A hybrid fund holds a mix of asset classes, usually shares and bonds and sometimes gold, in proportions set by its SEBI category.
Hybrid funds combine equity and debt in one scheme, and some add gold or other assets. SEBI defines seven kinds:
A fund house can offer a balanced hybrid or an aggressive hybrid fund, but not both.
Tax follows the share of equity. A hybrid fund with at least 65% in Indian shares, counting hedged positions, is taxed like an equity fund. Other hybrids follow different rules, covered in mutual fund tax.
A hybrid fund's riskometer moves with its mix: more equity usually means a higher level.
Each fund page has its returns, risk, costs, managers and everything it holds.