{"id":8494,"date":"2021-09-04T06:40:46","date_gmt":"2021-09-04T06:40:46","guid":{"rendered":"https:\/\/kuvera.in\/blog\/?p=8494"},"modified":"2021-12-15T13:12:32","modified_gmt":"2021-12-15T13:12:32","slug":"thematic-basket-return-promise-vs-reality","status":"publish","type":"post","link":"https:\/\/kuvera.in\/blog\/thematic-basket-return-promise-vs-reality\/","title":{"rendered":"Do you know your thematic stock basket returns ?"},"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-69d30a86600a8\" 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-69d30a86600a8\"><\/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\/thematic-basket-return-promise-vs-reality\/#Feature_Showcase_Tax_Harvesting\" title=\"Feature Showcase: Tax Harvesting\">Feature Showcase: Tax Harvesting<\/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\/thematic-basket-return-promise-vs-reality\/#Interested_in_how_we_think_about_the_markets\" title=\"Interested in how we think about the markets?\">Interested in how we think about the markets?<\/a><\/li><\/ul><\/nav><\/div>\n<table class=\"mcnBoxedTextBlock\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody class=\"mcnBoxedTextBlockOuter\">\n<tr>\n<td class=\"mcnBoxedTextBlockInner\" valign=\"top\">\n<table class=\"mcnBoxedTextContentContainer\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\" align=\"left\">\n<tbody>\n<tr>\n<td>\n<table class=\"mcnTextContentContainer\" border=\"0\" width=\"100%\" cellspacing=\"0\">\n<tbody>\n<tr>\n<td class=\"mcnTextContent\" valign=\"top\">\n<div>\n<pre id=\"lyric-body-text\" dir=\"ltr\" data-lang=\"en\">You may have heard the world is \r\nmade up of atoms and molecules, \r\nbut it's really made up of stories. \r\n\r\nWhen you sit with an individual \r\nthat's been here, \r\nyou can give quantitative data \r\na qualitative overlay. \r\n\r\n: William Turner\r\n<\/pre>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<table class=\"mcnTextBlock\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody class=\"mcnTextBlockOuter\">\n<tr>\n<td class=\"mcnTextBlockInner\" valign=\"top\">\n<table class=\"mcnTextContentContainer\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\" align=\"left\">\n<tbody>\n<tr>\n<td class=\"mcnTextContent\" valign=\"top\">As the markets make new highs, you are probably being bombarded with request to invest in thematic baskets. Such marketing messages, either received on WhatsApp and Telegram, or pushed by brokers will have a beautiful looking backtest. It will likely show that if you had invested in the thematic basket 5 years ago you would have made twice the return of Nifty 50 with half the risk. Also, most of the stock baskets will predominantly tout a quantitative strategy because hey, math can do no wrong and if we have math on our side we will win, right?<\/p>\n<p>&nbsp;<\/p>\n<p>Well, kinda\u2026.<\/p>\n<p>&nbsp;<\/p>\n<p>Yes quantitative investing can be amazing &#8211; it can help you get higher risk adjusted returns but not even remotely close to the kind that folks are promising these days. We regularly see strategies promising 5-10% alpha. We\u00a0get these backtests, as the managers want to promote their quant models to our investors. We would happily do if they were any good.<\/p>\n<p>&nbsp;<\/p>\n<p>Below is the standard set of questions I ask them and few if any care to respond. You can use them to evaluate your thematic manager too.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<table class=\"mcnCaptionBlock\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody class=\"mcnCaptionBlockOuter\">\n<tr>\n<td class=\"mcnCaptionBlockInner\" valign=\"top\">\n<table class=\"mcnCaptionBottomContent\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" align=\"left\">\n<tbody>\n<tr>\n<td class=\"mcnCaptionBottomImageContent\" align=\"center\" valign=\"top\"><a class=\"\" title=\"\" href=\"https:\/\/kuvera.in\/explore\/top10pitfalls\" target=\"_blank\" rel=\"noopener\"><img class=\"mcnImage\" src=\"https:\/\/mcusercontent.com\/9460ade7a36b92bd9a14f2bfd\/images\/4d19de39-860e-47ca-dcfc-7a9fabdac812.jpeg\" alt=\"\" width=\"564\" \/><\/a><\/td>\n<\/tr>\n<tr>\n<td class=\"mcnTextContent\" valign=\"top\" width=\"564\">Promise of a thematic basket back test.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<table class=\"mcnTextBlock\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody class=\"mcnTextBlockOuter\">\n<tr>\n<td class=\"mcnTextBlockInner\" valign=\"top\">\n<table class=\"mcnTextContentContainer\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\" align=\"left\">\n<tbody>\n<tr>\n<td class=\"mcnTextContent\" valign=\"top\"><strong>Q \u00a0What costs are you assuming for transactions?\u00a0<\/strong><\/p>\n<p>Ideally I want the manager to come back and say they are using 50 &#8211; 75 bps for <a href=\"https:\/\/www.investopedia.com\/terms\/b\/bid-and-ask.asp\" target=\"_blank\" rel=\"noopener\">bid-ask spread<\/a> and an additional 50 &#8211; 75 bps for <a href=\"https:\/\/www1.nseindia.com\/products\/content\/equities\/indices\/impact_cost.htm\" target=\"_blank\" rel=\"noopener\">impact cost.<\/a><\/p>\n<p>&nbsp;<\/p>\n<p>Most will come back and say bid-ask in the Indian market context is 10-25 bps. While that may be true for the mega caps, it is certainly not true for other large caps and certainly not true for mid caps and small caps that a lot of these strategies will end up investing in.<\/p>\n<p>&nbsp;<\/p>\n<p>It gets even more interesting for impact cost. Most don\u2019t assume any impact cost.\u00a0A large order will move the market &#8211; which is what is captured by impact cost. The argument is that since each retail order will be so small (Avg Rs 10 &#8211; 25k) there will be no impact. This is a bad argument.<\/p>\n<p>&nbsp;<\/p>\n<p>If you are following a thematic basket and 1k other are too, it is your combined order volume that matters for impact cost.\u00a0How will one 10k buy order move the market argument doesn\u2019t hold if their are thousands more 10k buy orders also in queue \ud83d\ude42<\/p>\n<p>&nbsp;<\/p>\n<p>For a high churn strategy, properly attributing just these two costs can dock 3-5% per annum from theoretical strategy returns. If you are using a full service broker or a fixed fee broker you need to add your actual broking charges too &#8211; it all adds up.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<table class=\"mcnTextBlock\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody class=\"mcnTextBlockOuter\">\n<tr>\n<td class=\"mcnTextBlockInner\" valign=\"top\">\n<table class=\"mcnTextContentContainer\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\" align=\"left\">\n<tbody>\n<tr>\n<td class=\"mcnTextContent\" valign=\"top\"><strong>Q And are you including short term and long term capital gain taxes?<\/strong><\/p>\n<p>This one is a biggie. Stock churn in India will invite short term and long term capital gain taxes on returns. While all stock based thematic strategies churn a lot, not a single manager includes this in the backtest or theoretical performance numbers. They all hand-wave around it.\u00a0As a rule deduct 10% or 15% from the promised returns for capital gains taxes based on how frequently the strategy churns. For a strategy promising 20% returns that is 2% or 3% paid per annum to the taxman that you won\u2019t get.<\/p>\n<p>&nbsp;<\/p>\n<p>A quant MF or ETF where stock churn is tax free has a distinct advantage here.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<table class=\"mcnImageBlock\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody class=\"mcnImageBlockOuter\">\n<tr>\n<td class=\"mcnImageBlockInner\" valign=\"top\">\n<table class=\"mcnImageContentContainer\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\" align=\"left\">\n<tbody>\n<tr>\n<td class=\"mcnImageContent\" valign=\"top\"><a class=\"\" title=\"\" href=\"https:\/\/kuvera.in\/explore\/insure\/health\" target=\"_blank\" rel=\"noopener\"><img class=\"mcnImage\" src=\"https:\/\/mcusercontent.com\/9460ade7a36b92bd9a14f2bfd\/images\/09540ce1-5839-4a18-884a-c3ff151122ad.png\" alt=\"\" width=\"564\" align=\"center\" \/><\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<table class=\"mcnTextBlock\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody class=\"mcnTextBlockOuter\">\n<tr>\n<td class=\"mcnTextBlockInner\" valign=\"top\">\n<table class=\"mcnTextContentContainer\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\" align=\"left\">\n<tbody>\n<tr>\n<td class=\"mcnTextContent\" valign=\"top\"><strong>Q \u00a0Are you using today\u2019s set of stocks and looking back in time or are you using the stock universe as it was on strategy start date?\u00a0<\/strong><\/p>\n<p>If they say they took the stock universe as of today and ran the backtest, run away as fast as you can. You will be surprised how many fall for whats known as \u201c<a href=\"https:\/\/www.investopedia.com\/terms\/s\/survivorshipbias.asp\" target=\"_blank\" rel=\"noopener\">survivorship bias<\/a>\u201d. On most strategies it can easily dock 3-4% per year on realised strategy returns if not handled well.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<table class=\"mcnTextBlock\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody class=\"mcnTextBlockOuter\">\n<tr>\n<td class=\"mcnTextBlockInner\" valign=\"top\">\n<table class=\"mcnTextContentContainer\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\" align=\"left\">\n<tbody>\n<tr>\n<td class=\"mcnTextContent\" valign=\"top\"><strong>Q \u00a0How does your model perform if you change specifications?<\/strong><\/p>\n<p>Say your manager runs a momentum strategy and claims to use 5 day momentum in the backtests. Ask them to show results for 2 \/ 5 \/ 7 \/ 10 \/ 15 \/ 20 day momentum as well. This ensures that they didn\u2019t just send the best performing backtest to you to invest in. You would think most managers claiming a quantitative strategy would have this handy or would be happy to share it &#8211; they don\u2019t.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Q\u00a0How does your strategy perform in other markets? How does different specifications perform in other markets?\u00a0<\/strong><\/p>\n<p>This is a test of robustness. Is your manager picking a \u201csignal\u201d or a \u201cnoise\u201d? If you push statistics and data enough it will confess to anything. So it is important to run the strategy on markets where it is not formulated. \u00a0It is the easiest out of sample test a manager can do, but they don\u2019t.<\/p>\n<p>&nbsp;<\/p>\n<p>Read <a href=\"https:\/\/kuvera.in\/blog\/promises-and-pitfalls-of-simple-moving-average-strategies\/\" target=\"_blank\" rel=\"noopener\">more.<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<table class=\"mcnCaptionBlock\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody class=\"mcnCaptionBlockOuter\">\n<tr>\n<td class=\"mcnCaptionBlockInner\" valign=\"top\">\n<table class=\"mcnCaptionBottomContent\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" align=\"left\">\n<tbody>\n<tr>\n<td class=\"mcnCaptionBottomImageContent\" align=\"center\" valign=\"top\"><a class=\"\" title=\"\" href=\"https:\/\/kuvera.in\/explore\/top10pitfalls\" target=\"_blank\" rel=\"noopener\"><img class=\"mcnImage\" src=\"https:\/\/mcusercontent.com\/9460ade7a36b92bd9a14f2bfd\/images\/75a53387-286b-6412-3f2c-3e0646a3ceee.jpeg\" alt=\"\" width=\"564\" \/><\/a><\/td>\n<\/tr>\n<tr>\n<td class=\"mcnTextContent\" valign=\"top\" width=\"564\">This is likely what you will get, if the strategy actually works!<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<table class=\"mcnTextBlock\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody class=\"mcnTextBlockOuter\">\n<tr>\n<td class=\"mcnTextBlockInner\" valign=\"top\">\n<table class=\"mcnTextContentContainer\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\" align=\"left\">\n<tbody>\n<tr>\n<td class=\"mcnTextContent\" valign=\"top\">There is a pattern to the above questioning which you must have figured out by now. \u00a0Most thematic managers are selling what is called paper returns or theoretical returns, not actual audited returns. You need to be aware of that and then ask them relevant questions to ensure that your realised returns will be in line with paper returns.<\/p>\n<p>&nbsp;<\/p>\n<p>The sad part is most investors don\u2019t ask the above and don\u2019t have the tools to compare their realised returns to promised strategy returns.<\/p>\n<p>&nbsp;<\/p>\n<p>But, if a manager answers all the above satisfactorily then you need to answer one last question.\u00a0Is tracking a strategy and rushing to rebalance when something changes the best use of your time? If it is, then go ahead you have likely found a thematic strategy \/ manager that will not disappoint you.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p>Happy investing,<br \/>\nGaurav<br \/>\nCEO | kuvera.in |\u00a0<a href=\"https:\/\/twitter.com\/rustapharian\" target=\"_blank\" rel=\"noopener noreferrer\">@rustapharian<\/a><\/p>\n<p><strong>Love our blog? Share it with friends (sample <a href=\"https:\/\/ctt.ac\/fRi5s\" target=\"_blank\" rel=\"noopener noreferrer\">tweet<\/a> | <a href=\"https:\/\/api.whatsapp.com\/send\/?phone&amp;text=Highly%20recommend%20the%20weekly%20wealth%20newsletter%20from%20kuvera.in%20%20Signup%20here:%20https:\/\/kuvera.in\/?p=finance-insights\">WhatsApp<\/a>)<\/strong><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<table class=\"mcnCaptionBottomContent\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" align=\"left\">\n<tbody>\n<tr>\n<td class=\"mcnCaptionBottomImageContent\" align=\"center\" valign=\"top\"><img class=\"mcnImage\" src=\"https:\/\/mcusercontent.com\/9460ade7a36b92bd9a14f2bfd\/images\/cd4cdda0-9ad1-48e1-9be7-897d653b7a1f.png\" alt=\"\" width=\"564\" \/><\/td>\n<\/tr>\n<tr>\n<td class=\"mcnTextContent\" valign=\"top\" width=\"564\">\n<h4><span class=\"ez-toc-section\" id=\"Feature_Showcase_Tax_Harvesting\"><\/span>Feature Showcase: Tax Harvesting<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><a href=\"https:\/\/blog.kuvera.in\/save-up-to-%e2%82%b910000-in-ltcg-taxes-with-tax-harvesting\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>Tax Harvesting<\/strong><\/a> is a technique that utilises the \u20b91 Lakh annual LTCG exemption by selling and buying back part of your investment such that you \u201crealise\u201d gains and not pay taxes on them.\u00a0At a 10% LTCG tax rate, you could save up to Rs 10,000 in LTCG taxes every year by doing this diligently.<\/p>\n<p>&nbsp;<\/p>\n<p>Do not wait for February \/ March of FY22 to harvest taxes. Do it as early in the financial year as possible &#8211; as happened in FY20 you may not have gains later to harvest!<\/p>\n<p>&nbsp;<\/p>\n<p>Like all our features, Tax Harvesting optimizes on your entire portfolio &#8211; bought on Kuvera or <a href=\"https:\/\/blog.kuvera.in\/automatic-tracking-of-your-external-transactions\/\" target=\"_blank\" rel=\"noopener noreferrer\">imported<\/a> from elsewhere.<\/p>\n<p>&nbsp;<\/p>\n<p><strong><a href=\"https:\/\/kuvera.in\/feature\/tax-harvesting\" target=\"_blank\" rel=\"noopener noreferrer\">Start harvesting<\/a>\u00a0today.<\/strong><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h4><\/h4>\n<h4><\/h4>\n<h4><\/h4>\n<h4><\/h4>\n<h4><\/h4>\n<h4><\/h4>\n<h4><\/h4>\n<h4><\/h4>\n<h4><\/h4>\n<h4><\/h4>\n<h4><\/h4>\n<h4><\/h4>\n<h4><\/h4>\n<h4><\/h4>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Interested_in_how_we_think_about_the_markets\"><\/span>Interested in how we think about the markets?<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>Read more:\u00a0<a href=\"https:\/\/kuvera.in\/blog\/category\/zen-and-the-art-of-investing\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>Zen And The Art Of Investing<\/strong><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>Watch\/hear on YouTube:<\/p>\n<p><iframe loading=\"lazy\" title=\"Kuvera Insights\" src=\"https:\/\/www.youtube.com\/embed\/videoseries?list=PLDSzQdT9nLmCysU31bg4Ngh7WY2p3UiiI\" width=\"640\" height=\"360\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\" data-mce-fragment=\"1\"><\/iframe><\/p>\n<p>&nbsp;<\/p>\n<p>Start investing through a platform that brings goal planning and investing to your fingertips. Visit\u00a0<a href=\"https:\/\/www.kuvera.in\/\"><strong>kuvera.in<\/strong><\/a>\u00a0to discover\u00a0<a href=\"https:\/\/kuvera.in\/blog\/direct-plans-better\/\"><strong>Direct Plans<\/strong><\/a> and\u00a0<a href=\"https:\/\/kuvera.in\/user\/login\"><strong>start investing today.<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>You may have heard the world is made up of atoms and molecules, but it&#8217;s really made up of stories. When you sit with an individual that&#8217;s been here, you can give quantitative data a qualitative overlay. : William Turner &nbsp; As the markets make new highs, you are probably being bombarded with request to [&#8230;]<\/p>\n<p><a class=\"btn btn-secondary understrap-read-more-link\" href=\"https:\/\/kuvera.in\/blog\/thematic-basket-return-promise-vs-reality\/\">Read More&#8230;<\/a><\/p>\n","protected":false},"author":2,"featured_media":8496,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false},"categories":[173],"tags":[514,387,67,513,512,510],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Do you know your thematic stock basket returns ? - Kuvera - Kuvera.in<\/title>\n<meta name=\"description\" content=\"Thematic baskets may be in vogue but once you include costs your real returns might be way lower than those promised.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/kuvera.in\/blog\/thematic-basket-return-promise-vs-reality\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Do you know your thematic stock basket returns ? 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