Equity share in women-led MF portfolios rises to 65% from 40% in five years

Reports coming in for today mention that The share of equity mutual funds in portfolios led by women market participants has increased sharply during the past five years, while market participants in smaller cities are additionally showing a elevated preference for equity schemes, according to ICRA Analytics.

The share of equity funds in women-led mutual fund assets rose from 40% in March 2020 to 65% in March 2025, making equity the dominant asset class in these portfolios. Over the same period, equity's share in the overall mutual fund industry's assets increased from 27% to 45%, ICRA Analytics stated.

The broader participation in equity is additionally visible across geographies. As of July 2026, equity-oriented schemes accounted for 65.9% of mutual fund assets in B30, or beyond top-30, locations, compared with 39.8% in T30 cities, according to AMFI industry data cited by ICRA Analytics.

While T30 cities keep account for a larger share of the industry's overall assets, the elevated equity allocation in B30 locations indicates greater participation in equity-oriented schemes among market participants in smaller cities and towns.

The expansion in equity participation has continued despite periods of market correction. Equity mutual fund assets rose from Rs 12.3 lakh crore in August 2021 to Rs 39.2 lakh crore in August 2026, while equity folios increased from 7.3 crore to 18.9 crore over the same period.

Folio expansion has additionally continued during periods when equity assets declined. Between December 2024 and February 2025, equity AUM declined from Rs 30.6 lakh crore to Rs 27.4 lakh crore, while folios increased from 15.7 crore to 16.2 crore.

Similarly, between February and March 2026, equity AUM declined from Rs 35.4 lakh crore to Rs 32 lakh crore, while the number of equity folios continued to climb.

During the past year, equity AUM increased from Rs 33.1 lakh crore in August 2025 to Rs 39.2 lakh crore in August 2026, while equity folios rose from 17.3 crore to 18.9 crore.

The gain in participation has additionally been accompanied by sustained equity inflows. Equity mutual funds received Rs 29,329 crore in net inflows in August 2026, according to AMFI data.

Ashwini Kumar, senior vice president and head, market data, ICRA Analytics, stated the rising equity orientation among women market participants and participants from B30 locations points to a broadening of equity participation across investor segments and geographies.

“Notably, this expansion is happening alongside continued expansion in equity folios across different market cycles,” Kumar stated. “The data suggests that equity mutual funds are increasingly becoming part of a wider set of investor portfolios beyond the traditional investor base and larger urban centres.”

The data additionally reveals that equity folios have grown steadily during the past 17 months, from 16.5 crore in April 2025 to 18.92 crore in August 2026, even as equity AUM fluctuated during the period.

Nifty 50 TRI delivered a five-year CAGR of 8.32% as of August 31, 2026, while the equity fund category average return stood at 12.84%.