Invesco India Business Cycle Fund
Direct · GrowthAI Summary
Invesco India Business Cycle Fund delivered a 1Y SIP XIRR of 12.39%, which trails the category average SIP XIRR of 15.91% by about 3.5 percentage points. Its 1Y rolling return mean of 16.42% suggests reasonable lump-sum performance over rolling windows. Calendar year returns were strong, with 31.79% in 2025 and 13.31% in 2026 so far.
The fund shows a modest maximum drawdown of just 0.16% with a 152-day duration and a 37-day recovery, indicating limited recent downside stress. Only one drawdown event exceeding 10% has occurred, and the 1Y Calmar Ratio of 1.03 reflects a healthy return-to-drawdown trade-off. Overall, recent risk metrics point to a controlled risk profile, though a short observation window limits conclusions.
The portfolio holds 35 stocks with the top 10 accounting for roughly 43.9% of NAV, led by Kotak Mahindra Bank (5.61%), Larsen & Toubro (4.91%), and Sai Life Sciences (4.8%). Banks is the largest sector at 20.6%, followed by Realty at 10.3% and Healthcare Services at 9.7%. The holdings span cyclical sectors like construction, aviation, and realty, consistent with the business cycle theme.
The fund's 1Y SIP XIRR of 12.39% underperforms the category average of 15.91%, indicating it currently lags thematic peers. With no 3Y, 5Y, or longer XIRR data available, longer-term consistency versus category averages of 17-19% cannot be assessed. Investors should monitor whether the recent underperformance persists across market cycles.
This fund suits investors with a high risk tolerance seeking cyclical, theme-driven exposure as a satellite holding rather than a core portfolio fund. A time horizon of at least 5 years is advisable given the business cycle approach and sector concentration. It should complement, not replace, diversified large-cap or flexicap holdings.
- Strong calendar year returns of 31.79% in 2025 and 13.31% in 2026 year-to-date
- Low maximum drawdown of 0.16% with quick 37-day recovery and a Calmar Ratio above 1
- Diversified 35-stock portfolio with no single holding exceeding 5.61% of NAV
- 1Y SIP XIRR of 12.39% trails the category average of 15.91% by roughly 3.5 percentage points
- Heavy sector concentration in Banks (20.6%) and Realty (10.3%) increases cyclicality risk
Generated on 05-09-2026, 3:05 AM. Verify before investing.
Gives more importance to longer time periods (10Y, 20Y) than shorter ones (1Y, 3Y). This balances out recent outperformance and gives a more realistic picture of what long-term returns might look like.
The largest peak-to-trough decline in the fund's NAV. Shows the worst-case loss an investor would have experienced at any point in the fund's history.
If you invested ₹1,00,000 every month via SIP, here's how this fund has historically performed across different time horizons.
| Duration | Invested | Median Value | XIRR | Min XIRR | Max XIRR |
|---|---|---|---|---|---|
| 1 Year | ₹12.00 L | ₹12.63 L | 12.4% | -20.1% | 33.7% |
SIP returns vs benchmark & category
Annualised SIP return (XIRR) over each rolling horizon — like-for-like, not lump-sum.
| Duration | Fund SIP XIRR | Category avg |
|---|---|---|
| 1 Year | 12.4% | 15.9% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 16.4% | 16.6% | 6.5% | 24.8% | 2.57 | — | 100% | — | — |
Calmar Ratio by Duration
| # | Stock | % of NAV |
|---|---|---|
| 1 | Kotak Mahindra Bank Ltd | 5.61% |
| 2 | Larsen & Toubro Limited | 4.91% |
| 3 | Sai Life Sciences Limited | 4.80% |
| 4 | Aditya Infotech Limited | 4.70% |
| 5 | InterGlobe Aviation Limited | 4.64% |
| 6 | Prestige Estates Projects Limited | 4.15% |
| 7 | DLF Limited | 3.95% |
| 8 | BSE Limited | 3.83% |
| 9 | Max Healthcare Institute Limited | 3.74% |
| 10 | Trent Limited | 3.56% |