Over the past two years, mutual fund managers had to navigate through two significant structural changes — Good and Services Tax (GST) and demonetisation. Following these, the micro environment improved mildly, but macro headwinds such as rising interest rates and crude prices were troublesome. Very few mutual fund managers managed to tide over volatility and deliver return. Among them is Shreyash Devalkar, fund manager of equities at Axis Asset Management, who is a stickler for quality and growth. He took charge of a fund that was spiralling down and turned it around by taking a contrarian call.