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A data-driven approach to unlocking the potential of equity mutual funds for retail investors: an analysis based on expert insights

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  • Senthil Arasu Balasubramanian
  • Rajesh Jeyaprakash
  • G. Citybabu

Abstract

This study aims to develop a hybrid model based on both expert insights and data-driven approaches. To establish an optimal selection process, the study adopted VIKOR model. The significance of both models was validated through Spearman's correlation and buy-and-hold strategies under market-adjusted equity mutual fund performance. The study emphasises the significance of scheme-level information in fund selection, along with crucial performance metrics like one-month return, Sharpe ratio, and Jensen alpha. Through the developed hybrid model, the top-performing funds were identified from a pool of 145 equity funds. These findings are validated and recommended to retail investors across five categories, ranging from strongly recommended to not recommended, based on market-adjusted performance. The study results help retail investors select and invest in equity mutual funds by combining experts' insights and data-based hybrid VIKOR model.

Suggested Citation

  • Senthil Arasu Balasubramanian & Rajesh Jeyaprakash & G. Citybabu, 2026. "A data-driven approach to unlocking the potential of equity mutual funds for retail investors: an analysis based on expert insights," International Journal of Process Management and Benchmarking, Inderscience Enterprises Ltd, vol. 22(4), pages 401-427.
    • Handle: RePEc:ids:ijpmbe:v:22:y:2026:i:4:p:401-427
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