A study of component of mutual fund in individual investors
portfolio in and around Pune – Research Paper
Authored by Dr. Sachin Bhide, Founder and Strategy Designer at Eha Management Consultancy
and Sukruth Dhone, Rutuja Dhumal and Sumit Kumar worked as Summer Interns at Eha Management Consultancy
| Sr.No | Table of Contents | Sr.No | Table of Contents | Sr.No | Table of Contents |
| 1 | Abstract | 2 | Keywords | 3 | Introduction |
| 4 | Objectives | 5 | Research Methodology | 6 | Literature review |
| 7 | Research gap | 8 | Data Analysis and Interpretation | 9 | Findings |
| 10 | Conclusion | 11 | Limitations | 12 | Annexure |
| 13 | References | 14 | Websites |
First published on 22 June 2020 by Eha Management Consultancy
www.ehamanagementconsultancy.comCopyright © 2020 Eha Management Consultancy
Dr. Sachin Bhide asserts the moral right to be identified as the author of this work
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ISBN 978-93-5407-628-2
Abstract
Indian’s started investing in mutual funds since 1964, it was initiated during the foundation of the Unit trust of India (UTI). UTI’s Important measures were to shift the savings of the general public investors in various assets and other securities so as investors to receive good returns. UTI had been in monopoly until 1987 and afterward, it was eased off to government banks establishing mutual funds then followed by the insurance companies. The investment firm is for the those that are either inexperienced within the investments sector or needed assistance for the identical. This paper has attempted to spot various factors affecting the perception of investors regarding investment in mutual funds. This finding will help to spot the investor’s interest and factors clearly. The research focuses on the connection between investment decisions and financial awareness. the target of the study was to research the perception of individual investors towards the mutual fund’s benefits and as compared, to other investments. The geographic scope of research was to research the advantages of mutual funds from investors based in and round the city of Pune in India.
Keyword
Mutual Funds, Investors, financial awareness.
Introduction
The mutual fund is an accumulated money that is trusted by the investors to reach a common financial goal. It shifts savings from the pool of investors and invests these funds in shares and other securities, and the return is shared among the investors, called shareholders, in proportion to their investment. The investor’s money is invested with an objective which is to create wealth and to improve the profits by minimizing risk. Mutual funds provide assistance in the creation of the wealth and with complex calculations by professional fund managers it helps to recognize the perfect opportunities in the market. It invests in various securities or assets, and performance is checked as the change in the total market capitalization of the fund.
It has been observed most of the investors were not aware of the mutual fund, which helps to understand their perception towards it and what basic factors do they consider while investing their hard-earned savings.
Types of Mutual Funds
Based on Asset class, there are Debt funds or Fixed Income Funds which invest in government securities and corporate bonds, these funds aim to offer reasonable returns to the investor and are considered relatively less risky. And the other is Equity funds which invest in the stock market. Capital appreciation is the main objective for these funds, but the returns these funds are linked to the market volatility of stocks, these funds have high risk. Whereas Hybrid funds invest in a mix of both equity and fixed-income securities.
Benefits of Mutual Funds
Mutual funds are financial intermediaries, facilitating the tactic of savings and investment
Simplicity:
Mutual funds are the means of investing within the stock exchange securities for people investors who have limited understanding of the stock exchange or who don’t have time or don’t wish to exchange stocks actively. These investors can simply identify mutual funds that meet their financial goals, and let the fund managers manage their investments.
Diversification:
Small investors won’t be ready to invest in many securities as they’ll have limited savings. They confine their investment in contrast to choose securities. Mutual funds invest in a very high quantity of shares and/or other styles of securities like government bonds, corporate bonds, etc.
Professional management:
Mutual funds is transacted by the expert managers, within which the small-time investors can have these services available for fixing the financial goal.
Drawbacks of Mutual Funds
Objectives
- To study mutual fund investment subjective the investment pattern in Pune city.
- To study the importance of certain factors towards mutual funds.
- To analyze the investor’s acceptance of mutual funds as the default investment.
Research Methodology
A . Method of collecting data: Primary data was collected & used in the research as a survey method. Also the questions were prepared in the questionnaire consisting of 7 questions were prepared and in it 4 questions were segmented on the basis of the first question if they invest in Mutual Fund. The secondary data was used in the research for literature review and the introduction which was obtained from various sources, books and internet.
B . Sample size and technique of sampling: The simple random sampling was considered to obtain the primary data considering the range to be confined in Pune and some parts of Satara and Mumbai. The form was distributed among the 40 working professionals.
C .Type of questionnaire and questions used: The Structured method of questionnaire was used in this survey. The questionnaire was formed as per the knowledge of the responses regarding the investments and also regarding mutual funds. The reason behind using this method was for the researchers to understand the awareness of mutual funds and in view of the responder’s comfort to answer the questions. All 7 close-ended questions were used so as the respondents can easily mark their answers and for the researchers to analyze the data easily.
D .Type of research design: Exploratory research design was used in this research.
Literature Review
Jack Treynor and Kay K. Mazay (1966), their study was about the success of the mutual fund to check if there has been volatility of fund higher in years when it did good and when it did badly. The research came to a solution as through their findings and the study the investors in mutual funds were completely dependent on fluctuations in the general market. The result was not to determine that a fund manager cannot provide better returns in both good and bad times than the return provided by market averages, but the improvement in the rate of return will be due to the fund manager’s ability to identify underpriced companies, rather than comparing it with the ability to outguess in the whole market scenario.
Dr. S Narayan Rao and M. Ravindran (2003) evaluated the performance of Indian mutual funds in a market during the bearish period it was calculated through relative performance index, risk-return analysis, Treynor’s ratio, Sharpe ratio, Jensen’s alpha, and Fama Net Selectivity measure. The research concluded that 58 of 269 open-ended mutual funds have provided better returns than the market during the bearish period of September 1998 till April 2002, some of the funds provided more returns over the expected returns based on both premium for systematic risk and total risk.
Kavitha Ranganathan (2006), her study concluded that Salaried person’s savings are most often deposited in mutual funds, the theory was analyzed was that by pooling together of individual savings and investing them, using the professional fund manager, one can diversify risk, and accessing the volume buying and scientific data analysis. Therefore, it was observed as it was the ideal option for an individual who does not have the time, knowledge, or experience to make a succession of judgments involving his hard-earned savings. Mutual Fund industry in India has a large untapped market in urban areas besides the virgin markets in semi-urban and rural areas.
Dr. Nishi Sharma (2012), studied the extent to which investors are satisfied (in terms of different benefits offered by mutual fund companies to attract investment in mutual fund) and also to identify factors essential for securing investor’s penetration. The study found that all the benefits which emerge out from the investment in mutual fund may be grouped into three categories. The first category relates to the fund related attributes. This includes the safety of money invested in mutual funds, favorable credit rating of the fund, full disclosure of all relevant information, and regular updates of trading activities. The second category is related to the monetary benefits provided by the fund, which is liquidity, Return on Investment. The last category relates to the sponsor related attributes. This includes the reputation of the sponsor, sponsor’s expertise, promptness in commission. The study revealed that in order to secure the support of Indian investors, the mutual fund companies are expected to ensure full disclosure and regular updates of the relevant information along with the assurance of safety and monetary benefits.
Dr. Shantanu Mehta, Charmi Shah (2012), provided an understanding of Investor can plan of diversified equity plan, balanced type fund, and third one is debt fund etc. observing past returns, dividends, etc. The mutual fund was declared if the investor were to choose equity or stock market related mutual fund, then they would have gone for the SIP (Systematic Investment Plan) method.
Sujit Sikidar and Amrit Pal Singh (1996) constructed a survey resulting that the regular salaried people and the ones who are self-employed are the major investors in mutual funds due to the benefits of tax relief.
Dr. Rajwanti Sharma (2013) resulted in the study of working and growth of mutual funds in India was the popularity of mutual funds traditionally is attributed to the fact of being professionally managed, investors, taking the advantage of lower transaction costs, primarily in brokerage commissions.
Mr. C. Praveen Kumar Reddy, Prof. A. Sudhakar (2016), concluded their study that Mutual fund investors were not satisfied with industry performance and services but were satisfied with the investment opportunities in the industry. There was a major agreement on mutual funds is less risky compared to share market.
Dr. G.S. Batra and Ms. Sukhwinder Kaur (2015), concluded that the mutual fund industry in India had succeeded to attract the investors towards mutual funds, the findings of the study were of investors noticing mutual fund as a safe and secured investment option with monetary benefits. The study also observed investors considered mutual funds as a safe investment option, but was a need for education that mutual fund involves a market risk.
G. Pratha and Dr. A. Rajamohan (2013), studied the case on mutual funds behavior in Tamil Nadu, the Mutual Fund investments in relation to investor’s level of awareness and satisfaction were studied relating to various issues like factors that attract them to invest in mutual funds, some of them were the rate of return, liquidity, safety and security, tax consideration, capital gain, growth prospects, the role of financial advisors and brokers, maturity period, market information, rules and regulations, deficiencies in the services provided by the mutual fund managers, etc. The investigation outlined the investors had high-level awareness and a positive approach towards investing in it.
Research gap
Based on the literature reviewed, the researchers identified the gap to conduct the study with reference to the perception of the mutual fund investors towards its benefits and to analyze the recognition in the investment market.
Data Analysis and Interpretation
Do you invest in Mutual Funds?
| People investing in mutual Fund | Values | Percentage |
| No | 14 | 35% |
| Yes | 26 | 65% |
| Grand Total | 40 |
The above table was taken from the research and responses of the sample size considered.
The survey resulted in the maximum number of people investing in mutual funds. People preferred mutual funds other than other investment opportunities. As to the survey, it helped the researchers to realize some of the respondents were not ready to invest in mutual funds.
If Yes, please specify in which type of fund you invest in
| Preferable funds from the responses | Values | Percentage (%) |
| Debt or Fixed Income Fund | 2 | 7.69% |
| Equity Funds | 17 | 65.38% |
| Hybrid or Balanced Funds | 4 | 15.38% |
| Index fund | 3 | 11.54% |
| Grand Total | 26 |
The findings from this question as to equity funds, as to investing in the stock market was taken into considerations by the major population and as the fact and findings, the least was to the debt market, as to invest in governmental and corporate bonds which are less risky but non-profitable.
As to the current situation in the downfall in the stock market due to COVID-19, the research also helped me to understand the equity investors were shifting their money to hybrid or balanced funds and also into the diversifying so as minimize the loss to be incurred.
But even with the current situation the people were going for the equity funds and less into the debt funds, as to Index funds it was the concept as a type of mutual fund or exchange-traded fund (ETF) with a portfolio was made to match or track the components of a financial market index like in India it is NSE Nifty50 and BSE Sensex has also been taken into consideration by the investors.
What would be for you the most beneficial options while investing in mutual funds?
| Mutual Fund Benefits | Least Important | Slightly Important | Important | Very Important |
| Safe investment | 1 | 3 | 7 | 15 |
| Portfolio Management | 2 | 2 | 9 | 13 |
| Varieties of funds | 1 | 4 | 13 | 8 |
| Low Minimum Investment | 4 | 5 | 9 | 8 |
| Better Liquidity | 1 | 2 | 14 | 9 |
| Total | 9 | 16 | 52 | 53 |
As to observe from the chart, the people invested in mutual funds for safe investment and also because of portfolio management. Other things are taken into consideration the research also provided the understanding as to the people invest in mutual funds so as they have better liquidity and varieties in mutual funds.
As to taking the liquidity into consideration so schemes may not provide as the close-ended schemes may hold the money for a period of time, the equity-linked savings scheme (ELSS) invested so as to get tax benefits but it has certain defined locking period.
So, when analyzing the perception of investors, the highest priority was the safety concerned by investing in mutual funds.
If No, please specify the other sources of investment you prefer
| Other Investment Preferred by the participants | Values | Percentage (%) |
| Bank Deposits | 7 | 50.00% |
| Real Estate | 1 | 7.14% |
| Public Provident Fund | 1 | 7.14% |
| Stock Market | 5 | 35.71% |
| Grand Total | 14 |
The other preferable source for investment was the bank deposits, as it provides a fixed amount over a period of time not regulated to the market or the economy fluctuations, so people preferred it the safe investment and it helps to understand the perception of investors as to not take any risk in investment.
The other major approval was the investment in the stock market which provides high benefits but also high risk, the people with high intellect trading, likely to invest in the stock market so as for the greater benefits.
What would the possible differentiation of other investment opportunities have compared to mutual fund?
| Other Investment Benefits | Least Important | Slightly Important | Important | Very Important |
| Penetration over different pattern of investment | 6 | 1 | 7 | 0 |
| High Returns | 1 | 8 | 4 | 1 |
| Fixed Income | 3 | 4 | 5 | 2 |
| Market volatility | 2 | 1 | 7 | 4 |
| Total | 12 | 14 | 23 | 7 |
The table shows the importance of the certain benefits to other forms of investment and while observing, the market volatility was considered to be the most important part as the process which assisted the researchers to target for better opportunities and to invest in the stock market which was growing exceedingly well.
The Fixed Income was considered to be less important, but as for the investors investing in the bank deposits considered as the most important as after the maturity, there is a fixed amount given to the investors.
The high returns were not be considered of giving any importance as the people invest in deposits to receive a fixed income and the people investing in the stock market grab for better opportunities.
How much percentage of total investments you make in a mutual fund as compared with other investments? If you are not investing in mutual funds, how much percentage of your total investment you may want to invest in mutual funds in the future?
| Percentage of Investment in Mutual Funds | Values | Percentage (%) |
| 1 – 20 % | 23 | 58% |
| 20 – 40 % | 13 | 33% |
| 40 – 60 % | 4 | 10% |
| 60 – 80 % | 0 | 0% |
| 80 – 100 % | 0 | 0% |
| Grand Total | 40 |
The analysis provided the pattern of the investors buying behavior, as the researchers recognized that only around 20 % was considered by people of investing in mutual and as more percentage of investment the number decreases even with the benefits and with a heavy advertisement of investing in the mutual funds provided an understanding that the people perception towards mutual funds was considered as a safe investment but it was not favored compared to the other sources of investment.
If you are investing in mutual funds, for how long you have been investing? If you are not investing in the mutual funds, if you consider investing in the future, you will do that for approximately how much duration?
| Duration investing in Mutual Fund | Values | Percentage |
| 3 months | 2 | 5% |
| 6 months | 2 | 5% |
| 1 year | 4 | 10% |
| 2 years | 1 | 3% |
| 3 years | 5 | 13% |
| 4 years | 2 | 5% |
| 5 years | 8 | 20% |
| 6 years | 1 | 3% |
| 7 years | 2 | 5% |
| 8 Years | 0 | 0% |
| 9 Years | 0 | 0% |
| 10 years | 5 | 13% |
| More than 10 years | 8 | 20% |
The graph was calculated on whether for how much duration they have invested in mutual funds and how much were they willing to invest in mutual funds.
The researchers observed that the people willing to or have been investing in mutual funds for around 5 years and in 10 Years and more, the response helped to understand that investing in mutual funds was considered to be the long-term plan than any short-term plan.
Findings in the research
- The research helped to observe that the maximum number of people regulating it with the sample size considered to invest in mutual funds and also mostly into the equity market than to the debt market.
- They find it as a safe investment as due to the involvement of the professional managers.
- When the researchers considered to the fact the people were not fully involved to invest in the mutual funds
- The data provided the insight as compared to other investment the consideration of mutual fund was quite low and investment in other forms were comparatively high.
- The data also resulted in people who do not invest in mutual funds mostly invest in bank deposits or investing in the stock market with assistance of brokers.
- The bank deposits provide safety, the stock market provides better returns and real estate provides security as well as future plans for better returns.
Conclusion
| Objectives | Conclusion |
| To study mutual fund investment subjective the investment pattern in Pune city | The conclusion provided researchers that mutual funds were accepted by the majority of the population in Pune city, the equity funds were being accepted by the majority of the investors as it provides better returns but also bear certain risk. But the people who do not invest in mutual funds invest in bank deposits or in share markets. |
| To study the importance of certain factors towards mutual funds. | The Maximum number of investors invest their savings into mutual for tax savings, better returns, etc. But the most important factor was they consider it as a safe investment, and because it is managed by portfolio managers. And for people who do not invest in mutual funds as market volatility which is the fluctuations in the prices of certain stocks were to be considered as an important factor. |
| To analyze the investor’s acceptance of mutual funds as the default investment or the popular investment pattern. | While analyzing the data there was no high acceptance of mutual funds as they invested only around 1 – 20 % and would like to invest it for a long term for 5 or more than 10 years. |
The stock market helps to produce better returns as they are not doing mostly target the diversification, but it’s mostly practiced by those that have high knowledge within the pattern over the investment.
The study helped to look at investment patterns in Mutual Funds by keeping the terms on understand the attention of it and also the factors that provide them satisfactory result from the identical just like the factors include of a secure investment, liquidity, low minimum investment, various schemes over the mutual investment schemes various and to stipulate at what rate and duration they invest in mutual. The study also provides an analysis of the various patterns or other sources of investment.Limitations to the research
The study was predicated on the results of the responses of 26 fund Investors and 14 who don’t invest within the fund, the constraints to the study was of choosing people without characterizing to the age, gender, the high intellect towards mutual funds.The research was concluded during the pandemic of the Covid-19, affected around worldwide and there was a shift in schemes generated by fund however this research isn’t limited to this situation but as a full picture of investors purchasing behavior in their lifetime.
Annexure
Questionnaire used –
Do you invest in Mutual Funds?
a. Yes b. No
If yes, please specify in which type you invest in
- Hybrid or Balanced Funds
- Equity Funds
- Debt or Fixed Income Fund
- Index Fund
- Exchange Traded Fund
What would be for you the most beneficial options while investing in mutual funds? (Please rate your answers from 4 to 1, 4 is the most important and 1 is the least important)
| Factors | 1 (Least important) | 2 (Slightly Important) (%) | 3 (Important) | 4 (Most Important) |
| Safe investment | ||||
| Portfolio Management | ||||
| Varieties of funds | ||||
| Low Minimum Investment | ||||
| Better Liquidity |
If No, please specify the other sources of investment you prefer
a. Real Estate
b. Stock Market
c. Bank Deposits
d. FMCG marke
e. Other:
b. Stock Market
c. Bank Deposits
d. FMCG marke
e. Other:
What would the possible differentiation of other investment opportunities compare with mutual fund? (Please rate your answers from 4 to 1, 4 is the most important and 1 is the least important)
| Factors | 1 (Least important) | 2 (Slightly Important) (%) | 3 (Important) | 4 (Most Important) |
| Penetration over different pattern of investment | ||||
| High Returns | ||||
| Fixed Incomev | ||||
| Market volatility |
How much percentage of total investments you make in a mutual fund as?
compared with other investments? If you are not investing in mutual funds, how
much percentage of your total investment you may want to invest in mutual
funds in the future?
- 1 – 20 %
- 20 – 40 %
- 40 – 60 %
- 60 – 80 %
- 80 – 100 %
If you are investing in mutual funds, for how long you have been investing? If you
are not investing in the mutual funds, if you consider investing in the future, you
will do that for approximately how much duration?
- 3 months
- 4 months
- 6 months
- 1 year
- 2 year
- 3 year
- 4 year
- 5 year
- 6 year
- 7 year
- 8 year
- 9 year
- 10 year
- More than 10 years
References
- Can Mutual Fund Outguess the Market? Jack L. Treynor and Kay K. Mazay (1966)
- Performance Evaluation of Indian Mutual Funds, Dr S Narayan Rao and M. Ravindran (2003)
- A Study of Fund Selection Behavior of Individual Investors Towards Mutual Funds – with Reference to Mumbai City, Indian Institute of Capital Markets 9th Capital Markets Conference Paper, Kavitha Ranganathan, T. A. Pai Management Institute (TAPMI), Date Written: 2006
- Indian Investor’s Perception towards Mutual Funds, Business Management Dynamics Vol.2, No.2, Aug 2012, Dr. Nishi Sharma
- Preference of Investors for Indian Mutual Funds and its Performance Evaluation, Pacific Business Review International Volume 5 Issue 3 (September 2012), Dr. Shantanu Mehta and Charm Shah
- Financial Services: Investment in Equity and Mutual Funds – A Behavioral Study, Sujit Sikidar and Amrit Pal Singh1996)
- Investment Perception and Selection Behavior Towards Mutual Fund, International Journal of Techno-Management Research, Vol. 01, Issue 02, September 2013, Dr. Rajwanti Sharma Associate Professor Dept. of Commerce, VAKM Bahadurgarh Haryana.
- The Perception of Individual Investors towards the Performance of Mutual Funds),Mr. C. Praveen Kumar Reddy(Assistant Professor and Principal, OU PG College, Narsapur, Medak Dist. Telangana),Prof. A. Sudhakar(Department of Commerce, Dr. B. R. Ambedkar Open University Jubilee Hills, Hyderabad),IOSR Journal of Business and Management (IOSR-JBM) e-ISSN: 2278-487X, p-ISSN: 2319-7668. Volume 18, Issue 9.Ver. I (Sep. 2016)
- Investors Perception Regarding Mutual Funds in India, Dr. G.S. Batra and Ms. Sukhwinder Kaur (2015)
- A study on status of awareness among mutual fund investors Tamilnadu. PRATHAP (PhD Research Scholar, Dept. of Business Administration, Annamalai University, Annamalai Nagar), Dr. A. RAJAMOHAN (Professor, Department of Business Administration, Annamalai University, Annamalai Nagar), Journal of Exclusive Management Science –December 2013-Vol 2 Issue 12
- Characteristics and Performance evaluation of selected mutual funds in India by Sharad Panwar and Dr. R. Madhumathi, Indian Institute of Technology, Madras
- SINGH, S.K. INVESTMENT YEARBOOK 2020-21:
- ICFAI Journal of Applied Finance, July2004, An Empirical Analysis on Performance Evaluation of Mutual Funds in India: A study on Equity Linked Savings Schemes by Dr. NalinipravaTripathy
- Pandey, I.M. Financial Management, 11th Edition
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