Mutual funds have been one of the preferred avenues for Portfolio Management Service (PMS) managers to park their cash component. SEBI data shows that PMS companies have more than doubled their allocation to mutual funds over two years, from Rs 10,668 crore in June 2020 to Rs 24,537 crore in June 2022. Experts say that liquid funds and other short-term mutual funds have been the preferred parking ground for many PMS managers for keeping their liquid assets. Some of them, especially small PMS managers, have invested in equity funds including ETFs which offer a convenient and efficient way to deploy assets at a lower cost.