TOP-DOWN

We value and cherish multiple sources of information:

• Direct access to policy makers and industry leaders through investor conferences, private meetings, etc.
• Cross checks with key players in the same industry segments as well as with players along particular industry food chains.
• External research to supplement internal research efforts.

In this process, we aim to detect any potential changes in macro policies and industry trends.

BOTTOM-UP

At the individual corporate level, we conduct frequent company visits complemented by extensive financial analyses to identify improvement as well as deterioration in three key areas:

• Long-term comparative advantages (which affect corporate profitability and growth potential)
• Corporate liquidity
• Corporate governance

In this process, we aim to identify valuation anomalies and triggers that would close the valuation gap.