Measured by returns in 2013, the top 10 funds had only three from large houses; nimble strategy could be a factor.
Gold funds have returned -5.2 per cent, while the Sensex is down 7 per cent in the past year.
The investment is through the asset manager's holding company IIFL Wealth Management Limited.
'Focus on companies with healthy balance sheets and return ratios.'
Subramaniam feels it does make sense to have some overlay in lump sum if one has the cash to do so.