While the markets have seen 21% returns in CY17, returns in dollar terms are even
higher at 29%. We belive that current econmic enviornment is positive for domestic
and foreign inflows. The big picture is that global economy is in healthy shape and
in anticipation of faster growth, global markets have seen re-rating. We continue to remain positive on consumption (Maruti Suzuki, Asian Granito Blue
Star) and housing theme (Mahindra Lifespace and Dewan Housing). We also
remain positive on Karur Vysa Bank, Alkem laboratories, Navkar Corp, KEI
Industries and Siyaram Silk Mills. We add Music Broadcast in the portfolio on the
back of its attractive business model.

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