% Cash holding

This represents the portion of the portfolio invested into cash to either handle redemptions or to park the funds temporarily before a longer term allocation can be decided.

Your friend’s AMC has a hybrid strategy : a balanced advantage fund that as of 31st March 2021 is invested into 60% Equity & 40% debt. Then %Debt holding would be 40% & % Equity holding would be 60%

These are both dynamic factors and will change on a monthly basis either because of re-balancing or simply because of the fact that the equity portfolio will be more volatile than the debt portion.