AMFI Quarterly Average AUM (AAUM) data
The Quarterly Average AUM (AAUM) is a measure published by the Association of Mutual Funds in India (AMFI) that represents the average of the daily net assets of a mutual fund scheme (or an AMC’s entire AUM) over each quarter of the financial year. AAUM differs from the month-end AUM point-in-time snapshot and is used for several regulatory and commercial purposes where a smoothed measure of fund size is more appropriate than a single month-end figure.
Computation methodology
AAUM is computed as the simple average of a scheme’s (or AMC’s) daily net assets over all business days in a given quarter:
$$\text{AAUM} = \frac{\sum_{d=1}^{N} \text{Daily Net Assets}_d}{N}$$
where N is the number of business days in the quarter and Daily Net Assets is the NAV per unit multiplied by the total number of units outstanding at the close of each business day. AMCs compute and report this figure to AMFI quarterly. AMFI publishes the AAUM for each AMC on its website shortly after each quarter-end.
Uses of AAUM
Total Expense Ratio (TER) computation
SEBI’s regulations prescribe a sliding scale for the maximum Total Expense Ratio that an AMC may charge to a scheme, based on the scheme’s AAUM. Larger schemes (higher AAUM) are subject to lower maximum TER caps. The TER slab structure creates a regulatory incentive for investors to prefer larger, more efficient funds. The AAUM-based slabs are re-evaluated each quarter, so a fund whose AUM grows substantially will automatically face a lower TER ceiling in the subsequent quarter.
Distributor commission computation
The trail commission paid to ARN-registered distributors is calculated as a percentage of the investor’s average daily AUM over the period, not on point-in-time month-end AUM. The quarterly AAUM framework serves as the basis for AMC commission payment reconciliations.
Investor education fund contributions
The mandatory AMC contribution to the investor education fund (which finances the Mutual Funds Sahi Hai campaign and other AMFI investor education activities) is computed as a fixed basis points levy on AAUM. This aligns each AMC’s investor education contribution to its actual average business volume.
AMFI industry ranking
AMFI uses AAUM as the basis for its quarterly industry ranking of AMCs, which is widely published by financial media. The AAUM-based ranking is considered more meaningful than month-end AUM ranking because it is less susceptible to distortion by large institutional flows that arrive or depart near quarter-end.
AAUM versus month-end AUM
| Aspect | Month-end AUM | AAUM |
|---|---|---|
| Measurement | Single point in time | Average over the quarter |
| Volatility | Higher | Lower (smoothed) |
| Used for | Media reporting, scheme size | TER, commissions, regulatory tiering |
| Publication frequency | Monthly | Quarterly |
| Susceptibility to window-dressing | Higher | Lower |
See also
- AMFI monthly AUM data
- Association of Mutual Funds in India (AMFI)
- AMFI SIP contribution data
- AMFI T30/B30 city categorisation
- Mutual Funds Sahi Hai
- Securities and Exchange Board of India (SEBI)
References
- AMFI. “Quarterly AAUM data releases.” amfiindia.com. Accessed 2026.
- SEBI. “SEBI (Mutual Funds) Regulations, 1996.” Seventh Schedule (TER limits).
- SEBI Circular SEBI/HO/IMD/DF2/CIR/P/2018/137. September 2018. TER and commission structure.