The macro headwinds for equities are strong with the Reserve Bank of India, in their first quarter review of the annual monetary policy for 2008-09, lowering the growth forecast for the financial year 2008-09 by half a percentage point from 8.5% to 8%.Translation:
Bad time for equities -- RBI has forecast that this year's growth will be 8% and not 8.5% as previously thought [*].Fund Manager Speak:
The investment objective of the scheme is to generate capital appreciation from a diversified portfolio of equity and equity related securities.Translation:
This scheme hopes to make money by buying shares low and selling them high; we are also not putting all our eggs in one basket.[*] Note the use of the word 'strong' in a negative context; one can almost be mistaken into thinking that some good news is being delivered.