QUERY regarding MUTUAL FUND

Hi Guys !!!

I have a query in respect of VIP scheme of Mutual Fund. VIP – Value Based Investment Plan. I did refer some articles on this on Internet and I have got the concept also.

But my question is – in VIP less money will be invested in BULL market and more money will be invested in BEAR market. But who will invest this? Investor or Mutual Fund house?
Means Investor has to study market and invest accordingly through Fund house
OR
Mutual Fund will invest accordingly from the money deposited by Investor with them?