With the market scaling new highs, can asset allocation or balanced advantage mutual funds prove their worth?

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The stock market is scaling new peaks at will. Investors are worried the sharp uptick has left stocks overheated and vulnerable to a sell-off. At the same time, some are fearful of missing the bus in case of further upside. If ever there is a ripe time for taking asset allocation-based approach in investing, it may be now. Can asset allocation or balanced advantage funds provide a way out?Asset allocation funds shift between stocks and bonds