Bureaucrats are loath to tinker with anything that’s working well. Don’t fix what ain’t broken is the axiom they live by. That is why it’s quizzical that a bureaucrat stepped in to comment on portfolio allocation by mutual funds—a segment that, measured by size and investor participation, is performing more than just fine.That's why the question raised by the Department of Investment and Public Asset Management, which now wants fund houses to allocate more capital toward public sector undertakings, is befuddling. The sales pitch? A consistent track record of record dividends.
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