The fund’s month-end assets under management (AUM) jumped over three times from Rs 139 crore in July 2016 to Rs 456 crore in June 2019
Invesco India Mid Fund provides an opportunity for long-term capital appreciation by investing a minimum of 65% in equity and equity-related instruments of mid-cap companies. The fund's month-end assets under management (AUM) jumped over three times from Rs 139 crore in July 2016 to Rs 456 crore in June 2019.
Trailing returns
The fund outperformed its peers (the mid-cap funds category in CMFR March 2019) and the benchmark (Nifty Mid-cap 100 TRI) across all the trailing periods. Its 10-year CAGR return was 18.68% compared with the benchmark's 13.62% and the peer group's 16.77%. An investment of Rs 10,000 in the fund on April 19, 2007 (since inception), would have grown to Rs 47,000 (13.47% CAGR) on July 15, 2019, versus the benchmark's Rs 38,894 (11.73% CAGR) and the category's Rs 39,427 (11.85% CAGR).
SIP returns
A monthly investment of Rs 10,000 through a systematic investment plan (SIP) for 10 years since August 2009 would have grown to Rs 26.62 lakh (XIRR 15.35%) on July 15, 2019. A similar investment in the benchmark would have grown to Rs 21.44 lakh (XIRR 11.27%).
Risk-reward matrix
During the past three years, the fund delivered higher average returns, while keeping its volatility lower than that of its peers and the benchmark.
Portfolio analysis
Post Sebi's recategorisation of mutual funds, the fund's allocation to mid-cap stocks increased from 31.02% in October 2017 to 69.38% in June 2019. During the same period, its allocation to large-cap stocks reduced from 25.78% to 8.7% and small-cap stocks from 39.2% to 16.72%. The fund has a tilt towards mid-cap stocks - allocation ranged from 30.44% to 74.18% during the past three years. Meanwhile, its exposure to large and small caps averaged 16.7% and 29.48%, respectively.
The fund invested across 28 sectors during the past three years. The major contributors were banks, consumer durables and consumer non-durables. Laggards included media and entertainment, non-ferrous metal and pharmaceuticals. The fund invested in 103 stocks in the three years and held six stocks consistently with average exposure of 16.44%. Vinati Organics, VIP Industries, RBL Bank and Hindustan Petroleum Corporation are some of the major contributors to the funds' performance. Other key performers include V-Mart Retail, Bata India, Voltas and United Breweries.
The fund has been ranked 1 in the mid-cap funds category of Crisil Mutual Fund Ranking (CMFR) for the three quarters ended March 2019. It is being co-managed by Pranav Gokhale and Neelesh Dhamnaskar since March 2018 and July 2018, respectively. They have a combined experience of over 28 years in the domestic equity market.
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