Finding value in the Indian market is not easy: Invesco MF's Taher Badshah

Taher Badshah brings nearly three decades of expertise to his role as Chief Investment Officer (CIO) at Invesco Mutual Fund. Having been associated with the AMC for over seven years, Badshah currently oversees five equity schemes with a combined AUM (assets under management) of nearly Rs 30,000 crore. His portfolio includes the four-star rated Invesco India Focused Fund and Invesco India Smallcap Fund. In this interview, Badshah shares insights on new-age companies, urging against dismissing them as mere bull market instances. He also explains his investment philosophy and the improving performance of Invesco India Contra Fund, the largest scheme of the fund house. Below is the edited transcript of the interview. What is your investment philosophy? Are there any stocks or situations that excite you when evaluating potential buys? There are challenges with both good and bad markets. Bad markets are challenging as investors don't see much excitement, and the industry turns sluggish, but from the fund manager's point of view, it's fun as we get to buy stocks cheaply. However, good markets, as we are currently experiencing and witnessing, also present challenges as opportunities can shrink. It's important to extend one's investment horizon and manage return expectations. Therefore, each market scenario presents its own unique set of challenges. Obviously, as professional managers, we must find our way through both market conditions and perform and position ourselves accordingly. Regarding my personal style and approach, I started as a growth investor and generally thought about markets from a growth standpoint before I joined Invesco Mutual Fund. At Invesco, my perspective has broadened significantly. We run a value strategy called the Invesco India Contra Fund, which is our largest fund in terms of assets. I believe this value strategy has enhanced my skill set, as it is driven by a different mandate and necessitates a different approach to investing. India is typically known as a growth market and probably will continue to be one for the foreseeable future. Therefore, coming up with value ideas in the Indian context is not an easy task. In developed markets, m