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Hybrid funds of the type that take relatively high exposure to equities have produced attractive returns over the past year. However, when selecting a sub-category within hybrid funds (of which there are six), do not be guided by past-year returns only. Understand the investment mandate of the sub-category first.
Most asset classes did well in 2020. Large-caps fared well (the Sensex’s one-year return is 14.5 per cent; BSE Midcap’s is 19.3 per cent, and the Smallcap’s is 32.6 per cent). On the debt side, longer-duration debt has performed well. Gold has given 27.6 per cent returns.
Investment mandate: Aggressive hybrid
