Whalesbook
Yaar, yeh active funds thode mehenge padte hain, expense ratio 1% se 2.5% tak hota hai, average 1.5% pakdo. Jabki passive funds toh 0.05% se 0.5% mein ho jaate hain, Nifty 50 wale toh bas 0.2% se 0.3% mein kaam chalate hain. Aur sach toh yeh hai ki kaafi active large-cap funds apne benchmark ko beat bhi nahi kar paate, data ke mutabik 65-66% toh pichhad gaye the 2025 mein. Haan, mid/small-cap mein active management abhi bhi chal raha hai, but majority ab passive ki taraf dekh rahe hain. Passive funds ka AUM ab total mutual fund assets ka 17% se 19% ho gaya hai, jo kuch saal pehle 3% se bhi kam tha!
Phir aata hai Gold aur Silver ETFs ka scene. Bhai, inmein toh paisa aise aa raha hai jaise koi tufaan ho! January 2026 mein toh gold ETF mein ek mahine mein record ₹24,040 crore aaye, equity mutual funds se bhi zyada! Kyun? Global tensions, inflation ka dar, dollar ka upar-neeche hona, interest rates ka kya hoga... yeh sab cheezein gold ko safe haven bana rahi hain. March 2026 mein thoda giravat aayi thi (gold 10%+, silver 15%+), jab US Fed ne interest rate badhane ke sanket diye, par fir bhi log currency aur market risk se bachne ke liye inko buy kar rahe hain.
Abhi bhi active equity funds ka AUM 8.6% badha hai FY26 mein. Par yeh growth mostly SIPs ki wajah se hai, jo lagbhag 80% assets laate hain active equity schemes mein. FY26 mein SIPs ₹3.5 lakh crore ho gaye, jo FY25 mein ₹2.9 lakh crore the. Matlab, growth mostly purani aadat (SIPs) par depend kar rahi hai, na ki performance par belief. Agar SIPs mein koi gadbad hui toh active funds ko dikat aa sakti hai.
Aur haan, SEBI bhi rules change kar raha hai. April 1, 2026 se naye expense framework aa rahe hain. Base Expense Ratio aur performance-linked fees ke naye rules active fund managers par aur pressure daal sakte hain. AMFI bhi stocks ki reclassification karta rehta hai, jisse fund managers ko apne portfolio adjust karne padte hain.
Active funds ke saamne challenges toh hain. Jab passive funds bade indices ko dominate karte hain, toh price discovery mein dikkat ho sakti hai aur crash ke time sab ek saath gire toh nuksaan bhi zyada ho sakta hai. Cost advantage toh passive ka hai hi. Aur agar active fund manager benchmark se achha return nahi de pa raha, toh investors extra paisa kyun denge? Jyada tar active funds, especially large-cap, consistently benchmark ko beat nahi kar paate. Toh log mehnga fund le kar average return paa rahe hain.
Future mein lagta hai passive funds hi major role play karenge indices mein. Mutual fund industry aur zyada segmented hogi. Low-cost passive options portfolio ka main part banenge. Active strategies sirf niche areas mein kaam aayengi jahan alpha generate karna mumkin ho aur woh fees justify kare. Toh log ab balance bana rahe hain: passive ki cost-efficiency aur stability, aur carefully selected active strategies se growth. Gold aur Silver ETFs ki demand bhi bani reh sakti hai, kyunki log uncertainty mein diversification aur hedging dhoondh rahe hain.