VISHLESHAN follows the portfolio-management process taught in the CFA Program and the texts below, in four steps.

1. Mandate (investment policy statement). Your risk appetite, horizon and focus become explicit limits: a minimum ASTRA score, a minimum asset-quality score, a single-stock beta cap, a portfolio beta limit set against the sector (Indian lenders trade at a market-cap-weighted beta of about 1.16), and maximum weights per company and per segment.
2. Expected return from the model's own valuation. INVESTRA's fair P/B is the two-stage Gordon growth value P/B = (ROE − g) / (r − g). Solved for r at today's price it gives the return the market price implies: r = g + (ROE − g) / P/B - book growth plus the cash yield on the price. No re-rating is assumed in the base case; the move toward fair value is shown only as a scenario. The spread over the cost of equity (CAPM) says whether a stock is priced to earn its required return.
3. Selection. Each survivor gets a score: quality (the ten ASTRA factors, weighted for your mandate) plus value (where its spread ranks). A longer horizon leans more on value, because valuation predicts returns better over several years than over one. Segment limits keep it diversified.
4. Sizing and risk check. Weight rises with the score and falls with beta, then is fitted inside the caps. If the portfolio beta is still above the limit, the low-beta tilt is increased and, if needed, the highest-beta holding is swapped out. Every check is shown with its limit and actual value.

With gratitude to these authors, institutions and educators whose work informs the methodology. INVESTRA presents its own derived views of public data for education and research - it is not affiliated with or endorsed by them.