The ICICI Prudential Balanced Advantage Fund is a dynamic asset allocation (balanced advantage) scheme combining equities, debt and low‑risk securities. With an AUM near ₹66,750 crore and expense ratio ~1.44%, it allocates ~67% equities (43.96% large‑cap, 9.47% mid‑cap) and ~21.5% debt as of October 2025. The scheme’s 1‑year return is ~9.0% and since launch (~2006) it has delivered ~13.1% CAGR, versus the Balanced Advantage category average of ~10‑12%. Top equity holdings include large banks and utilities. Suitable for investors seeking equity upside with downside protection via rebalancing.