Mutual funds cut cash holdings by Rs 13,000 crore in June to Rs 2.04 lakh crore, with PPFAS and Unifi maintaining highest cash-to-AUM ratios for strategic flexibility and redemptions.
Indian companies scaled back overseas bond issuances as improved domestic liquidity and a weaker rupee made local fundraising more attractive.
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.
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