HDFC Asset Management Company Ltd (NSE: HDFCAMC) Q1 2026 Earnings Call dated Jul. 17, 2025
Corporate Participants:
Unidentified Speaker
Navneet Munot — Managing Director and Chief Executive Director
Simal Kanuga — Chief of Investor Relations
Naozad Sirwalla — Chief Financial Officer
Analysts:
Unidentified Participant
Shreya Shivani — Analyst
Gaurav Jani — Analyst
Madhukar Ladha — Analyst
Prayesh Jain — Analyst
Divij Punjabi — Analyst
Dipanjan Ghosh — Analyst
Abhijit Khare — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to Q1FY26 earnings conference call of HDFC Asset Management Co. Ltd. From the management team, we have with us Mr. Navneet Manoj, Mr. Nozad Serwala and Mr. Samil Kanuga. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing Star then zero on your Touchton phone. Please note that this conference is being recorded. I now hand the conference over to Mr.
Simil Kanuga who will give us a brief following which we will proceed with the Q and A session. Thank you. And over to you Simil.
Simal Kanuga — Chief of Investor Relations
Thank you so much. Good evening everyone and we hope that you had a chance to go through our presentation. Brief update on the industry so the AUM stood at rupees 74.4 trillion as of June 2025 reflecting a 22% YoY increase. Equity oriented AUM crossed rupees 43 trillion up 21% over the same period. During the quarter, Equity Oriented Fund witnessed net inflows of rupees 911 billion. A quick recap here. First quarter of last financial year had net new flows of rupees 1,281 billion and for the full financial year number was rupees 5,544 billion. Almost all equity categories recorded net inflows during the quarter.
In fact, this was the 52nd consecutive month of positive net flows for actively managed equity oriented funds. Based on the overall improved liquidity in the system. Net and liquid funds recorded net inflows of rupees 1.34 trillion and rupees 609 billion respectively. Inflows in arbitrage funds added up to rupees 431 billion and ETFs attracted rupees 264 billion. SIP flows remained strong with monthly contributions reaching rupees 273 billion in June of 2025. The number of contributing accounts grew to 86.5 million compared to 67 million a year ago. SIP AUM crossed rupees 15 trillion and now accounts for 37% of the actively managed equity oriented AUM.
NFOs during the quarter mobilized rupees 65 billion across categories. The number of individual folios increased to 240 million 26% year on year growth. Now we move to US our closing AUM crossed rupees 8.5 trillion with an overall market share of 11.5% and a YOY growth of 21%. Excluding ETF, our market share was 12.8%. Actively managed equity oriented assets grew by 19% year on year and crossed rupees 5 trillion with a market share of 12.8%. On the fixed income side, debt and liquid aum grew by 22 and 17% YoY respectively with market share of 13.3% and 12.6%.
Our quarterly average AUM mix remained steady with equity oriented assets accounting for 64.2%. We added 0.5 million unique customers during the quarter 500,000 while the industry added a million As a result, our unique investor penetration now accounts for 25% of mutual fund investors in the country. Our systematic book crossed rupees 40 billion in month of June. The comparable number for June 2024 was rupees 32 billion. AUM under SIPs crossed rupees 2 trillion during the quarter. Our share of individual Equity monthly average AUM for June 2025 stood at 13.1% reinforcing our position as one of the most preferred choices amongst individual investors.
Now to financials. Our revenue from operations grew by 25% year on year to be at rupees 9678 million. Other income grew by 34% year on year aided by mark to market on both equity and debt. Total cost for this quarter was Rupees 2144 million as against Rupees 1959 million in Q1 of last year. Operating profit for the year grew by 30% year on year. With a stable operating profit margin of 36 basis points of aum. Our profit after tax grew to rupees 7480 million. A growth of 24% year on year. Thank you so much. Navneet Nawzad and I are here to take questions.
From here on Nirav, we can start building the question queue please.
Questions and Answers:
operator
Thank you very much. We will now begin with the question and answer session. Anyone who wishes to ask a question may press star N1 on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star N2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles participants. You may press Star and one to ask a question. The first question is from Nanostraya Shivani from CLSA India. Please go ahead.
Shreya Shivani
Thank you and congratulations on a good set of numbers. I have three questions for you. My first question is on the yields for the quarter. Can you help us understand, can you share the indicative yields across equity debt, liquid ETF segments? And also a commentary on why there has been a yield expansion in this quarter versus the previous quarter on QOQ basis. Why has there been an expansion? My second question is on the ESOP and the PSU plan that you announced in June and there was one announced today also, but that was a much smaller one.
Can you help us understand what will be the cost implication of that entire plan? How will it be split over the next three, four years and how should we build our expenses going ahead? And my third question is on the new asset class. Where are we in terms of setting up the team, launching of the product, etc. Any update on that will be useful. Thank you so much.
Simal Kanuga
So first one of us, so we can start with.
Naozad Sirwalla
So I’ll start with the yields. So the equity yields for the quarter broadly in line with the previous quarter, about 58, 59 basis points for equity debt yields were between 27 and 28 basis points and liquid were between 12 and 13. I think on an overall blended basis we are at 46 basis points for the quarter which is almost in line with what we have been having for the last couple of quarters. So it’s pretty much in line actually not really an expansion I would say.
Shreya Shivani
Somehow it seems like, okay, I’ll get back, I’ll check this offline. But it seems like there’s a big expansion, more than one BIP expansion in. The quarter is what I feel.
Simal Kanuga
We can take it off.
Shreya Shivani
Yeah, sure, sure. Yeah. Let’s move to the next question.
Naozad Sirwalla
On the questions on ESOPs and PSUs, maybe a bit of background. So in 2020 we had obtained shareholders approval for around 32 lakh shares of which we had issued 23 lakh shares at various points in time. That scheme provided for equal vesting over three years. So we have done our debt scheme and the balance 8.7 lakh shares which were not issued then have been cancelled. Looking at the dynamics and the long term orientation of the organization, we came out with a new scheme for ESOPs and performing stock units which have a. Vesting of four years. The new scheme has a back end vesting of 10, 20, 30 and 40% for top options over the 1st, 2nd. 3Rd and 4th year.
Similarly for vesting of PSUs it is vesting 30% in the 3rd year and 70% in the 4th year. The NRC in their meeting on 6-20-2025 had issued 10 odd lakhs ESOPs and 2.28 lakhs performing stock units PSUs are not issued to Nounee. Annual direct reports have been designated as HOD and furthermore PSUs are linked with performance parameters. So our estimate as per Black Scholes suggest that the non cash ESOP and PSU related expense would be between 205 to 210 crores over the vesting period. This of course is an estimate based on assumptions around attrition rates, volatility and other relevant inputs.
So the scheme would broadly result in a non cash charge of 56 crores in FY26, around 63 crores in FY27, 51 odd crores in FY28, 32 crores in FY29 and about 6 odd crores in FY30. These are again broad estimates. As we speak today there is also a stub of the residual cost of the previous ESOPS scheme which was issued with the shares issued earlier. That’s around 14 crores, 11 crores of which is for FY26 and 3 crores in F5.27. Again I would like to end this by stating that over the last five years we have recognized around 180 crores as ESOP related expenses in our PNL and as you know we continue to manage our overall costs and have also not shied away from investing in our business, hiring people, expanding branch network, establishing new verticals as well as improving our.
Digital infrastructure, et cetera.
Simal Kanuga
Nandita, would you want to add on the resource overall thought process?
Navneet Munot
No, no. Sure, sure. While NAVZAD has explained it in detail, I will just add that the HDSE Group has consistently championed employee ownership across its companies. At SDFC AMC we have no doubt that our people are central to delivering consistent, sustainable long term value to our clients and shareholders. So aligning employee interests with those of shareholders, clients and other stakeholders is fundamental to group’s way of thinking. This reinforces our ethos while also responding. To the. Evolving expectations of talent and the changing dynamics of industry.
So I view this not as a cost but as a long term investment in building and retaining high quality talent. Also I would like to add one thing that under the new plan ESOPs and PSU put together have been granted to over 800 that is 50% of our workforce across levels. So we are broadening ownership and deepening alignment. While the accounting charge is non cash in nature that NAWZAD has explained, so for FY26 if I assume an average AUM of let’s say rupees 8.5 million, the estimated impact is well below 1 basis point of AUM or to be exact about 0.8 basis point.
Simal Kanuga
Third question was on Sifu Shreya, does. This close your question on esop?
Shreya Shivani
Yes, yes. Yes, it does. Just the last question on sif. Thank you.
Navneet Munot
Sure. Thank you. So on sif, we have secured the necessary approval from SEBI to set up a specialized investment fund and opens up an avenue for us to launch this product. Our ability to launch and scale new offerings rest on the strong foundation. We have built a large and diversified investor base and wide distribution network that enables quick and efficient market reach. Team is currently focused on designing thoughtful set of offerings within that that aligns with our investment strength and risk management capabilities, reflect distributor and investor feedback and offers a balanced risk reward proposition to everyone.
So I think I might have mentioned this earlier that our broader vision is very clear. To serve as a comprehensive investment platform offering solutions across mutual funds which includes both active and passive portfolio management services and differentiated alternative strategies which can meet the needs of a wide range of investors and wide range of our partners.
Shreya Shivani
Got it. And sir, just to follow up on that, is the hiring done for this team?
Navneet Munot
We keep evaluating our investment capability, risk management capability and the product capability. And I’m sure you would give us the credit given our long track record on that. I will also add one line that we don’t mind not being the first but our focus is on being the best and doing what’s right for our customers and all stakeholders.
Shreya Shivani
Got it? Got it. Sir. This is very useful. Thank you. And all the best.
Navneet Munot
Thank you.
operator
Thank you very much. Participants, you may press star N1 to ask the question. Ladies and gentlemen, you may press star and 1 to ask a question. Next question is from the line of Ranveer Singh from HP Securities. Please go ahead.
Unidentified Participant
I am. Yes, sir. Yeah, so I had a question like we have around 8200 crores approx in our balance sheet. And when I see the notes to accounts 7500 odd crores is invested in mutual funds. So what kind of mutual funds are these? I’m aware that you guys have to. Invest a certain amount in your mutual fund. Why I’m asking this question is to understand the other income better.
Naozad Sirwalla
So these are largely in debt mutual. Our own schemes. Have you given the breakup in the. I mean we give the breakup of the investments in the schedule to the deck. Yeah, the page 29 of the shareholders. The presentation we load on the website has the details. So what is the specific question? Because we already given the breakup. So the equity of the balance of the investment schedule around 10% is equity, 7 and a half percent is arbitrage and the balances in liquid and debt funds.
Unidentified Participant
Okay, so this answers my question. Thank you,
Naozad Sirwalla
thank you,
operator
thank you. Next question is from the line of centrum broking. Please go ahead.
Unidentified Participant
Yeah, hi. Thanks for the opportunity. My first question is towards HDC Bank. I mean HDC Bank’s contribution has kind of declined both in overall and equity. I know, I mean in absolute terms. It must have increased. But why in percentage terms it. It can’t increase, you know, from the current levels.
Simal Kanuga
Yeah, I think the pie chart that you are looking at, right. It is basically if other channels grow faster as compared to a bank, you will automatically see that pie chart shape up in the fashion it has. So it is not necessary that we are losing a share or anything in HDFC bank scheme of things. But in terms of overall system, because of the way the fintechs are contributing in terms of SIP flows and other direct as a proportion of that overall pie has been growing at a faster pace. So it is more of realignment rather than any kind of.
It’s difficult to kind of decide on a on increase or decrease based on what you looked at look at in that data point.
Unidentified Participant
Okay, but. But HDC bank sells all the products, right? There is no kind of restriction on that.
Simal Kanuga
It is an open architecture.
Unidentified Participant
Yes. All right, all right. And secondly, just wanted to know your outlook on debt. Debt and liquid. Basically debt already had a good growth rate this quarter and even the liquid schemes also had a, you know, great. Kind of a growth rate. So just just wanted to understand are we introducing first of all new products and second, basically outlook for the entire year in terms of the growth rate.
Navneet Munot
I think the RBI taking series of measures to improve the liquidity in the system. I think the reduction in interest rate, crr, all of that had a cumulative impact on debt market. Also becoming attractive for investors who are looking at yields which have kind of like can be on a downward trajectory. And I think overall favorable backdrop for the debt markets and by extension for debt mutual funds. I think all of these measures have been good for us. We remain perspective on the outlook for debt funds. You might have noticed even at MFI we have relaunched our campaign to promote debt funds.
And I think whenever liquidity in the system improves, that also helps and then people have positive view on. On the interest rate trajectory.
Unidentified Participant
Okay. And any pipeline basically, I mean for. The launch of new products in this.
Navneet Munot
Category we have best in class product range there. I think almost all the categories which are allowed by sebi. As for the classification are already available.
Unidentified Participant
Okay, fine. Thanks and wish you all the best.
Navneet Munot
In fact, in this quarter, if I remember correctly the flows in the debt and liquid category put together for the mutual fund industry would be the highest ever for the industry as a whole.
Unidentified Participant
Okay, great. Thanks. Thank you so much.
operator
Thank you very much. Next question is from Nanak Gaurav Jani from Prabhuas. Please go ahead.
Gaurav Jani
Hi. Thank you. Congrats on a good Friday. Just you know, taking the point forward on revenue. Right. So my question was related to the yields. So the yields of course have been sort of flattish. But you know that in spite of a strong growth in equity sequentially and also equities. So what would you have led to this?
Simal Kanuga
So Gaurav, this is you would recall, right. We did some bit of rationalization in August of 2024. So you are seeing the impact of that over the last. So if you’re looking at yes, the yields have been flattish year on year with a similar kind of asset mix and increased equity aum. Part of that can be attributed to the rationalization exercise we undertook last year.
Gaurav Jani
Yeah, but I get that just that sequentially also, you know, some of the funds would have sort of breached that CR level. Right. So I just want to understand. Why. Is there still a package sort of reported yield.
Simal Kanuga
So it’s basically a mix. Right. What happens in terms of new assets, sales or anything? Honestly, I would not. We would request you not to read too much into expansion of yields or anything because that is not what we’ve been seeing. What tends to happen is certain other products get sold. Some outgoing money would have been from a higher yielding or something. So mix of all of these things would have attributed. But there is no other specified reason for margins to kind of expand or anything. I think it has been exactly in the same lines as you pointed out with increased aum.
Gaurav Jani
Sure. Lastly on the other opex. Right. So there’s been a sequential increase. So can you help us understand the factors that and quantify the land institution.
Naozad Sirwalla
So your. Your question is between March quarter and.
Gaurav Jani
Yes, correct. That’s correct. I think 75, 74, 75 crore is gonna go about. It’s increased by I think 9 or 10.
Naozad Sirwalla
Yeah. So some of it is the timing. Of the CSR expenditure. Actually depending on how and when we spend our CSR that moves the number. That’s largely the material.
Gaurav Jani
Thanks so much.
operator
Thank you. Next question is from line of Madhukar Ladda from Nuama Wealth. Please go ahead.
Madhukar Ladha
Hi. Good evening. Congratulations on a great set of numbers. Just I wanted some comments around your net flow market share. See SAP market share seems to have gone up sequentially and you’ve done well there. But if I look at closing equity UN that’s up about 12.5%. On a. Q O Q basis are we seeing slightly higher lump sum redemptions? So any comment around that and probably on an overall basis how are you seeing net inflow sort of market share shape up for you? So that would be helpful.
Navneet Munot
Our market share across all channels have been pretty healthy. That includes the national distributors, mutual fund distributors, fintech channel investors who invest directly with us RIAs, so on and so forth and we continue to get good share both in lump sum as well as in the sips, the way you are computing. And we have always mentioned that the change in share that you are noticing would be on account of flows on one side and the mark to market impact on other side. And different funds would move differently. Like you would see a difference between the way large caps would have moved compared to mid and small caps.
Hybrid funds may have different set of different amount of equity within that. So it’s a combination of many things. But if a Christian is on trend in the flows. Yeah, I mean we see encouraging trends here.
Madhukar Ladha
And on a quarter quarter basis are we maintaining our net inflow market share?
Simal Kanuga
I think Madhupur, we have always stated, right. We don’t really necessarily comment on our net inflow share but I think as Navneet touched upon, I think our overall net flow share, net flow market share is higher than our book market share.
Madhukar Ladha
Perfect, perfect. Thanks a lot. Thanks.
Navneet Munot
Thank you.
operator
Thank you. Participants, you may press Star and one to ask the question. Next question is from Nano Praise Chain from Motilal Oswal. Please go ahead.
Prayesh Jain
Yeah, hi, just the question on yields again. Could you give us a breakdown on the yields? Is it similar to what we had seen in the previous quarter?
Naozad Sirwalla
Yes, we actually did reply to that but I can give it again. So equities remain at 50:59 basis points, debt is 27:28 basis point and liquid is 12:30.
Prayesh Jain
Okay, yeah. Also on the debt front, is there any flow towards the longer duration or are we anticipating that? How should we think about this with the interest rate cuts happening? You know, do we see some traction already? Because I think the data suggests that at least the one year has started seeing some traction. But the longer duration months would see further traction going ahead.
Navneet Munot
No credit to our fixed income team. They were highlighting more than a year back that those were the good Interest rates for long term investors. And we saw decent traction from individual investors and some of the other corporate investors in the long term funds. But the recent flow that I talked about in the last quarter, they are largely at the short end. But as an industry, all of us collectively have been making efforts to ensure that industry has got good product range and a good offering, even on the friction consumption side. And mutual funds should not only be looked at as like equity investments by individual retail investors.
We’ve been working very hard to promote fixed income also. And of course some of the investors play fixed income through the hybrid funds.
Prayesh Jain
Okay. And on the SIS SIF need to have a separate investment team altogether. Your existing team can be utilized to do those as well?
Navneet Munot
No, I think a mix of both. I think from an overall investment team perspective we have always mentioned that we have a deep pool of investment talent at our end. And then of course there is a lot of risk management and product capability that you need which also we have.
Prayesh Jain
Got that. Thank you so much.
operator
Thank you. Next question is from line of Landit from Equal securities. Please go ahead.
Unidentified Participant
Yeah, hi sir. Good evening. Congratulations. I have just two questions. Firstly like in the previous quarter we mentioned that so there we have seen some higher places on the sp, the GP side of it. So just wanted to check like how is the current trend over there? Like are we seeing have you seen some stoppage in the close of rate over there or not? Just some comments over there. And secondly like on the alternative side we have seen some good jump up in the overall a from around 5100 crores to around 6000 crores. So like what, what has led to that sharp increase and what kind of a yield do we make in that segment currently?
Navneet Munot
So first question was on SIP accounts and closure, right? So that’s relatively, relatively more volatile than the SIP flows. SIP flows are like very steady. People commit for much longer and a large part of the SIP book is these days we are seeing longer and longer tenure getting committed at the beginning of the sip when investor side on the STP you may sometimes have investors who are kind of like investing in one debt fund or in liquid fund and transferring money from that over a period of time to equity or hybrid funds. Was that your question?
Unidentified Participant
Apart from that they were like this on a sequential basis actually probably due to the weakness of the markets. Also there were some more closures like in the last particular quarter.
Navneet Munot
So I mean. So when it comes. To sip I would like to suggest to focus on two important data points that MPHREE discloses One is SIP contribution and two is the number of contributing accounts. MC has begun disclosing the number of contributing SIP accounts which provides a more meaningful view of actual investor engagement. So to give you numbers, the contributing accounts increased to 8.6 crore in June 25 compared to 6.7 crore in June 24. The contribution amount test the new peak that you would have seen 27 to 69 crore in June 25th which is up from 21,262 crore a year earlier. So that’s a growth of 6,000 crores.
So while some fluctuations due to account closure or pauses are to be expected month to month, the product trend remains intact and we continue to see growing interest from investors and overall systemic investing.
Unidentified Participant
Second question was on the alternative side. Actually.
Simal Kanuga
On alternative side we have two things right? One is basically we did a venture capital private equity fund of fund which we closed last year with 1200 odd crores of AUM. We also are currently in the raised mode when it comes to credit fund. The increase in AUM has also happened based on some of the inflows that we have seen under our non discretionary portfolio management services account in terms of yields, not very different as compared to our overall business.
operator
Thank you. Next question is from Ranav Devich Punjabi from Banyan Tree Advisors. Please go ahead.
Divij Punjabi
Hi. Thanks for the opportunity. I had two questions. One was regarding the growth in the passive segment. So we are seeing good growth over there. So if you could talk about the. Factors that have led to this. And two was around our strategy on launching new funds in the year if you can touch upon that as well.
Navneet Munot
Pat, you’re talking about the overall industry growth or at higher end at your end? Okay. No, I mean we have got the full product range and I think we have been one of the oldest players on the passive side. Our first index fund got launched in 2002 and continues to remain one of the largest index fund in the country. Over the last couple of years we have significantly expanded our product offerings both on index fund as well as on the ETF side. That includes market cap based indices, smart beta, some of the sector thematic funds. So we’ve got the full product bouquet, we’ve got the best in class content and a similar journey for investors to participate in that.
We engage with partners who have been offering passive as their product booking. So trying to make every possible effort so to ensure that we get our fair share in that space on the overall new product pipeline. So our current product suite is very well diversified and as per the classification we are present in almost all the categories that regulator allows within the factor and thematic category. Wherever our investment team has a strong belief in terms of the product that we should offer, where we have the investment capability and we think that at least a set of investors and distributors would have a place for that kind of product, we continue to come out with that.
Recently we did this NFO of Innovation Fund. So I think overall our product booking. Has been pretty big and our endeavor is to keep gaining scale in each and every category and each and every product within that. So we have a market leader in a couple of categories, let’s say Balance Advantage Fund or a mid cap fund, Flexicap fund, small cap. But our ambition is to build leadership across the board, each and every product where we are present. Given the long term track record, given the investment capability and given the needs that we have, I want to ensure that we have leadership in every product where we are present.
Divij Punjabi
Okay, thank you and all the best.
Navneet Munot
Thank you.
operator
Thank you. Participants, you may press star N1 to ask the question. Next question is from line of the Panjan Ghosh from City. Please go ahead.
Gaurav Jani
Hi sir, going back to one of the participants previous question where you mentioned that you flow market share across most of the channel partners have been healthy. I think the similar question was the equity oriented market share has broadly been stable over some time now. And if I look at and one of the reasons you pointed out is obviously the differential mark to market and composition of schemes within the equity oriented bucket, which is fair. But if I look at, you know, across schemes, you know, it would probably be some schemes, let’s say market share has kind of been down a little bit over the last six, nine months and maybe some other categories, the market share is probably a little bit up on an AUM basis.
So you know, the question really is if you were to look at flows that you have seen over this past quarter, over the past nine months or maybe 12 months, has there been any sort of skew towards the categories? Let’s say where your concentration within the portfolio categories where you are relatively more dominant or the mix of those categories within your portfolio relatively high, has there been any sort of skew and X of that? You know, how are you seeing the flow trend? This is across different scheme categories. We’re quantifying in terms of the trajectory.
Navneet Munot
The flow trend has been pretty healthy dependent I mentioned there. But on the mark to market side, if you look at like last one year, different indices would have performed differently. And again as I said that within the hybrid funds, depending on what the equity share you are running and the impact on the mark to market on the fixed income side also can have some impact on the way you look at the share. But otherwise on the flows I can tell you that it’s been encouraging.
Dipanjan Ghosh
Got it. But even fair to assume that let’s say across most of the large categories within the equity oriented side, the flow market share has been holding up. If I were to kind of look at each individual category separately just on a flow basis.
Navneet Munot
By and large, yeah. As an asset class, I mean within that different funds. In some of the funds we will have exceptionally high share. In some of the funds you would have slightly lower share. But if you look at existing as an asset class would be higher. Yes.
Simal Kanuga
And depends on if you are referring to holding up. Definitely. Yes.
Naozad Sirwalla
I think we have not seen a loss of share in any any like a large category.
Dipanjan Ghosh
Thanks Ravi. Thanks. And all the best.
Simal Kanuga
Thanks.
Navneet Munot
Thank you.
operator
Thank you very much. Next question is from Abhijit from Kodak securities. Please go ahead.
Abhijit Khare
Good evening everyone. So I have a qualitative question. So like when we look at the portfolio we have a really large balanced fund which has like a defensive characteristic and then slightly outsized exposure towards small and mid cap fund. So as a franchise, is it possible. Or do you kind of intend to. Move money around of the customers across cycles? Whenever you kind of want to slow. Down flows in some of the smaller and mid cap categories generally the distributors take that call. But as an emc, how do you really capture the existing relationship and be able to move that money across some. Of the other funds within the fund house itself?
Navneet Munot
We don’t do the asset allocation on behalf of our partners or on behalf of our investors unless it’s asset allocation product. So in dynamic asset allocation, which is the balance advantage fund for us, the fund manager would do some bit of allocation within the template that we would have or in a multi asset fund. But otherwise, I mean we express our views. Our fund managers express their views on different asset classes within that different category, different points in time. The fund manager of mid and small cap, which is Chirag, would be expressing certain views. While other fund managers may have a different view on what they think about the large cap category or a particular sector or a particular theme.
Then it’s completely up to the partner or the end investor where they want to do money. We don’t give very aggressive calls on investors should shift money from this place to this place. We have always believed and if you look at several of our funds which have got track record going back 20 or 25 or even 30 years. I think our belief has been investors keeping their money for the long run. Having that strategic asset allocation has kind. Of like. Delivered the best possible results. Too much of that tactical asset allocation and trying to react to every, I would say market move doesn’t really result in the best possible wealth creation for the investor. That is what our experience of last 25 years suggests. And this is what we keep guiding our partners and investors.
Abhijit Khare
Got it. And then just follow up. Like, do we have any number or do we kind of track your number. Of products per customer or is there a correlation between. Once you have, you know, a customer. Holding more than one or two funds. The relationship tends to be, you know. A more stickier one.
Navneet Munot
Yeah, I mean, endeavor, as we. I mentioned earlier in a different context that we would like to optimize or maximize our share within each and every category. And that includes both, I mean, getting new customers and of course, kind of like offering other products to the existing investors.
Abhijit Khare
Okay, thank you.
operator
Thank you very much. A reminder to all the participants. You may press Star in one to ask a question. As there are no further questions, I would now like to hand the conference over to Mr. Navneet Manoad for closing comments.
Navneet Munot
Sure. So to summarize, our closing AUM crossed hit 8.5 trillion rupees systematic transactions, which includes both SIP as well as STP that stood at rupees 40.1 billion in June 2025. And we added 0.5 million unique investors during the quarter. I would reiterate also our mission and vision. Our mission is to be the wealth creator for every Indian. And our vision is to be the most respected asset manager in the world. Thank you.
operator
Thank you very much on behalf of HDFC Asset Management Co. Ltd. That concludes this conference. Thank you for joining us. And you may now disconnect your lines. Thank you. Thank you.