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Investors looking to generate alpha in their portfolios are increasingly betting on thematic funds, given the success seen in themes such as capital markets and defence in the recent past.

WHAT ARE THEMATIC FUNDS?

Thematic funds are those that invest at least 80% of their total assets in stocks linked to a particular theme. These are mutual funds or ETFs that invest in companies expected to benefit from a specific long-term trend or a theme, instead of a plain
vanilla equity fund.

Some of the popular themes among investors, and launched by fund houses in the last few years, include defence, capital markets, consumption, tourism, energy, digital, public sector undertakings (PSUs), and manufacturing. These funds can be either active or passive.

For example, an infrastructure fund will invest in stocks connected to the development of infrastructure in the country across sectors such as construction and cement, and may hold companies such as Larsen & Toubro, ABB and Honeywell Automation.
Read more: Can Shiprocket IPO deliver long-term growth for high-risk investors?
WHY ARE THEMATIC FUNDS RISKIER THAN DIVERSIFIED EQUITY MUTUAL FUNDS?
Unlike large-cap, flexi-cap and multi-cap funds, which invest in a diversified portfolio of stocks, thematic funds invest in
a narrower range of stocks and therefore carry higher concentration risk.

However, thematic funds are generally more diversified than sectoral funds such as IT or pharma funds and therefore
carry lower risk than them. If you invest at a time when economic conditions favour the underlying companies, these schemes can deliver high returns. However, any sudden adverse development in the economy that is not anticipated could affect the companies in the portfolio, potentially leading to losses in the near term.

Many times, themes may take longer to play out, while the broader market may continue to move higher, resulting in
prolonged underperformance.

WHICH CATEGORY OF INVESTORS SHOULD INVEST IN A THEMATIC FUND?
Financial planners believe that entry and exit timing are important in thematic funds to generate high alpha. Therefore, investors who can time both purchases and exits can consider investing in such funds.

First-time investors should avoid thematic funds and begin with diversified equity mutual funds. Once your core portfolio
is in place and you are looking to generate alpha and understand the associated risks, you may consider investing in one or two thematic funds. Investors can allocate to thematic funds as part of their satellite portfolio, while keeping the core portfolio invested in a mix of diversified equity mutual fund schemes.

HOW SHOULD YOU INVEST IN THESE THEMES?
If investors believe certain events are likely to unfold over the next year that could benefit a theme, they can use a staggered approach to investing. If they believe the theme can perform at any time, they may opt for a one-time investment. Unlike diversified funds, where investors can simply buy and hold, thematic funds may warrant a more measured approach. Investors can make small lump-sum investments or stagger their purchases on market dips over a relatively short period of three to
six months.

Operator

Good afternoon, and welcome to the Evolv Technology Second Quarter Earnings Results Conference Call. [Operator Instructions] As a reminder, this conference call is being recorded.

I would now like to introduce your host for today’s call, Brian Norris, Senior Vice President of Finance and Investor Relations for Evolv Technology. Please go ahead, sir.

Brian Norris
Senior Vice President of Finance and Investor Relations

Thank you, and good afternoon, everyone. Welcome to today’s call. I’m joined today by John Kedzierski, our President and Chief Executive Officer; and Chris Kutsor, our Chief Financial Officer.

Earlier today, we issued a press release detailing our second quarter results and our updated 2026 outlook. This release is available on the Investor Relations section of our website and has been filed with the Securities and Exchange Commission. During today’s call, we will make forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements reflect our current expectations regarding our business, strategy, growth opportunities, customer activity, strategic partnerships, product demand and financial outlook. All forward-looking statements are subject to material risks, uncertainties and assumptions, some of which are beyond our control.

Actual events or financial results may differ materially due to a number of factors, including those described under the caption Risk Factors in our annual report on Form

ET Intelligence Group: Shiprocket, a micro, small and medium enterprises (MSME) focussed e-commerce solutions provider, plans to raise ₹885 crore through fresh equity to fund technology infrastructure expansion, repay debt and support marketing initiatives. It will also raise ₹732 crore through an offer for sale (OFS). The company has not identified any promoters. Bertelsmann Nederland BV is the largest shareholder with 21.3% stake before the IPO. The stake of co-founders who continue to run the operations including Saahil Goel and Gautam Kapoor will fall to 4.6% each after the IPO from 6.2% earlier after considering ESOPs. Shiprocket is the country’s largest e-com enablement provider by revenue. However, it is yet to report net profit given the investment phase in the emerging segments. Given these factors, investors with a higher risk appetite may consider the IPO for the long term.

Read more: IPO lock-in expiry could bring shares worth $7.6 billion to D-Street

Business

Incorporated in 2011, Shiprocket offers domestic and cross-border shipping services, marketing solutions, and merchant services to help them in business development. Its technology platform simplifies logistics, checkouts, payments, and fulfilment, enabling merchants to sell online and offline. The company has two main business lines: core and emerging. The shipping platform and related apps form the core business while the emerging operations include tools and platforms to facilitate heavy cargo movement, cross-border shipments, marketing ads and solutions. The emerging business is growing rapidly – its share in merchant addition improved to 21% in FY26 from 6.2% in FY24 while its share in revenue increased to 26.6% from 17.6%.

Financials
Revenue grew by 24% annually to ₹2,024 crore between FY24 and FY26. The annual revenue growth for the core and emerging businesses was 17% and 52.6%, respectively, during the period. The core business has been profitable with operating profit growing by 60% annually to ₹186.6 crore in the said period. The emerging business is yet to report a profit given its phase of rapid growth. The company reported a net loss of ₹79.2 crore in FY26. Total operating cash flow improved to ₹52.6 crore in FY26 from an outflow of ₹216 crore in FY24.
Valuation
Given the loss-making operations, price-sales (P/S) multiple will be more appropriate. The company demands a P/S multiple of 3.5 considering FY26 numbers and implied market cap. Unicommerce Esolutions, a profitable e-com enablement services provider, trades at a P/S of 4.7.

Australian badminton clubs and players are facing sharply higher equipment costs as a global shortage of goose and duck feathers, driven by avian influenza outbreaks, pushes up the price of traditional shuttlecocks.

The professional shuttlecock, the conical projectile at the heart of the sport, is made from 16 carefully selected feathers taken from the left wing of a goose or duck. Only two or three feathers from each bird typically meet the precise specifications needed for consistent flight, spin and durability. China remains the primary source for these feathers and for finished shuttlecocks, leaving the supply chain vulnerable to disruptions in poultry farming.

Badminton Australia chief executive Tjitte Weistra said even mid-range products have become significantly more expensive. “A decade ago a tube of a dozen AS-30s would sit from $30 to $35. That’s now well over $70,” he said, referring to a popular Yonex model. “This means the cost of hosting a tournament or even club play can get very, very expensive.”

Great Southern Badminton Association chair Michelle Watson said her group spends about $3,000 on shuttlecocks every four to six months. Nightly fees have risen to maintain access to feathered equipment. “Feathers are what the game should be played with and are far superior,” Watson said. “Players that understand the game and play more than at a social level expect quality shuttles. I believe synthetics will be the way of the future due to feathers being unsustainable [but] they are currently not close to where they need to be to be an appropriate option.”

Western Australia has been particularly exposed because of its heavy reliance on imported equipment. Metamorph Shuttle director Ryan Zengyuan said agricultural supply problems in Asia quickly translate into local shortages and price spikes. “An agricultural supply crash in Asia instantly triggers inventory shortages and doubles prices for local players,” he said. Local retailers have raised prices by 30 to 50 percent in recent years to cover higher costs for raw feathers and international freight, according to Zengyuan.

The highly pathogenic H5N1 strain of avian influenza has killed hundreds of millions of birds worldwide in recent years through both direct mortality and large-scale culling to contain outbreaks. Poultry production of ducks and geese in China has declined, reducing the by-product supply of high-quality flight feathers. Additional pressures include competition for the cork used in the shuttlecock’s base, higher freight and energy costs, and growing demand for badminton itself in major markets.

The Badminton World Federation has responded by authorizing trials of synthetic shuttlecocks in selected lower-tier and junior international tournaments. The organization is collecting performance data and feedback from players, officials and organizers as part of a longer-term review of alternatives for higher-level competition. Traditional feathered shuttlecocks remain the preferred standard for serious play because of their superior flight characteristics, which synthetic versions have not yet fully matched.

Weistra noted that clubs are beginning to accept compromises they previously rejected. Players are seeking lower-grade feathered options that lack the same performance qualities, or considering synthetics for recreational sessions. “In the past, they just weren’t open to it because the crisis wasn’t big enough. But now the cost is becoming really prohibitive,” he said. “I guess they are inclined to look at alternative options and accept that maybe they’re not perfect, but it will do for now.”

Similar price pressures have been reported elsewhere. In Japan, major manufacturers including Yonex have implemented multiple increases, with some products rising about 30 percent over two years amid the same feather shortages. Global production remains concentrated in China, where waterfowl farming has faced repeated disease challenges alongside shifts in domestic meat consumption patterns.

The shortage underscores the specialized nature of the supply chain. Feathers must come from the same wing of the same bird species to ensure uniform curvature and aerodynamic behavior. Mass production of poultry for food generates large volumes of feathers overall, but only a small fraction meet the exacting standards required for competition-grade shuttlecocks. When healthy flocks decline, that limited high-quality fraction shrinks further, amplifying price volatility.

Australian clubs continue to prioritize feathered shuttlecocks for competitive and serious recreational play while monitoring synthetic development. Watson and others maintain that natural feathers deliver a feel and trajectory that current plastic or composite alternatives cannot replicate. At the same time, the long-term sustainability of relying on a by-product of intensive waterfowl farming is increasingly questioned as disease outbreaks become more frequent and widespread.

The impact extends beyond equipment budgets. Higher costs can limit participation, especially for community clubs, junior programs and regional associations that operate on tight margins. Tournament organizers face larger outlays for match-quality shuttles, potentially affecting entry fees or the number of events offered. Players who train frequently can go through dozens of shuttlecocks in a single session, turning the price rise into a substantial ongoing expense.

Bird flu’s arrival in Australia in recent months has heightened local awareness of the disease’s broader effects, even though the country’s badminton equipment challenges stem largely from overseas supply constraints that began years earlier. Authorities continue to manage the domestic outbreak with a focus on poultry industry biosecurity and wildlife monitoring, while the sport adapts to the downstream consequences for its most essential piece of equipment.

Manufacturers and governing bodies are accelerating research into durable synthetic designs that more closely approximate the flight of natural feathers. Progress has been incremental, and elite players and coaches remain skeptical until performance gaps narrow further. In the meantime, Australian badminton communities are adjusting budgets, raising fees where necessary, and weighing the trade-offs between cost, quality and the traditional character of the game.

The feather shortage illustrates how a distant agricultural and veterinary crisis can reshape the economics of a racquet sport played in community halls and competition venues across the country. For now, clubs and players continue to navigate higher prices while hoping that either supply stabilizes or synthetic alternatives improve enough to provide a viable long-term solution.

Eric Flynn’s LinkedIn profile lists the location of his current job, chief wealth officer of Atlanta-based Aprio Wealth Management, as “remote.” He isn’t kidding. Flynn, whose $4.1 billion-asset business sits inside a top-20 accounting firm, works from his sixth-generation family ranch, an hour outside Bozeman, Mont. Although he travels extensively, he says, “Bozeman’s home.”

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