Asset allocation: Asset allocation funds prune equity exposu

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MUMBAI: One of the country’s biggest asset allocating mutual funds has cut its exposure to equities to the lowest in 22 months with share valuations rich after the sharp run-up in the markets.
ICICI Prudential Balanced Advantage Fund, with assets of ₹30,000 crore, has brought down its equity allocation to 37.91 per cent as of February. The last time this scheme, which invests in a mix of stocks and bonds, had equity exposure around these levels was in April 2019 at 38.3 per cent. “Given that equity valuations are no longer cheap after the sharp run in the markets and in line with the model, we have reduced equity allocation, S Naren, CIO, ICICI Prudential MF told ET.

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