Reason for played out:
The auto sector is a highly cyclical space. Volume growth expectations have come down sharply. Earnings & margin recovery and valuation re-rating have all already taken place. While few stocks may still deliver strong returns, it appears unlikely at a broad-based portfolio level. The only other way to replicate earlier strong returns going forward is by maintaining a highly concentrated portfolio, which also means taking higher risk for the same returns. Hence, the decision to close the portfolio.