Equity mutual fund assets under management rose sharply in October 2025, increasing by Rs 1,48,434 crore month on month. However, analysis shows that 83.37% of this growth came from market price appreciation rather than net inflows, highlighting investor reliance on rally driven gains. Small-cap funds saw nearly 78% of their AUM growth driven by mark to market gains. Overall mutual fund AUM rose from Rs 75.36 trillion to Rs 79.62 trillion, even as twelve equity schemes recorded losses exceeding 10% during 2025.