Balanced advantage funds cut equity exposure, hint at caution

Are local fund managers cautious about the near-term stock market prospects? Balanced Advantage Funds, an asset allocating product that invests in a mix of stocks and bonds, have cut their equity exposure to at least a half from the past couple of years as the record-breaking rally in equities has led to the market valuations turning rich. ICICI Prudential Mutual, which runs one of the largest Balanced Advantage Funds with assets of Rs 32,188