"This explosive growth in assets has been driven largely by implicit promises of regular monthly dividends in balanced funds," said Kunal Bajaj, founder and CEO, Clearfunds.com. He believes that many first-time investors who should have opted for funds with lower equity exposure have been lured into balanced funds with aggressive equity exposure where dividend yields were high. Average size, or assets under management of balanced fund, has grown twelve fold in five years from ₹417 crore to ₹5,092 crore in December 2017. The size of a balanced fund is now twice the size of the average large cap equity fund at ₹2,396 crore, said a study by clearfunds.com . Five years back, the average size of a large cap fund was ₹ 694 crore.