Invesco India Large and Mid Cap Fund
Direct · GrowthAI Summary
Invesco India Large and Mid Cap Fund has delivered strong SIP XIRR across horizons, including 21.33% over 3Y and 18.02% over 10Y, outperforming category averages of 18.19% and 16.82% respectively, though it lags the 5Y category average of 18.04% versus its 18.85%. Against the NIFTY 50, the fund generated double-digit alpha across all periods, such as 14.90% over 3Y and 7.14% over 12Y. Lump-sum point-to-point CAGR is also ahead of the benchmark, with 15.48% versus 5.16% over 5Y and 16.81% versus 10.33% over 10Y.
The fund shows a favourable capture profile versus NIFTY 50, with downside capture of 85-95% across periods and upside capture near or above 100% in recent windows, indicating strong asymmetric behavior. The 12Y Calmar Ratio of 0.52 and 10 drawdown events exceeding 10% reflect typical mid-cap-driven volatility, and the maximum drawdown of -35.31% took 235 days to recover. Beta has trended below 1 over longer periods (0.91-0.92), suggesting slightly dampened benchmark sensitivity.
The 43-stock portfolio is concentrated at the top, with InterGlobe Aviation (8.27%), Eternal (8.18%), and ICICI Bank (7.17%) together forming over 23% of NAV. Sector allocation is reasonably balanced, led by Banks (14.6%), Retailing (13.7%), and Healthcare Services (13.4%), with no single sector dominating. Retail exposure of 13.7% across Eternal and Trent adds consumer discretionary cyclicality alongside defensive healthcare and pharma holdings.
The fund beats category average SIP XIRR in four of six periods, including 15.07% versus 11.0% over 1Y and 18.02% versus 16.82% over 10Y, indicating consistent peer outperformance. Its long-term alpha of 6.67-7.14% versus NIFTY 50 over 10-15Y points to durable stock selection rather than short-term luck. Weakness appears in the 5Y window, where its 18.85% XIRR trails the 18.04% category only marginally, though the 5Y alpha of 10.29% remains strong.
This fund suits investors seeking higher growth than pure large-cap funds through meaningful mid-cap exposure, with a horizon of at least 5-7 years to ride out drawdowns like the -35.31% maximum. A high risk tolerance is essential given 10 drawdown events exceeding 10% over the analysis period. It is appropriate as a core holding for SIP investors who have benefited from its 21.33% 3Y XIRR and can tolerate interim volatility.
- Beat category average SIP XIRR in most periods, including 15.07% vs 11.0% over 1Y and 18.02% vs 16.82% over 10Y
- Consistent double-digit alpha versus NIFTY 50 with favourable capture profile (downside capture of 85-95%)
- Long track record of 12Y+ XIRR of 18.27% with competitive expense ratio of 0.61% (Direct plan)
- Maximum drawdown of -35.31% with 235-day recovery and 10 drawdown events exceeding 10% highlight significant volatility
- Recent calendar year returns have weakened sharply, with 2026 at 4.02% and 2025 at 5.57% after a standout 39.16% in 2024
- Top concentration risk with the top three holdings forming over 23% of NAV
Generated on 03-11-2026, 4:33 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 | ₹13.02 L | 20.9% | -52.5% | 81.6% |
| 3 Years | ₹36.00 L | ₹46.09 L | 17.9% | -17.1% | 42.0% |
| 5 Years | ₹60.00 L | ₹91.79 L | 17.5% | -4.0% | 32.6% |
| 7 Years | ₹84.00 L | ₹1.52 Cr | 17.2% | 2.8% | 26.2% |
| 10 Years | ₹1.20 Cr | ₹3.10 Cr | 18.0% | 13.1% | 22.0% |
| 12 Years | ₹1.44 Cr | ₹4.63 Cr | 18.3% | 15.4% | 20.7% |
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 | 20.9% | 14.3% | 11.0% | +6.6% |
| 3 Years | 17.9% | 11.0% | 18.2% | +6.8% |
| 5 Years | 17.5% | 10.4% | 18.0% | +7.2% |
| 7 Years | 17.2% | 10.6% | 17.1% | +6.7% |
| 10 Years | 18.0% | 11.4% | 16.8% | +6.6% |
| 12 Years | 18.3% | 11.3% | 16.4% | +7.0% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 19.9% | 16.0% | -27.1% | 82.2% | 0.70 | 2.80 | 89% | — | — |
| 3 Years | 18.0% | 18.2% | -1.2% | 32.3% | 1.97 | 18.67 | 100% | — | — |
| 5 Years | 17.1% | 17.6% | 2.1% | 30.3% | 2.08 | 42.24 | 100% | — | — |
| 10 Years | 17.4% | 17.6% | 14.3% | 19.3% | 10.62 | — | 100% | — | — |
Calmar Ratio by Duration
Compared against NIFTY 50
| Duration | Alpha | Beta | Upside Capture | Downside Capture | Fund CAGR | Bench CAGR |
|---|---|---|---|---|---|---|
| 1 Year | +13.46 | 1.10 | 111.9% | 95.0% | 2.9% | -9.0% |
| 3 Years | +14.33 | 1.04 | 108.7% | 91.4% | 21.4% | 7.0% |
| 5 Years | +10.18 | 0.98 | 100.2% | 87.8% | 15.8% | 5.5% |
| 7 Years | +8.12 | 0.92 | 94.2% | 85.5% | 17.9% | 10.1% |
| 10 Years | +6.78 | 0.92 | 93.9% | 86.0% | 17.1% | 10.7% |
| 12 Years | +7.10 | 0.92 | 94.0% | 85.8% | 15.9% | 9.0% |
| 15 Years | +6.66 | 0.91 | 93.6% | 85.2% | 15.9% | 9.5% |
| # | Stock | % of NAV |
|---|---|---|
| 1 | InterGlobe Aviation Limited | 8.27% |
| 2 | Eternal Limited | 8.18% |
| 3 | ICICI Bank Limited | 7.17% |
| 4 | Max Healthcare Institute Limited | 6.67% |
| 5 | Sai Life Sciences Limited | 5.36% |
| 6 | Prestige Estates Projects Limited | 4.86% |
| 7 | ABB India Limited | 4.18% |
| 8 | Trent Limited | 3.40% |
| 9 | Aditya Infotech Limited | 3.25% |
| 10 | The Federal Bank Limited | 2.86% |