ICICI Prudential Balanced Advantage Fund  is The largest fund by assets under management in this category, the fund adjusts its equity allocation based on the price-to-bookvalue ratio of the market, with rebalancing done on a daily basis. At April end, the equity allocation stood at 42 per cent, with the fund house having the flexibility to move it between 30 and 80 per cent. The equity portion is mainly invested in large-cap stocks while in the debt part, the fund has taken duration calls earlier, helping make the most of rate declines.

It has some allocation to below-AAA corporate bonds for higher accruals.