As India enters the new financial year Samvat 2082, analysis indicates that equity-mutual-fund schemes have reduced their cash reserve levels in September, as managers deploy capital in a bid to capture the post-festival rally. At the same time, heightened market valuations, rising risks from global trade tensions and domestic triggers (such as tariff concerns) are flagged as key headwinds. The article highlights that despite the optimism, fund managers are balancing deployment with caution given the elevated risk landscape.