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The advisor plays an important role in helping with asset allocation. The core of a portfolio should be equity and debt mutual funds. PMS and AIF are nice supplement.
Figure out the asset allocation by looking at each individual buckets. Typically portfolios have three buckets which are equity exposure, fixed income and absolute return.
Equity exposure will be mostly mutual funds but small percentage can include equity or thematic PMS. Fixed income basket, can include some AIFs for more exotic exposure. Absolute return basket would be met by AIF.
Average equity mutual fund costs 1.5-2% TER. Traditional AIF typically priced with fixed fee of 1.5% and a carry component which is performance related.
AIFs are not necessarily more costly but investors need to be diligent and check how the carry component is calculated.
