I think we were one of the first few to participate in PSU banks So, that is one area where we did participate
We participated in some of the oil companies, the energy companies We participated in some of the power companies So, I think we’ve participated in areas where we find that
there is comfort, both on valuations as well as on earnings Those stocks are some of the better managed PSUs from past history, if I may say so
And, we still continue to hold some positions there I think, areas where valuations have moved on very strong narratives, but earnings are yet to catch up and there has been very sharp rerating, I think, those are the areas
where we kind of stayed away from And we continue to stay away, and have a cautious approach So, like I mentioned, we never close our mind to any particular sector or stocks I think we try and form
a holistic view on what is the narrative, where can the earnings potentially be and what is the price we are paying for it And accordingly, we try and balance our portfolio in the best possible way