Invesco India Mid Cap Fund is an open-ended equity mutual fund that primarily invests in mid-cap companies, aiming to generate capital appreciation.
The fund was launched on April 19, 2007, and has consistently maintained at least 65% of its assets in mid-cap stocks.
Fund Overview:
- Launch Date: April 19, 2007
- Fund Type: Open-ended, Mid Cap Equity Fund
- Assets Under Management (AUM): ₹5,904 crore as of September 30, 2024
- Net Asset Value (NAV): ₹162.26 as of October 31, 2024
- Expense Ratio: 1.81%
Performance:
Returns as of October 31, 2024:
- 1-Year: 53.99%
- 3-Year: 22.69% (Annualized)
- 5-Year: 27.22% (Annualized)
- Since Inception: 17.21% (Annualized)
Fund Managers:
Amit Ganatra:
- Mr. Ganatra holds a Commerce degree and is a Chartered Accountant. He is also a Financial Analyst from AIMR. Prior to joining Invesco Asset Management (India) Pvt. Ltd., he worked with HDFC Mutual Fund, DBS Cholamandalam AMC Pvt. Ltd., and Fidelity.
- Qualification: Commerce graduate, Chartered Accountant (CA), and Chartered Financial Analyst (CFA).
Experience:
- Joined Invesco Asset Management India in 2022.
- Previously worked with HDFC Mutual Fund, Fidelity, and DBS Cholamandalam AMC Pvt. Ltd.
- Over 19 years of experience in equity research and fund management.
Aditya Khemani:
- Mr. Khemani has a B.Com (Hons) and a PGDM from IIM, Lucknow. Before joining Invesco Mutual Fund, he was associated with Motilal Oswal Mutual Fund, HSBC AMC, SBI Mutual Fund, ICICI Prudential AMC, and Morgan Stanley Advantage Services.
- Qualification: B.Com (Hons) and PGDM from IIM Lucknow.
Experience:
- Worked at Motilal Oswal Mutual Fund, HSBC AMC, SBI Mutual Fund, ICICI Prudential AMC, and Morgan Stanley Advantage Services.
- Specializes in mid-cap and small-cap stock selection with 15+ years of experience.
Investment Details:
- Minimum Investment: ₹1,000
- Additional Investment: ₹1,000
- Minimum SIP Investment: ₹500
Tax Implications:
- Short-Term Capital Gains (STCG): Taxed at 20% if units are redeemed within one year.
- Long-Term Capital Gains (LTCG): Taxed at 12.5% on returns exceeding ₹1.25 lakh in a financial year if units are redeemed after one year.
Risk Measures:
- Standard Deviation: 16.64 (Higher than category average of 13.68, indicating more volatile performance)
- Beta: 0.93 (Higher than category average of 0.83, suggesting more sensitivity to market movements)
- Sharpe Ratio: 0.89 (Lower than category average of 5.61, indicating poorer risk-adjusted returns)
- Alpha: 2.79 (Lower than category average of 5.37, suggesting underperformance in beating the benchmark)
Recent Dividends:
- March 12, 2021: ₹3.00 per unit
- February 7, 2020: ₹2.2135 per unit
- January 11, 2019: ₹2.2135 per unit
Invesco India Mid Cap Fund Review
Invesco India Mid Cap Fund is an open-ended equity mutual fund focusing on mid-cap companies to achieve capital appreciation.
Launched on April 19, 2007, it has established a notable track record in the mid-cap segment.
Performance Overview:
Recent Returns (as of March 17, 2025):
- 1-Year: 16.8%
- 3-Year (Annualized): 19.2%
- 5-Year (Annualized): 26.5%
- Since Inception: 16%
Historical Annual Returns:
- 2022: 34.1%
- 2021: 0.5%
- 2020: 43.1%
- 2019: 24.4%
Conclusion:
Invesco India Mid Cap Fund has demonstrated robust performance, particularly over the past five years, with an annualized return of 26.5%. However, investors should be mindful of its higher volatility and sensitivity to market fluctuations, as indicated by its risk metrics.
The fund’s diversified sector allocation and experienced fund management team are positive aspects. Potential investors should assess their risk tolerance and investment horizon before considering this fund.
Invesco India Midcap Fund Portfolio
Asset Allocation:
- Equity: 99.28%
- Cash & Cash Equivalents: 0.72%
Top Holdings:
- L&T Finance Ltd.: 4%
- Max Healthcare Institute Ltd.: 4%
- The Federal Bank Ltd.: 4%
- Dixon Technologies (India) Ltd.: 4%
- BSE Ltd.: 4%
Sector Allocation:
- Financial Services: 22.9%
- Consumer Cyclical: 20.76%
- Healthcare: 16.35%
- Technology: 10.8%
- Industrials: 10.14%
This diversified portfolio reflects the fund’s strategy of investing predominantly in mid-cap companies across various sectors, aiming for capital appreciation.
Invesco India Midcap Fund Returns
As of March 7, 2025, the Invesco India Mid Cap Fund has delivered the following annualized returns:
| Time Period | Fund Returns | Category Average | Category Rank |
| 1 Year | 15.2% | 3.5% | 2 |
| 3 Years | 24.8% | 20.4% | 7 |
| 5 Years | 24.6% | 22.8% | 10 |
| Since Inception | 20.6% | N/A | N/A |
These figures indicate that the fund has consistently outperformed the category average across multiple time frames, reflecting strong management and strategic investment choices.
Invesco India Mid Cap Fund Direct Growth
As of April 3, 2025, the Invesco India Mid Cap Fund – Direct Plan – Growth has demonstrated the following performance metrics:
Net Asset Value (NAV):
- ₹190.14
Trailing Returns:
| Time Period | Fund Returns | Category Average | Rank within Category |
| 1 Week | 0.11% | -0.08% | 11/29 |
| 1 Month | -8.24% | -8.05% | 15/29 |
| 3 Months | -15.75% | -15.64% | 18/29 |
| 6 Months | -11.70% | -16.06% | 2/29 |
| Year-to-Date | -15.62% | -14.29% | 24/29 |
| 1 Year | 14.95% | 5.98% | 2/29 |
| 2 Years | 71.57% | 25.35% | 3/29 |
| 3 Years | 23.85% | 20.46% | 5/25 |
| 5 Years | 24.32% | 23.36% | 9/23 |
| 10 Years | 16.78% | 15.24% | 6/20 |
| Since Inception | 20.66% | 19.79% | 7/29 |
Top Holdings:
| Company | Sector | Assets (%) |
| L&T Finance Ltd. | Financial | 4.34% |
| Max Healthcare Institute Ltd. | Healthcare | 4.22% |
| The Federal Bank Ltd. | Financial | 4.15% |
| Dixon Technologies (India) Ltd. | Capital Goods | 4.12% |
| BSE Ltd. | Services | 4.10% |
Sector Allocation:
| Sector | Allocation (%) |
| Financial | 22.9% |
| Consumer Cyclical | 20.76% |
| Healthcare | 16.35% |
| Technology | 10.8% |
| Industrials | 10.14% |
The fund primarily invests in mid-cap companies, aiming for long-term capital appreciation. Investors should consider their risk tolerance, as mid-cap funds can exhibit higher volatility.
Strengths of Invesco India Mid Cap Fund
- Consistent Performance – The fund has delivered strong returns over the years, consistently outperforming its category average.
- Diversified Portfolio – It invests in multiple sectors, reducing dependence on a single industry and balancing risk.
- Experienced Fund Managers – Managed by Amit Ganatra and Aditya Khemani, both with extensive experience in equity investments.
- Strong Stock Selection – The fund focuses on fundamentally strong mid-cap stocks with growth potential, which can generate superior long-term returns.
- Lower Volatility Compared to Peers – Historically, the fund has shown relatively lower volatility than other mid-cap funds, making it a suitable option for moderate-risk investors.
- Good Long-Term Returns – The fund has provided 20%+ annualized returns over 5 years, making it attractive for wealth creation.
Risks of Invesco India Mid Cap Fund
- Sector Concentration Risk – The fund has a high allocation to financial services and consumer cyclical sectors, which may impact performance if these sectors face downturns.
- Market Volatility – Being a mid-cap fund, it is more volatile compared to large-cap funds, especially during economic downturns.
- Liquidity Risk – Mid-cap stocks are less liquid than large-cap stocks, meaning exiting large positions can be challenging in a falling market.
- Expense Ratio – The expense ratio of 1.84% (Regular Plan) is higher compared to some peer funds, which may slightly affect net returns.
- Exit Load – If more than 10% of units are redeemed within 1 year, a 1% exit load is applicable, discouraging short-term investors.
- Economic Slowdown Risk – Mid-cap stocks are more affected by economic slowdowns compared to large caps, making the fund riskier during downturns.
Who Should Invest?
- Suitable for investors with a moderate to high risk appetite.
- Ideal for long-term wealth creation (5+ years).
- Not recommended for conservative investors seeking low volatility.
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