Invesco India Mid Cap Fund
Direct · GrowthAI Summary
Invesco India Mid Cap Fund has delivered strong SIP XIRR across horizons, including 21.15% over 3Y and 21.18% over 10Y, consistently ahead of category averages of 19.93% and 19.41% respectively. Against the NIFTY Midcap 150 benchmark, the fund has generated positive alpha across all periods, with 8.75% alpha over 3Y and 4.18% over 12Y. Calendar year returns show strong outperformance in good years such as 2024 (45.15%) and 2014 (79.21%), though recent 2025 and 2026 returns have been modest.
The fund exhibits a defensive risk profile for a mid cap offering, with beta declining from 1.01 over 1Y to 0.88 over 12Y and downside capture improving to 84.42% over 12Y, meaning it has historically fallen meaningfully less than the benchmark. Risk-adjusted returns are solid, with Calmar ratios between 0.57 and 0.74 across horizons. However, the fund has experienced 9 drawdown events exceeding 10%, and the 228-day recovery from its maximum drawdown indicates investors should be prepared for extended recovery periods.
The portfolio is concentrated with 39 total holdings, with the top 10 accounting for roughly 49% of NAV, led by Prestige Estates (7.16%), Federal Bank (6.42%), and Max Healthcare (6.21%). Sector exposure is tilted toward financials, with Banks at 14.7% plus Finance and Capital Markets holdings, alongside Retailing (13.4%) and Healthcare Services (12.9%). The presence of newer-age names like Meesho and Eternal alongside traditional banks and realty reflects a blend of growth and value-oriented mid cap positioning.
The fund beats the category average SIP XIRR at every measured horizon, with the widest gap over 12Y (21.52% vs 18.82%). Its long-term record of positive alpha versus the NIFTY Midcap 150 across 1Y through 15Y windows demonstrates consistent benchmark outperformance rather than a single-period fluke. The combination of above-category returns with below-benchmark downside capture suggests genuine stock selection skill rather than simply higher risk-taking.
This fund suits investors seeking mid cap exposure with a long-term horizon of at least 5-7 years, as evidenced by its strongest risk-adjusted results over extended periods. It is appropriate for investors with moderate-to-high risk tolerance who can withstand mid cap volatility and multi-month drawdown recoveries. A SIP approach is well suited given the fund's strong SIP XIRR track record and the inherent volatility of the mid cap segment.
- Consistent outperformance versus both the category and the NIFTY Midcap 150, with positive alpha across all measured horizons from 1Y to 15Y
- Superior downside protection, with 12Y downside capture of just 84.42% and beta below 0.90 over longer horizons
- Strong long-term SIP XIRR of 21.18% over 10Y and 21.52% over 12Y, well above category averages
- Recent calendar year returns have weakened, with only 7.29% in 2025 and 9.37% in 2026 year-to-date, suggesting current momentum has slowed
- Concentrated portfolio of 39 stocks with nearly half of NAV in the top 10 holdings and meaningful financial sector exposure (Banks 14.7% plus finance-related names)
Generated on 06-09-2026, 7:59 PM. 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 | ₹13.18 L | 26.4% | -43.8% | 125.2% |
| 3 Years | ₹36.00 L | ₹48.41 L | 21.2% | -14.8% | 44.7% |
| 5 Years | ₹60.00 L | ₹99.99 L | 20.4% | -3.2% | 37.1% |
| 7 Years | ₹84.00 L | ₹1.70 Cr | 20.5% | 5.5% | 30.3% |
| 10 Years | ₹1.20 Cr | ₹3.62 Cr | 21.2% | 16.8% | 25.0% |
| 12 Years | ₹1.44 Cr | ₹5.73 Cr | 21.5% | 18.3% | 24.3% |
SIP returns vs benchmark & category
Annualised SIP return (XIRR) over each rolling horizon — like-for-like, not lump-sum.
| Duration | Fund SIP XIRR | NIFTY MIDCAP 150 | Category avg | Fund edge |
|---|---|---|---|---|
| 1 Year | 26.4% | 22.0% | 21.6% | +4.4% |
| 3 Years | 21.2% | 17.3% | 19.9% | +3.9% |
| 5 Years | 20.4% | 16.5% | 19.4% | +3.9% |
| 7 Years | 20.5% | 16.8% | 19.3% | +3.8% |
| 10 Years | 21.2% | 16.6% | 19.4% | +4.5% |
| 12 Years | 21.5% | 16.3% | 18.8% | +5.2% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 25.2% | 18.4% | -23.2% | 107.5% | 0.74 | 4.13 | 89% | — | — |
| 3 Years | 21.4% | 23.4% | -1.8% | 41.3% | 1.81 | 18.14 | 100% | — | — |
| 5 Years | 20.4% | 20.4% | 2.7% | 34.9% | 2.04 | 60.17 | 100% | — | — |
| 10 Years | 20.7% | 20.4% | 16.4% | 24.4% | 8.97 | — | 100% | — | — |
Calmar Ratio by Duration
Compared against NIFTY MIDCAP 150
| Duration | Alpha | Beta | Upside Capture | Downside Capture | Fund CAGR | Bench CAGR |
|---|---|---|---|---|---|---|
| 1 Year | +1.32 | 1.01 | 99.4% | 97.7% | 11.2% | 9.9% |
| 3 Years | +8.75 | 0.94 | 97.4% | 89.4% | 26.1% | 18.1% |
| 5 Years | +4.81 | 0.92 | 94.1% | 89.4% | 21.4% | 17.5% |
| 7 Years | +4.78 | 0.91 | 91.5% | 86.7% | 25.5% | 22.1% |
| 10 Years | +4.27 | 0.89 | 89.3% | 84.5% | 19.9% | 16.8% |
| 12 Years | +4.18 | 0.88 | 89.2% | 84.4% | 19.9% | 16.9% |
| 15 Years | +4.78 | 0.88 | 88.9% | 83.1% | 19.1% | 15.4% |
| # | Stock | % of NAV |
|---|---|---|
| 1 | Prestige Estates Projects Limited | 7.16% |
| 2 | The Federal Bank Limited | 6.42% |
| 3 | Max Healthcare Institute Limited | 6.21% |
| 4 | Meesho Ltd | 4.64% |
| 5 | Global Health Limited | 4.37% |
| 6 | AU Small Finance Bank Limited | 4.22% |
| 7 | Eternal Limited | 4.18% |
| 8 | IndusInd Bank Limited ^^^ | 4.06% |
| 9 | BSE Limited | 3.86% |
| 10 | L&T Finance Limited | 3.81% |