Aditya Khemka, CIO at InCred Asset Management, discusses the remarkable performance of the InCred Healthcare Portfolio, which has delivered a 21% CAGR since inception—outperforming both the Alpha and healthcare indices. Khemka explains that over the last two years, 70% of the portfolio’s 75% return came purely from earnings growth, with only a small part from multiple re-rating. Looking ahead, he projects another 75% earnings growth over the next three years as India’s rising per capita income continues to drive non-discretionary spending on healthcare. While multiples may fluctuate with broader market trends, Khemka remains confident that healthcare and education will remain strong growth pockets.

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