Retail investors form 90 per cent of domestic MF investors
The rise of the mutual fund industry in India, in the last five years is primarily led by the retail investors. In the last five years, ending December 2019, the number of mutual fund investors has increased by an annualised growth rate of 16.6 per cent. Since December 2014, there is an increase in investor accounts from 4.03 crore to 8.71 crore in December 2019 (these are not unique number of investors, in fact, an investor can have multiple accounts). Most of this growth is generated by a rise in the retail investors. They now account for 89.8 per cent of the total mutual fund investors in India. High Networth Individuals (HNIs) account for 9.4 per cent and institutional investor account for 0.9 per cent of the total mutual fund investors.
Equity leads the race
Out of the total investors, majority of them invest in equity-dedicated funds. Equity -oriented schemes account for 71.8 per cent of the total accounts, followed by hybrid schemes that account for 10.9 per cent and solution-0riented schemes, which shares 6.2 per cent of the total account.
Size of Investment
The average ticket size for equity-oriented funds is Rs 128,807 at the end of December 2019, where retail investors are the major investors. The highest average ticket size is for liquid funds (Rs 24 lakh) and debt-oriented schemes (Rs 15 lakh). These categories are dominated by institutional investors and hence, have a larger ticket size.
When we analyse the overall data, retail investors’ average account size is Rs 63,701which, reflects average investment of an individual investor, both in equity and debt. . Institutional investor in the same period has the highest ticket size of Rs 7.9 crore per account.
In the terms of duration for which the investors remain invested in a fund is still very low. Only 37 per cent of the investors remain invested in the equity-dedicated fund for more than two years.
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)