Invesco India PSU Equity Fund
Direct · GrowthAI Summary
Invesco India PSU Equity Fund has delivered strong SIP XIRR across horizons, with 25.52% over 3Y, 22.06% over 5Y, and 20.45% over 10Y, consistently outpacing the category average SIP XIRR of 16.33% (3Y), 16.77% (5Y), and 17.49% (10Y). However, 2026 has been weak at -9.66% on a calendar-year basis, showing the volatility inherent in the PSU theme.
The fund's Calmar Ratio of 0.5772 over 3Y and 0.5437 over 10Y reflects a healthy return-to-drawdown trade-off, though it has experienced 8 drawdown events exceeding 10% historically. Calendar-year returns are highly dispersed, ranging from +55.99% in 2014 to -15.87% in 2013, indicating significant cyclicality. Investors must accept sharp interim swings to capture the long-term returns.
The fund holds 29 stocks with defense-heavy exposure led by Hindustan Aeronautics (8.96%), SBI (7.46%), and Indian Bank (5.93%), and Aerospace & Defense is the largest sector at 18.5% followed by Banks at 16.7%. Top 10 holdings account for roughly 56% of NAV, creating meaningful single-stock and single-sector concentration. This focused approach amplifies both upside and downside relative to diversified funds.
The fund has beaten the thematic/PSU category average SIP XIRR at every measured horizon — for example 20.45% vs 17.49% over 10Y and 25.52% vs 16.33% over 3Y — demonstrating strong peer-relative consistency. Long horizons (7Y-12Y) show stable XIRR in the 18.8%-20.45% range, suggesting the outperformance is not just a recent PSU-rally artifact. Its 0.91% expense ratio is competitive for the category.
This fund suits investors seeking tactical thematic exposure to India's PSU and defense story, ideally as a satellite holding of 10-15% of an equity portfolio rather than a core fund. A horizon of at least 5-7 years is advisable given the theme's cyclicality, with the 10Y SIP XIRR of 20.45% rewarding patient investors.It is appropriate only for investors with high risk tolerance who can withstand calendar years like 2018 (-15.26%) and 2026 (-9.66%).
- SIP XIRR beats category averages across all horizons from 1Y to 12Y, including 25.52% vs 16.33% over 3Y
- Long-term consistency with 7Y-12Y XIRR sustained between 18.8% and 20.45%
- Favorable risk-adjusted returns with Calmar Ratios of roughly 0.49-0.63 across horizons and a modest 0.91% expense ratio
- High sector and stock concentration — Aerospace & Defense at 18.5% and Banks at 16.7%, with HAL alone at 8.96% of NAV
- Severe outcome dispersion across calendar years, from +55.99% (2014) to -15.87% (2013), including a -9.66% start to 2026
Generated on 02-11-2026, 3:38 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 | ₹12.91 L | 22.3% | -43.7% | 137.2% |
| 3 Years | ₹36.00 L | ₹47.83 L | 19.3% | -16.2% | 63.1% |
| 5 Years | ₹60.00 L | ₹90.47 L | 18.5% | -5.5% | 45.9% |
| 7 Years | ₹84.00 L | ₹1.50 Cr | 18.7% | 1.1% | 34.5% |
| 10 Years | ₹1.20 Cr | ₹3.60 Cr | 20.4% | 13.5% | 26.5% |
| 12 Years | ₹1.44 Cr | ₹5.18 Cr | 19.8% | 16.8% | 22.3% |
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 | 22.3% | 11.6% |
| 3 Years | 19.3% | 16.3% |
| 5 Years | 18.5% | 16.8% |
| 7 Years | 18.7% | 16.7% |
| 10 Years | 20.4% | 17.5% |
| 12 Years | 19.8% | 17.0% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 20.9% | 15.0% | -23.5% | 116.7% | 0.54 | 1.93 | 77% | — | — |
| 3 Years | 19.3% | 18.3% | -7.5% | 44.1% | 1.08 | 5.36 | 95% | — | — |
| 5 Years | 17.3% | 14.8% | 1.8% | 35.6% | 1.25 | 34.19 | 100% | — | — |
| 10 Years | 18.2% | 18.5% | 12.2% | 23.1% | 5.15 | — | 100% | — | — |
Calmar Ratio by Duration
| # | Stock | % of NAV |
|---|---|---|
| 1 | Hindustan Aeronautics Limited | 8.96% |
| 2 | State Bank of India | 7.46% |
| 3 | Indian Bank | 5.93% |
| 4 | Dredging Corporation of India Limited | 5.82% |
| 5 | Bharat Electronics Limited | 5.71% |
| 6 | Bharat Petroleum Corporation Limited | 4.54% |
| 7 | Container Corporation of India Limited | 4.07% |
| 8 | SBI Life Insurance Company Limited | 3.94% |
| 9 | BEML Limited | 3.91% |
| 10 | Bharat Dynamics Limited | 3.85% |