Congratulations on the wonderful performance of your smallcap fund. Everybody these days is talking about small and mid caps, but the smallcap benchmark itself hasn't moved much in the last one year — just 4-5%. So there must be a lot of stock-picking opportunities in the fund?

How much of your portfolio goes beyond the Small Cap 250 index?

Purely from a market-cap perspective, is there a "sweet spot" you hunt in — say, ₹10,000-20,000 crore?

So once an idea makes sense, allocation becomes key?

Within small and mid-cap, where do you currently see both growth and valuations that aren't excessive — i.e., no euphoria?

Q1 earnings were very good, Q2 is also expected to be good, but the concern is Q3 onward — especially in pockets affected by GST and income tax rate cuts. Is that a worry?

Can you get more sector-specific on where you expect strong earnings momentum over the next couple of quarters?

Among these sectors, do banks have the higher chance of re-rating if earnings pick up?

Credit growth wasn't a problem for banks anyways, and now deposits are also coming back via FCNR. So both sides of the balance sheet are sorted?

Crude has again crossed $100, and there have already been about $1.5 billion of outflows this month, with the rupee under pressure — the macro setup is weakening this month. How much of a worry is the Middle East tension?