In the past month, the Indian equity market has fallen by nearly 6 per cent, with the mid- and small-cap indices seeing sharper declines of around 9 per cent. Despite the dip and stock prices coming down from their recent highs, Raunak Onkar of PPFAS Mutual Fund said that companies are still not "reasonably priced" enough to warrant building new positions in the portfolio. He also stated that they would "rather wait and find the right valuation than deploy our entire portfolio", which may explain why the AMC's flexi-cap fund, India's largest active equity fund with assets worth over Rs 87,000 crore, is sitting on cash holdings of nearly 20 per cent.
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