Invesco India Contra Fund
Direct · GrowthAI Summary
Invesco India Contra Fund has delivered strong SIP XIRR across long horizons, with 18.75% over 5Y and 18.14% over 10Y, and has consistently outperformed the NIFTY 50 on a lump-sum basis, generating alpha of 6.29% over 5Y and 5.00% over 10Y. Over 10Y, the fund's CAGR of 15.15% beat the benchmark's 10.33%. However, on a like-for-like SIP basis, the fund trails category average XIRR over 5Y (18.75% vs 19.93%) and 10Y (18.14% vs 18.85%), while leading over 1Y (11.57% vs 11.2%).
The fund shows a Calmar ratio near 0.50 across horizons, indicating reasonable risk-adjusted returns relative to its maximum drawdown. It demonstrates superior downside behavior versus the NIFTY 50, with downside capture of 91.53% over 5Y and 88.78% over 15Y, alongside upside capture near or above 100% in most periods. Eight drawdown events exceeding 10% have occurred, and recovery from the maximum drawdown took 227 days, reflecting the inherent volatility of an equity contrarian strategy.
The portfolio is well diversified across 69 holdings, with the top 10 accounting for roughly 30.3% of NAV and ICICI Bank (5.9%) and L&T (4.84%) leading. Banks is the largest sector at 19.3%, followed by Pharmaceuticals (7.9%) and IT-Software (7.8%), so there is meaningful financial sector concentration. Holdings span banks, automobiles, telecom, construction, healthcare and IT, providing broad sectoral spread despite the banking tilt.
The fund beats its category on 1Y SIP XIRR (11.57% vs 11.2%) but lags over 5Y (18.75% vs 19.93%) and 10Y (18.14% vs 18.85%), positioning it mid-pack among contra peers over longer periods. Calendar-year returns show good consistency, with strong years in 2024 (31.37%), 2023 (29.67%), and 2021 (30.62%) cushioning weaker years like 2025 (3.75%). Long-term alpha versus the NIFTY 50 remained between 5% and 7.8% across all measured periods, underscoring persistent outperformance versus the broader market.
This fund suits investors with a high risk tolerance seeking a contrarian, benchmark-beating equity strategy, best evaluated over a horizon of at least 5-7 years given alpha persistence only shows up over long periods. It is appropriate as a core or satellite equity holding for SIP investors comfortable with interim drawdowns, including the 2026 calendar-year decline of 6.88%. Conservative investors seeking short-term stability or those with sub-3-year horizons should look elsewhere.
- Consistent alpha versus NIFTY 50 across all periods, ranging from 5.00% over 10Y to 7.79% over 3Y, with downside capture as low as 88.78% over 15Y
- Strong long-term SIP XIRR of 18.75% over 5Y and 18.14% over 10Y, supported by a low expense ratio of 0.53% for aDirect growth option
- Well-diversified 69-stock portfolio with a measured top-10 weight of about 30.3%, limiting single-stock risk
- Trails category average SIP XIRR over 5Y (18.75% vs 19.93%) and 10Y (18.14% vs 18.85%), indicating peers have fared better on SIP returns
- Significant sector concentration in Banks at 19.3% of NAV, exposing the fund to financial sector cycles, and 8 drawdown events exceeding 10% historically
Generated on 03-11-2026, 4:34 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 | ₹12.92 L | 22.3% | -53.9% | 109.5% |
| 3 Years | ₹36.00 L | ₹47.30 L | 18.3% | -19.1% | 38.9% |
| 5 Years | ₹60.00 L | ₹92.78 L | 17.9% | -4.8% | 32.0% |
| 7 Years | ₹84.00 L | ₹1.54 Cr | 17.7% | 3.8% | 26.0% |
| 10 Years | ₹1.20 Cr | ₹3.09 Cr | 18.1% | 14.4% | 22.4% |
| 12 Years | ₹1.44 Cr | ₹4.63 Cr | 17.9% | 14.7% | 21.4% |
SIP returns vs benchmark & category
Annualised SIP return (XIRR) over each rolling horizon — like-for-like, not lump-sum.
| Duration | Fund SIP XIRR | NIFTY 50 | Category avg | Fund edge |
|---|---|---|---|---|
| 1 Year | 22.3% | 14.3% | 11.2% | +8.0% |
| 3 Years | 18.3% | 11.0% | 19.3% | +7.2% |
| 5 Years | 17.9% | 10.4% | 19.9% | +7.5% |
| 7 Years | 17.7% | 10.6% | 18.2% | +7.1% |
| 10 Years | 18.1% | 11.4% | 18.9% | +6.7% |
| 12 Years | 17.9% | 11.3% | 18.0% | +6.5% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 21.3% | 16.0% | -30.4% | 96.5% | 0.65 | 2.85 | 87% | — | — |
| 3 Years | 18.9% | 19.3% | -2.8% | 37.0% | 2.05 | 17.39 | 100% | — | — |
| 5 Years | 18.2% | 18.0% | 2.4% | 31.4% | 2.15 | 56.67 | 100% | — | — |
| 10 Years | 18.4% | 18.1% | 14.8% | 22.2% | 6.86 | — | 100% | — | — |
Calmar Ratio by Duration
Compared against NIFTY 50
| Duration | Alpha | Beta | Upside Capture | Downside Capture | Fund CAGR | Bench CAGR |
|---|---|---|---|---|---|---|
| 1 Year | +5.33 | 1.05 | 104.7% | 97.7% | -6.5% | -10.9% |
| 3 Years | +7.79 | 1.03 | 105.0% | 95.7% | 14.2% | 6.4% |
| 5 Years | +6.29 | 0.98 | 99.3% | 91.5% | 11.5% | 5.2% |
| 7 Years | +6.64 | 0.94 | 96.9% | 89.9% | 16.4% | 10.0% |
| 10 Years | +5.00 | 0.95 | 98.1% | 92.5% | 15.2% | 10.3% |
| 12 Years | +6.22 | 0.95 | 97.7% | 90.5% | 15.1% | 9.0% |
| 15 Years | +6.30 | 0.92 | 96.5% | 88.8% | 15.5% | 9.4% |
| # | Stock | % of NAV |
|---|---|---|
| 1 | ICICI Bank Limited | 5.90% |
| 2 | Larsen & Toubro Limited | 4.84% |
| 3 | State Bank of India | 3.07% |
| 4 | Mahindra & Mahindra Limited | 2.95% |
| 5 | Cholamandalam Investment and Finance Company Limited | 2.45% |
| 6 | Bharti Airtel Limited | 2.40% |
| 7 | Axis Bank Limited | 2.38% |
| 8 | Infosys Limited | 2.16% |
| 9 | The Federal Bank Limited | 2.13% |
| 10 | Apollo Hospitals Enterprise Limited | 2.06% |