AMFI and Crisil Intelligence publish a monthly split of mutual fund AUM between individual and institutional investors. Institutional allocation follows a mandate - debt-heavy, close to fixed by charter. Individual allocation is the more revealing figure: it reflects what households actually choose, once left to their own judgement.
As of June 2026, that choice is unambiguous.
Individual investor AUM by scheme category, June 2026. *Other schemes include index funds, gold ETFs, other ETFs, and fund of funds investing overseas. Source: AMFI, Crisil Intelligence.
- Equity-oriented schemes hold 64.8% of individual AUM - nearly two-thirds of every rupee individuals put into mutual funds, and by a wide margin the dominant category.
- Hybrid schemes are a distant second at 17.3%, more than double the 7.5% held in debt-oriented schemes - individuals are not treating fixed income as a core holding.
- Other schemes - index funds, gold ETFs, and overseas fund of funds - hold 9.4%, ahead of debt-oriented allocations, while solution-oriented schemes remain negligible at 1.1%.
None of this is a call to action. A snapshot of behaviour is not a recommendation - what the crowd holds this month says nothing about what any one household should hold. It records revealed preference: given a free choice, individual money in India is overwhelmingly equity money.
A year earlier, that tilt toward equity was even more extreme.
Individual investor holdings by scheme category, July 2025. Individuals defined as HNIs or investors with a ticket size of ₹2 lakh or above. Source: AMFI, Industry Trends July 2025.
In July 2025, AMFI reported 87% of individual holdings in equity-oriented schemes, 8% in debt-oriented schemes, and the remaining 5% split between ETFs/FoFs and liquid or money-market schemes. Read plainly, equity’s share has fallen more than twenty percentage points in a year. Read carefully, two caveats apply. The two AMFI releases use different taxonomies - the July 2025 breakdown has no separate hybrid or solution-oriented buckets, so part of equity’s apparent decline is simply money now visible in categories the earlier report never broke out. And the July 2025 report defines “individuals” narrowly, as HNIs or ₹2 lakh-plus ticket sizes - not necessarily the same population as the June 2026 figures. The direction is real: equity concentration has eased. The exact size of the move is not.
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