Invesco India Mid Cap Mutual Fund Review: Healthy Long-Term History, Superior Bearish Performance

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ET Wealth works with Value Research to analyze the best mutual funds. We take a look at the main fundamentals of the fund, its portfolio and its performance to help you make an informed investment decision.

THE PERFORMANCE OF THE FUND

WHERE THE FUND INVESTS

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BASIC FACTS

  • Launch date: April 19, 2007
  • Category: Equities
  • Type: Mid cap
  • AUM (as of November 30, 2021): Rs 2,059 crore
  • Benchmark: Nifty Midcap 150 Total Return Index

WHAT IT COINS

NAV (as of December 14, 2021)

  • Growth option: Rs 89.08
  • IDCW: Rs 33.68
  • Minimum investment: Rs 1,000
  • Minimum SIP amount: Rs 500
  • Expense ratio (as of October 31, 2021) (%): 2.32
  • Exit charge: for units greater than 10% of the investment, 1% will be charged for redemption within 365 days

FUND MANAGERS

Pranav Gokhale / Neelesh Dhamnaskar

Duration: 3 years, 8 months / 3 years, 4 months

Top 5 sectors in the portfolio (%)

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Top 5 stocks in the portfolio (%)

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Recent portfolio changes

  • New entrants: Apollo Hospitals Enterprise, Can Fin Homes, The Ramco Cements.
  • Complete outings: City Union Bank, Escorts, Mahanagar Gas, M&M Fin Services, Steel Authority Of India, Sterlite Tech, Supreme Inds, CarTrade Tech, JK Cement.
  • Growing allowance: Ashok Leyland, Axis Bank, Cholamandalam Inv, Indian Bank, Jindal Steel & Power, KEC International, Krishna Institute of Medical Sciences, RBL Bank, Shriram Transport Finance.

How risky is it?

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Source: value research

Should we buy?

This mid-cap fund maintains a significant presence in large and small caps outside of its main theme. The fund’s preference is for scalable, niche companies with strong cash flow, a healthy balance sheet and a management pedigree. He manages a compact portfolio that sets him apart from many peers and allows large deviations from the index, while maintaining modest positions even in his best bets. In addition, he only takes active overweight positions in all his bets against the index. The fund’s performance has declined over the past year, but its long-term performance history is healthy. Its superior downside performance puts it on a solid long-term basis.


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