• This was despite a negative return of -0.17 per cent delivered by the Sensex that month.
• Year to date (till August end), the Sensex was up 3.51 per cent but the S&P BSE Midcap (-12.77 per cent) and S&P BSE Small-cap (-14.77 per cent) were deeply in the red.
• Experts attribute the positive inflows into equities to growing maturity of retail investors who have continued with their systematic investment plans (SIPs) despite the markets tumbling. Each SIP buys more units when the equity market is down, which helps boost returns over the long run.
• In fact, experts say, investors have even made lumpsum investments to take advantage of valuations that are becoming more attractive.
• Flows into midcap and small-cap funds were also higher than in the previous month, though these categories have taken a harder knock.
• With outperformance over the benchmark declining in large-cap funds, investors appear to be allocating money to mid- and small-caps due to their ability to deliver alpha over the long term.

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