The answer in plain English

Asset values can rise because markets appreciate, because investors add money, or both. Redemptions can reduce them. Therefore, a change in AUM does not by itself measure performance or net inflow. Average AUM and closing AUM also answer different questions, and fund-of-funds totals need care to avoid counting the same underlying money twice.

What to check

  • Record the date, unit and scope: scheme, AMC or industry.
  • Separate market movement from net subscriptions when interpreting growth.
  • Read size alongside the liquidity of underlying instruments and the mandate.
  • Compare costs using current disclosed expenses rather than assuming size guarantees a particular fee.

A useful comparison

Illustrative movementAmountInterpretation
Starting assets₹100 croreOpening base
Net subscriptions+₹10 croreInvestor money added net of redemptions
Market/other valuation effect+₹5 croreChange in portfolio value
Ending assets₹115 croreNot a 15% return attributable to every investor

Make the distinction clear

The example isolates components and excludes distribution and other accounting effects. For an industry anchor, AMFI reported approximately ₹82.64 lakh crore month-end AUM on 30 September 2026. That figure has a date and definition; it is not a live balance for every later day. Use the source report for the exact series and a fund’s own current disclosure for scheme size.

One final question before acting

Does the figure or document match the exact scheme, plan, option, period and purpose in your question? Keep the source date with the answer. For a real transaction or personal decision, the current scheme documents and your own records take priority over a saved educational example.