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How do you narrow down on the investment universe for each of these funds? What makes the cut and what is excluded? These funds can only buy stocks which form part of our approved universe of stocks. For any new investment idea, as mentioned earlier, it has to brought into the approved universe, after due deliberations of the investment committee. Within this approved universe of stocks, one would map them with the investment objective of the respective funds. The specific factors – the composite matrix of which helps in portfolio construction for all these funds would be the same viz: efficiency in use of capital, management quality and governance levels, earnings growth prospects, valuations, dividend yield, liquidity etc. However, the weightage one would give to each of these factors could vary from one fund to ano