Invesco India Manufacturing Fund
Direct · GrowthAI Summary
Invesco India Manufacturing Fund delivered a 1Y SIP XIRR of 9.21%, significantly trailing the thematic category average of 15.91%. Calendar year performance has been uneven, with a strong 21.18% gain in 2026 offset by a -5.47% decline in 2025 and a modest 6.06% in 2024. The 1Y rolling return mean of 5.44% further suggests muted lump-sum performance over shorter holding periods.
The fund exhibits low realized drawdown risk, with a maximum drawdown of just -0.22% that took 433 days to fully recover, and only one drawdown event exceeding 10%. However, the 1Y Calmar ratio of 0.25 indicates modest risk-adjusted returns relative to the drawdown endured. The long recovery duration despite a shallow drawdown suggests returns have been slow to rebuild after peak periods.
The portfolio holds 44 stocks with a top-10 concentration of roughly 35% of NAV, led by Mahindra & Mahindra at 6.69%. Sector exposure is heavily tilted toward the auto ecosystem, with Auto Components (17.4%) and Automobiles (17.2%) together comprising over a third of the fund, followed by Pharmaceuticals & Biotechnology at 14.2%. This provides thematic focus on manufacturing but leaves the fund sensitive to cyclical auto sector downturns.
The fund's 1Y XIRR of 9.21% underperforms the category average of 15.91% by a wide margin of roughly 6.7 percentage points. With only one year of XIRR data available, there is insufficient history to assess consistency against longer-term category averages across 3Y to 12Y horizons. The strong 2026 calendar return of 21.18% suggests recent momentum, but sustained outperformance versus peers remains unproven.
This fund suits investors with high risk tolerance seeking targeted exposure to India's manufacturing and auto-centric themes, rather than broad market diversification. A time horizon of at least 5 years is advisable given the thematic concentration and uneven year-to-year returns. It should be treated as a satellite holding within a diversified portfolio, not a core equity allocation.
- Strong 2026 calendar year return of 21.18%, indicating recent momentum in the manufacturing theme
- Low realized drawdown of -0.22% with only one major drawdown event, reflecting contained recent volatility
- Reasonably diversified across 44 holdings with meaningful exposure to pharma and industrial products alongside autos
- 1Y SIP XIRR of 9.21% significantly lags the category average of 15.91%
- Heavy concentration in auto and auto components (34.6% combined) exposes the fund to cyclical sector risk
- Limited performance history and a Calmar ratio of 0.25 indicate modest risk-adjusted returns so far
Generated on 09-09-2026, 3:34 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 | ₹12.49 L | 9.2% | -16.7% | 38.3% |
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 | 9.2% | 15.9% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 5.4% | 4.4% | -7.3% | 22.0% | -0.15 | -0.20 | 76% | — | — |
Calmar Ratio by Duration
| # | Stock | % of NAV |
|---|---|---|
| 1 | Mahindra & Mahindra Limited | 6.69% |
| 2 | TVS Motor Company Limited | 3.56% |
| 3 | Eicher Motors Limited | 3.46% |
| 4 | Bansal Wire Industries Limited | 3.42% |
| 5 | Divi's Laboratories Limited | 3.40% |
| 6 | Sedemac Mechatronics Limited | 3.14% |
| 7 | Gabriel India Limited | 3.12% |
| 8 | Cipla Limited | 2.84% |
| 9 | Tata Motors Ltd | 2.81% |
| 10 | Amber Enterprises India Limited | 2.77% |