Mutual fund SIP (Systematic Investment Plan) inflows touched a new record in May, reaching Rs 26,688 crore, according to data released by the Association of Mutual Funds in India (AMFI) on June 10. This was a small rise from Rs 26,632 crore in April.

However, overall inflows into mutual funds dropped sharply, showing that while investors are staying consistent with SIPs, they’re being cautious elsewhere.

Inflows into equity mutual funds slowed down across most categories in the latest data. Large-cap funds saw a sharp 53% drop in inflows, collecting only Rs 1,250 crore. Mid-cap funds weren’t spared either, falling by 15% to Rs 2,808 crore, while small-cap funds saw a 20% decline to Rs 3,214 crore.

Despite this dip, flexi-cap funds continued to attract strong investor interest, with inflows of Rs 3,841 crore, making them the top choice. Meanwhile, some fund types saw money being pulled out. ELSS funds recorded an outflow of Rs 678 crore, while value/contra funds lost Rs 92 crore, and dividend yield funds saw Rs 20 crore being withdrawn.

Debt mutual funds saw a major shift. After gaining Rs 2.19 lakh crore in April, they faced an outflow of Rs 15,908 crore in May.

Liquid funds saw the largest pullout, losing Rs 40,205 crore. Overnight and floater funds also faced withdrawals of Rs 8,120 crore and Rs 254 crore, respectively. Even credit risk and medium-duration funds reported minor outflows.

However, not all categories struggled. Corporate bond funds attracted Rs 11,983 crore, and money market funds saw healthy inflows of Rs 11,223 crore.