Whalesbook
Funds Benchmark ko Beat karne mein fail kyun?
AMFI ka data bolta hai ki pichhle 10 saal mein, zyada tar active large-cap funds ne average 11.59% ka return diya. Yeh unke benchmarks jaise BSE 100 TRI aur NSE 100 TRI ke 12.80% se kam hai. S&P Dow Jones Indices ka data toh batata hai ki 80% se zyada funds benchmark se piche reh gaye hain. Asal mein, market itna efficient ho gaya hai aur sabko itni information hai ki managers ke liye undervalued stocks pakdna mushkil ho gaya hai.
High Costs, Low Returns Ka Chakravyuh
Sabse bada game changer hai 'expense ratio' yaani fees. Regular plans mein, jisme distributor ka commission bhi hota hai, fees average 1.96% tak jaati hai. Jabki direct plans mein yeh sirf 0.88% hai. Socho, yeh chhota sa fark 20 saal mein aapke ₹15 se ₹26 lakh tak kam kar sakta hai! Agar 23 funds ko 10 saal se zyada ho gaye ho, toh direct plan mein outperform karne wale funds 3 se badh kar 11 ho jaate hain. Matlab, costs ka seedha asar net returns par padta hai.
Investors Ka Naya Pyaar: Passive Funds
Active funds ke consistently underperform karne aur high fees ki wajah se, log ab cheaper passive options ki taraf bhaag rahe hain. Index funds, jo benchmark ko match karte hain kam cost par (sirf 0.05% se 0.5%), bahut popular ho rahe hain. March 2026 tak, India mein ₹12 lakh crore se zyada passive funds mein invest ho chuke hain. Nifty 50 TRI jaise benchmark automatically rebalance hote hain, unko beat karna active managers ke liye bohot difficult hai.
Economy Ka Bhi Asar
Aur haan, economy ke factors bhi game mein hain. High inflation se logo ki purchasing power kam hoti hai aur companies ke liye borrowing cost badh jaati hai, jisse earnings aur share prices par asar padta hai. Interest rates badhne se capital cost badhti hai, jo companies ki profitability ko affect karti hai. Global uncertainties aur currency depreciation bhi market mein volatility la sakte hain.
Active Funds Ki Mushkil Kya Hai?
Asal challenge toh market ki efficiency hai. Information sabko mil jaati hai, aur large-cap stocks pe bahut research hoti hai, toh undervalued stocks milne ke chances kam hain. Bahut active funds toh benchmark ke jaise hi lagte hain, par fees zyada lete hain. SEBI ne bhi rules banaye hain ki large-cap funds ko top 100 stocks mein invest karna hai, jisse investment universe restrict ho jata hai. Plus, cash hold karne se performance drag aata hai (50-100 basis points saal mein) jabki index fund cash hold nahi karte. Nifty 50 ka P/E abhi 22 ke aas paas hai aur Sensex 23 ke, matlab valuations high hain aur extra returns nikalna aur mushkil hai.
Aage Kya Hoga?
Ye challenges active large-cap funds ke liye shayad chalte rahenge. Kuch log bolte hain ki ye volatile market mein stability de sakte hain, par extra returns ka bharosa nahi hai. Passive investing ka trend toh badhta hi jayega, kyunki log cost par focus kar rahe hain aur index funds consistently perform kar rahe hain. Agar active fund managers ko consistently outperform karna hai fees katane ke baad, toh unko apni performance dikhani hogi, jo pichhle 10 saal mein bahut kam logo ne kiya hai.