In our opinion, manager Chirag Staved ranks amongst the best portfolio managers in the small/mid-cap space. He has been managing this fund since its inception in June 2007. There is a perceptible quality bias in the investment style, characterized by investments in companies with strong management teams and robust business models. The manager is a patient investor with a long-term investment horizon, which jells well with the quality bias. Given the bias for quality stocks, we expect the fund to underperform the competition in market phases where momentum is in play, but does extremely well over the long term

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