In recent years, FII inflows have declined while DII inflows have risen steadily, but the more encouraging trend lies in FDI flows, which remain stable and long-term in nature. After a brief phase of redemptions, FDI capital is now recycling back into India, signalling confidence in the next investment cycle. These typically come as Asset-based investments. (Infrastructure, Ports, etc.) Although India has underperformed global markets in the last 1Y, this comes amid an earnings moderation post the strong recovery of FY22–24. We may continue to see moderation from the mid-teens growth priced-in from FY27 – which we highlighted in prior calls. Our portfolio remains focused on broad-based, high-quality growth, with overweight positions in consumption, healthcare, chemicals, and IT, and selective underweights in banking and autos. As consumption-led growth revives from the December quarter, we believe our portfolio is well aligned to capture the next phase of opportunity.