Our ‘VCTS’ framework (Valuations, Cycle, Trigger, Sentiments) is currently indicating that Valuations are reasonable for long term investments, Business Cycle has bottomed out, Trigger would be the trajectory of COVID-19 growth curve and vaccine development, Sentiments are negative since FPI flows are low and past returns have been muted. This suggests that it is a good time to accumulate equities and hold for long term.