Over the past few quarters, I have noticed an uptick in the valuation levels in the portfolio, which has corresponded with higher volatility and an overall erosion in the risk reward metrics of the fund. The managers use an approach that is a mix of top down thematic with bottom up security selection, which gives it a bit of a growth tilt that has strongly outperformed over the past few years. However, as the market leadership looks to be shifting towards more value names, I expect this fund may be due for some slowdown in growth or potentially a bit of profit taking. Given the outlook, the valuation levels, and erosion of the risk reward metrics, I am removing it from the Recommended List.