The PSU index is expensive, trading at 11.2x fwd PE and 1.8x PB which is +1SD to the historical average. However, relative to the broader market (BSE 500), PSU portfolio is still trading below the historical mean on 12-month forward PE and just slightly above the mean on PB.
Unlike dividend yield, value portfolio has limited room for earnings upgrades to continue and the trade looks relatively more crowded. Hence, dividend yield seems to a better way to play value within PSUs, accotding to Bernstein.
Hybrid funds invest in both equity and debt with the goal of balancing risk and reward, and optimizing investment returns. The tax treatment of equity-oriented hybrid schemes is similar to that of equity schemes
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