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Balanced funds (sometimes also known as hybrid funds) are those that have a combination of a stock component, a bond component, and a money market component. Such funds are for investors who wish to take much balanced risks. These funds have a combination of various types of investment tools so even when the economy crashes these funds don't face much impact. On the other hand, when the economy performs extremely well, balanced funds offer above average returns. Many balanced funds offered by reputed mutual fund houses have given double digit returns over medium term say 3 years.
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