Women investors bet big on gold, triple their ETF investments in a year; where else did they put their money?

Women’s participation in mutual fund investments have grown steadily in recent years, although they still account for a smaller share of the overall investor base. As of March 2026, around 1.61 crore women were part of the total investor base of around 6.09 crore, according to the AMFI-Crisil Factbook 2026.

This growing participation reflects the wider access to mutual funds among women and leaves room for further growth as financial awareness increases, digital platforms become more accessible and more investors across the country adopt systematic investment plans.

Rising appetite for gold exposure

Women investors are increasing their exposure to gold as the metal continues to give stellar returns. Gold exchange-traded funds (ETFs) accounted for 16.4% of women’s passive fund portfolios in March 2026, up sharply from 6.4% in March 2025, the report, published on Friday, showed.

Retail investors as a whole saw their share of gold ETF assets more than triple to 14.9% in FY 2026 from 4.6% in FY 2021.

“Gold and silver mutual funds emerged as preferred hedging tools, delivering both liquidity and strategic diversification,” AMFI chief Executive Venkat Nageswar Chalasani said in the report, adding this trend highlights how Indian investors are maturing and moving beyond simple equity-only optimism toward nuanced risk management and disciplined asset allocation.

Both the precious metals attracted more inflows than equity ETFs in fiscal 2026, a first for the category, Crisil Intelligence President Priti Arora said, driven by “global uncertainty and precious-metal rallies.”

Gold ETF net inflows stood at ₹0.69 lakh crore in FY26, more than double the cumulative inflows of around ₹30,213 crore recorded over the previous five financial years combined.

Where else are women investing?

Women investors’ overall mutual fund holdings have grown at a broader scale too. Their total AUM rose to ₹15.88 lakh crore in March 2026 from ₹5.84 lakh crore in March 2021, an increase of ₹10.04 lakh crore over five years.

Investment preferences among women investors varied by age group, reflecting the difference in risk appetites and financial goals.

Equity funds dominated portfolios across all age segments, though their share declined with age. Of the total AUM held by women investors below 25 years age, 88.3% is allocated to equity funds, similarly in case of 25-44 age group allocation to equity funds stood at 76.2% as on March 2026. This share decreased further to 64.8% for the 45-58 age bracket and 51.2% for those above 58 years.

Hybrid funds also gained traction among older women investors. Those above 58 years allocated 29.6% to hybrid funds, compared with just 5.4% among investors below 25 years. The 45-58 age group allocated 20.1%, while the 25-44 segment allocated 11.0% to this category.

Debt fund allocation increased progressively with age, rising from 2.1% for women below 25 years to 12.0% for those above 58 years. This pattern indicates a gradual shift toward more conservative investment options as investors age.

Passive funds saw a moderate and relatively stable adoption across age groups, ranging from 2.7% among younger investors to 6.6% in the 25-44 segment.

Overall, the data reflects a clear lifecycle pattern in investment behaviour, with younger women favouring growth-oriented equity investments and older investors diversifying into hybrid and debt categories for stability, the report said.

Women’s average folio size remains strong despite market fluctuations

The average asset holding per folio across individual investor types has varied over the past five years, reflecting the impact of market movements. Taking the base as 100 in March 2021, the industry average holding rose to 104 in March 2024 before declining to 92 in March 2026.

“The trends reflect the impact of market movements on average asset holdings, with both women and men investors experiencing comparable patterns across the period,” the report stated.

Meanwhile, the average folio size of women investors was higher as compared to men as on March 2024 and March 2025. However, as on March 2026, the average folio size of both men and women are similar.