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Such schemes normally invest a major part of their corpus in equities. These schemes provide different options to the investors like dividend option, capital appreciation, etc.
and the investors may choose an option depending on their preferences.
The one difference is that because of the three year lock-in clause, tax-saving funds get more time to reap the benefits from their stock picks, unlike plain diversified funds, whose portfolios sometimes tend to get dictated by redemption compulsions.
Sector funds The riskiest among equity funds, sector funds invest only in stocks of a specific industry, say IT or FMCG.
Hence, their portfolio mirrors the index they track, both in terms of composition and the individual stock weightages.
For instance, an index fund that tracks the Sensex will invest only in the Sensex stocks.
Obviously, the lower the tracking error, the better the index fund.
Diversified funds Such funds have the mandate to invest in the entire universe of stocks.
Investing through index funds is a passive investment strategy, as a fund’s performance will invariably mimic the index concerned, barring a minor “tracking error”.The only drawback to ELSS is that you are locked into the scheme for three years.In terms of investment profile, tax-saving funds are like diversified funds.The investors must indicate the option in the application form.The mutual funds also allow the investors to change the options at a later date.