This article was written by

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Multi-asset funds that combine equities, gold and fixed income are designed to smooth portfolio volatility, but their role extends beyond just reducing drawdowns. Over the past 16 years, actively managed multi-asset portfolios have outperformed domestic equities, delivering an annualised return of 11.4% compared with 10.7% for the BSE Sensex TRI, or Total Returns Index, according to a study by WhiteOak Capital.

The strategy has, however, lagged higher-returning asset classes such as gold and global equities, with 14.7% and 18.6% annualised returns, respectively, over the same period. “How gold, equity or debt behaves in isolation is very different from how a well-constructedcombination performs,” said Aashish Sommaiyaa, ED & CEO, WhiteOak Capital Mutual Fund.

The study analysed a model portfolio allocating 25% to the BSE Sensex TRI, 45% to the CRISIL Short Term Bond Index, 25% to gold (MCX) and 5% to the S&P 500 TRI, with annual rebalancing. The key trade-off is consistency. The multi-asset portfolio did not post a loss in any calendar year, compared with domestic equities, international equities and gold, which recorded losses in four, one and two years, respectively.

In a multi-asset portfolio, gold helped offset equity weakness through FY25 and into FY26. While equities underperformed after September 2024, with the Sensex TRI gaining 6.4% in FY25 and shedding 6% in FY26, gold’s run-up of 32% and 65% in these two financial years on safe-haven demand provided a counterbalance, driving overall portfolio returns.

This has boosted the popularity of multi-asset allocation funds, which have garnered ₹65,210 crore, or 62% of net inflows in the hybrid category, in 2025–26. Though allocations to various assets vary depending on the fund houses, investors are taking comfort in their stable returns compared to the wild swings in equities.
“Many investors get scared of equity, especially when drawdowns like March happen, and they lose two years of returns in a short time frame,” said Vineet Nanda, founder, SIFT Capital. “In such times, people holding pure equity funds tend to lose patience and opt for multi-asset products.”“A big advantage is the scheme rebalances assets at regular intervals with no tax implication for the investor,” said Juzer Gabajiwala, director, Ventura Securities.

India’s market regulator Wednesday permitted companies to increase or decrease the fresh issue size of the initial public offerings (IPO) by up to 50% without filing a fresh draft offer document, two people familiar with the development told ET. The regulatory latitude seeks to support capital raising in a volatile market.

At present, the Securities and Exchange Board of India (Sebi) rules require companies to refile their draft prospectus if the issue size changes by more than 20% from the original estimate.

“Sebi has received representation from the industry on difficulties faced by the issuers in mobilising resources and accessing the capital market in the backdrop of ongoing geopolitical tensions in West Asia,” the regulator said in a letter to the Association of Investment Bankers of India (AIBI).

An email query sent to Sebi remained unanswered.

The relaxation will be available for IPOs opening before September 30, 2026.Any company looking to revise its issue size by up to 50% must submit a request to the regulator, explaining the reasons for the change, the regulator said in a letter to AIBI.

“By allowing increased flexibility in changing the IPO size, the regulator has provided much-needed relief to the issuers who were genuinely ready to access the markets but were waiting for geopolitical concerns to subside, without the burden of filing fresh DRHPs,” said Abhinav Kumar, partner — Capital Markets, TT&A.
Last week, Sebi gave one-time relaxation to IPO-bound companies by giving more time to launch their IPOs where deadlines were set to expire between April 1 and September 30. These companies can now launch the IPO until September 30.“It’s a timely and proactive move by Sebi, especially in the context of heightened global volatility,” said Dharmesh Mehta, MD and CEO of DAM Capital Advisors Ltd. “In such an environment a pragmatic and responsive regulatory approach is essential which facilitates capital raising activity while maintaining strong standards of governance,” he said.

As of April 2, Sebi has given consent to 143 companies to launch their IPOs, they could collectively raise ₹1.75 lakh crore, according to Prime Database.According to a securities lawyer, Sebi is allowing greater flexibility in deal sizes amid volatile conditions, particularly for issues delayed during the Iran war period, while maintaining disclosure standards and investor protection.