Kshitij Anand: Well, I wanted to understand if you could just take us through the performance of the Emerging Opportunities Fund and its latest performance.

Kshitij Anand: The unique thing about your PMS is that it follows a private equity mindset in public markets. Can you explain what that means in practice and how it differentiates your strategy from traditional small-cap investing?

Kshitij Anand: In fact, the strategy runs on a concentrated portfolio of around 12 to 15 stocks. How do you balance conviction with concentration risk, especially during periods of heightened market volatility?

Kshitij Anand: In fact, you target companies with a PEG ratio below one and a five-year investment horizon. In today's market, where are you finding such valuation opportunities?

Kshitij Anand: Let me also understand this from you. With over 14% cash in the portfolio, are you positioning defensively, or are you waiting for better deployment opportunities? Which sectors are currently on your radar?

Kshitij Anand: What structural themes make these sectors attractive over the next three to five years? Are there any specific sectors that you are betting on?

Kshitij Anand: Now that we have you with us, we would also love to get your broader view on the markets. What is your take on current valuations?

Kshitij Anand: How do you decide when to exit a winning investment? You did point out that a lot of the companies in your portfolio are over two decades old. So, is the decision purely valuation-driven, or do changes in business fundamentals take precedence?

Kshitij Anand: Looking ahead to the next five years, do you expect stock selection to matter more than sector allocation, or do you believe macro themes will drive returns?