The Level of Malay Awareness Towards Unit Trust Investment

THE LEVEL OF MALAY AWARENESS TOWARDS UNIT
TRUST INVESTMENT
MOHD ZAIDI BIN ZAKARIA

2006134165
BACHELOR OF BUSINESS ADMINISTRATION

(HONS) FINANCE
FACULTY OF BUSINESS MANAGEMENT
UNIVERSITI TEKNOLOGI MARA
BANDAR MELAKA
NOVEMBER 2008
THE LEVEL OF MALAY AWARENESS TOWARDS UNIT

TRUST INVESTMENT
Submitted in Partial Fulfillment

As the Requirement for the
Bachelor of Business Administration
(Hons) Finance

UITM, BANDAR MELAKA
NOVEMBER 2008
BACHELOR OF BUSINESS ADMINISTRATION

(HON) FINANCE
UNIVERSITI TEKNOLOGI MARA
BANDAR MELAKA
DECLARATION OF ORIGINAL WORK
I, Mohd Zaidi Bin Zakaria (850612055039)

Hereby, declared that,
This work has not previously been accepted in substances for any degree, locally or overseas
and is not being concurrently submitted for this degree or any other degrees.
This project paper is the result of my independent work and investigation, except where
otherwise stated.
All verbatim extracts have been distinguished by quotation marks and sources of my information
have been specifically acknowledged.
Signature: _______________
Date: __________
LETTER OF SUBMISSION
November 2008
Madam Siti Normah Binti Awang Tuah
Bachelor of Business Administration (Hons) Finance
Faculty of Business Management
Universiti Teknologi MARA
Malacca City Campus
Malacca
Dear Madam,
SUBMISSION OF PROJECT PAPER
Attached is the project paper titled THE LEVEL OF MALAY AWARENESS TOWARDS UNIT
TRUST INVESTMENT to fulfill the requirement of as needed by the Faculty of Business
Management, University Technology MARA.
Thank you.
Yours sincerely,

2006134165
Bachelor of Business Administration (Hons) Finance
Acknowledgement
Assalammualaikum
First and foremost, all praise be to Allah, the Almighty, the Benevolent for His blessings
and guidance for giving me the inspiration to complete this thesis successfully.
I would like to acknowledge the following individuals for their contributions in writing
My appreciation and thank to my beloved lecturer, Assoc Prof Dr. Arshad Bin Hashim
who had guided and given me moral support and advices. I will never forget what I had
learnt from him.
My parents have always being very supportive. Without their support I may not be able to
complete my thesis. I love them with all my heart.
Special thank to Miss Carol Tai and Puan Hawa Yakob. They had given had given me a
lot of source materials which is very useful for me to write my thesis. They had answered
my entire question that had helped me to finish this thesis.
Lastly, thank to my friends who are always there when I need them most. They never fail
to share their brilliant ideas with me and give me supports.
Thank You.
TABLE OF CONTENTS
CONTENTS
ACKNOWLEDGEMENT
TABLE OF CONTENTS
LIST OF TABLES
LIST OF FIGURES
LIST OF ABBRIVIATIONS
ABSTRACT
PAGE
I
II
IV
V
VI
VII
1.0 CHAPTER ONE

1.1 Background and Introduction
1.2 Problem Statement
1.3 Research Question
1.4 Research Objective
1.5 Significance of Study
1.6 Scope of Study
1.7 Limitation and Constraint
1.8 Definition of Terms
1
1
2
4
4
5
7
8
10
2.0 CHAPTER TWO: LITERATURE REVIEW

2.1 Unit Trust
2.2 Benefits of Investing In Unit Trust
2.3 Risk
2.4 Return
2.5 Investors Awareness
2.6 Theoretical Framework
2.7 Hypothesis
11
11
13
16
18
21
22
24
3.0 CHAPTER THREE: RESEARCH METHODOLOGY

3.1 Introduction
3.2 Population and Sampling
3.3 Sources of Data
3.3 Data Analysis and Interpretation Techniques
25
25
25
27
29
4.0 CHAPTER FOUR: ANALYSIS AND INTERPRETATION

4.2 Respondents Profile
4.3 Reliability Coefficient Test
4.4 Respondents Response
4. 5 Cross Tabulation
31
31
36
37
44
5.0 CHAPTER FIVE: CONCLUSION AND RECOMMENDATION

5.1 Overview
5.2 Conclusion
5.3 Recommendation
5.4 Future Research
BIBILIOGRPAHY
APPENDICES
49
49
49
51
53
LIST OF TABLES
TABLES
Table 4.2.1: Frequency Distribution (Based on Demographic Profile)
Table 4.2.2: Frequency Distribution (Based on Present Investment)
Table 4.2.3: Frequency Distribution (Based on Monthly Saving, Unit Trust
Period & Satisfied with return)
Table 4.3.1: Case Processing Summary
Table 4.3.2: Reliability Statistics
Table 4.4.1: Descriptive Statistics of the sources of information
Table 4.4.2: Descriptive Statistics of benefits of unit trust investment
Table 4.4.3 Descriptive Statistics return on unit trust
Table 4.4.4: Descriptive Statistics of risk on unit trust
Table 4.5.2: Cross Tabulation between Respondent Profile and
Respondents Motivation/Awareness to Invest
Table 4.5.3: Cross Tab between Respondents Profile and Respondents
Present Investment
Table 4.5.4: Cross Tabulation between Respondent Profile and
Respondents Motivation/Awareness to Invest
Table 4.5.5: Cross Tab between Respondents Profile and Respondents
Present Investment
PAGES
32
34
35
36
36
37
39
41
42
42
45
46
47
48
LIST OF FIGURE
FIGURE
Figure 2.1.1 Unit Trust Structure
Figure 2.3.1 Risk and Return
Figure 2.4.1.1 Concept Risk and Return
PAGE
10
15
16
LIST OF ABBREVIATION
FMUTM
UTC
UTMC
SC
Federation of Malaysian Unit Trust Managers

Unit Trust Consultant
Unit Trust Management Company
Securities Commission
Abstract
This thesis is to determine the level of Malay investors awareness towards unit trust
investment. The purpose of this thesis to researcher is to know what are the main
factors attract Malay investors to invest in unit trust whether they invest because of the
percentage of the return or because they are aware that investment is important for
them. Besides that, this thesis shows us how Malay investors manage their investment.
This is because usually investors do not know what types of fund there are in unit trust
and some investors do not know which fund they had invested.
Four independent variables are determined; benefits of unit trust, risk of unit trust, return
of unit trust and demographic profile. For the purpose of this research, 56
questionnaires distributed to the respondents to get the feedback on their awareness
towards unit trust investment.
Chapter one of this research is discussed on the initial information about the research
and followed by second chapter, which is the literature review. In chapter three,
researcher focused on the research methodology applied in the research. Next, in
chapter four, the data which has been collected is being analyzed and well interpreted.
In the last chapter researcher concluded all the findings, result of the research, and
determined several recommendations that should be considered by Malay investors
when they invest in unit trust.
1.0 CHAPTER ONE: INTRODUCTION

1.1 Background and Introduction
Unit Trust is an investment scheme that pools money from many investors who share the same
investment objective. The fund is managed by a group of professional Fund Managers and the
assets are held within a trust, by a trustee. Unit trust is the best suited to investors with medium
to long-term investment horizon and goals and it is one of the simplest ways to invest in the
capital market. Investors can enjoy the benefits of professional fund management who will
monitor the current development of the funds in the interest of the investors.
In Malaysia unit trust has actually existed for over 40 years. The first ever unit trust fund on our
shores was the First Malayan Fund, launched in 1959 by the Malayan Unit Trust Limited. By
1960, Second Malayan Fund being launched and followed by the Third Malayan Fund the
following year. The next unit trust company was Asia Unit Trust Berhad, a subsidiary of South
East Asia Development Corporation, came into the picture in 1966. In the following year, the first
Bumiputra fund was then launched soon after the establishment of Amanah Saham Mara
Berhad (ASMB) and then followed by the launch of more funds all solely for Bumiputras.
But despite the entry of two more unit trust companies, the industry remained pretty much in the
background until the end of 1980. By April 1981, Amanah Saham Nasional (ASN) was launched
and managed by a subsidiary of Perbadanan Nasional Berhad (PNB). This fund was set up with
objective of increasing Bumiputra ownership in the corporate sector.
The launching of ASN had provided new impetus and attracted more Bumiputra to invest in trust
fund. Attracted by the incredible return of 20% the first year and 18% the second and third
years, the fund attracted investors like never before. ASN grew and grew and soon became the
unit trust leader, overshadowing the other funds. By 1990, the fund size had grown to 11billion
units. The same year, the Amanah Saham Bumiputra (ASB) took over when ASN was opened to
the public by 31 December 1997, there were total 84 funds managed by 31 unit trust companies
with total of 45 billion units worth about RM33.5 billion managed by the giant Perbadanan
Nasioanl Berhad which manages the ASN, ASB and also the Amanah Saham Wawasan 2020,
BHLB Pacific Trust Management Berhad, KL Mututal Fund and RHB Unit Trust.
As for the reasons for the rapid growth of unit trust fund in recent year it is not hard to figure out
why. According to the Morning Star, as at November 2007, the total average yield Malaysian unit
trust equity fund was 53% for the past three years. That is an average return 17.7% per annum
for the past three years, and 20.6% per annum for the past five years. Investing in unit trust
bring a lot of benefits to the investors compare to the others investment scheme. From the
performance record, unit trust industry had brought a high return to the investors.
1.2 Problem Statement
Since unit trust has being more than 40 years in Malaysia, investment by Malay is still lacking
and many unit trust funds are manipulated by the non-Bumiputras. Some of us still do not know
what unit trust is actually about and had invested in it. This study will focus the level of Malay
investors awareness in unit trust investment.
Unit trust was launched in Malaysia since 1959 but the Malays are still not aware of the unit
trust. Based on the LIPPER report, 65% of Malaysian have not invest in unit trust especially
from the Malays who work in the government sector and they are easily influenced by legal
investment such as Switch Cash because such investment can give them a higher return in a
short-term.
Some investors invested in unit trust because they just want the return from their investment
and they never think why they should have an investment. Investment is important for us
because it can help us to manage our finance and also plan for our future.
Malay investors should be aware of this investment before they invest because this investment
is not a non-risk investment. They must know all the risks involve before they invest in unit trust.
This is because risk is a measurement for the return. Furthermore, investor should know their
level of risk whether moderate, aggressive or conservative. This is important because which
fund investor wants to invest is based on investor level of risk.
As unit trust consultant, the main responsibility as a consultant is to help investor to manage
their financial need properly. As investors, we have a right to make sure that consultant do their
job well and not just looking for money to achieve their target sales. Besides that, investors
should be aware of this because our investment profit depends on how the consultant is doing
their job. Many Malay investors easily believe the consultant and without any hesitation, they
just put their in this investment with high expectation.
Some investors feel that investing in unit trust is not profitable. Investors should take note the
factors to consider before investing in unit trust, the responsibilities as an investor and investors
right.
For the above reasons, this research seeks to examine whether Malay investors are aware of
the risk of unit trust, notice or not with the benefit of unit trust and the return of unit trust
investment so that the awareness of Malay investors level can be evaluated.
1.3 Research Question

1. What are the most main factors those Malay investors are aware of when investing in unit
trust?
2. Is there any awareness among Malay investors when investing in unit trust?
3. Are the government servants exposed to unit trust investment?
1.4 Research Objective
1. To identify what are the main factors that attract Malay investors to invest in unit trust.
2. To examine the awareness level among Malay investors when investing in unit trust.
3. To identify whether government servants are exposed to unit trust investment.
1.5 Significance of the Study

Investing in unit trust brings lots of benefits to the investors. There is still a lack of investors
especially Malay investors to invest in unit trust. Therefore, this study is important to examine:1. To identify what are the main factors that attract Malay investors to invest in unit trust.
2. To examine the awareness level among Malay investors when investing in unit trust.
3. To identify whether government servants are exposed to unit trust investment.
The result of this study is significant to researcher, Unit Trust Company, the public, unit trust
consultants and also students.
1.5.1 Researcher
Other than to fulfill the requirement as needed by the Faculty of Business Management,
Universiti Teknologi MARA (UiTM), this study is very important in order to develop the
researchers skills in a real fieldwork experience. Besides that, researcher will gain more
knowledge, in-depth understanding and real scenario what factors attract Malays to invest in
unit trust and why there is still a lack of Malays not investing in unit trust. This study will also be
significant to the researcher in giving the ability to observe, analyze and interpret the data
collected from various sources.
1.5.2 Unit Trust Company
This study will give information to the unit trust company in order to attract more people to invest
in unit trust. Furthermore, the results and findings of this survey could provide some information
for unit trust Company to make strategic decisions in promoting their product to the public.
1.5.3 Public
This study will help the public to gain their knowledge about unit trust investment and what are
the benefits they can get when they invest in unit trust. Besides that, it also helps to change
their perception on unit trust and encourage people to invest in unit trust.
1.5.4 Unit Trust Consultant
Being a unit trust consultant is not an easy job. It needs patience to sell unit trust to the public.
This research will help them to develop their communication skills and level of confidence when
dealing with the public.
1.5.5 Students
This research can be a future reference for Universiti Teknologi Mara (UiTM) students especially
the students from Diploma in Business Studies and Bachelor of Business Administration
(Finance). This study will help students to develop the ability to conduct the research and apply
the knowledge acquired.
1.6 Scope of Study

The scope of study is focus on the level of Malay investors awareness towards unit trust
investment. This study has been conducted among the CIMB Wealth Advisors Berhads Malay
customers in Kuala Pilah and Melaka.
For the purpose of this study, it will focus more on the level of Malay investors awareness
towards unit trust investment. This study is also to determine what are the factors that
contributing to the investors investment. Did they invest because they think the return is high or
because of the benefits of unit trust? Are they aware of the risk in unit trust?
1.7 Limitation and Constraint

1.7.1 Lack of Information
There are some difficulties to get the sources for literature review and reference due to lack of
writing and information for this research. For this research, it involves the seeking of the
information is gathered through the surfing the internet but not much information is gathered.
1.7.2 Poor feedback from respondents
There is poor feedback from the respondents especially in answering the questionnaire. Some
respondents do not understand the questionnaire and need explanations to understand the
questions. They also do not answer the questions properly.
1.7.3 Time Constraint
Limited time is a problem for the researcher to complete the project paper. This research is
conducted in five months and during these five months, the researcher needs to find his clients
to distribute the questionnaires. Besides that, researcher does not have enough time to do the
research as the researcher needs to juggle between practical training and project paper.
1.7.4 Lack of knowledge
Since this is the first project paper conducted by the researcher, the researcher lacks
experience in conducting this project paper. To complete this project paper, the researcher has
to travel from his home to consult his project advisor and also go to the library to look up
reference.
1.7.5 Cost constraint

In order to collect the data, the researcher needs to travel from Kuala Pilah to Melaka and this
incurred cost. Therefore due to the cost constraint, the information to be gathered is limited.
This also affected the researcher to get more information and make some reference.
1.7.6 Lack of Cooperation
To gather the data, the researcher needs the cooperation of the consultants to distribute the
questionnaire to their clients. But unfortunately, consultants are busy with their own work and
they dont have time to distribute and collect the questionnaire. Therefore, more data could not
be gathered.
1.8 Definition of Terms

1.8.1 Trustee
Trustee is a legal term that refers to a holder of property on behalf of a beneficiary
1.8.2 Deed
The legal document executed between the trustee of a UTS and the UTMC, which lays down
the framework within which all the parties, including the unitholders, must operate. It specifies in
detail how the UTS is to operate and be managed and how fees are to be charged. The
investors agree to be a party to the deed by completing and signing an application form for units
in the UTS.
1.8.3 Prospectus
A prospectus is a legal document that institutions and businesses use to describe the securities
they are offering for participants and buyers
1.8.4 Ringgit Cost Averaging
A formula plan for timing investment transaction, in which a fixed ringgit amount is invested in a
security at fixed time intervals.
1.8.5 Time Horizon
Time horizon or planning horizon, is a period where how long investors want to invest in his/her
investment. It is necessary in investment to reduce the risk when investing.
2.0 CHAPTER TWO: LITERATURE REVIEW

2.1 Unit Trust
Unit trust can be defined as a cost-effective fund which pools fund together from investors so
that investment can be made on an economic scale to purchase stocks, bond and other
investment instruments Gitman (2003). In return, investor will received units of a unit trust fund
to reflect investors equity participation in the fund. It is a collective investment scheme which
pools the savings of investors with similar investment objectives in a special trust fund
managed by professional fund managers. The pooled monies in the unit trust fund will then be
invested in a diversified portfolio of securities and other assets in accordance with the unit trust
funds investment objectives and as permitted under the Securities Commissions (SC)
Guidelines on Unit Trust Funds. The investment scheme of a unit trust fund can be illustrated as
a tripartite relationship between the manager, the trustee and the unit holders. The manager is
responsible for the management and operations of the unit trust fund whilst the trustee holds all
the assets of the unit trust fund. The obligations and rights of each of the three parties are
specified in the Deed. The Deed regulates the duties and responsibilities of the manager and
the trustee with regard to the operations of the trust fund and protects the unit holders interest
(FMUTM, 2005).
Figure 2.1.1 Unit Trust Structure
(Sources: CIMB Wealth Advisors, 2007)

Other than investment scheme is mutual fund. This fund is similar like unit trust investment.
According to Azizi Ali (2000), mutual funds are investment schemes, very similar to unit trust,
found in the United States and some other countries. It is also an open-ended fund and works
on the same principle as a unit trust. The main difference between unit trust and mutual fund is
in their legal structure. A mutual fund is an investment company that issues redeemable shares
while a unit trust, because it is not a company, only issue units.
2.2 Benefits of Investing In Unit Trust

Investing in unit trust bring a lots of benefits to the investors. According FMUTM (2008), unit
trust funds provide investors with a simple, convenient and less time-consuming method of
investing in securities as compared to investing directly in the Eligible Market. In addition, units
trust enables investors to combine or "pool" their assets into a larger fund Sunthara Segar
(2005). In other words, unit trust is a scheme where pools money from many investors who
share the same investment objective. Furthermore, investment in unit trust funds provides the
opportunity to spread the investments over a diversified portfolio of assets which otherwise quite
impossible for investors with limited resource. It facilitates the diversification process as it
provides such investors with an avenue to pool their monies for the purchase of a diversified
portfolio of securities Gitman (2003). Hence, will potentially bring returns with lower risks as
compared to investing directly in the stock market or any other Eligible Market. An investor who
invests in unit trust funds stands to benefit from a diversified portfolio of assets with just a
minimal investment amount and the overall risk is also minimised due to its diversification. This
would otherwise not be possible if the investor invests directly in the stock market.
Diversification means different things to different people, Choy (2003). For many unit trust
investors it simply means not putting all their economic eggs into one financial basket.
Depending on the mindset of the people concerned, this could further translate into not putting
all their money earmarked for investments into one particular fund or into a single asset class of
unit trust funds or even into one unit trust management company. Thus the greatest benefit of
diversification is reduction of investment risk.
Another benefit of investing in unit trust is through ringgit cost averaging. Ringgit cost averaging
is an investing technique used to reduce exposure to risk associated with making a single large
purchase. The basic idea behind ringgit-cost averaging is that
instead of investing a sum of money all at once, you invest bit by bit, regularly, over a specific
time period. So, for example, if at the beginning of the year you have RM12,000 to invest in an
equity unit trust fund, you might invest RM1,000 each month over the course of a year instead
of investing it all at once, the form the citation by Noripah Kamso (2008). The idea is that
investor reduces risk because investor is ultimately buying a selection of stocks (via a diversified
fund) at a variety of prices throughout the year instead of buying all the shares at a single price.
In addition, dollar cost averaging means investing an equal amount of money regularly over a
period of time (Choy, 2003). So, an investor reduces the risk of investment over the long-term.
Therefore, more shares are purchased when price is lower and few shares are bought when
price is higher. The premise of dollar cost averaging is an investor is able to guard against the
market losing value shortly after making an investment. Hence, investor chooses to spread the
investment over a number of periods.
Next benefit of investing in unit trust is that investment in unit trust is more affordable as
compared to direct investments in a portfolio of securities since the minimum investment
amount in unit trust funds is relatively low. Investor is able to choose and invest in unit trust
funds that fit his/her risk profile and financial requirements (CIMB Wealth Advisors Prospectus,
2007). Daud Yunus (2006) urged that in unit trust fund, investor with a small amount of capital
is able to invest into a big stock and also investor is essentially hiring a professional manager at
an especially inexpensive price to do the work for investor.
Investors in unit trust fund do not need to worry about their investment because investment in
unit trust fund is managed by the professional fund managers. According to Regarding Jennifer
Chang & Azura Othman (2006), the fund managers of a unit trust fund will manage the
investors money by investing based on the investment strategy and objectives of the unit trust
fund Investors are able to benefit from the expertise of full-time professional fund managers
without the need to worry about the type of securities to buy and the time to get in and out of the
Eligible Market (FMUTM, 2008).
Next benefit of unit trust investment is ease of liquidity. This is supported by citation made by
Sunthara Segar (2005) where he said that units in unit trust investment can easily to be
converted into cash. There is ease in selling and buying the units in unit trust FMUTM (2007).
Unlike investments in fixed assets such as land and properties which take longer time to
liquidate, investors of unit trust can sell all or part of their unit holdings to the manager on any
business day, in accordance to the managers period of payment of redemption monies.
In terms of Tax benefits investment in the unit trust investment, capital profits are tax-free. This
means investor can get tax relief when investing in unit trust. The taxation of unit trusts is
governed by Section 61 of the Income Tax Act, 1967 (Jennifer Chang & Azura Othman, 2006).
The income of unit trusts is assessed and charged to tax separately from the income of the unit
holders. The income of a unit trust may consist of dividends, interest or profit and gain from sale
of investments and returns on bonds. Gains and disposal of investments by the unit trust will be
not be subjected to income tax.
Investment in unit trust funds is convenient, since it reduces the need to keep track of the
paperwork that comes with managing an individuals own securities portfolio, track of contract
notes, rights and bonus issues. It is very easy to purchase or sell back the units at the investors
own discretion. Furthermore, the manager will send the unit trust funds interim and annual
reports to keep investors informed of the performance of the unit trust fund (CIMB Wealth
Advisors Prospectus, 2007).
2.3 Risk
Every investment carries risk. Even returns from fixed deposits have the risk of not keeping up
with inflation. In general, equity unit trust funds are more risky than bond funds while the risk of
balanced fund lies between these two funds (FMUTM, 2008).
According to RHB Investment (2006), unit trust just like any other form of investment and unit
trust funds also carry some risks. Risk is the term used to describe the extent to which any form
of investment may fluctuate in value. The form the citation by RHB Investment (2008), risk in
unit trust such as loan financing risk, stock market risk, individual stock risk, management risk,
currency fluctuation risk, country risk, liquidity risk, issuer risk, credit risk, foreign investment
risk, interest rate risk, shariah specific risk and sector risk.
According to Rajen Devadason (2003) there are fifteen risks that investor need when investing
in unit trust fund. Fifteen risk that Rajen Devadson mention are borrowing risk, company risk,
credit risk, currency risk, diversification risk, industry risk, inflation risk, interest rate risk, liquidity
risk, loss opportunity risk, managers risk, market risk, market timing risk, political risk and
prepayment risk.
In general, unit trust funds carry much lower risk than stocks. This is primarily due to
diversification. With stocks, the worry is that the company you are investing in goes bankrupt.
With unit trust funds, there is little chance of the fund going bankrupt since unit trust funds
typically hold more than 50 companies, all of the companies that it holds would have to go
bankrupt for the fund to collapse, (Daud Yunus, 2006).
Like all other investments, investment in unit trust also advhasantages and disadvantages.
Fauziah Md.Taib (2007) claims that investors should remember that they are investing in funds
that are linked to the stock market. Hence their capital is not
secure and their income will not be guaranteed. Therefore, investor should understand all the
risk involved when investing in unit trust. Investor risk level is important to investor to decide
which fund is suitable for them. According to Ben Fok (2008), he said that when there are risks,
there are losses and when there is no risk, there is no profit. Our level of risk is measurement
for the return in our investment. If we high risk investors, we will get the high return and if we are
not risk taken, we can get low return. According to Gitman (2003) where risk is a measurement
for the return. It is important to investor to be aware of all the risk involved in unit trust before
investing to make sure investors make profit and not losses.
Figure 2.3.1 Risk and Return
(Sources: BEA Wealth Management, 2005)

For bond funds, the risks are mainly inflation risk (the risk that the return will be eroded by
inflation), interest-rate risk (become less attractive as interest rates rise) and credit risk (the
bond issuer may default on the bonds repayment). For equity funds, the risks include market
risk (equities are prone to changing market conditions), liquidity risk (transaction may be
constrained by insufficient trading volume in a market). Offshore fund also have currency risk
(currency losses when the foreign currency depreciates against the local currency) and political
risk (foreign investment affected by adverse changes in the political climate in the country)
(Sunthara Segar, 2005)
In addition, before investing, investors should first start assessing their risk tolerance. A
teenager may have a higher appetite for risk and thus will go for equity funds as compared to
some nearing retirement FMUTM (2008). Generally, the higher the risk an investor is willing to
take, the higher will be the expected rewards. Also, according to Gitman (2003) investors should
review their risk tolerance regularly as changing circumstances such as getting married can
change ones appetite.
2.4 Return
2.4.1 Concept Risk and Return
In general there is a positive relationship between risk and return. According to Gitman (2003),
return and risk like coffee and sugar. Investors have be constantly aware of the source of risk
because they will have impact on the return of an investment. Investment with high risk tends to
give high expected return and vice versa. The return is the profit from an investment. This profit
is like a reward for sacrificing current income for future income.
Figure 2.4.1.1 Concept Risk and Return

Return
Speculative Stock
Blue Chip Stock

Unit
Bond
MGS
T-Bills
Risk
2.4.2 Malaysian Unit Trust Industry Performance

Chua (1985) finds that unit trust funds in Malaysia perform better than the market during his
study period, 1974-1984. He concludes that the performance of unit trusts is fairly consistent
and fund managers have diversified and performed risk control reasonably well. In addition,
Chua finds that government sponsored funds perform better than private funds.
Later studies, however, find results that are inconsistent with Chuas findings. These studies are
by Ewe (1994), Shamsher and Annuar (1995), and Tan (1995). Shamsher and Annuar (1995),
focused their study on the performance of 54 unit trusts covering the
period of late 80s to early 90s. They find that the returns on investment in unit trust are well
below the risk free and market returns.
According to industry statistics by Lipper (2007), average return for Malaysian return as at 31
December 2007, in 5 years is 107.86%. From this statistic investing in unit trust brings a huge
profit to the investors in the long term.
2.4.3 How to make a positive return in Unit Trust Investment
There is a relationship between risk and return (Investopedia, 2007). The greater the amount of
risk that an investor is willing to take on, the greater the potential return. Because of the riskreturn tradeoff, investors must be aware of their personal risk tolerance when choosing
portfolios for their investment.
To get a handsome return in our investment investor should know their investment time horizon.
Investment time horizon means the period we want to invest or in other word how long we want
to invest. Investor has a right to get advice on how long they should invest based on their goal.
A clearly defined time horizon should be part of every investment decision. Simply, an
investment time horizon is the time between when the initial investment is made and when the
investment will be sold for cash explain by (Sunthara Segar, 2005).
Navin Pasricha (2008) tells us that every investment goal has its own time horizon. Successful
investors will make it a point to determine the time horizon to match the right unit trust fund for
their goals. If the goal is to create a fund of six months salary to meet emergencies, the time
horizon is immediate. Preparing for childs education fund for a two year old child has a different
time horizon against an eleven year old child even though the goals are similar.
Generally, investors do not know what the objective of investing in unit trust is and a lot of
investors invest in unit trust because of the percentage of the return. Investors think that unit
trust is a short-term investment. According to Daud Yunus, (2006), many investors tend to treat
unit trusts like stocks moving in and out of funds, either in an attempt to time the market or to
take profits when the price has gone up. In addition Sunthara Segar (2005) said investors
should know that unit trust is a medium long term investment and generally the holding period
should be at least five years or more. In other words, the longer investor invests the more profit
they can get.
2.5 Investors Awareness
Every investor needs to be aware all the risks, benefits, return or etc when or before they
investing either in unit trust, share, money market, bond or etc. In order to get the best return
with a best strategic planning in investment, awareness is important.
Investors awareness from the viewpoint of (Wikipedia), can be defined as a term used in
investor relations, by public companies and similar bodies, to describe how well their investors,
and the investment market in general, know their business. Its significance is that investors are
expected to base their investment decisions on awareness and knowledge, and a lack of these
may lead to a low profile amongst its peers in the market to the detriment of the business.
According to Kotler and Amstrong (1997), awareness can be defined as knowing, to be informed
and conscious about something. Terence A .Shimp (2003) states that awareness is an early
stage before investor make any decision to make any investment.
Meanwhile, according to Leon G. Schiffman (2004), investor awareness is knowledge the
investment community has of a company. Do investors know about your company? If the
answer is yes, then it could be said that the company has good investor awareness which
means investors have knowledge of, are conscious of, or have a perception of a company and
are very aware of its products and services. If we were to assume that a company has no
investor awareness or poor investor awareness, then the company has probably done a poor
job at creating visibility in the investment community and likely no one outside of the company's
offices (or friends and family) has knowledge of the company2.6 Theoretical Framework
INDEPENDENT VIARABLES (DV)
Benefits of Unit Trust

1. Affordable
2. Ease of Liquidity
3. Tax Relief
4. Pooled of Money
5. Convenience
Risk of Unit Trust

1. Diversify
2. Ringgit Cost Averaging
3. Country Risk
4. Professional Investment Service
5. Currency Risk
DEPENDENT
VIARABLES
(DV)
Perceived
Level of
Awareness
Return of Unit Trust

1. High Return
2. Flexible Return
Demographic Profile
Action
Decision to Invest in
Unit Trust
In this study, there are four independent variables, which are benefits of unit trust, risk of unit
trust, return of unit trust and lastly demographic profile .The first variable is benefits of unit trust.
For this study, there are five benefits considered by the researcher to determine the level of
investors awareness. A good review on the benefits of unit trust shows that investors are aware
of the benefits and may influence them to invest in unit trust. The next variable is risk of unit
trust. Diversify, ringgit cost averaging and manage by professional management is refer how the
investors can reduce their investment risk when investing in unit trust. Country risk and currency
risk are involved in unit trust where in general the investors do not know about it. From the risk
of unit trust, researcher can evaluate whether Malay investors consider the risk before investing
in unit trust. Third variable is return of unit trust. For this study, researcher wants to determine
whether investors invest because of the return and are they aware that return in unit trust is
flexible and last variable is demographic profile.
These four variables will have a direct relationship with the dependent variable. The dependent
variables are primary interest of this study. For this study, the dependent variable is decision to
invest in unit trust.
2.7 Hypothesis
Hypothesis 1
H0: There is no significant correlation between respondents profile and respondents
motivation/awareness to invest
H1: There is a significant correlation between respondents profile and respondents
motivation/awareness to invest.
Hypothesis 2
Hypothesis
H0: There is no significant correlation between respondents profile and respondents present
investment.
H1: There is a significant correlation between respondents profile and respondents present
investment.
3.0 CHAPTER THREE: RESEARCH METHODOLOGY
3.1 Introduction
Studies may be either exploratory or descriptive, or may be conducted to test hypothesis. In this
study, the researcher has used the exploratory study. An exploratory is a type of research
conducted because a problem has not been clearly defined. Exploratory research helps
determine the best research design, data collection method and selection of subjects.
Exploratory research often relies on secondary research.
The purpose of the study is to examine the level of awareness of Malay investors towards unit
trust benefits, risk and return. So that, the level of Malay investors can be evaluate and can be
examine what factors that attract investors to invest in unit trust.
3.2 Population and Sampling
3.2.1 Population
Population refers to the entire group of people, events, or things of interest that the researcher
wishes to investigate. In this study, the population is CIMB Wealth Advisors Berhad investors in
Kuala Pilah and Melaka.
3.2.2 Sample
Sample is a subset of other population. It comprises some members selected from it. In other
words, some, but not all, elements of the population would form the sample. In this study, Malay
investors will be the sample.
3.2.3 Sampling
Sampling is the process of selecting a sufficient number of elements from the population, so that
a study of the sample and an understanding of its properties or characteristics would make it
possible for us generalizes such properties or characteristics to the population elements (Uma
Sekaran, 2003).
In this study, the researcher has used the probability sampling. In probability sampling designs,
the elements in the population have some known chance or probability of being selected as
sample subjects.
3.2.4. Sampling Technique
Sampling technique refers to how the respondents should be chosen. The sampling design
was developed for distribution of questionnaires, whereby it is the process of selecting a
sufficient number of elements from the populations, so that a study of the sample and
understanding of its properties or characteristics would make it possible to generalize such
characteristics to the population elements. (Research methods for business studies, Uma
Sekaran, 200).
In this study, the researcher used simple random sampling. By using this sampling design, all
elements in the population have a known and equal chance of being selected as a subject. The
researcher used his own client as the respondents. This sampling design was chosen because
it is less expensive and easy to understand.
3.2.5. Sample Size
Sample size refers to how many people should be surveyed. The right sample size is needed
to gather an accurate result. According to this study, the sample of respondents was drawn
through random sampling procedure. In this study, the researcher can only used 56
respondents as a sample. These 56 respondents are researchers client in Melaka and Kuala
Pilah.
3.3 Sources of Data
Data can be obtained from primary or secondary sources. In this study, the researcher used all
sources and information gathered from both primary and secondary data in order to achieve and
accomplish the objectives of the study.
3.2.1 Primary Data
Primary data can be defined as the data that is being originated by the researcher on the
variables of interest for the purpose of specific study (Uma Sekaran, 2003). In other words, it
involves the collection of data that does not already exist.
So, primary data consists of first hand data that has been obtained by any one person and it is
collected by an individuals own effort. This data is collected through personal interviews,
discussions, observations, and questionnaires.
By this method, a survey was conducted on Malay investors in Kuala Pilah and Melaka to
determine level of awareness towards unit trust investment. Feedback from them was being
analyzed to get the explanation for the problem.
I. Questionnaire
For the purpose of this study, 56 questionnaires were distributed to the respondents to gather
the data. There are only one set of questionnaire written in English and translated in Bahasa
Melayu. The researcher prepared a set of questionnaire consisting of questions related to the
field of study. The questionnaire is divided into 3 sections which are section A, B and C. Section
A consists of questions related to the demographic profiles of the respondents. Section B
consists of questions relating to the investors current investment. Section C is regarding
investors awareness towards benefits, risk and return in unit trust investment.
The questionnaire is structured in two forms:
I. Multiple Choice Questions
Multiple choice questions is a form of assessment in which respondents are asked to select one
or more choices from a list.
II. Likert Scale Questions
The likert scale is designed to examine how much awareness of investors with the statements
researcher asks in the questionnaire based on 6-points scale.
0
NA
Least Aware
Less Aware
Aware
Very Aware
Most Aware
3.2.2 Secondary Data

Secondary data refer to an existing data that are already been collected for another purpose
and are written as reports theories, books, facts, magazines, journals, newspapers, internet and
others. For this study, the researcher used the internet, journal, newspapers, and also
magazines to get the information.
I. Internet
The researcher used internet to seek the information. Through the internet, researcher can
obtained written reports and e-journal published by the other people. Seeking information
through the internet is faster and less expensive because researcher can obtained the
information just by clicking the mouse.
II. Journals/Magazines/Newspapers
Seeking information from journal, magazines and newspapers regarding this study is limited
because not much information can be gathered from them.
3.3 Data Analysis and Interpretation Techniques
When the researcher has collected all the data, the next step is to analyze the data. Data
analysis can be done by using the software program, which is Statistical Packages for the
Social Science (SPSS 12.0). The methods that might be used for analyzing the data are:
i. Frequency Distribution
Frequency distributions were obtained for all the personal data or classification variables.
The frequencies obtained by the number of respondents from the underwriting and marketing &
sales departments.
ii. Descriptive Statistic (Measure of Central Tendencies)
The three main measures of central tendency are mode, median and mean. The
measures of variability include range, interquartile range, standard deviation and variance.
All of these measures of variability are more appropriate for interval or ratio data.
iii. Cross Tabulation
Crosstabulation is done by using the demographic profile of the respondents with the
independent variable to show its tabulation.
4.0 CHAPTER FOUR: ANALYSIS AND INTERPRETATION
4.1 Introduction
This chapter focuses on the finding of the data that has been analyzed which will show the
result of frequency distribution, descriptive analysis, reliability testing, descriptive and cross tab
analysis as well as answering the research objectives that has been determined previously.
Researcher has distributed 56 sets of questionnaires to the respondents who are Malay
investors in Kuala Pilah and Melaka. The distributions of these questionnaires were done in
October 2008.
4.2 Respondents Profile
This section focuses in detail the respondents profile for this research. The respondents profile
is divided into two sections which is Section A and Section B. Section A comprises questions
among various demographic variables of the respondents such as gender, age, marital status,
education level, occupation and monthly income. Section B comprises questions regarding
respondents investment such as respondents present investment, how much money they save
their money monthly and also how long they have invested in unit trust.
Table 4.2.1: Frequency Distribution (Based on Demographic Profile)

Code
Respondent Profile
Frequency
Percent
Cumulative
Percent
1
2
1
2
3
4
1
2
3
1
2
3
4
5
1
2
3
4
5
1
2
3
4
Gender
Male
Female
Total
Age
21 years 30 years
31 years 40years
41years 50years
51years 60 years
Total
Marital Status
Single
Married
Divorced
Total
Education Level
SPM
Diploma
Degree
Masters
Others
Total
Occupation
Government Servant
Private Servant
Self-Employed
Housewife
Student
Total
Monthly Income
Below RM1000
RM1001-RM3000
RM3001-RM5000
RM5001-RM7000
Total
34
22
56
60.7
39.3
100.0
60.7
100.0
32
11
10
3
56
57.1
19.6
17.9
5.4
100.0
57.1
76.8
94.6
100.0
32
23
1
56
57.1
41.1
1.8
100.0
57.1
98.2
100.0
12
5
34
2
3
56
21.4
8.9
60.7
3.6
5.4
100.0
21.4
30.4
91.1
94.6
100.0
19
17
5
1
14
56
33.9
30.4
8.9
1.8
25.0
100.0
33.9
64.3
73.2
75.0
100.0
18
20
16
2
56
32.1
35.7
28.6
3.6
100.0
32.1
67.9
96.4
100.0
From the Table above, it shows 34 of the respondents are male (60.7%) and 22 (39.3%) are
female. The total of the respondents is 56.
For the age of the respondents, it shows that 32 respondents falls under the range between 21
years to 30 years old (57.1%), 11 of the respondents falls under the range between 31 years to
40 years old (19.6%), 10 of the respondents fall under the range between 41 years to 50 years
old (10%) and 3 of the respondents falls under the range between 51 years to 60 years old
(5.4%).
For the marital status of the respondents, it shows 32 of the respondents are single (57.1%), 23
of the respondents are married (41.1%) and only 1 of the respondents is divorced (1.8%).
Therefore, the largest status of the respondents is single.
Based on the education level of the respondents, it shows that 12 of the respondents have SPM
(21.4%), 5 of the respondents have diploma (8.9%), 34 of the respondents posses a degree
(60.7%), 2 of the respondents posses a master (2%) and 3 of the respondents have other
education level (5.4%). Therefore, the majority of the respondent is a degree holder.
For the occupation background, it shows that 19 of the respondents are government servant
(33.9%), 17 of the respondents are from the private sector (30.4%), 5 of the respondents are
self-employed (8.9%), only 1 respondent is a house-wife and 14 of the respondents are
students (25%). It shows that most of the respondents work with the private sector.
Based on their monthly income, 18 of the respondents salary is below RM1000 (32.1%), 20 of
the respondents is between RM1001 to RM3000 (20%), 16 of the respondents monthly income
is between RM3001 to RM5000 (28.6%) and 2 of the respondent have high monthly income
which is between RM5000 to RM7000 (3.6%). As a result, the majority of the respondent
monthly income range is between RM1001 to RM3000.
Table 4.2.2: Frequency Distribution (Based on Present Investment)
Codes Types of Investment
Frequency
Percent
NO
YES
NO
YES
Insurance
56
30
26
53.6
46.4
Investment Link
56
54
96.4
5.4
Stock
56
53
94.6
5.4
Private Unit Trust Fund
56
17
39
30.4
69.6
Government Unit Trust

Fund
56
31
25
55.4
44.6
Bond
Fixed Deposit
56
53
94.6
5.4
Current Saving Account
56
30
26
53.6
46.4
Table 4.2.2 above shows current respondents investment. As we can see, 26 of the
respondents (46.4%) have insurance and 30 respondents dont have insurance (53.6%). 2 of
the respondents (5.4%) have invested in investment link and 54 respondents (96.4%) have not
invested in investment link.3 of the respondents (5.4%) have invested in stock and another 53
respondents (94.6%) have do not invest in stock. For private unit trust fund, 39 respondents
(69.6%) have invested in private unit trust fund and 17 respondents (30.4%) have not invested
in private unit trust fund. 25 of the respondents (44.6%) have invested in government unit trust
fund and 31 respondents (55.4%) have not invested in government unit trust fund. None of the
respondents invest in bond. 3 of the respondent (5.4%) have invested in fixed deposit and 53 of
the respondents (94.6%) have not invested in fixed deposit. Lastly, is current saving account
where 20 of the respondent (46.4%) have invested in current saving account and 30 of them
(53.6%) have not invest in current saving account. From the data, we can see that the majority
of the respondents have invested in the private unit trust fund.
Table 4.2.3: Frequency Distribution (Based on Monthly Saving, Unit Trust Period &
Return)
Code Respondents Profile

Monthly Saving
1
None
2
Above RM100
3
Below RM100
Total
Unit Trust Period
1
Above 3 Years
2
Below 3 Years
Total
Return
1
Not Yet
2
Yes
3
No
Total
Frequency
Percent
Cumulative Percent
12
36
8
56
21.4
64.3
14.3
100.0
21.4
85.7
100.0
22
34
56
39.3
60.7
100.0
39.3
100.0
35
18
3
56
62.5
32.1
5.4
100.0
62.5
94.6
100.0
From the Table 4.2.3, it shows that 12 of the respondents dont have make monthly saving
(21.4%), 36 of the respondents save RM100 monthly (64.3%) and for below RM100 is 8
respondents (8%). Most of the respondents save their money above RM100 per month.
Next refers to how long respondents had invested in unit trust, it shows that 22 of the
respondents had invested more than 3 years (39.3%) and 34 of the respondents had invested
below 3 years (60.7%).
Lastly is to determine whether they are satisfied or not with the return for their investment in unit
trust. 35 respondents said that they still have not get the return (62.5%), 18 of the respondents
are satisfied with the return (32.1%) and 3 of the respondents are not satisfied with the return
(5.4%). We can conclude that majority of the respondents have still not seen the return on their
investment.
4.3 Reliability Coefficient Test
Cronbachs alpha is one of the most commonly used in reliability coefficients. It is based on the
average correlation of items within a test if the items are standardized. If the items are not
standardized, it is based on the average covariance among the items. Because Cronbachs
alpha can be interpreted as a correlation coefficient, it ranges in value from 0 to 1. SPSS output
also provides a standardized item alpha that would be obtained if all the items were
standardized. Items usually possess comparable variances so there is little difference between
these two alphas.
Table 4.3.1: Case Processing Summary
Cases
Valid
Excluded(a)
Total
56
100.0
.0
56
100.0
a Listwise deletion based on all variables in the procedure.
Table 4.3.2: Reliability Statistics

Cronbach's Alpha
Based on
Cronbach's Alpha
Standardized Items
N of Items
.833
.790
26
From the Table 4.3.2, it shows that the Cronbachs alpha is .833. In general, reliabilities less
than .60 are considered to be poor, those in .70 range, acceptable, and those over .80 good.
The closer the reliability coefficient to 1.0, the better it will be. Thus, in this study, the internal
consistency reliability of the measures used can be stable and consistent for the research.
4.4 Respondents Response

Table 4.6 indicates the number of respondents, the scale, mean, standard deviation and ranking
for question B4 which is the sources of information. On the questionnaire, researcher had listed
four sources of information.
Table 4.4.1: Descriptive Statistics of the sources of information
Sources of
Information
Scale
Mean
Std
Deviation
Rank
1
2
3
4
5
2
1
13
17
23
4.0375 1.02628
(3.6%)
(1.8%) (23.2%) (30.4%) (41.1%)
Wealth
1
5
22
14
14
3.6250 1.01914
Advisors
(1.8%)
(8.9%) (39.3%)
(25.0) (25.0%)
Pamphlet
3
7
31
12
3
3.0893
.87960
(5.4%) (12.5%) (55.4%)
(21.4)
(5.4%)
Prospectus
4
8
13
21
7
3
2.5000 1.25045
(7.1%) (14.3%) (23.2%) (37.5%) (12.5%) (5.4%)
Average
100
3.5
6.5
21.75
12.5
10.75
4.42
(7.1%)
(6.3%)
(11.6%) (38.9%) (22.3%) (19.2%)
Note: 0-NA; 1-Least Aware; 2-Less Aware; 3-Aware; 4-Very Aware; 5- Most Aware
Consultant
According to the Table, 23 of the respondents are most aware and they get information from the
consultant (41.1%). Next, 17 of the respondents which are 30.4% are very aware, 13 of the
respondents are aware (23.2%), 2 of the respondents are least aware (3.6%) and only 1
respondent is less aware (1.8%) that they can get their investment information from the
consultant.
The second source of information is from the Wealth Advisors. Most of the respondents are
aware that they can get information from the wealth advisors of which is 22 respondents
(39.3%). 14 of the respondents (25.0%) are very aware and also 25.0% most aware. 5
respondents are less aware (8.9%) and only 1 of them the least aware (1.8%).
1
2
3
4
The next source of information is from the pamphlet. Majority of the respondents are aware of
which 31 respondents (55.4%) are aware. 12 of the respondents (21.4%) are very aware, 3 of
the respondents (5.4%) are less aware and also another 3 respondents most aware.
The last source of information is from the prospectus. The majority of the respondents which is
21 respondents (37.5%) are aware that they can get the information from the prospectus. 13 of
the respondents (23.2%) are less aware they can get the information from the prospectus. 8 of
the respondents (14.3%) are the least aware the prospectus is their source of information. 3 of
the respondents (5.4%) are the most aware that they can get the information from the
prospectus. Meanwhile 4 of the respondents that are to 7.1% are not aware at all.
Based on the result above, the consultant is the best source of information for the respondents
with total mean 4.0357. The second best, source from the wealth advisors with total mean
3.6250. Followed by pamphlet with total mean 3.0893 and the last source of information is from
the prospectus with total mean 2.5000. From the summary, we can conclude that the consultant
is the best source of information for the respondents because investors can easy deal with the
consultant in order to get information, advices, and explanations and also dealing directly with
the consultant is easier because their investment is managed by the consultant.
From the Table, it shows that respondents are aware of the sources of information since the
average mean is greater than 3 (4.42).
Table 4.4.2 indicates the number of respondents, the scale, mean, standard deviation and
ranking for question C1 which is the benefits of unit trust investment. On the questionnaire,
researcher had listed five types of benefits.
Objective 1: To identify what are the main factors that attract Malay investors to invest in
unit trust.
Table 4.4.2: Descriptive Statistics of benefits of unit trust investment
Benefits of unit
trust investment
Scale
0
Mean
2
3
4
5
2
16
16
21
3.9643
(3.6%) (28.6%) (28.6%)
(37.5%)
Ease of
6
21
16
10
3.4286
Liquidity
(10.7%) (37.5%) (28.6%)
(17.9%)
Tax Relief
5
7
17
16
8
(8.9%)
(12.5%) (30.4%) (28.6%)
(14.3%)
Pooled of
1
3
18
21
13
3.7321
Money
(1.8%)
(5.4%) (32.1%) (37.5%)
(23.3%)
Convenience
1
3
17
20
15
3.8036
(1.8%)
(5.4%) (30.4%) (35.7%)
(26.8%)
Average
1.2
1.6
4.2
17.8
17.8
13.4
3.6
(2.14%) (2.88%) (7.52%) (31.8%) (31.44%) (23.96%)
Affordable
1
1
(1.8%)
3
(5.4%)
3
(5.4%)
Std
Deviation
Rank
.99021
1.07631
1.42519
.99984
.96143
According to the Table above, shows the result of level awareness respondents on benefits of
unit trust investment. There are five benefits of unit trust investment listed on the table. For the
first benefit, it shows that most of the respondents which is 21 respondents (37.5%) are most
aware that affordability is one of the unit trust benefits. 16 respondents are aware and another
16 are very aware (28.6%), 2 of the respondents are less aware that is 3.6% and only 1
respondent (1.8%) is the least aware that affordability is one of the unit trust benefits.
The next benefit is ease of liquidity. 21 of the respondents that is 37.5% are aware, 16 of the
respondents (28.6%) are very aware, 10 of the respondents (17.9%) are most aware, 6 of the
respondents (10.7%) are less aware and 3 of the respondents (5.4%) are the least aware that
they can easily convert their unit into cash.
The third benefit is tax benefit or in other words, tax relief. 17 respondents (30.4%) are aware
about this benefit. 16 of the respondents are very aware (28.6%), 8 of the respondents which is
14.3% most aware, 3 of the respondents (5.4%) the least aware, 7 of the respondents (12.5%)
are less aware. Meanwhile, 5 of the respondents (8.9%) are not aware at all.
The fourth benefit is pooled of money. 21 of the respondents (37.5%) are very aware, 13 of the
respondents (23.3%) are most aware, 18 of the respondents (32.1%) are aware, 3 of the
respondents (5.4%) are less aware and only 1 respondent (1.8%) is not aware at all.
The last benefit is convenience. 20 of the respondents (35.7%) is very aware that investing in
unit trust is convenient. 17 of the respondents are aware (30.4%), 15 of the respondents
(26.8%) are most aware, 3 of the respondents are less aware that is 5.4% and only 1 of the
respondents (1.8%) is the least aware that investing in unit trust is easy and convenient.
From the Table, we can see that respondents are most aware that affordability is one of the
benefits in unit trust which rank the highest with total mean 3.9643. It is followed by convenience
which ranks the second highest with total mean 3.8036. Third is pooled of money with total
mean 3.7321. Next is the ease of liquidity with total mean 3.4286 and lastly is tax relief with total
mean 3.0714. We can conclude that affordability is a very important factor because the amount
money invested in unit trust is low compare with other investment instruments. Tax relief is the
least important factor since not every respondent needs to pay income tax.
The Table shows that the respondents are aware of the benefits of unit trust investment since
the average mean is greater than 3 (3.6).
Table 4.4.3 indicates the number of respondents, the scale, mean, standard deviation and
ranking for question C3 which is the return of unit trust investment.
Table 4.4.3 Descriptive Statistics return on unit trust
Return of
unit trust
investment
High return
Flexible
return
Scale
0
1
(1.8%)
1
(1.8%)
2
2
(3.6%)
2
(3.6%)
3
21
(37.5%)
20
(35.7%)
4
20
(35.7%)
21
(37.5%)
5
12
(21.4%)
12
(21.4%)
Mean
Std
Deviation
3.6964
.97084
3.7321
.90435
Average
0.5
0.5
2
20.5
20.5
12
3.71
(0.9%) (0.9%) (3.6%) (36.6%) (36.6%) (21.4%)
First is high return. Referring to the table, 21 respondents (37.5%) are aware of the return, 20 of
the respondents are very aware (35.7%), 12 of them (21.4%) are most aware, 2 of the
respondents (3.6%) are less aware and only 1 respondent is not answer aware at all.
Next is flexible return. According to the table, 20 of the respondents (35.7%) are aware of this
flexible return. 21 of them (37.5%) are very aware, 12 respondents (21.4%) are most aware and
only 1 respondent (1.8%) is less aware of this flexible return.
From the table, it shows that the highest rank is flexible return with mean of 3.7321 followed by
high return with total mean 3.6964. Based on the result, we can see that most respondents are
aware that unit trust is not a capital guaranteed investment scheme because unit trust return is
not fixed as government trust fund and it is based on the market condition.
From the Table, it shows that respondents are aware of the return in unit trust since average
mean is greater than 3 (3.71).
Rank
2
1
Table 4.4.4 and 4.4.5 indicates the number of respondents, the scale, mean, standard deviation
and ranking for question C2 which is the risk of unit trust investment. On the questionnaire,
researcher had listed two types of risk involved in unit trust and three ways to minimized the
investment risk.
Objective 2: To examine the awareness level among Malay investors when investing in
unit trust.
Risk of unit trust
investment
Scale
0
Diversify
Ringgit Cost
Averaging
Manage by
professional
investment
service
2
(3.6%)
1
4
(7.1%)
1
(1.8%)
14
(7.1%)
3
15
(26.8%)
17
(30.4%)
4
24
(42.9%)
19
(33.9%)
5
13
(23.2%)
13
(23.2%)
Mean
Std
Deviation
3.7500
1.04881
3.5893
1.18746
Rank
1
3
2
1
(1.8%)
2
(3.6%)
6
(10.7%)
12
(21.4%)
20
(35.7%)
15
(26.8%) 3.6607
1.19509
Average
1
2.3
6.7
14.7
21
13.7
3.67
(1.8%) (4.17%) (5.93%) (26.2%) (37.5%) (24.4%)
Risk
of unit
trust investment
Country Risk
Currency Risk
Scale
0
8
(14.3%)
1
6
(10.7%)
2
18
(14.3%)
3
13
(23.2%)
4
15
(26.8%)
5
6
(10.7%)
Mean
Std
Deviation
2.6964
1.58309
8
3
6
15
20
4
2.8571
(14.3%) (5.4%) (10.7%) (26.8%) (35.7%)
(7.1%)
Average
8
4.5
12
14
17.5
5
2.78
(14.3%) (8.05%) (12.5%) (25%)
(31.25%) (8.9%)
1.50670
Rank
2
1
Based on the Table above, there are three ways to minimize the risk. First is diversify. From the
table, it shows that 24 respondents (42.9%) are very aware, 15 of them are aware (26.8%), 13
of the respondents (23.2%) are most aware and only 1 respondent is the least aware that they
can diversify their investment to reduce the risk. Next is ringgit cost averaging (RCA), 19 of the
respondents (33.9%) are very aware, 17 respondents (30.4%) are aware, 14 of them (7.1%)
less aware, 13 respondents (23.2%) are most aware and only 1 respondent (1.8%) is the least
aware. 2 of the respondents (3.6%) are not aware at all. Lastly is managed by the professional
investment service. 20 of the respondents (35.7%) are very aware, 15 respondents (26.8%) are
most aware, 12 of the respondents (21.4%) are aware, 6 respondents are less aware which is
10.7% and 2 respondents are the least aware (3.6%). Only 1 respondent (1.8%) is aware at all.
Two types of risk are country risk and currency risk. For the country risk, 18 of the respondents
(14.3%) are less aware of this risk. 15 of the respondents are very aware that is equal to 26.8%,
13 of them (23.2%) are aware while 6 of the respondents are the least aware and another 6 are
aware. Each is 10.7%. 8 of the respondents are not aware at all (1.8%). The next risk is
currency risk. 20 respondents (35.7%) are very aware, 15 of them (26.8%) are most aware, 12
of the respondents (21.4%) are aware, 6 of them less are aware that is 10.7%, 2 of the
respondents (3.6%) are the least aware and only 1 respondent is not aware at all (1.8%).
From the data, we can see that diversify is the most popular way chosen by the respondents to
minimize the risk with total mean 3.7500. This is because investors know that unit trust
investment allow the investor to invest in a broader range of securities than they could, when
investing on their own. Followed by manage by professional investment service with total mean
3.6607 and lastly is ringgit cost averaging with total mean 3.5893. Besides that, based on two
types of risk listed, respondents are most aware of currency risk with total mean 2.8571. This is
because most of the respondents are aware that fund which is invested in foreign currency may
be exposed to currency fluctuation risks. Next is country risk with total mean 2.6964.
From the Table, it shows that respondents are aware of how they can minimize the risk because
the average mean is greater than 3 (3.67) but they are not aware of the risk of unit trust
investment since the average mean is less than 3 (2.78)
4. 5 Cross Tabulation
4.5.1 Introduction
This section deals with the investigation to examine some of the important factors that influence
the decision of the respondents to invest in unit trust. In this study, cross tabs are frequently
used because it is easy to understand, it can be used with any level of data: nominal, ordinal,
interval, or ratio cross tab treats all data as if it is nominal, a table can provide greater insight
than single statistics, it solves the problem of empty or sparse cells and it is simple to conduct.
For Cross Tab between Respondents Profile and Respondents Present Investment, only a few
results have significant correlation between each variable:
1. Occupation and Private Unit Trust Fund
2. Monthly Income and Private Unit Trust Fund and;
3. Monthly Income and Insurance
For Cross Tab between Cross Tabulation between Respondent Profile and Respondents
Motivation/Awareness to Invest, only two results have significant correlation between each
variable:
1. Occupation and Risk of Unit Trust and;
2. Monthly Income and Benefit of Unit Trust
Objective 1: To identify what are the main factors that attract Malay investors to invest in
unit trust.
Table
4.5.2:
Cross
Tabulation
between
Respondent
Profile
and
Respondents
Motivation/Awareness to Invest
Code
1
Monthly Income
Interval
Below RM1000
RM1001-RM3000
2
RM3001-RM5000
3
Benefit
Least
Aware
0
0
1
(6. 25%)
Total
Less
Very
Aware
Aware
Aware
3
8
5
(16.67%) (44.44%) (27.78%)
8
11
0
(40%)
(55%)
6
5
0
(37.5%) (31.25%)
RM5001-RM7000
0
0
4
5
Total
1
3
Contigency coefficient 0.540 at P-value of 0.05*
22
21
Most
Aware
2
(11.11%)
1
(5%)
4
(25%)
2
(100%)
9
18
20
16
2
56
Based on the Cross Tab above, it shows the coefficient of 0.540 and P-value of 0.05. Therefore
we can conclude there is a significant correlation between occupation and benefit of unit trust.
Therefore, the hypothesis which states H0: There is no significant correlation between
respondents profile and respondents motivation/awareness to invest and H1: There is a
significant correlation between respondents profile and respondents motivation/awareness to
invest, whereby we accept H1 and reject H0. Such significant correlation can be explained by
55% of the respondent whose monthly salary is between RM1001 to RM3000and they are very
aware about benefit of unit trust investment.
Table 4.5.3: Cross Tab between Respondents Profile and Respondents Present
Investment
Code
Monthly Income Interval
Below RM1000
RM1001-RM3000
RM3001-RM5000
RM5001-RM7000

No
10
(55.56%)
4
(20%)
3
(18.75%)
0
Total
17
Yes
8
(44.44%)
16
(60%)
13
(81.25%)
2
(100%)
39
Total
18
20
16
2
56
we can conclude there is a significant correlation between monthly income and decision to
invest in private unit trust. Therefore, the hypothesis which states H0: There is no significant
correlation between monthly income and respondents present investment (private unit trust)
and H1: There is a significant correlation between monthly income and respondents present
investment (private unit trust), whereby we accept H1 and reject H0.
Such significant
correlation can be explained by 60% of the respondents who invested in private unit trust with
average monthly income between RM1001 to RM3000.
Objective 2: To examine the awareness level among Malay investors when investing in
unit trust.
Table 4.5.4: Cross Tabulation between Respondent Profile and Respondents
Motivation/Awareness to Invest
Types of
Code Occupation
1
2
Government
Servant
Private Servant
Self-Employed
Housewife
Student
Total
Risk
NA
0
Least
Aware
1
(5.26%)
1
(100%)
Less
Aware
4
(21.05%)
2
(11.76%)
1
(20%)
Aware
4
(21.05%)
9
(52.94%)
1
(20%)
Very
Aware
9
(64.29%)
5
(29.41%)
2
(40%)
Most Aware
1
(5.26%)
1
(5.88%)
1
(20%)
2
(14.29%)
9
4
(28.57%)
18
6
(42.86%)
22
2
(14.29%)
5
Contigency coefficient 0.731 at P-value of 0.000**

we can conclude there is a significant correlation between occupation and risk of unit trust.
Therefore, the hypothesis which states H0: There is no significant correlation between
respondents profile and motivation/awareness to invest and H1: There is a significant
correlation between respondents profile and motivation/awareness to invest, whereby we
accept H1 and reject H0.
Such significant correlation can be explained by 64.29% of the
government servant who are very aware about the risk of unit trust investment and 52.94% of
non-government servants who are aware of the risk of unit trust investment.
Total
19
17
5
1
14
56
Objective 3: To identify whether government servants are exposed to unit trust

investment.
Table 4.5.5: Cross Tab between Respondents Profile and Respondents Present
Investment
Code
Occupation
Interval
No
3
(15.79%)
2
3
(17.65%)
3
Self-Employed
1
(20%)
4
Housewife
1
(100%)
5
Student
9
(64.29%)
Total
17
1
Government
Servant
Private Servant
Yes
16
(84.21%)
14
(14%)
4
(60%)
0
5
(35.71)
39
Total
19
17
5
1
14
56
we can conclude there is a significant correlation between occupation and decision to invest in
private unit trust. Therefore, the hypothesis which states H0: There is no significant correlation
between respondents profile and respondents present investment (private unit trust) and H1:
There is a significant correlation between respondents profile and respondents present
investment (private unit trust), whereby we accept H1 and reject H0. The significant correlation
can be explained by 84.21% of the government servants who are investing in private unit trust.
5.0 CHAPTER FIVE: CONCLUSION AND RECOMMENDATION

5.1 Overview
This project paper consisting of five chapters in the outcome of a research conducted. In the
first chapter, the researcher has focused on the background of the research; problem statement,
research questions and objectives, definition of term and limitations and constraints for the
research. This is followed by the second chapter, which touched on the literature review,
theoretical framework and hypothesis. In chapter three, researcher has focusing on the
research methodology applied in the research. Next in chapter 4, the data was analyzed and
interpreted. In this chapter, the researcher will conclude and summarise all the four chapters
previously, touched on and give special attention to the data analysis of the research to find out
whether the research question has been answered.
5.2 Conclusion
This research was conducted to gain important information from prospective investors regarding
their awareness level towards unit trust investment. The result of the study indicates that the
majority of the respondents are between 21 years to 30 year old. Most of them are single and
working in the government sector. Majority of the respondents posses a degree and earn
monthly income between RM1001 to RM3000. Most of them save above RM100 monthly in
their investment. From the data also, most of the respondents had invested less than 3 years
and did not receive any return yet.
From the study, several findings were determined. Firstly, source of the information. We can see
that respondents are aware that information is important for their investment and the best
source of their information is from the consultant. Next, benefits of the unit trust investment and
it shows that respondents are aware of the benefits of unit trust. Most of them are aware that
this investment scheme is affordable and it is a convenient investment. Then the returns in unit
trust, where it shows those respondents are aware of the high return and they also know that
the return in unit trust can be flexible. Last but not least regarding the risk, the respondents are
not aware of the risk in unit trust because average mean is less than 3 (2.78) but they are aware
the way how to minimize the risk since average mean 3.67.
From the Cross Tab analysis, we can conclude that government servants have been exposed to
this investment since most of the unit trust investors are working in the government sector. This
can be proven by the significant correlation between occupation and private unit trust
investment. One of the benefits of unit trusts is affordability which means everyone can invest
with a low capital. This is one of the factors that attract investors to invest. It is proven by the
significant correlation between monthly income and the benefits of unit trust. There is another
significant correlation which is between occupations and risks. We can conclude that
respondents are very aware that risk will influence their investment and they need to minimize
the risk in order to get a good return.
In conclusion, the research work from the beginning until the final analysis has been successful
in achieving the objective of the research.
5.3 Recommendation
From the research done by the researcher, some recommendations can be given to investors.
The recommendation is very important for investors before they make any investment in unit
trust and to increase the level of awareness towards unit trust investment.
From the questionnaires that have been distributed to the respondents, the researcher found
out that most of the respondents were not aware that prospectus is the most important tool. As
an investor, they must read the prospectus carefully and understand the contents before
investing in unit trust. This is because all information that the investors need can be obtained
from the prospectus. The information contained in the prospectus is vital in helping the investors
to select what kind of unit trust funds that matches their investment goals.
Unit trust consultant plays an important role in order to help the investors to achieve their goals.
From the researchers observation, some of the consultants are focusing more on their sales
(marketing) rather than providing a solution for their clients. Next, the researcher also found out
that some of the consultants dont know how to monitor their clients investments, watch the
market situation and also solve their clients problems. Last but not least, one of the factors why
Malays lack invests in unit trust is because some of the consultants prefer not to sell unit trust to
government servants because they think that they cannot sell. Consultants should not be too
choosy when selling unit trust to the public. To provide a quality consultant, company should
provide them more training and courses in order to increase their knowledge about the
investment world.
Based on the response from the respondents and conversation session with them, what can be
done by the unit trust company or FMUTM to increase Malay awareness towards unit trust
investment is by enhancing advertisement. Most of the respondents said they are not fully
satisfied with the Unit Trust Company or the FMUTM advertisement that they only heard from
the radio and saw in the newspaper. Therefore, to attract more investor to invest or to increase
the level of Malay awareness towards unit trust, Unit Trust Company or FMUTM should provide
more attractive and informative advertisement so that more people will be exposed to this
investment.
Most of the respondents do not have strategies when investing in unit trust. Here are some
strategies recommended to the investor in order to get a handsome return when investing in unit
trust: First, investor should remember that unit trust is medium to long term investment (3 to 5
years) and not a short term investment. If you are going to need the money in the future, then
unit trust is not the right investment. Remember that unit trust is only perfect for medium to long
term investments. Money for retirement or childrens education would be most appropriate.
Next, set your target. If you think that 10% is sufficient for you for 1 year, you should withdraw
your investment and dont withdraw before you achieve your target. Dont be greedy. Third, be
an active investor. You must always buy when the price is low and sell it when the price goes
up. Fourth is monitoring system by consultant. You must make sure that your consultant
monitors your investment. This is because this investment needs a systematic monitoring. If you
dont get help from the consultant, you will be a passive investor and you will not get the best
return. It is better you invest in government trust fund (ASB). Lastly, do not trade unit trust like
stock or share.
From the researchers experience in doing unit trust sales, many investors take an easy path to
invest in unit trust. Investors like to make a loan to invest in unit trust because they think that the
rate of return on unit trust is greater than loan interest. It would be wise not to borrow money to
invest in unit trust funds. The temptations are there. You borrow at nine percent but the returns
are ten percent or more. In theory, you are ahead by at least one percent. You are making free
money. This strategy works a treat during good times. But, as an investor you must remember
that good times do not last forever. When the bad times come crashing in, not only you get
negative returns but you have to pay back the loan. If things get crappier, the lender may even
be forced to sell the units to get back their money.
5.4 Future Research
I hope there will a continuous effort to continue this research in the future. This is because the
researcher can find other strategies that can be implemented by FMUTM or any unit trust
company in order to attract more investors to invest in unit trust especially Malays. Since this is
the first research conducted by the researcher, there are many limitations faced by the
researcher in term of time, skills and knowledge in completing the research, insufficient
involvement by the consultants as well as incomplete data in the questionnaires. Therefore, it
will become an opportunity for another researcher to overcome those constraints in future
research.
BIBLIOGRAPHY
Journals
Rajen Devadason (2005).5 Power Principles for Unit Trust Advisors
Geoffrey Ng (2005).Understanding Risk Behavior. Unit Trust Today. Vol.3 No.2, Pp 1314
Zuraidah Omar (2005).Unit Trusts: Its Origins and Development in Malaysia. Unit Trust
Today. Vol.3 No.2, Pp 18 23
Dato Yaacob Tunku Tan Sri Abdullah (2007).The Impending Changes To The Unit Trust
Industry. .Unit Trust Today. Vol.5 No.1, Pp 10 11
Seow Mei Ling (2007).To be or Not to Be an Agent. Unit Trust Today. Vol.5 No.1, Pp 32
37
Kenneth L. Fisher The Eight Biggest Mistakes Investors Make. Unit Trust Today. Vol.5
No.1, Pp 50 53
Dr. Shaiful Azhar Rosly (2006). Investing in Islamic Unit Trust Fund. .Unit Trust Today.
Vol.4 No.1, Pp 22 24
Daud Yunus (2006). Busting Unit Trust Myths. Unit Trust Today. Vol.4 No.1, Pp 25 27
Jennifer Chang & Azura Othman (2006).Tax Benefits From Unit Trust?. Unit Trust Today.
Vol.4 No.1, Pp 42 43
Rajen Devadson. (2003). Choose Well!
Azizi Ali (2003). Three Steps to Remain A Millionaire
Fauziah Md. Taib, Mansor Isa (2001). Malaysian unit trust aggregate
performance
Wong Boon Choy.Successful Unit Trust Investing
Books
Azizi Ali (2001). MILLIONAIRES are from a different PLANET!
B.J. Ooi and Andy Ong from (2002). Your Personal Guide to Wealth Creation
Dr Lee Boon Keng and Andy Ong (2003). Personal Financial Planning in Malaysia: Your
Blueprint to Financial Success
Federation of Malaysian Unit Trust (FMUTM). Dealing in Unit Trust
Reevany Bustami, Eleesya Nasruddin, Goh Chai Siong (2002).Total Financial Planning
Sunthara Segar (2005), Secret Investing in Unit Trust
Sekaran, U. (2005). Research Methods for Business: A Skill Building Approach. Illnois.
John Wiley & Sons.
Unit Trust Today Vol. 1 5
Quoting B.J. Ooi and Andy Ong from Financial SUTRA for Malaysians Your Personal
Guide to Wealth Creation on unit trusts,
Reports
Federation of Malaysian Unit Trust Managers (Annual Report)
CIMB WEALTH ADVISOR PROSPECTUS, 2007
The Star, 2007.Unit trust industry getting more robust
Consumer, Review of Economic Studies 32, 137-150.
PNB, 2006. Minggu Saham Amanah Malysia (MSAM)
Lipper Report 2006. Malay Investors Statistics
Industry Statistics. FMUTM. Unit Trust Today, Vol. 6, No.1.Pp 4
Webpages
Wikipedia, the free encyclopedia; Unit Trust
Investopedia, Diversify Accessed On 2008

Questionnaire
SECTION A: DEMOGRAPHIC PROFILE
Tick ( ) the appropriate answer. Please note that you have only one choice for each question.
1. Gender / Jantina
____ Male
____ Female
2. Age / Umur
____ Below 20 years
____ 21 years 30 years
____ 31 years 40years
____ 41years 50years

____ 51years 60 years
____ Over 61 years
3. Marital status / Status

____ Single
____ Married
____ Divorced
4. Educational level / Tahap pendidikan

____ SPM
____ Diploma
___ Degree
____ Masters
____ PhD
____ Others
5. Occupation / Pekerjaan
____ Government Servant
____ Private Servant
____ Self-Employed
____ Housewife
____ Student
____ Other
6. Your monthly income / Pendapatan bulanan anda
____ Below RM1000
____ RM1001-RM3000
____ RM3001-RM5000
____ RM5001-RM7000
____ RM7000- RM9000
____ RM9001 and above
SECTION B: INVESTOR INVESTMENT

Tick ( ) the appropriate answer.
1. Present Investment / Pelaburan anda sekarang
____ Insurance (Life Insurance) / Insuran
____ Investment Link
____ Stock / Saham
____ Private Unit Trust Fund / Unit amanah swasta
____ Government Unit Trust Fund / Unit amanah kerajaan (ASB, ASN, ASW,etc)
____ Bond / Bon
____ Fixed Deposit / Simpanan tetap
____ Current Saving Account / Simpanan semasa
2. How much you save your money every month? / Berapa yang anda simpan sebulan?
____
____
____
None / Tiada
RM 100
RM 100
3.How long do you invest in unit trust? / Berapa lama anda menyimpan di dalam unit amanah?
____
____
3years / 3tahun
3tahun / 3tahun
Please circle your answer according to the scale below.

LEASE AWARE
MOST AWARE
1
Sources of information regarding your unit trust investment /

Sumber informasi mengenai simpanan unit amanah anda
1
2
3
4
Consultant
Wealth Advisors
Pamphlet
Prospectus
0
0
0
0
1
1
1
1
2
2
2
2
3
3
3
3
4
4
4
4
5
5
5
5
5. Are you satisfied with your unit trust return? / Anda berpuas hati dengan pulangan pelaburan unit
amanah anda?
____
____
____
Not yet / Belum lagi

Yes / Ya
No / Tidak
SECTION C: AWARENESS OF UNIT TRUST INVESTMENT

For this section, please circle your answer according to the scale below.
LEASE AWARE
0
C1
1
2
3
4
5
C2
1
2
3
4
5
C3
1
2
MOST AWARE
1
Benefits of unit trust investment /

Faedah pelaburan unit amanah
Affordable / Mampu
Ease of liquidity / Senang dicairkan
Tax Relief /
Pooled of Money / Kumpulan dana
Convenience / Mudah
Risk of unit trust investment /
Risiko pelaburan unit amanah
Diversify / Pelbagai
Ringgit Cost Averaging
Country risk / risiko negara
Manage by professional investment
service / diuruskan oleh pengurusan
pelaburan profesional
Currency risk / risiko mata wang
Return of unit trust investment /
Pulangan unit amanah
High return / pulangan tinggi
Flexible return
0
0
0
0
0
1
1
1
1
1
2
2
2
2
2
3
3
3
3
3
4
4
4
4
4
5
5
5
5
5
0
0
0
0
1
1
1
1
2
2
2
2
3
3
3
3
4
4
4
4
5
5
5
5
0
0
1
1
2
2
3
3
4
4
5
5
THANK YOU
TERIMA KASIH

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The Level of Malay Awareness Towards Unit Trust Investment

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THE LEVEL OF MALAY AWARENESS TOWARDS UNIT

MOHD ZAIDI BIN ZAKARIA

BACHELOR OF BUSINESS ADMINISTRATION