The snippet breakdowns the fund’s performance attribution. Healthcare as a segment was a standout sector for 2024, benefiting from both overweight allocation and robust stock selection. The fund also had trimmed its Auto Exposure from 23% in September 2023 to 6% by December 2024, focusing on two-wheelers. However, not holding key performers within the sector detracted from returns. We have been underweight banks barring our largest exposure in ICICI Bank. Though we do not see RoA expanding in 2025, the sector could be a defensive positioning for the year considering relative opportunities. The fund is nearly fully deployed, with 3% held in cash to capture tactical opportunities.