When the market settles at a lower level, they come in again. I admit that for investors who have come in only last year, the yield is low. During the last one year, we had very heavy pressure on redemptions. Because of poor liquidity in the market, corporations resorted to selling our units. What we could have done was liquidate equity holdings, and switch to debt instruments.
Equities normally provide a lower yield but give better capital appreciation.
In any case, we would ideally like to have less equity in the portfolio of Unit Scheme-64. In fact, we're currently trying to reposition it as a debt-oriented scheme, which is what it was originally. It is only lately, over the last four or five years, that the scheme's equity component had gone up. We have heavy weighting in textiles, iron and steel, finance and banking, petrochemicals and engineering. I also fancy automobile components, pharmaceuticals and software.