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Mauritius-based Atyant Capital says its India Fund I (Class D shares) is up 25.42% in December, bringing the YTD to 64.3%, according to an investor communication obtained by Opalesque. Atyant said "December was the best month on record for the Atyant Capital India Fund-I. However, we did not do anything different than in the past. The markets suddenly woke up to the glaring valuation gaps between the momentum and non-momentum stocks and re-priced everything with a vengeance. The markets reacted in a short period of time with excessive exuberance and a period of consolidation is ahead of us."

"The positive outcome of the last few weeks and months is that the price discovery process that had been impaired for over 2 years has been reignited. After a period of consolidation and correction, we think that the truly sound opportunities will significantly outperform the aggregate."

Atyant believes that "leadership is now beginning to rotate from the largest and most followed companies to the less followed and more undervalued opportunities. However, the re-pricing has been across the board, sudden and exuberant. We don’t think this is sustainable. Some consolidation, correction and discrimination is expected and desirable." However, Atyant maintains that the outlook for the fund as the price discovery process reasserts itself would be "outstanding".

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