Investors don’t always think rationally when making financial decisions. All investments involve risks, including possible loss of principal.

1. A STUDY ON INVESTMENT PATTERN AND
BEHAVIOUR OF INVESTORS
A project report on Mutual Fund Investors
Submitted by:
Amit Kumar
Class Roll No. 3808
University Roll No. 3115ACAC170027
DEAPARTMENT OF COMMERCE
GOVT. P.G. COLLEGE SOLAN (H.P.)
Project Report Guide- Prof. Rajeev Sharma

2. Table of Content

3. Analysis Of Investment Pattern Of Mutual
Funds Investors – An Empirical Study In Orissa
Abstract:
Mutual fund industry in India has developed rapidly and gained a lot of
popularity from the past couple of decade, especially after incorporation of
Unit Trust of India in 1964. There has concomitantly evolved a rich
plausible academic literature consisting of numerous topics related
to mutual funds. One of the most frequently addressed topics in the current
literature is Investor’s perception and preferences about various mutual
funds schemes and the factors which influences different class of investors
to invest in mutual funds. With this background, a survey was conducted
among 200 mutual fund investors in nine urban and semi-urban cities of
Orissa (India).On the basis of literature review, nine factors are chosen and
grouped into four major components by applying Principal Component
Analysis. Study reveals, safety, past return and liquidity are the most
influencing factors in inducing most of the investors to opt for the mutual
fund schemes. For the purpose of the study, parametric and non-
parametric statistical methods have been employed. From the research
point of view, such a study will help in developing and expanding
knowledge in this field of personal investment.

4. INTRODUCTION
A Mutual Fund is promoted by a sponsor and run by a trust that pools the savings of a
number of retail investors who share a common financial goal. The money collected by
selling units of mutual funds is invested by the fund manager in different types of
securities depending according to the ojective of the scheme. These could range from
shares to debentures to money market instruments. For an individual investors a Mutual
Fund offers diversified, professionally managed portfolio at a relatively low cost.
Anybody with an investible surplus of as little as a few thousand rupees can invest in
Mutual Funds. Each Mutual Fund scheme has a defined investment objective and
strategy. From its inception the growth of Indian mutual funds industry was very slow
and it took really long years to evolve the modern day mutual funds. Primary motive
behind mutual fund
investments is to deliver a form of diversified investment solution. Over the years the
idea developed and people received more and more choices of diversified investment
portfolio through the mutual funds. The credit goes to unit trust of India (UTI) for
introducing the first mutual fund in India. Recent years, Indian money and capital market
has shown tremendous growth and expanded its reach to wider geographical limits.
Indian regulators in money and capital market have actively participated in framing
regulations which gives confidence to both individual and institutional Institutions for
participation. Progressive reforms have taken place with the initiative of Security
Exchange Board of India (SEBI), capital market regulator in India which facilitates
savings. As a financial intermediary mutual fund has played a significant role in the
development and growth of capital markets in India.
2. LITERATURE REVIEW
Mutual funds as an area of knowledge has drawn interest from academic
as well as practitioner communities. Literature reviews have been done
related to Fund Selection Behaviour.
 Kahneman and Tversky (1979) found in their work, “Prospect
Theory - An Analysis of Decision under Risk”, individuals make
decisions based on the potential value of losses and gains rather
than the final outcome, and people evaluate these losses and gains
using interesting heuristics.

5.  Phillip (1995) reported changes in financial decision-making and
investor behaviour as a result of participating in investor education
programs sponsored by employees. In India, SEBI started such
awareness program for small investors, which has started giving
benefits,in terms of value investing and informed investing from retail
investors.
 Kavita Ranganathan’s (2004) conducted a survey in Mumbai
revealed that investors prefers performance records, brand name,
expense ratio, portfolio of investment, reputation portfolio manager,
withdrawal/exit facility, products with tax benefits and load charges for
taking decision on investment.
 Singh and Chander (2004) study reveals that salaried investors
preferdaily disclosure of NAV by funds and also wished for higher tax
rebates on investment in Mutual Funds.
3. OBJECTIVE OF THE STUDY:
The study has been conducted with the following objectives:
1. To explore the preferred investmentavenue of retail investors.
2. To determine the investor’s preference fordifferentmutual fund
schemes.
3. To evaluate fund qualities that affects the selectionof mutual funds.
METHOD OF STUDY:
The study is empirical in nature. The scope of the study covers nine urban
and semi-urban cities Orissa state of India.
Various statistical tools like mean, standard deviation, rank correlation, chi-
square, factor analysis were applied.
Primary data has been collected fora period of January’2012 to June’2012.
Explanation of techniques used:
a. Chi-Square Test: The Chi-square test is used in this paper with discrete data
in the form of frequencies. It is used to check the independence/dependence
of demographic profile such as age, occupation and income on saving
objectives.

6. b. Test of homogeneity has been applied using chi-square to find out the
preferences of male and female on various mutual funds schemes
c. Factoranalysis: It is a statistical tool, which enables to bring in multiple
factors that affect a single variable to a few factors, which had a direct
association to the variable(s). In doing so it reduces the number of pointers,
which lead to a definitive association to the variables or cases.
d. Factoranalysis has been carried out to formulate the coefficient of
correlation between each variable. In this study, factor analysis has been
used to reveal out of nine selected variables, which affect most in taking
investment decision on mutual funds by individual investors.
Hypothesis
For analyzing the pattern of investment in various schemes of mutual fund on the
basis of gender, the following hypotheses are taken into consideration:
 H0: There is no significant difference in selecting mutual fund schemes as
an investments avenue among the male and female investors.
 H1: There is a significant difference in selecting mutual fund schemes as an
investments avenue among the male and female investors,
 H1a: There is a significant difference in selecting growth mutual fund
amongst the male and female investors.
 H1b: There is a significant difference in selecting balanced mutual fund
amongst the male and female investors.
 H1c: There is a significant difference in selecting tax saving mutual fund
amongst the male and female investors.
 H1d: There is a significant difference in selecting income/debt mutual fund
amongst the male and female investors.
 H1e: There is a significant difference in selecting index mutual fund
amongst the male and female investors.
 H1f: There is a significant difference in selecting money market mutual fund
amongst the male and female investors.

7. 4.3 Type and sources of data:
The study deals with the financial behaviour as well as their preferences towards
mutual funds of Individual Investors in the state of Orissa (India). The required
data was collected through a pretested questionnaire administered on a
combination of simple random and judgment sample of 200 financially literate
individual investors. Out of the 200 respondents, 140 were male and rest 60 was
female respondents. An individual who has currently invested in any MF scheme
and whose yearly income is under Indian rupees ten lakhs has been considered for
the study. Respondents included salaried investors, self employed professionals
and entrepreneurs, who were screened and inclusion was purely on the basis of
their knowledge about financial markets, mutual funds and various savings
options.
This study covers nine major cities in Orissa which
includes Bhubaneswar, Cuttack, Rourkela, Berhampur, Jajpur, Bhadrak,
Sambhalpur, Balasore and Jharsuguda as shown in Table 1.1). Primary data has
been collected through a personal interview and structured questionnaire between
January’2011 and June’2012.
Forthe above purpose, respondents are grouped according to their demographic
profile as shown in Table no.
1.0
Table No. 1.0: Age, Gender,occupation and Income wise
Demographic Pattern of
IndividualInvestors.
46 to 60 years
61 years & above 50 25%
Occupations

8. Demographic
category of investor
Parameters No. of Representative
Total %
Gender Male 140 70%
Female 60 30%
Age Up to 30 years 50 25%
31 to 45 years 50 25%
Occupation Self Employed 43 21%
Entrepreneur 37 19%
Salaried Employed 120 60%
AnnualIncome Up to Rs. 3 lakh p.a. 40 20%
Rs. 3 to 5 lakh p.a. 70 35%
Rs. 5 to 7 lakh p.a. 60 30%
More than 7 lakh p.a. 30 15%

9. Self employed Professional 43 21%
Entrepreneurs 37 19%
Salaried employees 120 60%
Annual Income
up to Rs 3 Lakhs per annum 40 20%
Rs 3 – 5 Lakhs per annum 70 35%
Rs 5 – 7 lakhs per annum 60 30%
more than Rs 7 Lakhs per annum 30 15%
Source:compiled
Table No. 1.1: Area profile of Respondents
Place of Orissa state (India) Number Percentage
Bhubaneswar 40 20%
Cuttack 36 18%
Rourkela 20 10%
Berhampur 26 13%
Jajpur 18 9%
Bhadrak 24 12%
Sambhalpur 16 8%
Balasore 14 7%
Jharsuguda 6 3%
200 100%
Source:Compiled

10. 4. LIMITATIONS OF THE STUDY:
Sample size is limited to 200 educated individual investors. Respondents those
who are aware
about financial market and investment options and invested in mutual funds have
been
considered for the study. Sample has been collected only from Bhubaneswar,
Cuttack, Rourkela,
Berhampur, Jajpur, Bhadrak, Sambhalpur, Balasore and Jharsuguda. Simple
Random and
judgment sampling techniques is used due to time and financial constraints. This
study has not
been conducted over an extended period of time having bothups and downs of
stockmarket
conditions which influences investor’s saving and investing pattern.
5. ANALYSIS AND INTERPRETATION
Investment options preference among Individual Investors (gender wise):
DrivingOld Car Now = Peace of Mind Later On. One of the key mantra for
disciplined
investing is not to let those hard earned paychecks slip through our hot little hands.
Asset
preference pattern of an individual investor provides an insight into the investment
attitude of
investors, which influences the policy formation for garnering the individual
savings. Every
individual investor should decide where to invest and how much to invest and
when to invest,
depending on their risk profile and saving objective they set. To find out
preference pattern of
investors on selected investment options, Spearman Rank Correlation Test has
been used. For the
study, ten investment options were selected on the basis of various surveys and
literature reviews
(NCAER 2010). The selected investment options are, a) secured deposits in
commercial banks,

11. b) endowment policies floated by insurance companies which are linked to equities
and debt, c)
State or central government of India sponsored saving schemes such as public
provident fund,
employees provident fund, various pension schemes etc. d) bonds debentures,
public deposits by
corporate, e) equity stocks, preference stocks, f) mutual funds, unit liked saving
schemes (ULIP),
equity linked saving schemes (ELSS), g) gold, silver, ornaments, precious stones
or utensils etc.,
h) real estate includes purchase of land and building for personal use or for
investment purpose,
i) Indian postal saving schemes for small individual investors, which includes
various time
deposits and recurring deposits, Kisan Vikas Patra (KVP), National Saving
Certificate (NSC)
etc., floated by Indian Postaldepartment, j) Other, includes various forms of Art,
handicraft etc.
Respondents were requested to rank each of the 10 selected investment options on
ten point scale
as 1 be the most preferred and 10 be the least preferred option. The raw scores are
converted to
ranks and the differences between the ranks of each observation on the two
variables have been
calculated. Calculated value of rank correlation coefficient between male and
female on various
saving options is 0.5545, which shows that there is a moderate similarity between
the ranks
given by male and female. It can be concluded that the investment decision on
various
investment avenues on which the rank was sought (Table no 3.0), shows equal
strength of
direction and there is not much difference between rank preference given by mail
and female
respondents.
Table no.3.0: Showing the ranks given my male and female on
various investmentoptions
Investment options

12. Rank given by
male respondents
Rank given by
female respondents
1. Secured Deposits (Fixed Deposits etc) 1st rank (14.07%) 3rd rank (15.03%)
2. LIC Policies 5th rank (10.03%) 5th rank (9.78%)
3. Public Provident fund / EPF / Pension schemes 6th rank (9.9%) 7th rank
(8.21%)
4. Bonds / Debentures 9th rank (7.28%) 9th rank (4.75%)
5. Equity Shares 4th rank (10.54%) 8th rank (8.15%)
6. Mutual funds / ULIP / ELSS 3rd rank (11.92%) 4th rank (9.78%)
7. Bullion (gold, silver, ornaments) 8th rank (9.15%) 1st rank (16.33%)
8. Real Estate 2nd rank (13.96%) 2nd rank (16.24%)
9. Postalsavings schemes 7th rank (9.58%) 6th rank (9.69%)
10. Others 10th rank (2.8%) 10th rank (2.12%)
Source:Calculated
Graph G-1: Showing preference for investment options by Investors (category:
self-employed)
Source:compiled from survey
Self employed males investors are preferring to invest more in real estate, term
deposit in banks
and also in endowment insurance plans, whereas female self-employed investors
keeping more
faith in bank term deposits, investing in real estate and bullion (Graph G-1).
Graph G-2: Showing preference for investment options by Investors (category:
entrepreneurs)
Source:compiled from survey
Male investor under entrepreneur category has ranked investment in real estate as
no.1 and also
shown almost equal interest in bullion and equity related instruments, whereas
female investors
under this category investment in bullion as their top choice and simultaneously
shown interest
in real estate, equity shares and mutual funds.
Graph G-3: Showing preference for investment options by Investors (category:
salaried class)
Source:compiled from survey
Salaried employees both male and female have given real estate as their first
choice and unlike

13. male counterparts female investors are relying more in bullion. But in this
category, male and
female are trusting fixed deposits, LIC endowments plans including ELSS, ULIP
and pension
plans as options to invest their hard earned incomes.
6.1: Mutual Fund Scheme Preference among Individual Investor: Study attempts to
find out the
investor’s preferences on various schemes of mutual funds (table 2.0). For this
study, six
different types of fund have been selected. Growth schemes, Income schemes,
Balance schemes,
Index schemes, Tax saving schemes, money market schemes. For each schemes,
chi-square test
of homogeneity has been applied to determine the respondent’s (gender wise)
preferences.
Table no.2.0: Genderwise preferences for differentschemes of
mutualfunds
RATINGS
Growth /
Equity
Schemes
Balanced
Schemes
Tax
Saving
Schemes
Income /
Debt
Schemes
Index
Schemes
Money
Market
Schemes
M F M F M F M F M F M F
Highly
Favourable
(Rating-1)
55 9 46 28 63 14 30 27 5 2 13 16
Favourable

14. (Rating-2)
38 14 38 16 50 17 28 15 4 2 14 14
Somewhat
favourable
(Rating-3)
30 18 30 8 18 21 26 7 36 2 25 12
Not very
favourable
(Rating-4)
12 10 20 5 6 5 37 8 49 24 30 10
Not at all
favourable
(Rating-5)
5 9 6 3 3 3 19 3 46 30 58 8
140 60 140 60 140 60 140 60 140 60 140 60
Source: Compiled.(M for male,F for female).
Table no.2.1: Showing chi-squareresults on mutualfunds schemes
Demographic Profile
Degree of
freedom
Chi-square
Value
Table value at
5% significance
level
Significant /
Not significant
Growth / Equity Schemes 4 20.08 9.49 Significant
Balanced Schemes 4 4.71 9.49 Not Significant
Tax saving Schemes 4 22.579 9.49 Significant
Income / Debt Schemes 4 15.65 9.49 Significant
Index Schemes 4 13.67 9.49 Significant
Money Market Schemes 4 25.77 9.49 Significant
Source: Calculated
Null hypothesis Ho1(a):Preferencesof male and femalerespondents
regardinggrowth mutual
fund schemeare same. Calculated value of chi-square is 20.08 and the table
value with a degree
of freedom 4 is 9.49. Therefore, null hypothesis Ho1(a) is rejected. So it can be
concluded that in

15. case of growth mutual fund schemes, preference of male & female is significantly
different.
Null hypothesis Ho1(b):Preferencesof male and femalerespondents
regardingbalancedmutual
fund schemeare same. Investors with moderate risk taking capability invest in
balanced schemes.
The calculated chi-square value on balance scheme for 200 respondents is 4.71 and
the table
value with 4 df is 9.49 at 5% significance level. Here null hypothesis Ho1(b) is
accepted. It is
concluded that there is no significant difference of preferences between male and
female.
Null hypothesis Ho1(c):Preferencesof male and femalerespondents
regardingtax savingscheme
are same. Tax saving schemes offer tax incentives to the investors under tax laws
as prescribed
from time to time and promotelong-term investments in equities through Mutual
Funds. For tax
savings schemes, chi-square value as calculated is 22.579, whereas table value
with df of 4 is
9.49 with 5% level of significance. So the null hypothesis Ho1(c) is rejected, and
it can be
concluded that there is significant difference in opinion among male and female.
Null hypothesis Ho1(d):Preferencesof male and femalerespondents
regardingincomescheme
are same. Income schemes invest in fixed income securities such as bonds and
corporate
debentures. Such schemes are ideal for Investors who need some income to
supplement their
earnings. Chi-square value of the responses of male and female is 15.65 whereas
the table value
with 4 df is 9.49 at 5% significance level. Null hypothesis is Ho1(d) for income
scheme is
rejected. So it can be concluded that there is significant difference between the
preference of
male and female on income schemes.
Null hypothesis Ho1(e):Preferencesof male and femalerespondents
regardingindex scheme are
same.Index schemes that attempt to replicate the performance of a particular
index. Index fund

16. schemes are ideal for investors who are satisfied with a return approximately equal
to that of an
index. In case of Index scheme, calculated value of chi-square is 13.67 and the
table value with 4
df with 5% level of significance is 9.49. So null hypothesis Ho1(e) is rejected.
There is significant
difference in the preference of male and female with respectto index scheme.
Null hypothesis Ho1(f):Preferences of maleand female respondents
regardingindex scheme are
same.Money market mutual fund schemes aim to provide easy liquidity,
preservation of capital
and moderate income. Null hypothesis Ho1(f) here is rejected because the
calculated chi-square
value is 25.77 and the table value with 4 degree of freedom with 5% level of
significance is 9.49.
So there is significant difference between preference of male and female on money
market
mutual schemes.
6.5: Scheme Preference by Operation among Individual Investors
Analysis of scheme preference by nature of operation reveals the popularity of
‘Open-Ended’
scheme. Out of total respondents 78% across age, occupation and income level
have voted for
open-ended schemes. Remaining 15% and 7% have opted for close ended &
interval schemes
respectively. The preference to Open-Ended scheme also gives due importance to
‘Liquidity’.
6.6: Preferential Feature in Mutual Funds influencing the scheme selection by
Individual
Investors. The information was collected through a designed instrument on a five-
point scale
where one was taken for strongly disagree and five was taken as strongly agree.
FactorAnalysis
have been used to look at the nine selected variables that tend to relate to each
other and estimate
what underlying reasons might cause these variables to be more highly correlated
with each
other. Forthis study, tool of SPSS was extensively used. Variables were analysed
using the

17. Varimax with Kaiser Normalization, resulting in constructing and naming of the
factors which is
largely subjective. Bartlett's test of sphericity and Kaiser-Meyer Olkin (KMO)
measure of
sampling adequacy were used to examine the appropriateness of factor analysis.
The
approximate chi-square statistic is 232.768 with 36 degrees of freedom, which is
significant at
.000 levels. The KMO statistic (0.663) is large (>0.5), hence, factor analysis can be
considered
for further analysis of data (table3.0).
Table no.3.0: KMO and Bartlett's Test
Kaiser-Meyer-Olkin Measure of Sampling Adequacy. .663
Bartlett's Test of Sphericity Approx. Chi-Square 232.768
Df 36
Sig. .000
Table no.3.1: Communalities
Initial Extraction
Safety 1.000 .717
Liquidity 1.000 .669
Flexibility 1.000 .583
good return 1.000 .570
capital appreciation 1.000 .694
professional management 1.000 .680
tax benefit 1.000 .640
diversification benefit 1.000 .811
reputation of the sponsor1.000 .581
Source: calculated. Extraction Method: Principal Component Analysis.
Table no.3.2: Communalities,Initial Eigen values,Extraction Sums of
Squared Loadings
and Rotation Sums of Squared Loadings
Compo
nent
Initial Eigen values
Extraction Sums of Squared
Loadings
Rotation Sums of Squared
Loadings
Total
% of

18. Variance
Cumulative
% Total
% of
Variance
Cumulative
% Total
% of
Variance
Cumulative
%
1 2.087 23.184 23.184 2.087 23.184 23.184 1.996 22.174 22.174
2 1.394 15.487 38.671 1.394 15.487 38.671 1.336 14.840 37.014
3 1.289 14.320 52.991 1.289 14.320 52.991 1.334 14.817 51.831
4 1.178 13.086 66.078 1.178 13.086 66.078 1.282 14.247 66.078
5 .842 9.357 75.435
6 .778 8.643 84.077
7 .573 6.368 90.445
8 .472 5.248 95.693
9 .388 4.307 100.000
Source: calculated. Extraction Method: Principal Component Analysis.
Retaining only the variables with Eigen values greater than one (Kaiser's criterion)
(table 3.2),
we can infer that 23.184% of variance is explained by factor one; 15.487% of
variance is
explained by factor two and 14.32% of variance is explained by Factor three and
13.086% by
factor four. Together, all the factors contributed to 66.078% of variance. Therefore,
Varimax
Rotation (table 3.4) was done to obtain factors that can be named and interpreted.
Table no.3.3: FactorsAffecting Choice of a Scheme (Rotated
ComponentMatrixa)
Factors
Component
1 2 3 4
Safety .820 .177 -.076 -.089
Liquidity .763 .099 .045 -.275
Flexibility .172 -.120 .526 -.112
Good return -.264 .323 .730 .007
Capital appreciation -.657 .184 -.020 -.201

19. Professional management -.050 .080 -.333 .749
Tax benefit -.002 .772 .087 -.192
Diversification benefit -.105 -.107 .528 .514
Reputation of the sponsor.096 .197 -.064 .727
Source: calculated. Extraction Method: Principal Component Analysis. Rotation
Method:
Varimax with Kaiser Normalization. a. Rotation converged in 5 iterations.
The factor loading measures which variable is involved in which factor, to what
degree and in
what direction? Interpreting the above in this line (which is close to correlation
coefficient) it has
been observed that factor one (Secured investment) is a combination of the two
original variables
which are safety and liquidity. It is heartening to see that, in a volatile market,
investors are not
ready to take risk. Instead, retail investors want to ensure safety of their initial
investments and
independency to redeem units of mutual funds. Factorloading for the second factor
(Tax saving
benefit) commands strong preference among male and female. The factor loading
for the third
factor (Past performance) reveals that individual investors reacted positively to
good incremental
returns in net asset value (NAV). This is quite telling as we can presume that
investors give
adequate significance to the trends of past returns while deciding on the
investment. Finally, the
fourth factor loading (Professionalism and reputation of fund house) is
idiosyncratically agreed
by investors that reputation of the sponsors and professionalism of AMC is
relevant in taking
investment decision.
FINDINGS:

20. Under the study, an effort has been made to sketch the behavioral pattern of retail
investors
towards various investment opportunities. A couple of hypothesis in this regard
have been
selected and tested to reach to conclusions. And the research concludes with some
important
findings that will be valuable for both the investors and the companies having such
investment
opportunities.
1. Investors have not shown very positive sentiments on mutual funds during the
phase of the
study conducted, primarily due to underperformance of the secondary market and
highly volatile
fixed income securities market.
2. Forvarious schemes of mutual funds, study found significant difference in the
opinion of male
and female in case of growth and income funds. The study reveals, female
investors prefers the
income schemes and balance schemes whereas male counterparts prefer Growth
Schemes and
tax saving schemes [Madhusudhan V Jambodekar (1996)].
3. It is has been observed that the safety and liquidity are the most influencing
factors in inducing
most of the investors to opt for the MF schemes. Past return and tax savings is
another major
determinant of the choice [Chalam, (2003)]. Professional management and
reputation of the fund
is also among important determinants in influencing the investment decision.

21. CONCLUSION AND SUGGESTION:
It is widely believed that mutual fund is a retail productdesigned to target
individual investors,
who are intimidated by the stockmarket but, like to take advantage of stockmarket
investing.
Hence, an appropriate crafting of a mutual fund productand expecting a good
responsefrom the
investors is the need of the hour. A successfulfund manager should study investor
saving and
investment behaviour based on the demographic profile and understands their
needs and
expectations, to gear up the performance to meet investor requirements. Since the
investors need
for liquidity is found to be high and showed interest for open ended funds in
various surveys, we
suggest that more of the new schemes opening for subscription be Open-ended.
AMCs should
open more service branches to provide over-the-counter redemption facility. As in
various
empirical researches, it is concluded that Agents play a vital role in spreading the
mutual funds
culture [Syama Sunder (1998)], to accelerate investment in mutual fund, SEBI
should introduce
entry load to motivate the distributers of mutual funds.

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