Mutual fund cash holdings rise amid rising uncertainties, rich valuations

The top three fund houses in terms of cash holding are PPFAS (holding of 15.9%), Axis (10.2%) and SBI (10%). There are several reasons for higher cash holding. First, the broad market seems to be richly valued. The benchmark Nifty 50 index at present trades at a price-earnings multiple of 21, which is 13% premium to the ten-year average multiple.

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