The IDFC Dynamic Equity Fund is an open-ended dynamic asset allocation fund that adjusts its equity allocation monthly based on the trailing P/E ratio of the Nifty 50 index, ranging from 30-90% equity. It uses a model with predefined bands for equity allocation that moves allocation lower as P/E ratios rise. As of December 2020, the fund held 37.14% of its assets in equities with the rest in debt and money market instruments.