{"id":3728,"date":"2019-10-02T03:17:29","date_gmt":"2019-10-02T03:17:29","guid":{"rendered":"https:\/\/kuvera.in\/blog\/?p=3728"},"modified":"2020-04-21T13:40:02","modified_gmt":"2020-04-21T13:40:02","slug":"index-funds-history-features-and-active-v-s-passive-investing","status":"publish","type":"post","link":"https:\/\/kuvera.in\/blog\/index-funds-history-features-and-active-v-s-passive-investing\/","title":{"rendered":"Index Funds \u2013 History, features and Active v\/s Passive Investing"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_40 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" area-label=\"ez-toc-toggle-icon-1\"><label for=\"item-69e20cd6d5846\" aria-label=\"Table of Content\"><span style=\"display: flex;align-items: center;width: 35px;height: 30px;justify-content: center;direction:ltr;\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/label><input  type=\"checkbox\" id=\"item-69e20cd6d5846\"><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/kuvera.in\/blog\/index-funds-history-features-and-active-v-s-passive-investing\/#What_are_Index_Funds\" title=\"What are Index Funds?\">What are Index Funds?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/kuvera.in\/blog\/index-funds-history-features-and-active-v-s-passive-investing\/#Index_Funds_how_it_all_started\" title=\"Index Funds: how it all started? \">Index Funds: how it all started? <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/kuvera.in\/blog\/index-funds-history-features-and-active-v-s-passive-investing\/#Features_of_Index_Fund\" title=\"Features of Index Fund:\">Features of Index Fund:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/kuvera.in\/blog\/index-funds-history-features-and-active-v-s-passive-investing\/#Tracking_Error\" title=\"Tracking Error\">Tracking Error<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/kuvera.in\/blog\/index-funds-history-features-and-active-v-s-passive-investing\/#Tax_treatment\" title=\"Tax treatment\">Tax treatment<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/kuvera.in\/blog\/index-funds-history-features-and-active-v-s-passive-investing\/#Should_you_Invest_-_Index_Funds_vs_Diversified_Equity_Funds\" title=\"Should you Invest \u2013 Index Funds v\/s Diversified Equity Funds\">Should you Invest \u2013 Index Funds v\/s Diversified Equity Funds<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/kuvera.in\/blog\/index-funds-history-features-and-active-v-s-passive-investing\/#Are_Index_Funds_available_in_the_Indian_Markets\" title=\"Are Index Funds available in the Indian Markets?\">Are Index Funds available in the Indian Markets?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/kuvera.in\/blog\/index-funds-history-features-and-active-v-s-passive-investing\/#Conclusion\" title=\"Conclusion:\">Conclusion:<\/a><\/li><\/ul><\/nav><\/div>\n<h4><span class=\"ez-toc-section\" id=\"What_are_Index_Funds\"><\/span>What are <a href=\"https:\/\/en.wikipedia.org\/wiki\/Index_fund\" target=\"_blank\" rel=\"noopener noreferrer\">Index Funds<\/a>?<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>An \u2018Index\u2019 comprises of stocks or securities from a particular category, industry or is a general basket of such securities. A particular Index is specifically designed with a defined calculation methodology.<\/p>\n<p><u>For example<\/u> \u2013 S &amp; P 500 Index -US, BSE Sensex, Nifty 50 &amp; Nifty Next 50- India<\/p>\n<p>Index Funds then are funds which invests in such an \u2018Index\u2019. The Fund Manager of an Index Fund buys securities in a proportion or weight similar to that of the target Index. This implies that the Index fund is a replica of its benchmark Index.<\/p>\n<p><u>For example<\/u> \u2013 If TCS has a weight of 9 % in an Index, an index fund will allocate 9% of its portfolio to this stock.<\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Index_Funds_how_it_all_started\"><\/span><strong>Index Funds: how it all started? <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><a href=\"https:\/\/en.wikipedia.org\/wiki\/John_C._Bogle\" target=\"_blank\" rel=\"noopener noreferrer\">John C Bogle<\/a>, the legendary investor and founder of the Vanguard Group, has been credited with creating, in 1976, the first Index Mutual Fund, a very low cost investing avenue that has benefitted millions of investors.<\/p>\n<p>As per Bogle, the Index Fund was created with the aim of maximizing investor returns by keeping <em><strong>the administrative charges and the management fees at the minimum and running the investment economically with utmost honesty and efficiency<\/strong><\/em><\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Features_of_Index_Fund\"><\/span><strong>Features of Index Fund:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>1\/ It is a diversified fund where the only role of the fund manager is to select stocks as per their representation in the Index<\/p>\n<p>2\/ As it is just \u2018imitating\u2019 the Index, the performance of the fund is similar to the returns from the Index<\/p>\n<p>3\/ As Index fund is a <strong>passive investment vehicle<\/strong>, the costs are very low, which makes it a lucrative investment avenue for investors<\/p>\n<p>4\/ Index fund\u2019s primary objective is to match the target benchmark\u2019s returns<\/p>\n<p>5\/ As far as the risk in a portfolio is concerned, the Index Fund carries the same risk as any other market-related instrument does, depending on the kind of assets it holds<\/p>\n<p>&nbsp;<\/p>\n<p><em><strong>And most importantly, as markets mature fund managers find it harder to <a href=\"https:\/\/kuvera.in\/blog\/is-it-to-beat-the-market-index-returns-nifty-sensex-etc-find-out-here\/\">beat the performance of Index Funds<\/a>. We have seen this story play out in the US and also in the large-cap space in India.\u00a0<\/strong><\/em><\/p>\n<p>&nbsp;<\/p>\n<p>An exhaustive study\u00a0<a href=\"https:\/\/personal.vanguard.com\/pdf\/ISGIDX_032015_Secure.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">by Vanguard finds<\/a><\/p>\n<p>&nbsp;<\/p>\n<blockquote><p>&nbsp;<\/p>\n<p><strong><em>To take one example, 72% of U.S. large-cap value equity funds under performed their benchmarks over the ten years ended December 31, 2014. The case for indexing has been strong over shorter horizons, too, although shorter sample periods have tended to produce slightly more erratic results. The case for indexing over longer horizons such as 15 years has also tended to be strong.<\/em><\/strong><\/p>\n<p>&nbsp;<\/p><\/blockquote>\n<p>&nbsp;<\/p>\n<p>Similar returns have been shown in academia for all investment horizons and in almost all markets including India.<\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Tracking_Error\"><\/span><strong>Tracking Error<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>Although by design, the returns generated by an Index Fund should match the benchmark returns, however, there is some difference between these two returns. This is due to the <strong>Tracking Error<\/strong>.<\/p>\n<p><strong>Tracking Error <\/strong>is the difference between Fund returns and the target benchmark returns. It is depicted as a percentage.<\/p>\n<p>1\/ Tracking error could be due to various factors \u2013 fund expenses, changes in level of cash holding, change\/difference in underlying securities, corporate action and \u00a0buying-selling restrictions on a specific stock<\/p>\n<p>2\/ A lower tracking error indicates that the fund is very closely following its benchmark and vice versa<\/p>\n<p>3\/ An index fund with the lowest tracking error would be the best<\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Tax_treatment\"><\/span><strong>Tax treatment<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>The tax treatment for Index funds is similar to diversified funds. On redemption, the capital gains (or losses) so realized are taxed as per the rate and period of holding.<\/p>\n<p><a href=\"https:\/\/kuvera.in\/blog\/save-up-to-%e2%82%b910000-in-ltcg-taxes-with-tax-harvesting\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong><u>Long Term Capital Gains<\/u><\/strong><\/a> (one year and above) over and above the <strong>exemption<\/strong> limit of <strong>INR 1 lakh <\/strong>would be taxed at 10%.<\/p>\n<p><strong><u>Short Term Capital Gains<\/u><\/strong> (holding period of less than one year) are taxed at 15%<\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Should_you_Invest_-_Index_Funds_vs_Diversified_Equity_Funds\"><\/span><strong>Should you Invest \u2013 Index Funds v\/s Diversified Equity Funds<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>1\/ The cost of choosing a wrong fund or a poor advisor can be huge. Index Fund safeguards from this \u2013 it allows an investor to benefit from the equity markets without worrying too much about benchmark beating returns, that too at a minimal cost. The difference in cost against diversified funds can sometimes be as high as 125-150 basis points.<\/p>\n<p>2\/ The difference between expense ratio for an Index Fund and an actively managed diversified fund over a long period of time can be substantial. Even amongst Index Funds, the one with the lowest expense ratio will be the best to choose from.<\/p>\n<p>3\/ Index Fund investing does away with the biases of a Fund Manager \u2013 a Fund Manager might sometimes pick some rank underperformers and stick around expecting a turnaround.<\/p>\n<p>4\/ A Fund\u2019s philosophy and style might change after a particular Fund Manager\u2019s exit. There is no such issue with an Index Fund.<\/p>\n<p><strong>John C. Bogle, <\/strong>in his book<strong> \u2018Common Sense on Mutual Funds\u2019,<\/strong> had this to say about Index Funds:<\/p>\n<p>&nbsp;<\/p>\n<blockquote><p>&nbsp;<\/p>\n<p><strong><em>The index fund is a most unlikely hero for the typical investor. It is no more (nor less) than a broadly diversified portfolio, typically run at rock-bottom costs, without the putative benefit of a brilliant, resourceful, and highly skilled portfolio manager. The index fund simply buys and holds the securities in a particular index, in proportion to their weight in the index. The concept is simplicity writ large.<\/em><\/strong><\/p>\n<p>&nbsp;<\/p><\/blockquote>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Are_Index_Funds_available_in_the_Indian_Markets\"><\/span>Are Index Funds available in the Indian Markets?<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>Index Funds have seen a surge in the Indian markets as storied fund managers have found it hard to beat benchmark index returns. A wide array of index funds are available for the Indian investors now. We <a href=\"https:\/\/kuvera.in\/blog\/performance-recommended-portfolio-update\/\">recommend two such funds<\/a> as a core holding as part of our equity portfolio.<\/p>\n<p>1\/ <a class=\"kuvera-app__utility_upper-case\" href=\"https:\/\/kuvera.in\/explore\/uti-nifty-next-50-index-growth--UTNYG1-GR\" data-v-03d7307e=\"\">UTI Nifty Next 50 Index Growth Direct Plan<\/a><\/p>\n<p>2\/ <a class=\"kuvera-app__utility_upper-case\" href=\"https:\/\/kuvera.in\/explore\/dsp-equal-nifty-50-growth--DS842-GR\" data-v-03d7307e=\"\">DSP Equal Nifty 50 Growth Direct Plan<\/a><\/p>\n<p>You can find all Indes Funds available on Kuvere<a href=\"https:\/\/kuvera.in\/explore\/all\/others\/equity-index-funds\" target=\"_blank\" rel=\"noopener noreferrer\"> here.<\/a><\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion:<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><a href=\"https:\/\/en.wikipedia.org\/wiki\/Warren_Buffett\" target=\"_blank\" rel=\"noopener noreferrer\">Warren Buffett<\/a> has been a strong proponent of Index investing and said in 2017 to CNBC-<\/p>\n<p>&nbsp;<\/p>\n<blockquote><p>&nbsp;<\/p>\n<p><strong><em>The trick is to essentially buy all the big companies through the S &amp; P 500 and to do it consistently.<\/em><\/strong><\/p>\n<p>&nbsp;<\/p><\/blockquote>\n<p>&nbsp;<\/p>\n<p>Index Funds have been very popular in the US where, with maturing markets, actively managed Funds on average do not beat Index Funds. In India, Index investing is still in its nascent stages but is expected to pick in a few years when the markets mature and the Indexes are better designed.<\/p>\n<p>Keeping in mind the goals, investment horizon and risk, an investor would do well by choosing a mix of diversified funds with some Index Funds. For beginners, though, Index Funds could be an investment of choice, to start with.<\/p>\n<p>Choose well and stay invested!<\/p>\n<p>&nbsp;<\/p>\n<p>Visit\u00a0<a href=\"http:\/\/www.kuvera.in\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">www.kuvera.in<\/a>\u00a0to invest in \u201cDirect Plans\u201d of Mutual Funds and save BIG on commissions!!!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>What are Index Funds? An \u2018Index\u2019 comprises of stocks or securities from a particular category, industry or is a general basket of such securities. A particular Index is specifically designed with a defined calculation methodology. For example \u2013 S &amp; P 500 Index -US, BSE Sensex, Nifty 50 &amp; Nifty Next 50- India Index Funds [&#8230;]<\/p>\n<p><a class=\"btn btn-secondary understrap-read-more-link\" href=\"https:\/\/kuvera.in\/blog\/index-funds-history-features-and-active-v-s-passive-investing\/\">Read More&#8230;<\/a><\/p>\n","protected":false},"author":11,"featured_media":3742,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false},"categories":[99],"tags":[282,220],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Index Funds \u2013 History, features and Active v\/s Passive Investing - Kuvera<\/title>\n<meta name=\"description\" content=\"Read about the features and advantages of index funds and why it should have a place in your portfolios. 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