Emkay Wealth recommends dynamic asset allocation for larger portfolios amidst India's peak markets, while smaller portfolios follow basic allocation aligned with the client's risk profile. The firm favors structural growth firms over cyclical ones and expects select mid and small caps to outperform with relatively easier valuations. Emkay Wealth predicts that, whilst all three asset classes - equity, fixed income, and gold - generate returns, selective exposure is better. Investors should closely monitor the central banks' moves and the impact of macroeconomic factors. Meanwhile, domestic investors continue to pour money into equities.