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SBI Medium Duration is a pure debt fund which invests in fixed income instruments having duration profile between 3 to 7 years. While you don't face any risk from the stock market, you face a risk of completely different kind. It is called Credit Risk. Your fund has almost 47% exposure to sub-AAA papers. Mismanagement of Credit Risk has caused major issues before. I would seriously advise you to withdraw your money from this fund. Avoid investing in Medium Duration, Medium to Long Duration, Long Duration & Credit Risk categories of debt funds as much as you can. If you need a debt fund for the long term go for Gilt Funds instead. They invest only in Sovereign papers & thus are immune to Credit Risk. SBI & ICICI have one of the oldest & best Gilt Funds IMO.
SBI Conservative Hybrid Fund is a Conservative Hybrid Fund. That means it is mandated to hold a minimum of 75% in fixed income instruments while the rest is to be held in equities. While the small equity portion will be affected by the ups & downs of the stock market it wont be significant enough. The problematic aspect that I find in this fund is that it has close to 32% of its debt allocation to sub-AAA papers. This increases Credit Risk like anything. I would highy suggest a Conservative Hybrid Fund that invests heavily in Sovereign or AAA papers like Parag Parikh CHF as a replacement.
SBI Equity Hybrid Fund is an Aggressive Hybrid Fund. It means that it has to invest a minimum of 65% of its portfolio in the stock market. Thus it will be affected by the ups & downs of it. Since the last 6 months it is down by -3.68%. This would be a good time to increase your investment in this fund. While it has credit risk as well through exposure to around 7% sub-AAA papers it is manageable unlike the medium duration fund or the CHF.
All in all the only major pain point I see in your portfolio is heavy credit risk. This is not at all related to the stock market but to the bond market. I would advise you to read upon it & make changes accordingly.
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