Latest news with #RadhikaGupta
Time of India
3 days ago
- Business
- Time of India
Edelweiss Mutual Fund crosses Rs 1.50 lakh crore AUM, midcap fund surpasses Rs 10,000 crore asset size
Edelweiss Mutual Fund has crossed nearly Rs 1.50 lakh crore AUM as of May 2025, signaling strong investor confidence with over 25 lakh investors. The flagship Midcap Fund has delivered a phenomenal 15-year track record and recently crossed Rs 10,000 crore AUM, Edelweiss Mutual Fund declared this in its fifth investor meet. The event also spotlighted two key strategic initiatives from Edelweiss Mutual Fund Group — the launch of altiva SIF , a new brand identity for its Specialized Investment Funds business, and the expansion of its global investment platform through GIFT City's IFSC. Also Read | Edelweiss Asset Management launches new brand identity 'altiva SIF' Best MF to invest Looking for the best mutual funds to invest? Here are our recommendations. View Details » by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like The Simple Morning Habit for a Flatter Belly After 50! Lulutox Undo The launch of altiva SIF marks a milestone step into the Specialized Investment Funds (SIFs) space, with a focus on offering differentiated investment strategies across equity, hybrid, and fixed-income categories and tailored to meet the evolving needs of Indian investors. The fund house's GIFT City IFSC initiative is designed to facilitate global investing through both inbound and outbound channels. Operating under India's Liberalised Remittance Scheme (LRS), it enables seamless access to offshore investments for NRIs, domestic HNIs, institutions, and foreign funds—with the added advantage of tax parity with Indian regulations and simplified processes for long-term wealth creation. Live Events Edelweiss MF also shared that it has cemented its position as a category pioneer, being the first in India to launch passive factor and thematic funds. Its factor investing vertical has consistently delivered alpha returns by leveraging diversified exposure to quality, growth, and momentum styles, said the fund house in its meeting. The fund house strategy is prioritised by 'performance', led by its flagship funds such as the Edelweiss Flexi Cap, Large & Mid Cap, and Aggressive Hybrid fund. Radhika Gupta , Managing Director & CEO of Edelweiss Mutual Fund in the meet highlighted AMC's focus on future-ready investing, investor-centric innovation, and its expanding role in shaping India's capital markets. "Our investor meet is a testament to the trust and confidence our stakeholders place in us. It's an opportunity to not only reflect on our growth journey but also to share our vision for the future. We remain committed to building a resilient, innovation-driven asset management business that creates long-term value for investors," Gupta said. Also Read | MF Tracker: Will this April midcap star sustain its momentum? According to the fund house, most of these funds have outperformed category averages on rolling return metrics. As of May 2025, the Arbitrage Fund alone manages Rs 13,567 crore, while the Multi-Asset Allocation Fund, launched less than two years ago, has already crossed Rs 1,693 crore in AUM. Besides, on the macro front, Edelweiss MF's equity strategy reflects sectoral overweights in capital goods, financials, and industrials, aligning with the government's infrastructure push, rising power demand, and rural consumption revival. For Indian investors interested in tax-efficient and diversified portfolios, the AMC has also come up with hybrid and income-orientated offerings — including the Balanced Advantage Fund, Income Plus Arbitrage Fund, and Multi-Asset Allocation fund, that have found strong traction across retail and HNI segments. The fund house now manages over 60 schemes across three distinct verticals — fundamental investing, factor investing, and fixed income. A seasoned team of 22+ professionals with over 300 years of combined experience works behind the scenes to deliver maximum returns to investors, the fund house informed. Last month when the fund house crossed Rs 1.50 lakh crore AUM mark, the CEO Radhika Gupta posted on social media which mentioned that milestones aren't end, they are the moments that reassure, energize and inspire. Also Read | Edelweiss Mutual Fund crosses Rs 1.50 lakh crore AUM: Radhika Gupta shares while showing Rs 150 coin In another post the CEO shared a video showing a Rs 150 coin which she feels a privileged one to have. She posted on social media X that, 'Celebrating our 150 with a mega 150! 150,000 crores of AUM for @EdelweissMF , a young financial institution celebrated with 150 years for @bseindia , an iconic financial institution. This coin - legal tender of 150 rupees - is one I am privileged to have. Iconic and for the ages.' The post meant that Edelweiss Mutual Fund has achieved Rs 1.50 lakh crore AUM coinciding with the BSE's 150-year legacy
Time of India
4 days ago
- Business
- Time of India
FIIs to return in a big way post BTA with US; IT a big pick for next 18 months: Sunil Subramaniam
Sunil Subramaniam , Market Expert, anticipates a significant return of Foreign Institutional Investors to India after the BTA signing with the US. He suggests focusing on the IT sector for short-term gains, expecting a continued catch-up rally. Private sector lenders, including banks, NBFCs , and gold financing companies, are also highlighted. The markets are doing really great. Benchmarks as well as the broader markets are throwing up good opportunities. But no matter how much strength the Indian markets show, the foreign institutional investors are not coming back. Do you think the nervousness of FIIs is temporary and they will also come back to Indian markets just like the DIIs? Sunil Subramaniam : Yes, I think so. Over the last six months, there has been so much geopolitical uncertainty, apart from the tariff situation where it does affect India. The Indo-Pak war was India specific and then even in the Israel-Iran war, there was the oil price spike and the fears around that. As a result, internationally, there has been news which has given rise to concern on the short-term implications of this geopolitics on India. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Bank Owned Properties For Sale In Manila (Prices May Surprise You) Foreclosed Homes | Search ads Search Now Undo That is why compared with the previous time when the Hamas attack or the Russia-Ukraine war, FIIs were not so nervous about the Indian markets, because it was a distance away from India. But this time, it is closer to home, especially considering oil. Now that a ceasefire looks very probable and so from the fact that right from the budget onwards, we have had only positive news around the India front coming through. But the FIIs have not been able to take advantage of this because they were worried. For example, oil has a big impact on multiple sectors, fiscal deficit, everything. So, when you look at an FII, they largely look at India as a stock. And when you put in the risk factors in the stock, oil has a big weightage there and it is very hard for an individual FII to go against the numbers because they do a lot of algorithmic trading. The computer feeds in a lot of negatives about India which are perceived to be negatives. And until they get clarity, they cannot take a call. But now that the oil situation looks to be easing from an uncertain point of view, I think the FIIs are poised to come back to the country in a reasonably big way. But there still remains one uncertain event which will probably be the final trigger post wherein I expect a flood of FIIs money to come in and that is the signing of the BTA. Live Events You Might Also Like: What should be your portfolio allocation in volatile times with macro headwinds? Radhika Gupta answers I think there is still uncertainty because the US has gone ahead and signed with the UK. They have kind of done a deal with China. But with India specifically, there has been a lot of action, a lot of bilateral trade meetings happening, both the initial Modi-Trump meeting and even the latest one, Mr Trump said, oh, I am going to do a trade deal with Modi, but it has to be signed and delivered. Meanwhile, in July, the 90-day pause is coming to an end and to that extent, FIIs will still be a bit cautious because they would not want to take a sector call. In which sector will India come out a winner and where the US will extract some concessions from India is still out in the open. So, they would not like to take that risk now and they would rather wait for the uncertainty to go away before they come back. Otherwise, domestically there is nothing that is a hindrance to their coming in, a very supportive RBI through multiple actions, a supportive fiscal action through putting money in the hands of the middle class, a good monsoon forecast, as well as the ground level GST numbers, the PMI numbers all of which are coming positive. That is why domestic fund managers this month have deployed their cash in a big way. They were also uncertain through the earning season up until the end of May, and now those earnings have come out, it seemed that sequentially all the earnings have done better. Yes, against expectations, it was mixed, but at least that uncertainty is over now. I want to understand one of your comments which you made on the oil front. You said the situation has eased, and even the price is reflecting that. But in sectors like paints, aviation, what outlook do you hold now? Is it the right time to enter or should one wait and watch? Sunil Subramaniam: When you look at it purely from an oil related perspective, you would say an easing would make sense. But the point is that only one part of aviation, the paints, is the demand side of the business and there is no concern. I see aviation demand really going through quite well and then, you have also seen paints as a part of discretionary. I expect it to do well with the housing sector gaining momentum. So, yes, given that this uncertainty has led to some volatility in the price, it is a good time to accumulate those stocks. You Might Also Like: For the next 3-5 years, which categories will grow faster than India's nominal GDP? Arvind Singhal answers But having said so, if one is considering creating a portfolio, doing investment for a longer term, how should one create a mutual fund like portfolio in this market uncertainty. Yes, the undertone of the domestic market is certain, the undertone is bullish, but what are the sectors one should consider? Sunil Subramaniam : I would put this into two buckets. The first is the portfolio for a one, one-and-a-half year period and second is a portfolio for a three, five, seven-year period. The reason I am separating these two out is because in the short run, there have been sectors which have underperformed over the last six months and I expect them to play a catch-up, especially where FIIs have interest because as we just spoke, I expect FII return to happen in a big way post the BTA signing. So, from a shorter-term perspective, my vote would be to go for IT. I have been saying that for the last couple of weeks. On a six-month basis, the underperformance of the Nifty IT index is about 10% to the Nifty, whereas just a few weeks ago it was 17%. So, already there has been a 7% catchup rally. I expect this to sustain and for it is a next one-and-a-half-year call. IT is a big pick. The second would be private sector lenders whether they are private banks or good quality NBFCs or even gold financing and other companies because the impact of the tax breaks plus the RBI rate cut in terms of reducing EMIs will be felt within the realty, auto, consumer durable space and there the private lenders will do well.
Mint
6 days ago
- Business
- Mint
Radhika Gupta cautions against ‘influencer advice' on unlisted stocks: ‘Reality of valuations and financial gravity'
Radhika Gupta, MD & CEO of Edelweiss Mutual Fund has a word of caution for ordinary investors looking for high returns without understanding the risks. Noting that influencers push small investors towards 'crazy investment opportunities' that are meant for more seasoned early stage investors, by playing on the FOMO (fear of missing out) factor, Radhika Gupta pointed to the HDB listing share price as lesson. Writing on social media platform X (formerly Twitter), Radhika Gupta said, ''Industrialists and celebrities are going crazy over this one investment opportunity. It's not mutual funds or real estate. Are you missing out?' Says one influencer video telling people to invest in UNLISTED stocks,' she said. She noted, 'A perfectly good asset class which was meant for early stage investing for high risk takers is now marketed as the next sliced bread. High returns, certainly a better IPO than the unlisted price and great money.' 'This article should be a reality check! Public, private, or in between, there is a reality of valuations and financial gravity,' she added, giving an example of the valuation from the HDB Financial Services' initial public offering (IPO). On June 24, Mint reported that investors who bought HDB Financial Services' unlisted shares are in for a rude shock as the HDFC Bank's non-banking arm IPO has got a price band of ₹ 700-740 — almost half the unlisted shares, which were trading at ₹ 1,250 apiece. HDB Financial's IPO, the largest for an Indian non-banking financial company, opened for subscription today, on June 25, with large institutions bidding a day earlier. For small, retail investors in particular, acquiring unlisted shares always involves risk as regulations and safeguarding by stock exhanges is missing. Speaking to Mint, market expert Deepak Jasani warned that there is a risk of fraud and investors can lose their capital. Notably, grey market activity typically begins in anticipation of the company's public listing. Early activity may start as soon as the draft red herring prospectus (DRHP) is filed, but it typically picks up pace once there is more clarity on the IPO launch. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
Economic Times
23-06-2025
- Business
- Economic Times
What should be your portfolio allocation in volatile times with macro headwinds? Radhika Gupta answers
Synopsis Radhika Gupta shares insights on the Indian mutual fund industry's growth. The industry has seen a significant rise in AUM and retail participation. Digital access and industry efforts have contributed to this growth. Gupta advises investors to manage money according to their goals. She suggests investment strategies for different risk profiles. Radhika Gupta, MD & CEO, Edelweiss AMC, had predicted a year of returns consolidation for 2025 in the beginning of the year. She has been advising tempered expectations due to global volatility from geopolitics, economic policy changes, and tariffs. Despite a recent earnings growth slowdown in India, a rebound is expected in the second half of the year, driven by government efforts to boost consumption. For equity-focused aggressive investors, Gupta recommend flexi and multicap funds, emphasizing mid-cap potential due to strong earnings growth and representation of future-oriented sectors like healthcare and capital markets. Moderate investors may find balanced advantage or aggressive hybrid funds suitable, offering a mix of equity and debt with tax efficiency. ADVERTISEMENT Let me start with the journey that the mutual fund industry in India has seen. Let us take a decade, from an AUM of Rs 8 lakh crore, it now stands at Rs 65 lakh crore. What has been that inflection point for the Indian markets and especially for the mutual fund industry which triggered such kind of growth and which was supportive? Radhika Gupta: The last 16 years have included the golden decade for the mutual fund industry. Of that, this government has been in power. The numbers are very surprising. From Rs 8 lakh crore industry AUM, it is now close to Rs 70 lakh crore, but also what is more interesting is we have gone from maybe 4 crore folios to 23 odd crore folios. Why did equity mutual fund inflows drop by 22% in May? If you look at mutual funds as a percentage of bank deposits, we have gone from 10% to 30%. More of the AUM has become retail. More of the AUM has become equity. More people are investing via SIPs. More distributors are out there. It is a development of the whole ecosystem. And a bunch of things have contributed to it. One is the confidence in the India story. Finally, when you are investing in equities, it reflects a confidence in the country in the equity market and the growth of companies, the level of aspiration. The marketing on the India story has been very strong. Second, digital access over the last 10 years has become much better. It started from the time when we got Jan Dhan to enable broader access and then so many digital initiatives that have happened, the whole growth of fintech have now made mutual funds accessible to a much wider class of people, across a much wider class of cities, so that has helped. Third is a lot of effort by our own industry. For instance, Mutual Fund Sahi Hai as a campaign to create awareness in 2017, really has made this instrument a household instrument. Of course, we have a long way to go. ADVERTISEMENT As a woman investor, and manager of an over Rs 1.3 lakh-crore fund, how do you manage your money? According to data, women's participation in mutual funds has more than doubled since 2019, the SIP AUM has grown 4x. We want to know how you manage your money and that should give us a lot of knowledge of how we can look at managing our own. Radhika Gupta: First, women's statistics across the board vis-s-vis financial inclusion and involvement have gone up. By the way, even women's bank account numbers are up to 80% from 50%. I was told that one out of four unique MF investors now is a woman. In the case of our own AMC, that is probably 30% women investors. So, this trend is moving. How do I manage my own money? It is very simple. It is very dal chawal in my own words. Women make great investors once they understand the basics of investing. I look at my goals and I manage money according to my goals. I think 90% of my portfolio is mutual funds and mutual fund investments. And I really look at where I want to go in terms of one-year goals, three-year goals, five-year goals, and my long-term money goes into equity. My medium-term money goes into hybrid funds. My short-term money goes into debt funds. But really, that is what it is. ADVERTISEMENT Now, let us talk about the markets because of late, the SIP numbers are growing. The participation is also there. But there are redemptions also and that is because the construct of the market post September we have seen the markets getting a little jittery. Now, at this point in time we are seeing the geopolitical tensions on the rise, there is trade war and what else, the crude is also on the boil. Give us your reading on the markets. Radhika Gupta: I said this at the beginning of 2025 that after a reasonably un-volatile time post Covid and extraordinary returns, perhaps we should see 2025 as a year of returns consolidation. So, taper down your expectations. Do not sit at the extreme event end of the risk spectrum because there are actually twin factors that are happening. One, the world has not looked this volatile in a while. The combination of geopolitical events in multiple parts of the world, change in economic policy in multiple parts of the world, and the whole noise around tariffs that we have seen, the world map has not looked so volatile. Although, I do believe that as far as something like tariffs have come, the markets have gone up and down, but now they have digested a lot of the noise. But volatility is here to continue. ADVERTISEMENT Secondly, we have seen a subdued period of earnings growth in the last four-five quarters in India which we think will start to pick up towards the second half of the year given the effort the government has done around pushing up consumption, lot of new orders happening. So, we inherited a tricky global map and a little bit of slowdown that should reverse itself as we go to the second half of the year. The structural story continues to be very strong and I would say as far as the SIP book is concerned, people have been watching this Rs 25,000-26,000 crore number with bated breath, but it has been remarkably resilient. Of course, customers that do SIPs will also redeem from those folios for goals because they want to book profits because of markets. But net-net, at least in my tenure of this industry, I have seen this book grow from Rs 4,000 crore to Rs 26,000 crore. SIP has become a way of investing, a way of saving that appeal. So, I would actually love to see a big Indian goal at a one lakh crore per month SIP book. ADVERTISEMENT We mentioned that we have not seen such geopolitical tensions or such volatile times in a while. Now, for someone who is not very good at stock picking or someone who does not want to navigate this volatile market, mutual funds are the safest option but it is a very large universe to pick from. How does one go about picking the right type of mutual fund? What should my portfolio allocation look like at this juncture when clearly there are macro headwinds? Radhika Gupta: So, I will give you some advice, but the first thing that people should do is to take the benefit of a financial advisor because I really believe with the number of options in the fund universe out there and each individual's investment needs being different, portfolios have to be more customised. I really believe people should take help out there. I would give you three quick frameworks for different types of investors. For aggressive investors who want to be equity oriented, this is a time to be in flexi and multicap products. I am not saying largecaps and I am not saying smallcaps. This is the time to be in the middle of the spectrum. You do not want to be 100% largecap because you see earnings growth in the midcap space. You see a lot of the stories and a lot of the sectors that represent the India of tomorrow, your hospitals, your hotels, your capital goods, capital markets, all of them are present in the mid and smallcap space. So, build a curated flexicap or multicap fund. It will give you very nice blended exposure. For moderate investors, the hybrid fund space is good, especially categories like Balanced Advantage or Aggressive Hybrid. These are khichdi categories. They have equity, debt, and they do a good job with tax efficiency. For conservative investors, we have forgotten a little bit about fixed income as an asset class, especially post the change in taxation. But there are very good tax efficient fixed income solutions out there on the mutual fund platform. Arbitrage, income plus arbitrage are what people should look at. 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Time of India
23-06-2025
- Business
- Time of India
What should be your portfolio allocation in volatile times with macro headwinds? Radhika Gupta answers
Radhika Gupta , MD & CEO, Edelweiss AMC , had predicted a year of returns consolidation for 2025 in the beginning of the year. She has been advising tempered expectations due to global volatility from geopolitics, economic policy changes, and tariffs. Despite a recent earnings growth slowdown in India, a rebound is expected in the second half of the year, driven by government efforts to boost consumption. For equity-focused aggressive investors, Gupta recommend flexi and multicap funds, emphasizing mid-cap potential due to strong earnings growth and representation of future-oriented sectors like healthcare and capital markets. Moderate investors may find balanced advantage or aggressive hybrid funds suitable, offering a mix of equity and debt with tax efficiency. Let me start with the journey that the mutual fund industry in India has seen. Let us take a decade, from an AUM of Rs 8 lakh crore, it now stands at Rs 65 lakh crore. What has been that inflection point for the Indian markets and especially for the mutual fund industry which triggered such kind of growth and which was supportive? Radhika Gupta: The last 16 years have included the golden decade for the mutual fund industry. Of that, this government has been in power. The numbers are very surprising. From Rs 8 lakh crore industry AUM, it is now close to Rs 70 lakh crore, but also what is more interesting is we have gone from maybe 4 crore folios to 23 odd crore folios. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like The Best Method for a Flat Stomach After 50 (It's Genius!) Lulutox Undo If you look at mutual funds as a percentage of bank deposits, we have gone from 10% to 30%. More of the AUM has become retail. More of the AUM has become equity. More people are investing via SIPs. More distributors are out there. It is a development of the whole ecosystem. And a bunch of things have contributed to it. One is the confidence in the India story. Finally, when you are investing in equities, it reflects a confidence in the country in the equity market and the growth of companies, the level of aspiration. The marketing on the India story has been very strong. Second, digital access over the last 10 years has become much better. It started from the time when we got Jan Dhan to enable broader access and then so many digital initiatives that have happened, the whole growth of fintech have now made mutual funds accessible to a much wider class of people, across a much wider class of cities, so that has helped. Live Events You Might Also Like: Rs 58,000 crore cash lying idle in 5 mutual fund schemes. Are stocks too expensive to buy? Third is a lot of effort by our own industry. For instance, Mutual Fund Sahi Hai as a campaign to create awareness in 2017, really has made this instrument a household instrument. Of course, we have a long way to go. As a woman investor, and manager of an over Rs 1.3 lakh-crore fund, how do you manage your money? According to data, women's participation in mutual funds has more than doubled since 2019, the SIP AUM has grown 4x. We want to know how you manage your money and that should give us a lot of knowledge of how we can look at managing our own. Radhika Gupta: First, women's statistics across the board vis-s-vis financial inclusion and involvement have gone up. By the way, even women's bank account numbers are up to 80% from 50%. I was told that one out of four unique MF investors now is a woman. In the case of our own AMC, that is probably 30% women investors. So, this trend is moving. How do I manage my own money? It is very simple. It is very dal chawal in my own words. Women make great investors once they understand the basics of investing. I look at my goals and I manage money according to my goals. I think 90% of my portfolio is mutual funds and mutual fund investments. And I really look at where I want to go in terms of one-year goals, three-year goals, five-year goals, and my long-term money goes into equity. My medium-term money goes into hybrid funds. My short-term money goes into debt funds. But really, that is what it is. Now, let us talk about the markets because of late, the SIP numbers are growing. The participation is also there. But there are redemptions also and that is because the construct of the market post September we have seen the markets getting a little jittery. Now, at this point in time we are seeing the geopolitical tensions on the rise, there is trade war and what else, the crude is also on the boil. Give us your reading on the markets. Radhika Gupta: I said this at the beginning of 2025 that after a reasonably un-volatile time post Covid and extraordinary returns, perhaps we should see 2025 as a year of returns consolidation. So, taper down your expectations. Do not sit at the extreme event end of the risk spectrum because there are actually twin factors that are happening. You Might Also Like: Why did equity mutual fund inflows drop by 22% in May? One, the world has not looked this volatile in a while. The combination of geopolitical events in multiple parts of the world, change in economic policy in multiple parts of the world, and the whole noise around tariffs that we have seen, the world map has not looked so volatile. Although, I do believe that as far as something like tariffs have come, the markets have gone up and down, but now they have digested a lot of the noise. But volatility is here to continue. Secondly, we have seen a subdued period of earnings growth in the last four-five quarters in India which we think will start to pick up towards the second half of the year given the effort the government has done around pushing up consumption, lot of new orders happening. So, we inherited a tricky global map and a little bit of slowdown that should reverse itself as we go to the second half of the year. The structural story continues to be very strong and I would say as far as the SIP book is concerned, people have been watching this Rs 25,000-26,000 crore number with bated breath, but it has been remarkably resilient. Of course, customers that do SIPs will also redeem from those folios for goals because they want to book profits because of markets. But net-net, at least in my tenure of this industry, I have seen this book grow from Rs 4,000 crore to Rs 26,000 crore. SIP has become a way of investing, a way of saving that appeal. So, I would actually love to see a big Indian goal at a one lakh crore per month SIP book. You Might Also Like: Fund Manager Talk | 4 sectors to watch: Quantum AMC's playbook for India's domestic recovery We mentioned that we have not seen such geopolitical tensions or such volatile times in a while. Now, for someone who is not very good at stock picking or someone who does not want to navigate this volatile market, mutual funds are the safest option but it is a very large universe to pick from. How does one go about picking the right type of mutual fund? What should my portfolio allocation look like at this juncture when clearly there are macro headwinds ? Radhika Gupta: So, I will give you some advice, but the first thing that people should do is to take the benefit of a financial advisor because I really believe with the number of options in the fund universe out there and each individual's investment needs being different, portfolios have to be more customised. I really believe people should take help out there. I would give you three quick frameworks for different types of investors. For aggressive investors who want to be equity oriented, this is a time to be in flexi and multicap products. I am not saying largecaps and I am not saying smallcaps. This is the time to be in the middle of the spectrum. You do not want to be 100% largecap because you see earnings growth in the midcap space. You see a lot of the stories and a lot of the sectors that represent the India of tomorrow, your hospitals, your hotels, your capital goods, capital markets, all of them are present in the mid and smallcap space. So, build a curated flexicap or multicap fund. It will give you very nice blended exposure. For moderate investors, the hybrid fund space is good, especially categories like Balanced Advantage or Aggressive Hybrid. These are khichdi categories. They have equity, debt, and they do a good job with tax efficiency. For conservative investors, we have forgotten a little bit about fixed income as an asset class, especially post the change in taxation. But there are very good tax efficient fixed income solutions out there on the mutual fund platform. Arbitrage, income plus arbitrage are what people should look at.
