and investors a good investment experience, they would reward us with better wallet shares. We are thankful for the consistent increase of investors with us. Our responsibility towards them keeps on growing and we will work harder to retain their faith on us.”
In terms of percentage increase Parag Parik Mutual Fund recorded the maximum growth in portfolio. The folio number jumped from 80,289 in FY2018-19 to 1,84,789 folios in 2019-20. An increase of 130%.
“We are quite satisfied with the jump in folios in the year gone by. At the same time, we need to look at this data in perspective as we started the year on a small base so the percentage rise looks big. On an absolute basis, other fund houses have added a lot more folios. What I am really happy about is that the numbers show that we are gaining visibility and trust in the eyes of people,” said Neil Parikh, Chairman and CEO, PPFAS MF.