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Smallcap funds lead SIP AUM growth, rising fivefold in five years: AMFI data

Systematic investment plan (SIP) assets in smallcap funds surged to 83 trillion in March 2026 from ₹35,489 crore five years earlier, the highest increase among equity categories, according to data released by the Association of Mutual Funds in India (AMFI). Industry experts attribute the trend to historically higher returns in mid and smallcap segments, making them preferred choices for retail investors.

By Tertius News AI Desk 1 distinct · 1 masthead · 1 article Version 1 Coverage Aug 23, 2026 Published 5d ago

Smallcap funds lead SIP AUM growth, rising fivefold in five years: AMFI data

SIP assets in smallcap funds rose to 83 trillion 83 lakh crore) in March 2026 from ₹35,489 crore 35 lakh crore) in March 2021, an increase of nearly 48 trillion over five years, according to data released by the Association of Mutual Funds in India (AMFI) on Friday. This was the highest increase among equity categories.

Midcap funds recorded the second-highest growth, adding 45 trillion to their SIP AUM.

The data indicates that two high-risk, high-return categories have been among the preferred choices of SIP investors. Rushabh Desai, founder of Rupee with Rushabh Investment Services, explained: "There are two reasons behind the higher interest in these two categories. Historically, mid and smallcaps have delivered higher returns than largecap-oriented funds in longer timeframes. Hence, they are preferred funds of retail investors, who mostly invest through the SIP route."

Smallcap is the only equity category where SIP-linked assets account for more than half of total AUM. As per AMFI, "As of March 2026, SIP AUM (smallcap) accounted for 55 per cent of the smallcap category’s assets. Equity-linked savings scheme (ELSS), largecap, large and midcap and midcap funds have also seen steady growth in SIP penetration, with SIP AUM in respective categories contributing to 40-50 per cent of total category assets, reflecting their role as a core allocation route across market capitalisations."

The AMFI–Crisil Fact Book 2025-26 was launched by AMFI on August 21, 2026.

SIP inflows and AUM trends

Smallcap funds have seen consistent net inflows over the past five fiscal years: 1 lakh crore in FY22, 2 lakh crore in FY23, 4 lakh crore each in FY24 and FY25, and 5 lakh crore in FY26.

SIP AUM in multicap funds rose to nearly 62 lakh crore in March 2026 from 08 lakh crore in March 2021.

Dividend yield and value funds saw moderation in SIP AUM penetration.

Total SIP AUM (excluding fund of funds investing overseas) increased from 25 lakh crore to 83 lakh crore over the five-year period.

Monthly SIP contribution surged to ₹32,087 crore in March 2026 from ₹4,335 crore in March 2017, a 4-fold increase. Between March 2017 and 2021, monthly SIP contributions logged a CAGR of 6%, while from April 2021 to March 2026, they clocked a growth rate of 7%.

The cumulative gross SIP inflows between March 2017 and 2026 stood at 79 lakh crore, with nearly 0% of inflows coming in the past five years.

Overall, SIP assets have risen 5-fold between March 2021 and 2026. SIP AUM as a percentage of overall AUM increased from 5% as of March 2021 to 1% as of March 2026.

Equity SIP AUM rose from 46 lakh crore to 85 lakh crore, hybrid SIP AUM increased from 33 lakh crore to 11 lakh crore, and passive SIP AUM rose from 03 lakh crore to 46 lakh crore.

Age-wise participation

Over the five years from March 2021 to March 2026, the proportion of SIP AUM to industry AUM for those below 18 years increased from 3% to 0%. For investors between 35 and 58 years, it increased from 8% to 6%. Investors between 18 and 34 years had a proportion of 7% in March 2026. For those above 58 years, the proportion rose from 4% to 6% over the same period.

How this outlet told it

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Business Standard

Framing: Emphasizes smallcap funds riding mutual fund SIP wave critical, highlighting fivefold increase in SIP assets over five years. — Positive, growth-oriented; example: 'SIP assets up fivefold in five years.'

as of Aug 23, 2026, 7:19 PM UTC

Facts Included:

SIP assets in smallcap funds rose to ₹1.83 trillion in March 2026 from ₹35,489 crore in March 2021, an increase of nearly ₹1.48 trillion over five years.
This was the highest increase among equity categories.
Midcap funds recorded the second-highest growth, adding ₹1.45 trillion to their SIP AUM.
The data was released by the Association of Mutual Funds in India (Amfi) on Friday.
Quote from Rushabh Desai, founder, Rupee with Rushabh Investment Services: 'There are two reasons behind the higher interest in these two categories. Historically, mid and smallcaps have delivered higher returns than largecap-oriented funds in longer timeframes. Hence, they are preferred funds of retail investors, who mostly invest through the SIP route.'
Smallcap is the only equity category where SIP-linked assets account for more than half of total AUM.
Quote from the Amfi report: SIPAUM accounted for 55% of smallcap category's assets as of March 2026; ELSS, largecap, large and midcap and midcap funds see SIP AUM contributing 40-50% of total category assets.
Smallcap SIP AUM: ₹1.83 trillion in March 2026 vs ₹35,489 crore in March 2021; highest increase among equity categories.
Midcap recorded second-highest growth, adding ₹1.45 trillion to SIP AUM.

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What was claimed, and who backed it

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Claim	Confidence	Status
ClaimSIP assets in smallcap funds rose to ₹1.83 trillion (Rs 1.83 lakh crore) in March 2026 from ₹35,489 crore in March 2021.	ConfidenceHigh	StatusContested via Business Standard as of Aug 23, 2026, 7:19 PM UTC, The Economic Times as of Aug 24, 2026, 9:19 AM UTC
ClaimThe increase in smallcap SIP assets over five years was nearly ₹1.48 trillion.	ConfidenceHigh	StatusContested via Business Standard as of Aug 23, 2026, 7:19 PM UTC
ClaimThe rise in smallcap SIP assets was the highest increase among equity categories.	ConfidenceHigh	StatusSingle-source via Business Standard as of Aug 23, 2026, 7:19 PM UTC
ClaimMidcap funds recorded the second-highest growth in SIP AUM, adding ₹1.45 trillion.	ConfidenceHigh	StatusSingle-source via Business Standard as of Aug 23, 2026, 7:19 PM UTC
ClaimThe data was released by the Association of Mutual Funds in India (Amfi) on Friday.	ConfidenceHigh	StatusSingle-source via Business Standard as of Aug 23, 2026, 7:19 PM UTC
ClaimRushabh Desai, founder of Rupee with Rushabh Investment Services, said there are two reasons behind higher interest in mid and smallcap categories: historically mid and smallcaps have delivered higher returns than largecap-oriented funds in longer timeframes, and hence they are preferred funds of retail investors who mostly invest through the SIP route.	ConfidenceHigh	StatusSingle-source via Business Standard as of Aug 23, 2026, 7:19 PM UTC
ClaimSmallcap is the only equity category where SIP-linked assets account for more than half of total AUM.	ConfidenceHigh	StatusSingle-source via Business Standard as of Aug 23, 2026, 7:19 PM UTC
ClaimAs of March 2026, SIP AUM accounted for 55% of the smallcap category's assets.	ConfidenceHigh	StatusContested via Business Standard as of Aug 23, 2026, 7:19 PM UTC, The Economic Times as of Aug 24, 2026, 9:19 AM UTC
ClaimELSS, largecap, large and midcap and midcap funds have SIP AUM contributing 40-50% of total category assets.	ConfidenceHigh	StatusContested via Business Standard as of Aug 23, 2026, 7:19 PM UTC, The Economic Times as of Aug 24, 2026, 9:19 AM UTC
ClaimThe AMFI–Crisil Fact Book 2025-26 was launched by AMFI on August 21, 2026.	ConfidenceHigh	StatusSingle-source via The Economic Times as of Aug 24, 2026, 9:19 AM UTC
ClaimIn FY22, smallcap funds received a net inflow of Rs 0.1 lakh crore.	ConfidenceHigh	StatusContested via The Economic Times as of Aug 24, 2026, 9:19 AM UTC
ClaimIn FY23, smallcap funds received a net inflow of Rs 0.2 lakh crore.	ConfidenceHigh	StatusContested via The Economic Times as of Aug 24, 2026, 9:19 AM UTC
ClaimIn FY24 and FY25, smallcap funds each received net inflows of Rs 0.4 lakh crore.	ConfidenceHigh	StatusContested via The Economic Times as of Aug 24, 2026, 9:19 AM UTC
ClaimIn FY26, smallcap funds received a net inflow of Rs 0.5 lakh crore.	ConfidenceHigh	StatusContested via The Economic Times as of Aug 24, 2026, 9:19 AM UTC
ClaimSIP AUM in multicap funds rose to nearly Rs 0.62 lakh crore in March 2026 from Rs 0.08 lakh crore in March 2021.	ConfidenceHigh	StatusContested via The Economic Times as of Aug 24, 2026, 9:19 AM UTC
ClaimDividend yield and value funds saw moderation in SIP AUM penetration.	ConfidenceHigh	StatusSingle-source via The Economic Times as of Aug 24, 2026, 9:19 AM UTC
ClaimTotal SIP AUM (excluding fund of funds investing overseas) increased from Rs 4.25 lakh crore to Rs 14.83 lakh crore.	ConfidenceHigh	StatusContested via The Economic Times as of Aug 24, 2026, 9:19 AM UTC
ClaimMonthly SIP contribution surged to Rs 32,087 crore in March 2026 from Rs 4,335 crore in March 2017, a 7.4-fold increase.	ConfidenceHigh	StatusContested via The Economic Times as of Aug 24, 2026, 9:19 AM UTC
ClaimBetween March 2017 and 2021, monthly SIP contributions logged a CAGR of 20.6%.	ConfidenceHigh	StatusContested via The Economic Times as of Aug 24, 2026, 9:19 AM UTC
ClaimFrom April 2021 to March 2026, monthly SIP contributions clocked a growth rate of 30.7%.	ConfidenceHigh	StatusContested via The Economic Times as of Aug 24, 2026, 9:19 AM UTC
ClaimThe cumulative gross SIP inflows between March 2017 and 2026 stood at Rs 14.79 lakh crore, with nearly 76.0% of inflows coming in the past five years.	ConfidenceHigh	StatusContested via The Economic Times as of Aug 24, 2026, 9:19 AM UTC
ClaimSIP assets have risen 3.5-fold between March 2021 and 2026.	ConfidenceHigh	StatusContested via The Economic Times as of Aug 24, 2026, 9:19 AM UTC
ClaimSIP AUM as a percentage of overall AUM increased from 13.5% as of March 2021 to 20.1% as of March 2026.	ConfidenceHigh	StatusContested via The Economic Times as of Aug 24, 2026, 9:19 AM UTC
ClaimEquity SIP AUM rose from Rs 3.46 lakh crore to Rs 12.85 lakh crore.	ConfidenceHigh	StatusContested via The Economic Times as of Aug 24, 2026, 9:19 AM UTC
ClaimHybrid SIP AUM increased from Rs 0.33 lakh crore to Rs 1.11 lakh crore.	ConfidenceHigh	StatusContested via The Economic Times as of Aug 24, 2026, 9:19 AM UTC
ClaimPassive SIP AUM rose from Rs 0.03 lakh crore to Rs 0.46 lakh crore.	ConfidenceHigh	StatusContested via The Economic Times as of Aug 24, 2026, 9:19 AM UTC
ClaimOver five years from March 2021 to March 2026, the proportion of SIP AUM to industry AUM for those below 18 years increased from 37.3% to 46.0%.	ConfidenceHigh	StatusContested via The Economic Times as of Aug 24, 2026, 9:19 AM UTC
ClaimOver five years from March 2021 to March 2026, the proportion of SIP AUM to industry AUM for those between 35 and 58 years increased from 29.8% to 40.6%.	ConfidenceHigh	StatusContested via The Economic Times as of Aug 24, 2026, 9:19 AM UTC
ClaimInvestors between 18 and 34 years of age had a proportion of SIP AUM to industry AUM of 32.7% in March 2026.	ConfidenceHigh	StatusContested via The Economic Times as of Aug 24, 2026, 9:19 AM UTC
ClaimFor investors above 58 years, the proportion of SIP AUM to industry AUM rose from 11.4% to 20.6% between March 2021 and March 2026.	ConfidenceHigh	StatusContested via The Economic Times as of Aug 24, 2026, 9:19 AM UTC

Transparency & Audit Trail

1 distinct · 1 masthead · 1 article consulted: Business Standard 30 claims extracted Version 1 Written 2026-08-24