Underdogs are those which are out of favour currently - have passed through a rough patch or underperformance, thus available at decent valuation. However each of them are among the leaders in the specific sectors with reputed management/group. Some of these picks, even though could be back on track but Mr. Market is yet to be convinced. But when that happens they give superlative returns. It may need a lot of patience. That's what contra investment is all about.....