Sharam's portfolio consists of 75% equities, 20% fixed income, and 5% cash. What would you call his asset allocation? Conservative, because he is holding 5% in cash, which earns almost no return but will not go down in value. Growth, because he has a heavy weighting in equities and a smaller weighting to fixed income. Balanced, because he holds investments in the growth, income, and safety categories. Balanced, because his allocation to fixed income investments will eliminate the volatility of his equity investments