Mutual funds में success सिर्फ़ “best fund चुनने” से नहीं, बल्कि सही strategy से आता है: goals, asset allocation, discipline और review.
यहाँ एक crisp, लागू करने योग्य framework दिया है — Bharat investors के लिए.
🧭 Step 1: Goals और Time Horizon तय करें
| Goal Horizon |
प्राथमिक Asset Mix |
Suggested Products (उदाहरण) |
| 0–12 महीने |
100% Cash/Liquid |
Liquid/Overnight funds, Arbitrage (near-cash), RD |
| 1–3 साल |
Debt-heavy (70–90%) |
Short duration/Banking & PSU, Corporate bond, Arbitrage |
| 3–5 साल |
Balanced |
Aggressive Hybrid/Conservative Hybrid, Short–Medium debt |
| 5–7 साल |
Equity-leaning |
Large-cap/Index funds, Flexi-cap + Debt 20–30% |
| 7+ साल |
Equity-heavy |
Nifty/Sensex Index, Large & Mid, Flexi/Multicap, Smallcap (limited) + Gold 5–10% |
Note: Gold 5–10% total portfolio hedge के लिए रखें (SGB/Gold ETF/FoF).
🧪 Step 2: Risk Profile के अनुसार Asset Allocation
| Risk Profile |
Equity |
Debt/Cash |
Gold |
Notes |
| Conservative |
30–40% |
50–60% |
5–10% |
Capital protection first |
| Balanced |
50–65% |
25–40% |
5–10% |
Core index + quality debt |
| Aggressive |
70–85% |
10–20% |
5–10% |
SIP discipline, drawdown-ready |
Core–Satellite Approach:
- Core (70–85% of equity): Broad Index/Large-cap/Flexi-cap
- Satellite (15–30% of equity): Mid/Small, Thematic/Sectoral (limit combined ≤ 20% portfolio)
💸 Step 3: SIP, Lumpsum, STP — कब क्या?
- SIP: volatility का दोस्त; long-term goals, income-linked investing.
- Lumpsum: bonus/one-time cash; valuation risk reduce करने के लिए 3–6 महीनों में stagger करें या Liquid→Equity STP चलाएँ.
- STP: Large lumpsum को Liquid/Arbitrage में पार्क करके 3–12 महीनों में equity में auto-transfer.
🧾 Fund Selection Checklist (Quick)
- Objective fit: fund का mandate आपके goal से match करता है?
- Consistency: 3/5/7Y rolling returns vs benchmark, not सिर्फ point-to-point.
- Drawdown: गिरावट में कैसा perform किया? recovery time?
- Cost: TER कम, especially index funds.
- Portfolio overlap: बहुत सारे similar funds न रखें.
- Team/Process: FM tenure, house process, AUM में comfort (very tiny/high extremes avoid).
- Tax bucket: Equity (≥65% Indian equity) vs Debt-like (post Apr’23 slab rules).
🔁 Rebalancing Rules
- Annual या ±20% drift rule: target weights से काफी हट जाए तो rebalance करें.
- Tax/exit-load aware: New contributions से rebalance करना smart; unnecessary redemptions avoid.
- Life events (salary jump, goal nearing) पर allocation update करें.
🧮 Tax Map (high-level, Bharat)
- Equity-oriented funds (≥65% Indian equity):
- STCG <1y = 15%
- LTCG ≥1y = 10% (₹1 लाख annual gains exemption)
- Debt-like funds (equity <35%, incl. most gold/international FoFs post 1-Apr-2023):
- Gains = slab rate (indexation नहीं)
- IDCW vs Growth: IDCW पर TDS/annual taxation; Growth में tax only on redemption.
Tax harvesting: equity LTCG में ₹1L exemption use कर सकते हैं (advanced, advisor से discuss).
📦 “Too Many Funds” Trap से बचें
- Equity core: 2–3 funds काफी (1 index + 1 flexi/large & mid + optional mid/small).
- Debt: 1–2 categories (short duration/PSU & Banking).
- Thematic/Sectoral: कुल मिलाकर ≤10–15% equity.
🧠 Common Mistakes
- Recent top performer को ही चुनना; process/fit न देखना
- Market गिरने पर SIP बंद कर देना (compounding टूटता है)
- Asset allocation ignore करना; सिर्फ़ fund-picking करना
- Exit-load/Tax अनदेखा कर churn करना
- Emergency fund बिना equity शुरू करना
🧩 Mini-Illustrations (not advice)
- 30 वर्ष, Aggressive, 10+Y horizon:
- Equity 80% (Index/Flexi 60, Mid 15, Small 5), Debt 15%, Gold 5%
- 45 वर्ष, Balanced, 5–7Y goals:
- Equity 60% (Large/Index bias), Debt 30% (short/PSU), Gold 10%
- Retiree SWP, Conservative:
- Equity 30–35%, Debt 55–60% (laddered), Gold 5–10%; 12–18 months expenses in Liquid/Overnight
📌 Bottom line
Strategy = Goals → Right mix → SIP/STP discipline → Annual rebalance → Tax-aware actions.
Funds बदलने से ज़्यादा ज़रूरी है process और consistency. Calm रहो, plan follow करो — compounding अपना काम करेगा.
