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Sectoral vs Thematic Funds: फर्क क्या है, किसे चुनें, कितनी allocation रखें?

Sectoral vs Thematic Funds: फर्क क्या है, किसे चुनें, कितनी allocation रखें?

Mutual Funds में “focused bets” लेने के दो popular तरीक़े हैं — Sectoral Funds और Thematic Funds. दोनों high-conviction होते हैं, पर risk-profile अलग है। समझिए कैसे:

🔎 बेसिक परिभाषा

  • Sectoral Fund: एक ही sector में निवेश (जैसे Banking, IT, Pharma, Energy, PSU, Auto)।
  • Thematic Fund: एक broader “theme” में कई sectors/industries को जोड़कर निवेश (जैसे Consumption, Manufacturing/PLI, Digital India, EV & Energy Transition, Infrastructure, ESG, MNCs, Rural).

🧾 Quick Difference Table

पहलू Sectoral Fund Thematic Fund
Focus 1 sector (high concentration) Multi-sector under one theme (relatively broader)
Diversification Low Medium
Risk/Volatility Highest (cyclical swings) High (पर sectoral से थोड़ा कम)
Examples Nifty Bank, Pharma, IT, PSU, Energy Consumption, Infra, Digital, Manufacturing (PLI), EV/Green Energy, MNC
What drives returns Sector cycle, policy, commodity prices Multi-driver: policy + consumer trends + tech shifts
Ideal holding 5–7 साल तक full cycle देखना बेहतर 4–6 साल; theme maturity तक
Allocation (guide) Single sector ≤ 5–7% Single theme ≤ 10%
Portfolio role Tactical “satellite” Satellite with slightly wider cushion
Benchmark Sector TRI indices (e.g., Nifty Bank TRI) Custom/thematic TRI; active selection critical

🧩 Examples (समझने के लिए)

  • Sectoral:
    • Banking & Financial Services, Pharma & Healthcare, IT/Services, PSU, Auto/Auto Ancillaries, Metals, Energy/Oil & Gas
  • Thematic:
    • Consumption (FMCG, Retail, QSR, Discretionary),
    • Infrastructure (Cement, Capital Goods, EPC, Logistics),
    • Manufacturing/PLI (Capital Goods, Industrial, Electronics),
    • Digital India (IT, Fintech, Platforms, Telecom),
    • EV & Energy Transition (Autos, Batteries, Utilities, Renewables).

✅ कब Sectoral/Thematic लेना समझदारी है?

  • आप “core” portfolio (Index/Flexi/Multi-cap) already रखते हैं और अब “satellite” में focused bet जोड़ना चाहते हैं
  • आपको उस sector/theme के drivers, policy tailwinds, earnings cycle की समझ है
  • आप 1–2 साल नहीं, entire cycle (4–7 years) देखने का patience रखते हैं
  • Portfolio में total focused exposure 10–20% (satellite) के भीतर रखना चाहते हैं

⚠️ Common Mistakes (बचिए)

  • Past 1-year top performer का NFO/FOMO में पीछा करना
  • Single sector में 10–15% डाल देना (over-concentration)
  • Exit rule न होना — drawdown में panic selling
  • Rolling returns/drawdown नहीं देखना; सिर्फ़ point-to-point return देखना
  • Very high TER + tiny AUM वाले फंड चुन लेना (liquidity/impact cost risk)

📐 Evaluate कैसे करें? (Practical Checklist)

  • Rolling Returns (3/5/7Y) vs Benchmark (TRI)
  • Max Drawdown और Recovery time
  • Portfolio concentration: Top-10 holdings weight, active bets vs index
  • Theme purity: क्या holdings सच में theme से aligned हैं?
  • Fund manager track record और strategy consistency
  • Expense Ratio (TER), AUM, tracking discipline
  • For themes: Policy tailwinds (PLI, infra push, renewables), global demand linkages

💸 SIP vs Lumpsum

  • Cyclical sectors में SIP/स्टैगर्ड entry बेहतर (volatility smooth होती है)
  • Clear valuation reset/cycle-turn पर partial lumpsum + staggered add
  • Rebalance: Target-weight से +/– 20% drift पर review करें (6–12 महीने में)

🎯 Portfolio Placement (Core–Satellite)

  • Core (80–90%): Broad diversified funds (Index, Flexi-cap, Multi-cap, Large & Mid).
  • Satellite (10–20%): 1–2 themes + 1 sector तक सीमित रखें.
    • Single sector ≤ 5–7%
    • Single theme ≤ 10%
    • कुल focused exposure ≤ 20%

📊 Risk–Return Lens

  • Sectoral: High beta; reward बड़ा, पर drawdown भी deep (e.g., Metals/PSU/IT cycles)
  • Thematic: Spread broader; relative cushion ज़्यादा, पर theme गलत निकला तो long underperformance हो सकती है
  • Better approach: “Theme first, sector second” — unless आपका conviction किसी specific sector cycle पर है

🧾 Tax Rules (high-level)

  • ज़्यादातर sectoral/thematic funds domestic equity होते हैं (≥65% Indian equity):
    • STCG (<1 year): 15%
    • LTCG (≥1 year): 10% on gains > ₹1 लाख/वर्ष
  • अगर FoF via overseas equities या equity <35% है (rare for these): Finance Act 2023 के बाद gains slab rate (indexation नहीं)
IDCW पर TDS लागू हो सकता है; Growth में TDS नहीं।

🧠 Thumb Rules (जल्दी याद रखने के लिए)

  • If you can’t explain the theme in 2–3 lines, skip it.
  • One sector bet >7% rarely — केवल high conviction/cycle-turn पर।
  • Buy discipline = SIP; Sell discipline = predefined exit (cycle thesis टूटे, earnings/trend reversals, theme-policy बदलें).
  • Don’t let satellite become your core.
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