Three things the capital split hides.
01
Capital weight is not risk weight. A rupee in stocks carries far more swing than a rupee in bonds, so the split you see on paper is not the split your stomach feels in a bad year.
02
Risk pools in the loudest sleeve. The asset with the biggest swings eats the risk budget even at a smaller slice of money. Read the contribution to risk, not the pie chart of capital.
03
Balanced means balanced in risk, not in rupees. Splitting the risk evenly is roughly a fifth in stocks, not half. The further you sit from that, the more your balanced fund is just an equity fund wearing a cardigan.
A 60/40 is a capital split dressed up as a risk split. The money is balanced. The risk is not, it is almost all in the stocks. The pie chart shows the rupees. The drawdown shows the truth.