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Invesco India Largecap Fund
(Erstwhile Invesco India Business Leaders)

4 Value Research
-0.91%
Change from previous, NAV as on May 18, 2018
Category: Equity: Large Cap
Assets: R 142 crore (As on Apr 30, 2018)
Expense: 2.64% (As on Mar 31, 2018)
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Investment Objective

The scheme seeks to generate capital appreciation by investing predominantly in Largecap companies.

Fund Managers
+ Amit Ganatra since Mar 2018
+ Nitin Gosar since Mar 2018
  • Education: Mr. Gosar is a ICFAI.
  • Experience: Prior to joining Invesco, he has worked with IFCI Financial Services ltd (I-Fin), B&K Securities, Maximus Advisory- Pharma, Agri, Auto Ancillary.
  • Funds Managed:
  • Invesco India Largecap Fund - since Mar 2018
Analysis
As on Oct 10, 2017

This fund has a slightly different mandate from other large-cap funds as it selects businesses that are in leadership positions in a sector. The fund saw its three-star rating upgraded to four stars two years ago and has held on to the rating.

The fund has been quite large-cap tilted, with a 90 per cent plus allocation to large caps and 5-10 per cent allocation to mid caps. Lately, the portfolio has been almost entirely large-cap oriented, with a 95 per cent plus allocation. This could have slowed recent performance, given the sustained outperformance from mid-cap stocks.

The fund is managed with a 'growth at a reasonable price' style. The portfolio is compact, with 40-50 stocks. The fund house's focus is on quality companies with strong cash flows and a high return on capital.

The fund has seen a slowdown in performance in the last one year, with the returns trailing the category returns by about 3 percentage points. But three- and five-year returns show it to be 4-5 percentage points ahead of the benchmark returns and 2-3 percentage points ahead of the category returns. The fund has outpaced its benchmark and category every year except 2012. The returns, however, have seen substantial acceleration after 2012. The slowdown in returns in the last one year could bear watching.

Its performance in a market crash is yet to be tested, though the fund survived the decline of 2011 rather well. The fund has recently seen Taher Badshah take over as fund manager and needs watching for any style changes.

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