New Delhi, Aug. 23 -- With equities, debt and precious metals moving through different cycles, investors are facing a familiar dilemma. Should they try to identify the next outperforming asset class or spread their money across several of them?

The recent market environment has made that decision harder. Indian equities have remained volatile amid global macroeconomic and geopolitical uncertainties, while gold and silver have also seen periods of correction after strong runs. Debt, meanwhile, has offered relatively steadier but moderate returns.

Against this backdrop, multi-asset allocation strategies, which combine investments across equity, debt and commodities such as gold and silver, are gaining relevance as a way to reduce dependen...