Over the course of investing, asset allocation and diversification are two aspects that one should be adhering to at all times. Asset allocation ensures that there is a balance maintained within the portfolio by allocating assets to various asset classes like equity, debt, gold etc. It also helps in striking a balance between risks and growth while fulfilling long-term financial goals. If you are an investor who is unsure how to go about allocating to equity and debt asset classes, then investing in a dynamically managed asset allocation fund or the balanced advantage category fund can be of great help to you.