Mutual fund Update: Two-third of retail MF investors stay invested beyond a year
It is often believed that corporate investors or HNIs (High Networth Individuals) who have a more professional approach to mutual fund investors tend to remain invested for a longer period. Nonetheless, age-wise analysis of assets under management at the end of September 2018 shows that it is retail investors that remain invested for a longer period. On an average, 60 per cent of retail investors (equity fund) remain invested for more than a year and almost 40% remain invested for more than 24 months or more.
This is even true for non-equity investment, where 66 per cent of retail investors remain invested for more than one year and almost 40 per cent for more than a year. Banks and financial institutions are the most agile investors. Only six per cent in case of equity and 9.83 per cent in case of non-equity remain invested for more than two years.
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)
Even in case of debt funds, retail investors remain invested for the longest duration. Almost 49 per cent of the retail investors have remained invested for more than two years. One of the reasons for a higher portion of retail investors remaining invested for more than two years in the non-equity fund is because of better tax treatment if the investor remains invested for more than three years.
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)