April 2014

As we speak we have entered into the last phase of the 2014 general elections. The election results will be out on May 16, 2014 and there is heightened interest around this event. Market participants believe that the election result will decide direction of the market and also a strong mandate may help some of the stressed sectors and companies outperform.

We believe that historically election results have never changed the course of the market. It has just created intermittent volatility. Also markets generally veer towards companies with stable and steady growth in cash flow. We believe these are the companies where shareholding is more stable and volatility will be much less.

In the last 4 years we have worked diligently and not moved away from the mandate of our funds. We will continue to stick to top end quality companies to generate stable returns for our investors. Our internal belief is that the basket of companies held in our portfolios can create tremendous long term wealth for our investors.