Diversifying your portfolio with different asset classes like gold and debt can help reduce the impact of equity market volatility. When you build your equity investments using different investment styles, it can help your portfolio during periods when one investing style finds more favour over the other. For example, funds that followed value style of investing outperformed growth style during market rally in 2020. But it is important to find the right balance. Value stocks can also go through long periods of underperformance. This is also why most fund managers in India follow growth style, where they look for companies with reasonable valuations and long-term growth potential.