The label says diversified. The mandate says how far you fall.
01
The word on the shelf is not the risk. Both read diversified equity. One is required to keep a quarter in the market's jumpiest end at all times. The other can sit that end out entirely. Read the mandate, not the tab.
02
The small cap floor is a permanent line, not a market call. A multicap manager who thinks small caps are frothy still cannot leave. In a selloff where small caps fall hardest, that forced 25 is pure drawdown you cannot dodge. Illustrative same crash, it dug about 4.5 points deeper, minus 26.5 against minus 22.0.
03
Flexicap's freedom cuts both ways. The manager can dodge small caps, or pile in. You are trusting a human's timing instead of a rulebook. Neither is safer by default. Just know which one you bought.
Two funds, one shelf, and the only honest way to tell them apart is the page nobody reads. The floor under the riskiest quarter of your money is in the mandate, not the name.
See what each mandate actually holds.
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