Some additional metrics / information that I track to comments already provided by other investors. Most metrics are moving in the approprate direction – the only metric (could just be a one quarter blip) is SIP AUM to track for future quarters (SIM AUM is now 20% of the market and 23% of HDFC AMCs AUM – an increase of 5% absolute from FY22). This is possibly just nit-picking at this stage
a. SIP AUM growth QoQ is marginally lower than the market (for the first time in 5 quarters).
b. As a result SIP AUM market share is flat (marginally down if one looks at the second decimal place) and this is despite an increase in the share of SIP accounts.
c. Seems to be a result of slightly lower share in SIP Flows and a reduction in SIP amount / transaction. Of course this is an aggregated metric as there can be SIP cancellation / transfers etc.
Every other metric is in the right direction – which is an excellent performance
| Metrics dashboard | Q1 FY24 | Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 |
|---|---|---|---|---|---|
| Growth metrics | |||||
| AUM Growth | |||||
| Market AUM growth QoQ | 12.7% | 4.9% | 8.8% | 4.9% | 14.8% |
| HDFC Closing AUM growth QoQ | 14.3% | 4.7% | 10.0% | 5.6% | 16.2% |
| Individual share of total | |||||
| % Individual AUM of Market AUM | 57.2% | 58.8% | 60.1% | 60.5% | 61.1% |
| % Individual AUM of HDFC AUM | 68.5% | 70.1% | 73.8% | 72.0% | 74.4% |
| Individual AUM growth | |||||
| % Market Individual AUM growth QoQ | 10.3% | 9.3% | 9.3% | 8.5% | 12.6% |
| % HDFC Individual AUM growth QoQ | 11.2% | 10.6% | 10.6% | 8.5% | 13.2% |
| SIP AUM Growth | |||||
| Market SIP AUM growth QoQ | 15.6% | 10.2% | 14.4% | 7.6% | 16.1% |
| HDFC SIP AUM growth QoQ | 16.6% | 10.9% | 15.9% | 8.5% | 15.4% |
| SIP Flow Growth | |||||
| Market SIP growth QoQ | 2.8% | 9.1% | 9.8% | 9.6% | 10.2% |
| HDFC SIP growth QoQ | 10.5% | 18.5% | 17.4% | 11.4% | 9.6% |
| SIP Account Growth | |||||
| Market SIP growth QoQ | 10.0% | 7.0% | |||
| HDFC SIP growth QoQ | 13.7% | 13.2% | |||
| SIP INR / Account / Month | |||||
| Market SIP / Account | 2,209 | 2,250 | 2,306 | 2,298 | 2,366 |
| HDFC SIP / Account | 3,757 | 3,823 | 3,862 | 3,786 | 3,664 |
| B-30 Growth | |||||
| B30 Market AUM Growth QoQ | 11.8% | 10.5% | 8.3% | 7.7% | 13.3% |
| B-30 HDFC growth | 4.3% | 14.3% | 8.6% | 12.9% | 11.3% |
| Market share metrics | |||||
| % Equity AUM share | |||||
| Total Market Equity AUM | 51.0% | 53.1% | 55.5% | 57.0% | 58.2% |
| HDFC Equity AUM | 54.2% | 57.6% | 60.6% | 63.0% | 64.3% |
| HDFC AUM | |||||
| Qtry close AUM market share | 11.2% | 11.2% | 11.3% | 11.4% | 11.5% |
| Qtry close Active Equity AUM market share | 12.5% | 12.8% | 13.0% | 13.1% | 13.3% |
| Qtry close Non Equity AUM market share | 9.9% | 9.4% | 9.2% | 9.2% | 9.1% |
| Individual | |||||
| % Individual accounts / market folios | 8.1% | 8.6% | 9.0% | 9.2% | 9.8% |
| % Market share Individual AUM | 12.9% | 13.1% | 13.3% | 13.3% | 13.3% |
| % HDFC Unique Investors / market unique investors | 18.5% | 19.6% | 20.7% | 21.5% | 22.8% |
| % Market share participation of new unqiue investors | 83.3% | 38.1% | 50.0% | 34.6% | 47.8% |
| SIP | |||||
| % Market share SIP AUM | 12.7% | 12.8% | 12.9% | 13.0% | 13.0% |
| % Market share SIP flows | 12.9% | 14.0% | 14.9% | 15.2% | 15.1% |
| % Market share SIP accounts | 7.6% | 8.2% | 8.9% | 9.2% | 9.7% |
| B-30 | |||||
| Market share in B-30 Markets | 11.0% | 11.4% | 11.4% | 11.9% | 11.7% |
| Annualised Revenue yield (revenue / AAUM) | 0.473% | 0.490% | 0.487% | 0.454% | 0.462% |
| Annualised PAT/AAUM | 0.393% | 0.33% | 0.35% | 0.35% | 0.36% |
Would be interested to hear views on how to measure fund performance at an aggregate level – if any one does this. This is because market share improvement should be based on
a. Market share of total flows +
b. Outperformance of funds vs market
Market share of flows has many levers and can be tracked relatively easily (share of folios, revenue / folio, etc) – but not sure how to track fund performance (other than on a fund by fund basis – which is quite cumbersome)
Disc: Invested and likely to be biased
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