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Mutual Fund Basics · Madhyam · 7 min read

Mutual Fund Ka Return Asal Mein Kaise Kaam Karta Hai

Chhota jawab

Mutual fund ka return aapki holding period mein NAV ke badlaav se aata hai, scheme ke expenses pehle hi ghataye ja chuke hote hain. Returns ko alag-alag tareekon se bataya jaata hai — chhoti avadhiyon ke liye absolute, ek saal se zyada ki ek lumpsum ke liye CAGR, aur jab paisa alag-alag tareekhon par andar-bahar hua ho to XIRR. Fund ka published return aur aapka personal return aam taur par alag honge, kyunki fund ka number yeh maan leta hai ki ek investment poori period tak rakha gaya, jabki aapka number is par depend karta hai ki aapne asal mein kab invest kiya.

Amit Chadha · Mutual Fund Distributor · AMFI ARN: 349461 · Aakhri review

Ek hi scheme mein, ek hi paanch saal mein, do investors ka return bahut alag ho sakta hai. Fund mein kuch bhi galat nahi hai — fark is baat se aata hai ki har ek ne paisa kab lagaya aur kab nikala.

Fund ke return aur investor ke return ke beech ka yeh fark un sabse kaam ki cheezon mein se ek hai jo ek naya investor samajh sakta hai, aur iski shuruaat yeh jaanne se hoti hai ki aap kaun-sa return number dekh rahe hain.

Return Kahan Se Aata Hai

Aapki units gunaa nahi hotin. Jo badalta hai wo hai per-unit NAV, jo scheme ki holdings ki market value ke saath chalta hai. Agar aapke paas 500 units hain aur NAV ₹40 se ₹46 par jaata hai, to aapki holding ki value ₹20,000 se ₹23,000 ho jaati hai.

Scheme ke expenses NAV tay hone se pehle hi accrue aur ghata diye jaate hain, isliye kisi scheme ke liye aap jo bhi return number dekhte hain wo pehle se hi uske expense ratio ke baad ka hai. Tax, exit load aur koi bhi transaction cost aisi nahi hotin — wo NAV ke bahar baithi hoti hain aur aakhir mein aapke paas jo bachta hai use kam karti hain.

Absolute Return

Absolute return bas shuruaat se end tak ka percentage badlaav hai, time ke kisi reference ke bina. ₹20,000 se ₹23,000 tak jaana 15% absolute return hai, chahe ismein chhe mahine lage hon ya chhe saal.

Yeh ek saal se chhoti avadhi batane ka ek fair tareeka hai, aur isse lambi kisi bhi avadhi ke liye misleading, kyunki yeh chhupa deta hai ki paisa kitne samay tak kaam kar raha tha.

CAGR: Ek Investment Ko Annualise Karna

Compound Annual Growth Rate ek sankre sawaal ka jawab deta hai: kis constant annual rate se ek lumpsum ko badhna padta taaki wo is period mein apni starting value se apni ending value tak pahunche?

CAGR ek smoothed number hai. Yeh raaste ke baare mein kuch nahi batata — jo fund pehle saal mein 30% gira aur phir zordaar tareeke se ubra, wo utna hi CAGR dikha sakta hai jitna koi lagataar badhne wala fund. Ek jaise CAGR wale do investments jeene mein bilkul alag experience ho sakte hain.

XIRR: Jab Paisa Andar-Bahar Hota Hai, Tab Ka Return

CAGR ek shuruaat mein investment aur ek end mein value maan leta hai. SIP is maanyata ko tod deta hai: har instalment alag-alag lambai ke samay tak invest rahi hai, isliye naapne ke liye koi ek starting date nahi hai.

XIRR ise har dated cash flow — har purchase, har redemption, aur current value — lekar sambhalta hai, aur ek aisi annualised rate nikalta hai jo inhein sabko consistent banaye. Yeh ek real portfolio ke liye sahi number hai, kyunki real portfolio lagbhag kabhi ek baar kiye gaye ek investment jaisa nahi hota.

Point-to-Point Banaam Rolling Returns

Point-to-point return ek khaas date se doosri tak naapa jaata hai, jisse yeh chuni gayi dono dates ke prati bahut sensitive ho jaata hai. Strong market mein khatam hone wala five-year return usi fund ke chhe mahine baad khatam hone wale five-year return se kaafi alag dikh sakta hai.

Rolling returns ise kai starting dates par baar-baar wahi holding period naapkar aur outcomes ke distribution ko dekhkar suljhate hain. Yeh kisi scheme ke behaviour ki zyada poori tasveer deta hai jitni koi ek headline number de sakta hai — haalanki yeh bhi past batata hai, future nahi.

Fund Ka Return Aapka Return Kyun Nahi Hai

Scheme ka published return yeh maan leta hai ki investment period ke pehle din kiya gaya aur aakhir tak bina chhede rakha gaya. Aapka return aapki dates aur aapki amounts par depend karta hai.

Agar aapne tezi ke baad zyada aur giravat ke baad kam invest kiya — jo zyadatar log karte hain — to aapka money-weighted return fund ke time-weighted number se peeche rahega. Fund ki factsheet ka return padhne ke bajaye apna khud ka XIRR naapna hi yeh jaanne ka iklauta tareeka hai ki aapne asal mein kya kamaya.

Ek Return Number Ko Imaandari Se Padhna

Kisi mutual fund ke liye published har return number historical hai. Yeh batata hai ki ek khatam ho chuki period mein, un market conditions ke tehat jo usi order mein dobara nahi dohrateen, kisi portfolio ke saath kya hua.

Koi bhi forward-looking number — is site ke calculators ke numbers sahit — aapke chune hue assumption par bana ek illustration hai. Kisi bhi percentage ko aapke saamne rakhe jaane par, historical number aur maan liye gaye number ke beech yeh fark yaad rakhne laayak hai.

Mukhya baatein

  • Returns NAV ki halchal se aate hain aur pehle se hi scheme ke expense ratio ke baad ke hote hain.
  • Absolute return time ko ignore karta hai; ise sirf ek saal se kam ki avadhiyon ke liye istemaal karein.
  • CAGR ek lumpsum ko annualise karta hai aur jaanboojhkar liye gaye raaste ko smooth kar deta hai.
  • Jab paisa kai dates par andar ya bahar gaya ho, jaise SIP mein, tab XIRR sahi measure hai.
  • Fund ka published return yeh maanta hai ki ek investment poori period tak rakha gaya — aapka apna return aapki dates par depend karta hai.
  • Har published return historical hai; har projected return ek assumption hai, forecast nahi.

Apne numbers par aazmaiye

Aksar pooche jaane wale sawaal

Sources aur editorial review

Aage kya padhein

XIRR Kya Hai Aur Yeh SIP Investors Ke Liye Kyun Maayne Rakhta Hai?CAGR SIP ko kyun nahi naap sakta, XIRR iske badle kya karta hai, number ko sahi tareeke se kaise padhein, aur aapka XIRR fund ke bataye gaye return se alag kyun hota hai.Mutual Fund Mein NAV Kya Hai?Net Asset Value ka matlab kya hai, yeh kaise nikala aur declare hota hai, kam NAV se fund sasta kyun nahi ho jaata, aur aapke transaction par kaun-sa NAV lagu hota hai.Mutual Fund Ka Expense Ratio Kya Hai?Total Expense Ratio kya cover karta hai, yeh aapse bill kiye jaane ke bajaye NAV ke andar kaise liya jaata hai, yeh lambi holding period mein kaise compound hota hai, aur iski sahi tulna kaise karein.

Sirf educational content. Investment advice nahi.

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