Data to 5 October 2026
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DossiersAnswer as of 5 Oct 2026

Are the products doing what they promise?

5 of 6 promises hold

Not holding: international ETFs, whose median premium to NAV is 15.70% against a bar of within ±0.50%.

Holding: balanced advantage funds (equity that moves against valuation), equity ETFs (tracking; price close to NAV), gold ETFs (price close to NAV) and small-cap funds (liquidity).

The evidence

Promises and tests

Each promise has one fixed test, set before today's values were looked at.

ProductPromiseMeasureTodayBarHolds?
Balanced advantage fundsHold more equity when shares are cheap, less when they are dearCorrelation of their net equity with the Nifty 50's P/E, last three years−0.50−0.30 or loweryes
Equity ETFsTrack their index closely and cheaplyMedian one-year tracking difference−0.23 ptsno worse than −0.50 pointsyes
Equity ETFsTrade close to the value of what they holdMedian premium to NAV−0.02%within ±0.50%yes
Gold ETFsTrade close to the value of what they holdMedian premium to NAV0.26%within ±0.50%yes
International ETFsTrade close to the value of what they holdMedian premium to NAV15.70%within ±0.50%no
Small-cap fundsCan meet heavy redemptionsDays the median fund needs to sell a quarter of its portfolio3.0 days10 days or feweryes

Behind the answer

Balanced advantage funds hold an estimated 58% in unhedged equity, with the Nifty 50 at 19.3 times earnings

The promise is to hold more equity when shares are cheap and less when they are dear. Top: the funds' estimated net equity (AUM-weighted, from daily NAVs). Bottom: the Nifty 50's P/E. If the promise holds, the top line falls when the bottom one rises.

Net equity, % of assets40%60%80%58%Nifty 50 P/E20202022202420261020304019Net equity, % of assets30%40%50%60%70%80%58%Nifty 50 P/E20202022202420261020304019Net equity, % of assets30%40%50%60%70%80%58%Nifty 50 P/E201920202021202220232024202520261015202530354019

Source: AMFI daily NAV (all eras), AMFI quarterly scheme AUM; NSE Nifty 50 and Nifty 500 TRI; NSE 5-year G-sec index; disclosed portfolios (Data bank mf_scheme_exposure) for validation

Table
DateNet equityNifty 50 P/E
Oct 202658%19
Jul 202659%20
May 202662%21
Feb 202663%22
Dec 202554%23
Sept 202555%22
Jul 202553%23
Apr 202558%22
Jan 202549%21
Nov 202446%22
Aug 202454%23
Jun 202457%22
Mar 202453%23
Jan 202451%23
Oct 202354%21
Aug 202344%23
May 202346%22
Mar 202347%21
Dec 202249%21
Oct 202248%21
Jul 202247%21
May 202243%21
Feb 202242%22
Dec 202145%24
Sept 202146%27
Jul 202149%28
Apr 202154%33
Jan 202161%30
Nov 202069%29
Aug 202062%27
Jun 202064%20
Mar 202066%16
Jan 202069%24
Oct 201968%22
Aug 201965%23
May 201962%24
Mar 201958%22
Dec 201858%22
Oct 201847%21
Jul 201841%23

Across 37 balanced advantage funds, estimated net equity runs from 5% to 77%

Each dot is one fund's estimated unhedged equity today. The same category label covers funds with very different exposure; the industry average hides it.

0%20%40%60%80%AUM-weightedUnifi Dynamic Asset Allocation Fund: 5%Parag Parikh Dynamic Asset Allocation Fund: 10%Samco Dynamic Asset Allocation Fund: 33%UTI - Unit Linked Insurance Plan: 33%quant Dynamic Asset Allocation Fund: 42%NJ Balanced Advantage Fund: 44%Mirae Asset Balanced Advantage Fund: 50%The Wealth Company Balanced Advantage Fund: 50%HSBC Balanced Advantage Fund: 50%SBI Balanced Advantage Fund: 50%DSP Dynamic Asset Allocation Fund: 53%WhiteOak Capital Balanced Advantage Fund: 54%BANDHAN Balanced Advantage Fund: 55%BANK OF INDIA BALANCED ADVANTAGE FUND: 55%Motilal Oswal Balanced Advantage Fund (MOFDYNAMIC): 55%Franklin India Balanced Advantage Fund: 56%Edelweiss Balanced Advantage Fund: 57%LIC MF Balanced Advantage Fund: 57%Mahindra Manulife Balanced Advantage Fund: 58%Kotak Balanced Advantage Fund: 58%Axis Balanced Advantage Fund: 58%Nippon India Balanced Advantage Fund: 58%Sundaram Dynamic Asset Allocation Fund: 59%Aditya Birla Sun Life Balanced Advantage Fund: 59%Tata Balanced Advantage Fund: 59%Helios Balanced Advantage Fund: 62%ICICI Prudential Balanced Advantage Fund: 62%Shriram Balanced Advantage Fund: 62%Union Balanced Advantage Fund: 62%HDFC Balanced Advantage Fund: 63%Invesco India Balanced Advantage Fund: 63%Canara Robeco Balanced Advantage Fund: 64%Baroda BNP Paribas Balanced Advantage Fund: 67%UTI Balanced Advantage Fund: 67%PGIM India Balanced Advantage Fund: 67%ITI Balanced Advantage Fund: 68%Bajaj Finserv Balanced Advantage Fund: 77%0%10%20%30%40%50%60%70%80%AUM-weightedUnifi Dynamic Asset Allocation Fund: 5%Parag Parikh Dynamic Asset Allocation Fund: 10%Samco Dynamic Asset Allocation Fund: 33%UTI - Unit Linked Insurance Plan: 33%quant Dynamic Asset Allocation Fund: 42%NJ Balanced Advantage Fund: 44%Mirae Asset Balanced Advantage Fund: 50%The Wealth Company Balanced Advantage Fund: 50%HSBC Balanced Advantage Fund: 50%SBI Balanced Advantage Fund: 50%DSP Dynamic Asset Allocation Fund: 53%WhiteOak Capital Balanced Advantage Fund: 54%BANDHAN Balanced Advantage Fund: 55%BANK OF INDIA BALANCED ADVANTAGE FUND: 55%Motilal Oswal Balanced Advantage Fund (MOFDYNAMIC): 55%Franklin India Balanced Advantage Fund: 56%Edelweiss Balanced Advantage Fund: 57%LIC MF Balanced Advantage Fund: 57%Mahindra Manulife Balanced Advantage Fund: 58%Kotak Balanced Advantage Fund: 58%Axis Balanced Advantage Fund: 58%Nippon India Balanced Advantage Fund: 58%Sundaram Dynamic Asset Allocation Fund: 59%Aditya Birla Sun Life Balanced Advantage Fund: 59%Tata Balanced Advantage Fund: 59%Helios Balanced Advantage Fund: 62%ICICI Prudential Balanced Advantage Fund: 62%Shriram Balanced Advantage Fund: 62%Union Balanced Advantage Fund: 62%HDFC Balanced Advantage Fund: 63%Invesco India Balanced Advantage Fund: 63%Canara Robeco Balanced Advantage Fund: 64%Baroda BNP Paribas Balanced Advantage Fund: 67%UTI Balanced Advantage Fund: 67%PGIM India Balanced Advantage Fund: 67%ITI Balanced Advantage Fund: 68%Bajaj Finserv Balanced Advantage Fund: 77%0%10%20%30%40%50%60%70%80%AUM-weightedUnifi Dynamic Asset Allocation Fund: 5%Parag Parikh Dynamic Asset Allocation Fund: 10%Samco Dynamic Asset Allocation Fund: 33%UTI - Unit Linked Insurance Plan: 33%quant Dynamic Asset Allocation Fund: 42%NJ Balanced Advantage Fund: 44%Mirae Asset Balanced Advantage Fund: 50%The Wealth Company Balanced Advantage Fund: 50%HSBC Balanced Advantage Fund: 50%SBI Balanced Advantage Fund: 50%DSP Dynamic Asset Allocation Fund: 53%WhiteOak Capital Balanced Advantage Fund: 54%BANDHAN Balanced Advantage Fund: 55%BANK OF INDIA BALANCED ADVANTAGE FUND: 55%Motilal Oswal Balanced Advantage Fund (MOFDYNAMIC): 55%Franklin India Balanced Advantage Fund: 56%Edelweiss Balanced Advantage Fund: 57%LIC MF Balanced Advantage Fund: 57%Mahindra Manulife Balanced Advantage Fund: 58%Kotak Balanced Advantage Fund: 58%Axis Balanced Advantage Fund: 58%Nippon India Balanced Advantage Fund: 58%Sundaram Dynamic Asset Allocation Fund: 59%Aditya Birla Sun Life Balanced Advantage Fund: 59%Tata Balanced Advantage Fund: 59%Helios Balanced Advantage Fund: 62%ICICI Prudential Balanced Advantage Fund: 62%Shriram Balanced Advantage Fund: 62%Union Balanced Advantage Fund: 62%HDFC Balanced Advantage Fund: 63%Invesco India Balanced Advantage Fund: 63%Canara Robeco Balanced Advantage Fund: 64%Baroda BNP Paribas Balanced Advantage Fund: 67%UTI Balanced Advantage Fund: 67%PGIM India Balanced Advantage Fund: 67%ITI Balanced Advantage Fund: 68%Bajaj Finserv Balanced Advantage Fund: 77%

Source: AMFI daily NAV (all eras), AMFI quarterly scheme AUM; NSE Nifty 50 and Nifty 500 TRI; NSE 5-year G-sec index; disclosed portfolios (Data bank mf_scheme_exposure) for validation

Table
Value
HDFC Balanced Advantage Fund63%
ICICI Prudential Balanced Advantage Fund62%
SBI Balanced Advantage Fund50%
Kotak Balanced Advantage Fund58%
Edelweiss Balanced Advantage Fund57%
Aditya Birla Sun Life Balanced Advantage Fund59%
Nippon India Balanced Advantage Fund58%
Tata Balanced Advantage Fund59%
Baroda BNP Paribas Balanced Advantage Fund67%
UTI - Unit Linked Insurance Plan33%
Axis Balanced Advantage Fund58%
DSP Dynamic Asset Allocation Fund53%
NJ Balanced Advantage Fund44%
UTI Balanced Advantage Fund67%
Franklin India Balanced Advantage Fund56%
Parag Parikh Dynamic Asset Allocation Fund10%
WhiteOak Capital Balanced Advantage Fund54%
BANDHAN Balanced Advantage Fund55%
Mirae Asset Balanced Advantage Fund50%
Sundaram Dynamic Asset Allocation Fund59%
HSBC Balanced Advantage Fund50%
Unifi Dynamic Asset Allocation Fund5%
Bajaj Finserv Balanced Advantage Fund77%
Union Balanced Advantage Fund62%
Canara Robeco Balanced Advantage Fund64%
Invesco India Balanced Advantage Fund63%
Mahindra Manulife Balanced Advantage Fund58%
quant Dynamic Asset Allocation Fund42%
PGIM India Balanced Advantage Fund67%
Motilal Oswal Balanced Advantage Fund (MOFDYNAMIC)55%
LIC MF Balanced Advantage Fund57%
ITI Balanced Advantage Fund68%
Helios Balanced Advantage Fund62%
BANK OF INDIA BALANCED ADVANTAGE FUND55%
Samco Dynamic Asset Allocation Fund33%
The Wealth Company Balanced Advantage Fund50%
Shriram Balanced Advantage Fund62%

Median premium to NAV: equity ETFs −0.02%, gold ETFs 0.26%, international ETFs 15.70%

What the median ETF in each category costs on the exchange against the value of what it holds, weekly since 2020. The band is ±0.5%, the test this page uses. International ETFs trade far above it because the regulator caps how much funds may invest abroad, so new units cannot be created to meet demand.

Equity ETFs0.0%5%−0.0%Gold ETFs−10%−5%0.0%5%10%0.3%International ETFs2022202420260.0%20%40%16%Equity ETFs0.0%5%−0.0%Gold ETFs−10%−5%0.0%5%10%0.3%International ETFs2022202420260.0%20%40%16%Equity ETFs−2%0.0%2%4%6%8%−0.0%Gold ETFs−6%−4%−2%0.0%2%4%6%0.3%International ETFs2021202220232024202520260.0%20%40%16%

Source: NSE capital-market bhavcopy (closes, traded value); AMFI NAV history, TER, quarterly AUM and tracking-difference disclosures; NSE total-return indices; corporate actions (ETF distributions and splits)

Table
DateEquity ETFsGold ETFsInternational ETFs
Oct 2026−0.0%0.3%16%
Aug 2026−0.2%0.2%18%
Jun 20260.1%0.3%19%
Apr 20260.2%−0.0%16%
Jan 20260.1%0.1%17%
Nov 20250.1%−0.0%17%
Sept 20250.1%0.3%19%
Jul 20250.1%0.2%9%
May 20250.0%0.1%12%
Mar 20250.1%0.4%11%
Jan 20250.2%0.5%12%
Nov 20240.2%0.1%8%
Sept 20240.0%0.2%0.4%
Jul 20240.1%0.5%4%
May 20240.1%0.3%5%
Mar 20240.1%−0.0%1.5%
Jan 20240.1%0.2%1.3%
Nov 20230.1%−0.3%−0.0%
Sept 20230.1%−0.1%−0.8%
Jun 2023−0.1%−0.2%−0.5%
Apr 2023−0.1%−0.2%0.7%
Feb 20230.2%0.1%0.6%
Dec 20220.0%−1.5%−0.0%
Oct 2022−0.1%−0.2%1.4%
Aug 2022−0.1%−0.6%0.4%
Jun 20220.3%−0.3%5%
Apr 20220.2%−0.9%2%
Feb 20220.1%−0.2%0.9%
Dec 20210.0%−0.2%0.5%
Oct 20210.1%0.0%0.3%
Aug 2021−0.1%−0.2%1.2%
Jun 2021−0.1%−0.5%0.2%
Apr 20210.1%0.4%0.8%
Jan 20210.3%0.1%1.2%
Nov 2020−0.1%0.4%3%
Sept 20200.2%−0.5%7%
Jul 2020−0.3%0.1%7%
May 20200.4%−0.4%10%
Mar 20204%−0.2%10%
Jan 2020−0.0%−0.5%6%

The median small-cap fund says it needs 3.0 days to sell a quarter of its portfolio; the median mid-cap fund 2.0

From the regulator's monthly stress test disclosure (from 2024): days each fund would need to sell 25% of its portfolio without moving prices much. More days means a fund would struggle to meet heavy redemptions.

Small-cap fundsMid-cap funds

202520260123453220252026012345Small-cap funds 3Mid-cap funds 220252026012345Small-cap funds 3Mid-cap funds 2

Source: AMFI, Disclosure of risk parameters for mid-cap and small-cap schemes (monthly), via Data bank amfi_risk_parameters

Table
DateSmall-cap fundsMid-cap funds
Aug 202632
Jul 202632
Jun 202632
May 202632
Apr 202632
Mar 202632
Feb 202642
Jan 202642
Dec 202532
Nov 202532
Oct 202543
Sept 202532
Aug 202532
Jul 202542
Jun 202542
May 202542
Apr 202532
Mar 202542
Feb 202542
Jan 202542
Dec 202442
Nov 202442
Oct 202442
Sept 202432
Aug 202432
Jul 202432
Jun 202432
May 202442
Apr 202432
Mar 202432
Feb 202432

What history says

Balanced advantage funds and valuation

Descriptive, not a test

Our estimate of these funds' net equity comes from their daily NAVs, checked against arbitrage funds, which should read near zero. The funds page shows each fund's estimate against what it disclosed.

Balanced advantage funds' real equity

Products and later returns

Not tested

These tests ask whether a product does what it says, not whether it will make money.

What would change the answer

Balanced advantage funds
Correlation of their net equity with the Nifty 50's P/E, last three years: −0.50; the bar is −0.30 or lower.
Equity ETFs
Median one-year tracking difference: −0.23 pts; the bar is no worse than −0.50 points.
Equity ETFs
Median premium to NAV: −0.02%; the bar is within ±0.50%.
Gold ETFs
Median premium to NAV: 0.26%; the bar is within ±0.50%.
International ETFs
Median premium to NAV: 15.70%; the bar is within ±0.50%.
Small-cap funds
Days the median fund needs to sell a quarter of its portfolio: 3.0 days; the bar is 10 days or fewer.

The readings and the dashboards

Balanced advantage funds' net equity 58%usual
Arbitrage funds: estimated net equity (the control) 8.5%record high
Small-cap funds: days to sell a quarter of the portfolio 3.0 daysnew series
Mid-cap funds: days to sell a quarter of the portfolio 2.0 daysnew series
Equity ETFs: median premium to NAV −0.02%usual
Gold ETFs: median premium to NAV 0.26%above usual
International ETFs: median premium to NAV 15.70%above usual
Equity ETFs: median 1-year tracking difference −0.23 pts

the usual range: the middle half of all readingstodayEach line runs from the lowest reading ever to the highest.

How these answers are made: the dossier method. Historical research, not investment advice.