<div class="fundDynamicData">
<script>docWrite('fc_dynamic_data', 'fund_commentary')</script><div><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; line-height:108%; font-size:7pt;"><a name="_Hlk165630192"><span style="font-family:'Hanken Grotesk';">The portfolio underperformed benchmark by 3.1% last month.</span></a><span style="font-family:'Hanken Grotesk';"> The stocks that performed were </span><a name="_Hlk168496003"><span style="font-family:'Hanken Grotesk';">Cummins up 8.4%</span></a><span style="font-family:'Hanken Grotesk';"> - Cummins India reported strong quarterly performance on all front and domestic outlook continues to remain robust with continued strong demand from sectors such as Data Centre, Commercial & Residential real estate and infrastructure; </span><a name="_Hlk168495997"><span style="font-family:'Hanken Grotesk';">BHEL up 5.8%</span></a><span style="font-family:'Hanken Grotesk';"> - Stock move was largely driven by higher visibility on thermal addition as government has announced to set up 6 thermal power generation hubs with cumulative 30GW capacity; </span><a name="_Hlk168495991"><span style="font-family:'Hanken Grotesk';">REC up 6%</span></a><span style="font-family:'Hanken Grotesk';"> Delivered better than expected ROE at 22% in FY24; Stronger commentary from management on sanction & disbursements pipeline indicates 13-15% growth . The draggers during the month were </span><a name="_Hlk168496096"></a><a name="_Hlk165630290"><span style="font-family:'Hanken Grotesk';">Angel one down 11.5%</span><span style="font-family:'Hanken Grotesk';"> due to market volatility, but the company continues to be at attractive play on the India’s long-term story on wealth creation; Home first down 10% due to market activities despite inline results and still continues to be one of the fastest growing NBFCs; </span></a><a name="_Hlk168496088"><span style="font-family:'Hanken Grotesk';">Max financials down 9.2%</span></a><span style="font-family:'Hanken Grotesk';"> due to regulatory overhang, but we expect the insurance business to do well in FY25 led by savings & protection products.</span></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; line-height:108%; font-size:7pt;"><span style="font-family:'Hanken Grotesk';">During the month, the following changes were made to the portfolio.</span></p><ul type="disc" style="margin:0pt; padding-left:0pt;"><li style="margin-left:15.32pt; text-align:justify; line-height:108%; padding-left:9.78pt; font-family:serif; font-size:7pt; -aw-font-family:'Symbol'; -aw-font-weight:normal; -aw-number-format:'';"><span style="font-family:'Hanken Grotesk';">We have initiated position in Amara Raja – The base lead acid business has seen a ramp up in the last quarter lead by replacement demand and strong momentum in the Industrials segment. The company has also made foray into Lithium-ion cell and battery manufacturing with the total outlay for 16Gwh. Also, for the lithium manufacturing, the company is in flag end of finalising tech-partnership with global manufacturers with is positive for the company.</span></li><li style="margin-left:15.32pt; text-align:justify; line-height:108%; padding-left:9.78pt; font-family:serif; font-size:7pt; -aw-font-family:'Symbol'; -aw-font-weight:normal; -aw-number-format:'';"><span style="font-family:'Hanken Grotesk';">We have initiated position in Hindalco Industries - The non-ferrous metals space is likely to see positive supply and demand trend driving prices. Demand for metals is seeing upsurge due to investments by all major countries in energy transition and global digitisation story. We expect both India and Novelis operations to benefit from higher commodity prices over next 2-3 years driven by a favourable demand supply situation and supply constraints from China.</span></li><li style="margin-left:15.32pt; text-align:justify; line-height:108%; padding-left:9.78pt; font-family:serif; font-size:7pt; -aw-font-family:'Symbol'; -aw-font-weight:normal; -aw-number-format:'';"><span style="font-family:'Hanken Grotesk';">We have initiated position in Hitachi Energy - HEI is one of the top technical players in the electrical engineering space having four business units namely, grid automation, grid integration, high voltage products and transformers and would be the key beneficiary of the large-planned capex. The national electricity plan estimates capex of Rs 3.1tn to be spent over FY22-27 for inter-state transmission. FY25/FY26 is also expected to see awarding of 4 large HVDC projects for which GETD could be a beneficiary. Industry has also witnessed restriction on Chinese of Chinese OEMs which is expected to bring the price discipline and aid margin improvement. International markets (EU, US) have also witnessed uptick in T&D demand led by renewables integration and evacuation. </span></li><li style="margin-left:15.32pt; text-align:justify; line-height:108%; padding-left:9.78pt; font-family:serif; font-size:7pt; -aw-font-family:'Symbol'; -aw-font-weight:normal; -aw-number-format:'';"><span style="font-family:'Hanken Grotesk';">We have initiated position in PB Fintech - New business of health and life are the new drivers to growth and profitability. New initiatives premiums are also tracking well. The current initiatives and operating leverage will ensure PAT guidance of Rs 10bn in FY27. Will get scarcity premium valuations for the continuous market share gains and new business growth drivers.</span></li><li style="margin-left:15.32pt; text-align:justify; line-height:108%; padding-left:9.78pt; font-family:serif; font-size:7pt; -aw-font-family:'Symbol'; -aw-font-weight:normal; -aw-number-format:'';"><span style="font-family:'Hanken Grotesk';">We have exited from Astral as we have made good returns in the stock, the story remains good, but there is interim pressure of cpvc prices remaining down, which can impact the ebitda/kg in the near term, but volume growth in pipes remain strong.</span></li></ul><p style="margin-top:0pt; margin-left:25.1pt; margin-bottom:0pt; text-align:justify; line-height:108%; font-size:7pt;"><span style="font-family:'Hanken Grotesk'; -aw-import:ignore;"> </span></p><p style="margin-top:0pt; margin-left:25.1pt; margin-bottom:0pt; text-align:justify; line-height:108%; font-size:7pt;"><span style="font-family:'Hanken Grotesk'; -aw-import:ignore;"> </span></p><p style="margin-top:0pt; margin-left:25.1pt; margin-bottom:0pt; text-align:justify; line-height:108%; font-size:7pt;"><span style="font-family:'Hanken Grotesk'; -aw-import:ignore;"> </span></p><p style="margin-top:0pt; margin-left:25.1pt; margin-bottom:0pt; text-align:justify; line-height:108%; font-size:7pt;"><span style="font-family:'Hanken Grotesk'; -aw-import:ignore;"> </span></p><div style="background-color:#ffffff;"><p style="margin-top:0pt; margin-left:18pt; margin-bottom:0pt; text-indent:-18pt; line-height:9.2pt;"><span style="font-family:'Hanken Grotesk'; font-size:7pt;">The portfolio underperformed benchmark by 3.1% last month. The stocks that performed were Cummins up 8.4% - Cummins India reported strong</span></p></div><div style="margin-left:7.1pt; background-color:#ffffff;"><p style="margin-top:0pt; margin-left:18pt; margin-bottom:0pt; text-indent:-18pt; line-height:9.2pt;"><span style="width:18pt; text-indent:0pt; font-family:'Hanken Grotesk'; font-size:7pt; display:inline-block;"> </span></p></div><div style="margin-left:7.1pt; background-color:#ffffff;"><p style="margin-top:0pt; margin-left:18pt; margin-bottom:0pt; text-indent:-18pt; line-height:9.2pt; -aw-import:list-item; -aw-list-level-number:0; -aw-list-number-format:''; -aw-list-number-styles:'bullet'; -aw-list-padding-sml:14.78pt;"><span style="-aw-import:ignore;"><span style="font-family:Symbol; font-size:7pt;"></span><span style="width:14.78pt; font:7pt 'Times New Roman'; display:inline-block; -aw-import:spaces;"> </span></span><span style="font-family:'Hanken Grotesk'; font-size:7pt;">Bet on Sundaram's strength in the mid & small cap space; a</span><span style="font-family:'Hanken Grotesk'; font-size:7pt;"> </span><span style="font-family:'Hanken Grotesk'; font-size:7pt;">differentiated</span><span style="font-family:'Hanken Grotesk'; font-size:7pt;"> </span><span style="font-family:'Hanken Grotesk'; font-size:7pt;">yet</span><span style="font-family:'Hanken Grotesk'; font-size:7pt;"> </span><span style="font-family:'Hanken Grotesk'; font-size:7pt;">concentrated portfolio</span><span style="font-family:'Hanken Grotesk'; font-size:7pt;"> </span><span style="font-family:'Hanken Grotesk'; font-size:7pt;">positioned attractively along the cap curve.</span></p></div><div style="margin-left:7.1pt; background-color:#ffffff;"><p style="margin-top:0pt; margin-left:18pt; margin-bottom:0pt; text-indent:-18pt; line-height:9.2pt; -aw-import:list-item; -aw-list-level-number:0; -aw-list-number-format:''; -aw-list-number-styles:'bullet'; -aw-list-padding-sml:14.78pt;"><span style="-aw-import:ignore;"><span style="font-family:Symbol; font-size:7pt;"></span><span style="width:14.78pt; font:7pt 'Times New Roman'; display:inline-block; -aw-import:spaces;"> </span></span><span style="font-family:'Hanken Grotesk'; font-size:7pt;">Multi-sector portfolio.</span><span style="font-family:'Hanken Grotesk'; font-size:7pt;"> </span></p></div><div style="margin-left:7.1pt; background-color:#ffffff;"><p style="margin-top:0pt; margin-left:18pt; margin-bottom:0pt; text-indent:-18pt; line-height:9.2pt; -aw-import:list-item; -aw-list-level-number:0; -aw-list-number-format:''; -aw-list-number-styles:'bullet'; -aw-list-padding-sml:14.78pt;"><span style="-aw-import:ignore;"><span style="font-family:Symbol; font-size:7pt;"></span><span style="width:14.78pt; font:7pt 'Times New Roman'; display:inline-block; -aw-import:spaces;"> </span></span><span style="font-family:'Hanken Grotesk'; font-size:7pt;">Stocks with market cap less than Rs. 500 billion.</span><span style="font-family:'Hanken Grotesk'; font-size:7pt;"> </span></p></div><div style="margin-left:7.1pt; background-color:#ffffff;"><p style="margin-top:0pt; margin-left:18pt; margin-bottom:0pt; text-indent:-18pt; line-height:9.2pt; -aw-import:list-item; -aw-list-level-number:0; -aw-list-number-format:''; -aw-list-number-styles:'bullet'; -aw-list-padding-sml:14.78pt;"><span style="-aw-import:ignore;"><span style="font-family:Symbol; font-size:7pt;"></span><span style="width:14.78pt; font:7pt 'Times New Roman'; display:inline-block; -aw-import:spaces;"> </span></span><span style="font-family:'Hanken Grotesk'; font-size:7pt;">“EASE” portfolio</span></p></div><div style="margin-left:21.25pt; background-color:#ffffff;"><p style="margin-top:0pt; margin-left:18pt; margin-bottom:0pt; text-indent:-18pt; line-height:9.2pt; -aw-import:list-item; -aw-list-level-number:2; -aw-list-number-format:'o'; -aw-list-number-styles:'bullet'; -aw-list-padding-sml:13.8pt;"><span style="-aw-import:ignore;"><span style="font-family:'Courier New'; font-size:7pt;">o</span><span style="width:13.8pt; font:7pt 'Times New Roman'; display:inline-block; -aw-import:spaces;"> </span></span><span style="font-family:'Hanken Grotesk'; font-size:7pt; color:#4472c4;">E</span><span style="font-family:'Hanken Grotesk'; font-size:7pt;">merging leaders – clean and high-quality promoters/management.</span><span style="font-family:'Hanken Grotesk'; font-size:7pt;"> </span></p></div><div style="margin-left:21.25pt; background-color:#ffffff;"><p style="margin-top:0pt; margin-left:18pt; margin-bottom:0pt; text-indent:-18pt; line-height:9.2pt; -aw-import:list-item; -aw-list-level-number:2; -aw-list-number-format:'o'; -aw-list-number-styles:'bullet'; -aw-list-padding-sml:13.8pt;"><span style="-aw-import:ignore;"><span style="font-family:'Courier New'; font-size:7pt;">o</span><span style="width:13.8pt; font:7pt 'Times New Roman'; display:inline-block; -aw-import:spaces;"> </span></span><span style="font-family:'Hanken Grotesk'; font-size:7pt; color:#4472c4;">A</span><span style="font-family:'Hanken Grotesk'; font-size:7pt;">sset light & High ROCE businesses are preferred.</span><span style="font-family:'Hanken Grotesk'; font-size:7pt;"> </span></p></div><div style="margin-left:21.25pt; background-color:#ffffff;"><p style="margin-top:0pt; margin-left:18pt; margin-bottom:0pt; text-indent:-18pt; line-height:9.2pt; -aw-import:list-item; -aw-list-level-number:2; -aw-list-number-format:'o'; -aw-list-number-styles:'bullet'; -aw-list-padding-sml:13.8pt;"><span style="-aw-import:ignore;"><span style="font-family:'Courier New'; font-size:7pt;">o</span><span style="width:13.8pt; font:7pt 'Times New Roman'; display:inline-block; -aw-import:spaces;"> </span></span><span style="font-family:'Hanken Grotesk'; font-size:7pt; color:#4472c4;">S</span><span style="font-family:'Hanken Grotesk'; font-size:7pt;">calable companies: mid-cap to large cap, small cap to mid-cap transitioning companies.</span><span style="font-family:'Hanken Grotesk'; font-size:7pt;"> </span></p></div><div style="margin-left:21.25pt; background-color:#ffffff;"><p style="margin-top:0pt; margin-left:18pt; margin-bottom:0pt; text-indent:-18pt; line-height:9.2pt; -aw-import:list-item; -aw-list-level-number:2; -aw-list-number-format:'o'; -aw-list-number-styles:'bullet'; -aw-list-padding-sml:13.8pt;"><span style="-aw-import:ignore;"><span style="font-family:'Courier New'; font-size:7pt;">o</span><span style="width:13.8pt; font:7pt 'Times New Roman'; display:inline-block; -aw-import:spaces;"> </span></span><span style="font-family:'Hanken Grotesk'; font-size:7pt; color:#4472c4;">E</span><span style="font-family:'Hanken Grotesk'; font-size:7pt;">xcellent cash conversion from operations.</span><span style="font-family:'Hanken Grotesk'; font-size:7pt;"> </span></p></div><div style="margin-left:7.1pt; background-color:#ffffff;"><p style="margin-top:0pt; margin-left:18pt; margin-bottom:0pt; text-indent:-18pt; line-height:9.2pt; -aw-import:list-item; -aw-list-level-number:0; -aw-list-number-format:''; -aw-list-number-styles:'bullet'; -aw-list-padding-sml:14.78pt;"><span style="-aw-import:ignore;"><span style="font-family:Symbol; font-size:7pt;"></span><span style="width:14.78pt; font:7pt 'Times New Roman'; display:inline-block; -aw-import:spaces;"> </span></span><span style="font-family:'Hanken Grotesk'; font-size:7pt;">Identify stocks that are in the early stages of their business cycle and could emerge as tomorrow’s large caps.</span><span style="font-family:'Hanken Grotesk'; font-size:7pt;"> </span></p></div><div style="margin-left:7.1pt; background-color:#ffffff;"><p style="margin-top:0pt; margin-left:18pt; margin-bottom:0pt; text-indent:-18pt; line-height:9.2pt; -aw-import:list-item; -aw-list-level-number:0; -aw-list-number-format:''; -aw-list-number-styles:'bullet'; -aw-list-padding-sml:14.78pt;"><span style="-aw-import:ignore;"><span style="font-family:Symbol; font-size:7pt;"></span><span style="width:14.78pt; font:7pt 'Times New Roman'; display:inline-block; -aw-import:spaces;"> </span></span><span style="font-family:'Hanken Grotesk'; font-size:7pt;">India 2025 - Themes</span><span style="font-family:'Hanken Grotesk'; font-size:7pt;"> </span></p></div><div style="margin-left:7.1pt; background-color:#ffffff;"><p style="margin-top:0pt; margin-left:18pt; margin-bottom:0pt; text-indent:-18pt; line-height:9.2pt; -aw-import:list-item; -aw-list-level-number:0; -aw-list-number-format:''; -aw-list-number-styles:'bullet'; -aw-list-padding-sml:14.78pt;"><span style="-aw-import:ignore;"><span style="font-family:Symbol; font-size:7pt;"></span><span style="width:14.78pt; font:7pt 'Times New Roman'; display:inline-block; -aw-import:spaces;"> </span></span><span style="font-family:'Hanken Grotesk'; font-size:7pt;">Financial inclusiveness</span><span style="font-family:'Hanken Grotesk'; font-size:7pt;"> </span></p></div><div style="margin-left:7.1pt; background-color:#ffffff;"><p style="margin-top:0pt; margin-left:18pt; margin-bottom:0pt; text-indent:-18pt; line-height:9.2pt; -aw-import:list-item; -aw-list-level-number:0; -aw-list-number-format:''; -aw-list-number-styles:'bullet'; -aw-list-padding-sml:14.78pt;"><span style="-aw-import:ignore;"><span style="font-family:Symbol; font-size:7pt;"></span><span style="width:14.78pt; font:7pt 'Times New Roman'; display:inline-block; -aw-import:spaces;"> </span></span><span style="font-family:'Hanken Grotesk'; font-size:7pt;">Phygital Bluechips</span><span style="font-family:'Hanken Grotesk'; font-size:7pt;"> </span></p></div><div style="margin-left:7.1pt; background-color:#ffffff;"><p style="margin-top:0pt; margin-left:18pt; margin-bottom:0pt; text-indent:-18pt; line-height:9.2pt; -aw-import:list-item; -aw-list-level-number:0; -aw-list-number-format:''; -aw-list-number-styles:'bullet'; -aw-list-padding-sml:14.78pt;"><span style="-aw-import:ignore;"><span style="font-family:Symbol; font-size:7pt;"></span><span style="width:14.78pt; font:7pt 'Times New Roman'; display:inline-block; -aw-import:spaces;"> </span></span><span style="font-family:'Hanken Grotesk'; font-size:7pt;">Consumption Czars</span><span style="font-family:'Hanken Grotesk'; font-size:7pt;"> </span></p></div><div style="margin-left:7.1pt; background-color:#ffffff;"><p style="margin-top:0pt; margin-left:18pt; margin-bottom:0pt; text-indent:-18pt; line-height:9.2pt; -aw-import:list-item; -aw-list-level-number:0; -aw-list-number-format:''; -aw-list-number-styles:'bullet'; -aw-list-padding-sml:14.78pt;"><span style="-aw-import:ignore;"><span style="font-family:Symbol; font-size:7pt;"></span><span style="width:14.78pt; font:7pt 'Times New Roman'; display:inline-block; -aw-import:spaces;"> </span></span><span style="font-family:'Hanken Grotesk'; font-size:7pt;">Manufacturing Maestros</span></p></div><p style="margin-top:0pt; margin-bottom:0pt; line-height:9.2pt; background-color:#ffffff;"><span style="font-family:'Hanken Grotesk'; font-size:7pt; -aw-import:ignore;"> </span></p><p style="margin-top:0pt; margin-bottom:0pt; line-height:9.2pt; background-color:#ffffff;"><span style="font-family:'Hanken Grotesk'; font-size:7pt; -aw-import:ignore;"> </span></p><p style="margin-top:0pt; margin-bottom:0pt; line-height:9.2pt; background-color:#ffffff;"><span style="font-family:'Hanken Grotesk'; font-size:7pt; -aw-import:ignore;"> </span></p></div>
</div>
instead of ul and li it’s coming as a paragrpah and span. so the output is not expected as per the requirements.
this is docx I am uploading to server.
I am using the test environment to get the things right.
and also in the docx , none of the place i have input it times new roman font, but in the output i m able to see that times new roman
please help me out these queries…
we are using the backend for developing in node js
tableRouter.route('/funds/commentory/aspose/upload').post(async (req: any, res: Response) => {
const { WordsApi, HtmlSaveOptionsData, SaveAsOnlineRequest } = require("asposewordscloud");
const fs = require('fs');
var appSid = " ";
var appKey = " ";
var wordsApi = new WordsApi(appSid, appKey);
// console.log(req.files,'filesss')
var fileName = req.files.filetoupload;
const uploadBaseFolder = './aspose/';
if (!fs.existsSync(uploadBaseFolder)) {
fs.mkdirSync(uploadBaseFolder, { recursive: true });
}
await fileName.mv(uploadBaseFolder + 'demo.docx');
const uploadBaseFolder1 = "./aspose1/";
if (!fs.existsSync(uploadBaseFolder1)) {
fs.mkdirSync(uploadBaseFolder1, { recursive: true });
}
let fileNameSk = "sk_" + new Date().getTime()
var request = new SaveAsOnlineRequest({
document: fs.readFileSync(uploadBaseFolder + 'demo.docx'),
saveOptionsData: new HtmlSaveOptionsData({
saveFormat: "html",
fileName: fileNameSk,
ScaleImageToShapeSize: false,
imagesFolder: "./aspose2/",
imagesFolderAlias: './'
})
});
await wordsApi.saveAsOnline(request).then(async (result: any) => {
let newModule = result.body.model.saveResult;
let document = result.body.document;
let doc = document.get(newModule.destDocument.href)
if (!doc) {
doc = document.get('')
}
for (const iterator of newModule.additionalItems) {
let buff = document.get(iterator.href)
console.log(buff)
if (buff) {
fs.writeFileSync(iterator.href, buff, "binary");
}
}
const r = Buffer.from(doc).toString('utf8')
var reDoubleTo = r.replace(/\"/g, '"');
var newR = r;
let textRemove = '<br style="page-break-before:always; clear:both" />'
let newRegx = new RegExp(textRemove, 'g')
newR = newR.replace(newRegx, '<p style="page-break-after:always; clear:both;"></p>');
res.status(200).send({ html: newR })
}).catch(function (err: any) {
console.log('Error:', err);
});
});
if any thing is there to improve the code or anything please let me know
Key Features.docx (18.8 KB)