Passive investing ka logic, expense ratio ka lamba asar, aur active ki jagah
Published by The Retail Trader · AUG 09, 2026 · Features
Ek fund index ko copy karta hai. Doosre mein ek manager stocks chunta hai aur index ko harane ki koshish karta hai. Dono ke apne tark hain, aur unke beech ka asli farq laagat par aa kar tikta hai.
Wo bas index ke stocks ko usi weight mein rakhta hai. Koi selection nahi, koi view nahi. Isliye uska kharcha kam hota hai.
Uska return lagbhag index jaisa hota hai, minus uska kharcha aur ek chhota tracking difference. Wo kabhi index se bahut aage nahi jaayega — aur bahut peeche bhi nahi.
Active fund ka poora tark ye hai ki manager index se behtar chun sakta hai. Ye hota hai — par uske liye use apna extra kharcha bhi cross karna padta hai.
Yahi wo jagah hai jahan ganit sakht ho jaata hai. Agar fund ka kharcha zyada hai to manager ko sirf index se behtar nahi, kaafi behtar karna hoga taaki investor ke haath mein farq bache.
Ek chhota sa percentage lambe samay mein bada ho jaata hai:
• Har saal ka kharcha aapke poore corpus par lagta hai, sirf profit par nahi.
• Wo kharcha compound bhi hota hai — jo paisa fees mein gaya, wo aage kabhi kama nahi paayega.
• Isliye 1% aur 0.2% ka farq dus-pandrah saal mein ek bada number ban jaata hai, chahe returns lagbhag ek jaise hi rahein.
• Direct plan aur regular plan ka farq bhi yahin baithta hai — wo distributor commission ka farq hai, aur wo har saal lagta hai.
Jitna kam research kisi hisse par hota hai, utni hi zyada gunjaish ek achhe manager ke liye hoti hai. Isiliye ye behes large cap mein alag hai aur chhoti companies mein alag.
Doosri jagah risk management hai — kuch active funds girawat mein index se kam girte hain, aur kai investors ke liye wahi asli faayda hota hai, return se zyada.
Pichle saal ka return sabse kam kaam ka number hai. Zyada kaam ki cheezein hain: lamba record, ek hi manager ka lamba samay tak hona, kharcha, aur bure daur mein fund ka behaviour.
Aur sabse zaroori — fund ka apna mandate. Ek fund jo apne mandate ke bahar ja kar return bana raha ho, wo aapke portfolio ka balance chup-chaap badal deta hai.
Ye article sirf educational hai — koi buy ya sell recommendation nahi, koi guaranteed return ka daawa nahi, aur koi advisory nahi. Rules, rates aur mechanics exchange, SEBI aur RBI time-time par badalte hain, isliye har number apne broker ya official source par khud verify karo.