According to Vallum Capital’s Monthly Macro Grid Chartbook report, total net asset-level flows nearly halved from ₹1,64,277 Cr in January to ₹73,842 Cr in February (-55%). Commodity flows collapsed as gold mania faded, while the money market cooled sharply. Fixed income continued steady outflows, whereas equity flows held relatively firm.
Commodities (₹5,774 Cr, -89%)
Precious Metals cratered to ₹5,774 Cr from ₹51,483 Cr as gold correction as well as silver saw sharp dip in February after January’s surge. Sharpest single-month flow reversal across all asset classes. Retail investors lost interest as momentum faded away in gold and silver.
Money Market (₹42,970 Cr, -45%)
India Money Market normalized to ₹42,970 Cr from ₹77,722 Cr after January’s quarter-end driven spike. February still represents elevated institutional cash preference.
Equity (₹42,017 Cr, -19%)
– Broad market equity funds moderated to ₹27,254 Cr from ₹30,359 Cr. Large-Cap eased to ₹9,316 Cr from ₹11,007 Cr but remained dominant. Notably, Mid-Cap and Small-Cap moved against the trend — Mid-Cap rose to ₹3,739 Cr from ₹3,297 Cr and Small-Cap to ₹3,055 Cr from ₹2,536 Cr, signaling dip-buying in beaten-down segments. Flexi Cap slowed to ₹6,046 Cr from ₹8,100 Cr.
Broad-based domestic equity correction in the near term (1M: avg -7.4%), fund flows turned cautious as Dynamic Strategies and India Equity saw ₹6,276 Cr and ₹3,105 Cr outflows in Feb-26.
- – Global Equity flow saw no major change at inflow of ₹1,112 Cr.
- – Dynamic Strategies slowed to ₹13,528 Cr from ₹19,804 Cr. Multi-Asset Allocation remained the anchor at ₹9,060 Cr. Arbitrage dipped to ₹535 Cr from ₹5,075 Cr — the sharpest monthly Inflows equity drop.
- – Factor Funds accelerated to ₹4,495 Cr from ₹3,116 Cr, led by Quality at ₹2,261 Cr (from ₹125 Cr) on the back of a new NFO launch absorbing over half the category.
- – Thematic outflows deepened to -₹4,372 Cr from -₹2,322 Cr. PSU Fund category saw large outflows at -₹5,389 Cr from -₹3,859 Cr. On the flip side, Technology was the biggest contrarian winner, flipping to +₹1,541 Cr from -₹210 Cr despite a weak -11.1% monthly return. BFSI also turned positive at ₹828 Cr from -₹205 Cr.
Fixed Income (-₹16,919 Cr, +1%)
India Fixed Income worsened to -₹16,919 Cr from -₹17,037 Cr. Government Bonds were the bright spot, improving to -₹346 Cr from -₹1,850 Cr. Core outflow remains entrenched.
February shows January extremes mean-reverting — gold mania cooling, money market normalizing, dip-buying emerging in mid/small caps & tech — while fixed income outflows remain entrenched.
