Fact Sheet. Strengthen your portfolio with Invesco. February 2018

Transcription

1 Fact Sheet February 2018 Strengthen your portfolio with Invesco. Equity s Invesco India Tax Plan Invesco India Mid N Small Cap Invesco India Contra Invesco India Business Leaders Invesco India Arbitrage Invesco India Growth Invesco India Mid Cap Invesco India Dynamic Equity Invesco India Banking Invesco India Infrastructure Invesco India PSU Equity Hybrid Invesco India Monthly Income Plan (MIP) Plus Debt s Invesco India Liquid Invesco India Ultra Short Term Invesco India Short Term Invesco India Credit Opportunities Invesco India Medium Term Bond Invesco India Corporate Bond Opportunities Invesco India Gilt Invesco India Active Income Invesco India Bank Debt of s Invesco India Pan European Equity Invesco India Global Equity Income Invesco India Gold Exchange Traded s Invesco India Gold Exchange Traded Invesco India Nifty Exchange Traded

2 Market Update Macro Economic Review The recent updates to the Indian macroeconomic parameters have thrown in mixed results. While the high frequency (lead) indicators such as vehicle sales, credit growth etc. and the GDP, exhibit improvement at the ground-level; rising inflation and high twin deficits continue to pose risk to the overall economic health. This could pose policy challenges for the RBI and the Government going ahead. As per the revised updates, India s 3Q GDP for FY 18 rebounded to 7.2%, implying that the economy is beginning to overcome the impact of twin disruptions caused by demonetization and GST. Similarly, the investment growth surged to double digits to 13% in 3QFY18 from 8.9% in the last quarter. The GDP growth for the full year FY 18 has also been revised upwards by 10 bps to 6.6%, implying that the fourth quarter FY 18 GDP is estimated to grow at 7.1%. Incidentally, the third quarter real GDP growth has improved despite net exports continuing drag the overall economic activity (negative impact of ~140 bps on GDP) and the GDP deflator (i.e. the economic measure of inflation) rising by 100 bps in 3Q FY 18 to 4.4% due to higher WPI and CPI inflation. Further, the manufacturing output growth (Index of Industrial Production-manufacturing) accelerated to 7.1% in 3Q from 2.5% in the previous quarter, taking the industrial production growth to 6% from 3.3% previously. Notable uptick was visible in the sale of commercial vehicles (up 34% YoY vs 21% in Q2) as well as 2-wheelers (up 16% vs 12%). The credit growth too rose to 9% from 6% during the period. The Consumer Price Index (CPI) inflation too moderated marginally to 5.1% from 5.2% in the previous month, though the Core CPI at 5.1% continues to remain sticky. The Current Account Deficit (CAD), on the other hand, has risen to 1.8% of GDP during first half of FY 18 vs. 0.4% of GDP in the corresponding period of the previous year. Trade deficit for the month of January 18 too widened to $16.3bn, which is well above the recent average of $13.4bn driven by acceleration in imports to $40.7bn (+26%) together with slowdown in exports to $24.4bn (+9%), particularly pronounced in textiles and gems & jewelry. The headline fiscal deficit has remained unchanged at 3.9% of GDP in January 18 (on a 12-month trailing basis); for April 17 January 18 period, the fiscal deficit stood at 113.7% of the revised budget estimates (excluding divestment proceeds). Once the year-end adjustments are made, the fiscal deficit could close-in to ~3.5% of GDP, as announced in Feb 2018 budget. While the revised GDP numbers are drawing much attention, a catalyst to this upward revision also comes from the Gross Fixed Capital Formation (GFCF), which has seen a sharp upward revision, entailing a detailed analysis. But having said that, an analysis of GDP trend over past 7 quarters reveals that the consumption growth, after having peaked in Q4 FY17 (10.2) %, has slowed down relatively to 5.7% in Q3FY18, while, investments, after holding at negative 2.2% post Q4FY17 have inched upwards to 13% in Q3FY18. This lends cushion to the RBI against raising rates since expansion on the demand side has moderated and the contribution presently is being led by the supply side. Equity Market Indian equities, in the month of February 17, ceded most of its previous month s gains, ending lower by ~4.9% vs. the previous month. The markets were largely dragged by the Banking and Infrastructure companies even as Information Technology, Metals and FMCG led the overall relative performance. The sell-off is largely attributed to the heightened levels of global volatility that weighed down investment sentiments as Foreign Portfolio Investments (FPIs) turned out to be major net sellers after nearly four consecutive months of being net buyers in Indian Equities. Besides, re-introduction of the Long-term Capital Gains Tax (LTCG) on equity investments in the Union Budget and the unsuspected unravelling of the massive ~$2bn scam involving the country s 2nd largest public sector bank i.e. Punjab National Bank (PNB) have also, to some extent, dampened investment sentiments. Additional headwinds in the form of hardening US G-Sec yields to a 4-year high of 2.95% in the wake of developments in the global macroeconomy, with a cascading effect on Indian yields that rose to a 2-year high of 7.88%, also impinged the markets. Having said that, domestic corporate earnings and macro-economic data continue to point at fundamental recovery in the economy. Moreover, the recent political successes in the North-Eastern Region, by the party whose Government currently rules the Centre, lends further credence to the political stability in the country. Markets currently seem to be in the mood to price-in some of the recent fundamental risks which have started to pose a challenge to the continued contraction of equity risk premium seen in the past couple of years; key among them being the return of inflation, albeit modestly. We reckon that the markets will likely stay rangebound for a while till it rebalances its assessment of improving economic and corporate earnings growth at one end and inflation on the other. 2

3 Market Update Contd... Meanwhile, from a domestic standpoint, we continue to believe that the government s reform agenda supported by tailwinds in the global growth scenario strengthen our base case for a back-ended recovery in the earnings for 2HFY18 and will, likely, enable investors position themselves for a fullblown earnings growth in FY19 and beyond. In this backdrop, while our portfolio approach continues to remain balanced, reflecting the bottomup conviction on specific companies rather than mere sector considerations, we believe that there is now an increasing evidence to strengthen our pro-cyclical stance. Meanwhile, our portfolios have seen some desirable shifts to capture the opportunities for a potential industrial recovery. We do back cyclical companies but only where valuations are reasonable and where balance sheets can withstand operational stress. On a bottom up basis, we are willing to invest in companies across sectors that are experiencing near-term headwinds, provided the valuations are attractive. However, we remain wary of balance sheet risks. Our approach has been incrementally more constructive towards large cap equities vis-à-vis the smaller companies and that is unchanged based on current valuation differentials. Fixed Income Market The negative sentiments in the bond market continues amidst additional government borrowing and higher headline Consumer Price Index (CPI) inflation. While there has been a modest drop in the CPI last month, it continues to hover above 5%. The rising bond yields over last 1 year have driven away quite a few investors from the market leading to sporadic investments. This, together with uncertainty with regards to the future trajectory of the CPI and the lingering fear of rate hikes by the RBI, has pushed the bond yields even higher over the last few quarters. Besides, Government s acknowledgement of slippages in the fiscal deficit target have added further fuel to the persisting negative sentiments in the bond market. The 10-year benchmark (the new issue) yield has moved from 7.43% to 7.73% last month in wake of the. Additional borrowing due to fiscal slippage Relaxed fiscal target for FY19 Negative market sentiment Risks of higher CPI highlighted by RBI in the Feb policy Persistent volatility in the oil prices The new cost plus formula (1.5x of cost) of calculating Minimum Support Price (MSP) for agriculture commodities, which threatens to further aggravate the already rising CPI inflation. The negatives in the market and the jitteriness about the future rate actions by RBI have led to the selloff in the bond market. The yields are almost 150 bps higher compared to the same period last year. The foreign investors have also been net sellers in the market in the last month, which in turn has put the rupee under pressure. With bond yields moving north due to weaker market sentiments, a higher fiscal and higher market borrowings, we do not expect the real rates to contract unless triggered by some policy action by the RBI or the government. The ongoing fears of higher inflation support RBI s cause to maintain its hawkish stance on inflation and we feel that the market has started to price-in a few rate hikes given that the 10-year benchmark is trading at a spread of 175 bps over the repo rate. So far the rise in inflation has been led by food price inflation, the effect of HRA to central government employees and the effect of GST on the services sector. The entire effect of the HRA and GST on CPI will be felt till June 2018 and has the potential to push inflation towards 5.80% % band. While the food price inflation is transient in nature, the new cost plus formula (1.5x the cost) of calculating MSP could trigger secondary inflationary tendencies and give rise to wage inflation in the rural economy with spill over as generalized inflation. Since RBI has not already hiked the repo rate despite highlighting the risks to inflation in its latest policy, we do not expect a rate hike from RBI unless the headline CPI goes beyond the forecast 5.60% in the first 6 months of FY19. Further, to reduce volatility in the given market conditions, we urge investors to be cautious and pick fund duration aligned to their investment horizons. We do not expect any rate reductions soon due to fiscal slippages but hold on to our stance for a need for tighter real rates and endorse efficient allocation of capital and savings/investment. The market, in due course, is expected to move in alignment with the Monetary Policy Committee (MPC s) rate decision, which is expected to take cognizance of developing inflation and growth dynamics. 3

4 Invesco India Tax Plan (An Open-Ended Equity Linked Savings Scheme with a lock-in period of 3 years) capital appreciation over long-term investment in equity and equity-related instruments To generate long term capital growth from a diversified portfolio of predominantly equity and equity related securities. Entry Load Nil Exit Load 1 Nil R 500/- & in multiples of R 500/- thereafter R 500/- & in multiples of R 500/- thereafter 29 th December, 2006 Growth Dividend Growth Dividend Portfolio Turnover Ratio (1 Year) 0.37 Regular 2.26% Direct 0.89% Index S&P BSE 100 February 2018: R crores 28 th February, 2018: R crores Manager & Experience Taher Badshah Total Experience 22 Years Since January 13, 2017 Vinay Paharia Total Experience 14 Years Since June 28, 2010 Equity & Equity Related Instruments HDFC Bank Ltd Maruti Suzuki India Ltd Reliance Industries Ltd Larsen & Toubro Ltd Kotak Mahindra Bank Ltd Infosys Ltd IndusInd Bank Ltd ICICI Bank Ltd United Spirits Ltd Tata Consultancy Services Ltd Coromandel International Ltd Hero MotoCorp Ltd Titan Company Ltd Axis Bank Ltd VIP Industries Ltd Sun Pharmaceutical Industries Ltd Power Grid Corporation of India Ltd Voltas Ltd Record Date P/E 27.9 P/B 3.9 Financial Characteristics Average Weighted Market Capitalisation Median Market Capitalisation Source : Factset, Internal Data Files Rate (R/Unit) Cum-Dividend NAV p. u. (R) Dividend Option 12-Jan Dec Dec Dividend Option 12-Jan Dec Dec Past performance may or may not be sustained in future. Dividend is on face value of R10/- per unit. After the payment of dividend, the per unit NAV will fall to the extent of dividend payout and applicable statutory levy, if any. r 200,628 crores r 44,710 crores Industry Classification 3 will be at moderately high risk L&T Finance Holdings Ltd Container Corporation of India Ltd Piramal Enterprises Ltd Shriram Transport Finance Company Ltd Timken India Ltd Exide Industries Ltd Wonderla Holidays Ltd United Breweries Ltd Supreme Industries Ltd Thermax Ltd Petronet LNG Ltd Redington (India) Ltd Aditya Birla Fashion and Retail Ltd Bank of Baroda 0.72 Piramal Enterprises Ltd. - Rights Entitlement 0.01 Fixed Deposits 0.07 Deutsche Bank AG 0.07 Cash & Cash Equivalent 4.63 % of Net Banks 26.79% Auto 10.58% Construction Project 8.49% Software 8.10% Petroleum Products 7.96% Consumer Non Durables 5.34% Consumer Durables 4.95% Pharmaceuticals 3.91% Finance 3.62% Transportation 2.82% Fertilisers 2.67% Industrial Products 2.49% Power 2.11% Auto Ancillaries 1.38% Hotels, Resorts And Other Recreational Activities 1.27% Industrial Capital Goods 1.00% Gas 0.92% Retailing 0.89% 3 Industrywise Classification as per AMFI. Asset Allocation Equity Holdings 95.30% Fixed Deposits 0.07% Cash & Cash Equivalent 4.63% P/E is 12 months trailing price to earnings, P/B is 12 months trailing price to book value. Both are arrived at using Weighted Harmonic Mean which is an average resulting from the multiplication of the reciprocal of the observation for each component by the weightage of that stock in the portfolio/index. For 1,2, Note on, and Disclaimer, refer page no Performance Attributes Standard Deviation 4.05% Sharpe Ratio 0.10 Beta 0.99 Based on 3 years, monthly data points (Risk-free rate of 6.05% based on Overnight MIBOR)

5 Invesco India Mid N Small Cap (An Open-Ended Equity Scheme) capital appreciation over long-term investment predominantly in equity and equity-related instruments of Mid and Small Cap companies To provide long term capital appreciation by investing in a portfolio that is predominantly constituted of equity and equity related instruments of mid and small cap companies. Entry Load Exit Load 1 Nil on or before 1 year from the date of allotment : 1% after 1 year from the date of allotment : Nil Switch between the Plans under the Scheme, please refer page no th March, 2008 Growth Dividend Growth Dividend Portfolio Turnover Ratio (1 Year) 0.56 Regular 2.44% Direct 0.98% Index Nifty Free Float Midcap 100 February 2018: R crores 28 th February, 2018: R crores Manager & Experience Vinay Paharia Total Experience 14 Years Since May 14, 2008 Equity & Equity Related Instruments Container Corporation of India Ltd United Spirits Ltd United Breweries Ltd Piramal Enterprises Ltd Coromandel International Ltd MRF Ltd Schaeffler India Ltd Wonderla Holidays Ltd IndusInd Bank Ltd Cochin Shipyard Ltd Aditya Birla Fashion and Retail Ltd AIA Engineering Ltd Heritage Foods Ltd VIP Industries Ltd ISGEC Heavy Engineering Ltd Thermax Ltd Maruti Suzuki India Ltd Vinati Organics Ltd Cholamandalam Investment and Finance Co. Ltd Bank of Baroda 2.42 Tata Metaliks Ltd Exide Industries Ltd Record Date P/E 32.6 P/B 4.1 Financial Characteristics Average Weighted Market Capitalisation Median Market Capitalisation Source : Factset, Internal Data Files Rate (R/Unit) r 26,161 crores r 11,738 crores Cum-Dividend NAV p. u. (R) Dividend Option 08-Aug Dividend Option 08-Aug Past performance may or may not be sustained in future. Dividend is on face value of R10/- per unit. After the payment of dividend, the per unit NAV will fall to the extent of dividend payout and applicable statutory levy, if any. Industry Classification 3 will be at moderately high risk Greenply Industries Ltd Shriram Transport Finance Company Ltd Timken India Ltd PNC Infratech Ltd Petronet LNG Ltd Syngene International Ltd Mahindra Logistics Ltd Redington (India) Ltd Motherson Sumi Systems Ltd Voltas Ltd V-Mart Retail Ltd Rallis India Ltd The Ramco Cements Ltd Esab India Ltd Dixon Technologies (India) Ltd Camlin Fine Sciences Ltd Navneet Education Ltd Multi Commodity Exchange of India Ltd Piramal Enterprises Ltd. - Rights Entitlement 0.01 Fixed Deposits 0.17 Deutsche Bank AG 0.17 Cash & Cash Equivalent 2.86 % of Net Consumer Non Durables 10.66% Industrial Products 9.75% Industrial Capital Goods 8.59% Auto Ancillaries 7.66% Transportation 7.62% Consumer Durables 6.21% Finance 5.79% Banks 5.67% Pharmaceuticals 5.60% Retailing 4.62% Fertilisers 3.74% Chemicals 3.62% Hotels, Resorts And Other Recreational Activities 3.25% Auto 2.67% Ferrous Metals 2.40% Construction 1.83% Gas 1.82% Construction Project 1.61% Pesticides 1.54% Cement 1.28% Media & Entertainment 1.03% 3 Industrywise Classification as per AMFI. Asset Allocation Equity Holdings 96.97% Fixed Deposits 0.17% Cash & Cash Equivalent 2.86% P/E is 12 months trailing price to earnings, P/B is 12 months trailing price to book value. Both are arrived at using Weighted Harmonic Mean which is an average resulting from the multiplication of the reciprocal of the observation for each component by the weightage of that stock in the portfolio/index. For 1,2, Note on, and Disclaimer, refer page no. 42. Performance Attributes Standard Deviation 4.32% Sharpe Ratio 0.11 Beta 0.91 Based on 3 years, monthly data points (Risk-free rate of 6.05% based on Overnight MIBOR) 5

6 Invesco India Contra (An Open-Ended Equity Scheme) capital appreciation over long-term investment in equity and equity-related instruments through means of contrarian investing will be at moderately high risk To generate capital appreciation through investment in equity and equity related instruments. The Scheme will seek to generate capital appreciation through means of contrarian investing. Entry Load Exit Load 1 Nil on or before 1 year from the date of allotment : 1% If redeemed/switchedout after 1 year from the date of allotment : Nil Switch between the Plans under the Scheme, please refer page no th April, 2007 Growth Dividend Growth Dividend Portfolio Turnover Ratio (1 Year) 0.74 Regular 2.23% Direct 0.99% Index S&P BSE 500 February 2018: R 1, crores 28 th February, 2018: R 1, crores Manager & Experience Taher Badshah Total Experience 22 Years Since January 13, 2017 Amit Ganatra Total Experience 14 Years Since August 14, 2012 Equity & Equity Related Instruments HDFC Bank Ltd Reliance Industries Ltd Housing Development Finance Corporation Ltd Infosys Ltd ICICI Bank Ltd ITC Ltd Larsen & Toubro Ltd HCL Technologies Ltd Mahindra & Mahindra Ltd Cipla Ltd Cyient Ltd KNR Constructions Ltd KEC International Ltd Axis Bank Ltd Shriram Transport Finance Company Ltd Exide Industries Ltd Maruti Suzuki India Ltd Sun Pharmaceutical Industries Ltd MRF Ltd VIP Industries Ltd Tata Metaliks Ltd Petronet LNG Ltd Record Date Rate (R/Unit) Cum-Dividend NAV p. u. (R) Dividend Option 11-Apr Mar Mar Dividend Option 11-Apr Mar Past performance may or may not be sustained in future. Dividend is on face value of R10/- per unit. After the payment of dividend, the per unit NAV will fall to the extent of dividend payout and applicable statutory levy, if any. P/E 22.8 P/B 3.4 Financial Characteristics Average Weighted Market Capitalisation Median Market Capitalisation Source : Factset, Internal Data Files r 153,298 crores r 32,666 crores Apollo Hospitals Enterprise Ltd Sun TV Network Ltd Hero MotoCorp Ltd Gujarat State Petronet Ltd ISGEC Heavy Engineering Ltd Rallis India Ltd InterGlobe Aviation Ltd Bank of Baroda 1.45 L&T Finance Holdings Ltd Tata Steel Ltd The South Indian Bank Ltd United Spirits Ltd Equitas Holdings Ltd Camlin Fine Sciences Ltd JK Cement Ltd Cochin Shipyard Ltd Hindustan Petroleum Corporation Ltd Muthoot Finance Ltd General Insurance Corporation of India 0.64 Ratnamani Metals & Tubes Ltd Coromandel International Ltd Cash & Cash Equivalent 4.06 Industry Classification 3 % of Net Banks 16.01% Finance 11.05% Software 10.84% Auto 7.02% Construction Project 6.78% Petroleum Products 6.30% Consumer Non Durables 5.39% Pharmaceuticals 5.04% Auto Ancillaries 4.32% Gas 3.54% Ferrous Metals 3.52% Construction 2.78% Industrial Capital Goods 2.59% Consumer Durables 1.89% Healthcare Services 1.79% Media & Entertainment 1.75% Pesticides 1.55% Transportation 1.52% Chemicals 1.01% Cement 0.94% Fertilisers 0.30% 3 Industrywise Classification as per AMFI. Asset Allocation Equity Holdings 95.94% Cash & Cash Equivalent 4.06% P/E is 12 months trailing price to earnings, P/B is 12 months trailing price to book value. Both are arrived at using Weighted Harmonic Mean which is an average resulting from the multiplication of the reciprocal of the observation for each component by the weightage of that stock in the portfolio/index. For 1,2, Note on, and Disclaimer, refer page no Performance Attributes Standard Deviation 4.27% Sharpe Ratio 0.15 Beta 1.03 Based on 3 years, monthly data points (Risk-free rate of 6.05% based on Overnight MIBOR)

7 Invesco India Business Leaders (An Open-Ended Equity Scheme) To generate long term capital appreciation by investing in equity and equity related instruments including equity derivatives of companies which in our opinion are leaders in their respective industry or industry segment. Entry Load Exit Load 1 Nil on or before 1 year from the date of allotment : 1% after 1 year from the date of allotment : Nil Switch between the Plans under the Scheme, please refer page no st August, 2009 Growth Dividend Growth Dividend Portfolio Turnover Ratio (1 Year) 0.61 Regular 2.64% Direct 0.97% Index Nifty 50 February 2018: R crores 28 th February, 2018: R crores Manager & Experience Taher Badshah Total Experience 22 Years Since January 13, 2017 Vinay Paharia Total Experience 14 Years Since June 23, 2014 capital appreciation over long-term investment in equity and equity-related instruments including equity derivatives of companies which in our opinion are leaders in their respective industry or industry segment Equity & Equity Related Instruments HDFC Bank Ltd Reliance Industries Ltd Maruti Suzuki India Ltd Housing Development Finance Corporation Ltd Larsen & Toubro Ltd IndusInd Bank Ltd ITC Ltd Tata Consultancy Services Ltd Kotak Mahindra Bank Ltd ICICI Lombard General Insurance Company Ltd Hero MotoCorp Ltd Power Grid Corporation of India Ltd Record Date Rate (R/Unit) Cum-Dividend NAV p. u. (R) Dividend Option 29-May Mar Nov Dividend Option 29-May Mar Nov Past performance may or may not be sustained in future. Dividend is on face value of R10/- per unit. After the payment of dividend, the per unit NAV will fall to the extent of dividend payout and applicable statutory levy, if any. P/E 25.7 P/B 4.2 Financial Characteristics Average Weighted Market Capitalisation Median Market Capitalisation Source : Factset, Internal Data Files r 272,399 crores r 103,309 crores Industry Classification 3 will be at moderately high risk Piramal Enterprises Ltd Axis Bank Ltd Motherson Sumi Systems Ltd Titan Company Ltd United Breweries Ltd Indian Oil Corporation Ltd Zee Entertainment Enterprises Ltd Cipla Ltd Piramal Enterprises Ltd. - Rights Entitlement 0.01 Fixed Deposits 0.12 Deutsche Bank AG 0.12 Cash & Cash Equivalent 1.24 % of Net Banks 25.62% Auto 12.87% Finance 12.29% Petroleum Products 11.23% Consumer Non Durables 9.31% Construction Project 8.57% Software 5.84% Pharmaceuticals 4.21% Power 2.95% Auto Ancillaries 2.20% Consumer Durables 2.12% Media & Entertainment 1.42% 3 Industrywise Classification as per AMFI. Asset Allocation Equity Holdings 98.64% Fixed Deposits 0.12% Cash & Cash Equivalent 1.24% Performance Attributes Standard Deviation 3.74% Sharpe Ratio 0.06 Beta 0.92 Based on 3 years, monthly data points (Risk-free rate of 6.05% based on Overnight MIBOR) P/E is 12 months trailing price to earnings, P/B is 12 months trailing price to book value. Both are arrived at using Weighted Harmonic Mean which is an average resulting from the multiplication of the reciprocal of the observation for each component by the weightage of that stock in the portfolio/index. For 1,2, Note on, and Disclaimer, refer page no

8 Invesco India Arbitrage (An Open-Ended Equity Scheme) income over medium-term income through opportunities emerging out of mis-pricing between cash and derivatives markets and through deployment of surplus cash in fixed income instruments will be at moderately low risk To generate income through arbitrage opportunities emerging out of mispricing between the cash market and the derivatives market and through deployment of surplus cash in fixed income instruments. Entry Load Exit Load 1 8 Nil on or before 15 Days from the date of allotment : 0.5% after 15 Days from the date of allotment : Nil Switch between the Plans under the Scheme, please refer page no th April, 2007 Growth Dividend Bonus Annual Bonus Growth Dividend Bonus Annual Bonus Portfolio Turnover Ratio (1 Year) Regular 1.00% Direct 0.40% Index CRISIL Liquid Index February 2018: R crores 28 th February, 2018: R crores Manager & Experience Pranav Gokhale Total Experience 13 Years Since April 01, 2011 For 1,2, Note on, and Disclaimer, refer page no. 42. Equity & Equity Related Instruments IDFC Ltd Bharti Airtel Ltd BEML Ltd Havells India Ltd Dewan Housing Finance Corporation Ltd Aurobindo Pharma Ltd Tata Consultancy Services Ltd KPIT Technologies Ltd NBCC (India) Ltd GMR Infrastructure Ltd Sun Pharmaceutical Industries Ltd Eicher Motors Ltd Capital First Ltd Ujjivan Financial Services Ltd Punjab National Bank 1.34 Tata Global Beverages Ltd Power Finance Corporation Ltd Fortis Healthcare Ltd Tata Chemicals Ltd CESC Ltd Escorts Ltd Titan Company Ltd Tata Communications Ltd Indian Bank 0.82 Asian Paints Ltd L&T Finance Holdings Ltd Union Bank of India 0.74 Syndicate Bank 0.70 Bharat Heavy Electricals Ltd The South Indian Bank Ltd Strides Shasun Ltd Balrampur Chini Mills Ltd Grasim Industries Ltd Reliance Power Ltd The Karnataka Bank Ltd Manappuram Finance Ltd IFCI Ltd Tata Elxsi Ltd Hindustan Construction Company Ltd Dish TV India Ltd JSW Steel Ltd United Spirits Ltd Tata Motors Ltd. DVR Shares 0.41 Ashok Leyland Ltd Century Textiles & Industries Ltd Granules India Ltd IDFC Bank Ltd SREI Infrastructure Finance Ltd Raymond Ltd Bank of Baroda 0.33 Idea Cellular Ltd Housing Development and Infrastructure Ltd Steel Authority of India Ltd Multi Commodity Exchange of India Ltd Rate (R/Unit) Cum-Dividend NAV p. u. (R) Dividend Option 15-Feb Jan Dec Dividend Option 15-Feb Jan Dec Past performance may or may not be sustained in future. Dividend is on face value of R10/- per unit. After the payment of dividend, the per unit NAV will fall to the extent of dividend payout and applicable statutory levy, if any. Dabur India Ltd Suzlon Energy Ltd UPL Ltd Reliance Capital Ltd Oriental Bank of Commerce 0.27 NIIT Technologies Ltd Tata Motors Ltd Can Fin Homes Ltd Bajaj Auto Ltd Indiabulls Housing Finance Ltd Bharat Electronics Ltd Wipro Ltd Jindal Steel & Power Ltd Godfrey Phillips India Ltd Hindustan Unilever Ltd IDBI Bank Ltd Apollo Tyres Ltd PVR Ltd Britannia Industries Ltd Andhra Bank 0.10 Wockhardt Ltd Lupin Ltd NHPC Ltd Chennai Petroleum Corporation Ltd NCC Ltd Adani Enterprises Ltd Power Grid Corporation of India Ltd Dalmia Bharat Ltd DLF Ltd Bajaj Finance Ltd Mahanagar Gas Ltd Voltas Ltd Kaveri Seed Company Ltd Muthoot Finance Ltd Mahindra & Mahindra Ltd State Bank of India 0.03 Glenmark Pharmaceuticals Ltd Reliance Infrastructure Ltd Castrol India Ltd National Aluminium Company Ltd Max Financial Services Ltd SRF Ltd Siemens Ltd Yes Bank Ltd Equitas Holdings Ltd Reliance Naval and Engineering Ltd Fixed Deposits RBL Bank Ltd HDFC Bank Ltd Money Market Instruments IIFL Wealth Finance Ltd SREI Equipment Finance Ltd IL&FS Financial Services Ltd Derivatives,Cash & Cash Equivalent 0.93 The Scheme is having exposure to Stock Futures (Short) against the above Equity Stocks and the Gross Exposure Derivatives is 66.33% of Net. Asset Allocation Equity Holdings 66.06% Fixed Deposits 14.25% Money Market Instruments 18.75% Cash & Cash Equivalent 0.93% The Scheme is having exposure to Stock Futures (Short) against the above Equity Stocks and the Gross Exposure Derivatives is 66.05% of Net.

9 Invesco India Growth (An Open-Ended Diversified Equity Scheme) capital appreciation over long-term investment in diversified portfolio of equity and equity- related instruments To generate long term capital growth from a diversified portfolio of predominantly equity and equity related securities. Entry Load Exit Load 1 Nil on or before 1 year from the date of allotment : 1% after 1 year from the date of allotment : Nil Switch between the Plans under the Scheme, please refer page no th August, 2007 Growth Dividend Growth Dividend Portfolio Turnover Ratio (1 Year) 0.57 Regular 2.53% Direct 1.10% Index S&P BSE 100 February 2018: R crores 28 th February, 2018: R crores Manager & Experience Taher Badshah Total Experience 22 Years Since January 13, 2017 Am it Ganatra Total Experience 14 Years Since June 23, 2014 Equity & Equity Related Instruments HDFC Bank Ltd Reliance Industries Ltd IndusInd Bank Ltd Maruti Suzuki India Ltd ICICI Bank Ltd Larsen & Toubro Ltd Tata Consultancy Services Ltd Kotak Mahindra Bank Ltd Britannia Industries Ltd Cholamandalam Investment and Finance Co. Ltd Sanofi India Ltd Indraprastha Gas Ltd Voltas Ltd RBL Bank Ltd Ajanta Pharma Ltd Supreme Industries Ltd Exide Industries Ltd United Breweries Ltd Apollo Hospitals Enterprise Ltd Power Grid Corporation of India Ltd Record Date Rate (R/Unit) Cum-Dividend NAV p. u. (R) Dividend Option 28-Sep Mar Dec Dividend Option 28-Sep Mar Past performance may or may not be sustained in future. Dividend is on face value of R10/- per unit. After the payment of dividend, the per unit NAV will fall to the extent of dividend payout and applicable statutory levy, if any. P/E 27.4 P/B 4.0 Financial Characteristics Average Weighted Market Capitalisation Median Market Capitalisation Source : Factset, Internal Data Files r 169,579 crores r 31,088 crores Industry Classification 3 will be at moderately high risk HCL Technologies Ltd InterGlobe Aviation Ltd Schaeffler India Ltd Shriram Transport Finance Company Ltd Hero MotoCorp Ltd Coromandel International Ltd Sun Pharmaceutical Industries Ltd Heritage Foods Ltd Dixon Technologies (India) Ltd MRF Ltd Motherson Sumi Systems Ltd Titan Company Ltd L&T Finance Holdings Ltd Indian Oil Corporation Ltd Bank of Baroda 1.04 Greenply Industries Ltd Container Corporation of India Ltd ISGEC Heavy Engineering Ltd Ratnamani Metals & Tubes Ltd ICICI Lombard General Insurance Company Ltd Cash & Cash Equivalent 4.97 % of Net Banks 25.55% Petroleum Products 8.02% Auto 7.32% Construction Project 6.18% Pharmaceuticals 6.14% Consumer Non Durables 6.12% Software 5.80% Finance 5.69% Auto Ancillaries 4.96% Industrial Products 4.02% Consumer Durables 3.60% Transportation 2.54% Gas 2.27% Healthcare Services 2.09% Power 2.08% Fertilisers 1.64% Industrial Capital Goods 0.54% Ferrous Metals 0.47% 3 Industrywise Classification as per AMFI. Asset Allocation Equity Holdings 95.03% Cash & Cash Equivalent 4.97% P/E is 12 months trailing price to earnings, P/B is 12 months trailing price to book value. Both are arrived at using Weighted Harmonic Mean which is an average resulting from the multiplication of the reciprocal of the observation for each component by the weightage of that stock in the portfolio/index. For 1,2, Note on, and Disclaimer, refer page no. 42. Performance Attributes Standard Deviation 4.03% Sharpe Ratio 0.11 Beta 0.99 Based on 3 years, monthly data points (Risk-free rate of 6.05% based on Overnight MIBOR) 9

10 Invesco India Mid Cap (An Open-Ended Equity Scheme) capital appreciation over long-term investment predominantly in equity and equity-related instruments of Mid Cap companies will be at moderately high risk To provide long term capital appreciation by investing in a portfolio that is predominantly constituted of equity and equity related instruments of Mid Cap companies. Entry Load Exit Load 1 Nil on or before 1 year from the date of allotment : 1% after 1 year from the date of allotment : Nil Switch between the Plans under the Scheme, please refer page no th April, 2007 Growth Dividend Growth Dividend Portfolio Turnover Ratio (1 Year) 0.64 Regular 2.59% Direct 1.03% Index Nifty Free Float Midcap 100 February 2018: R crores 28 th February, 2018: R crores Manager & Experience Vinay Paharia Total Experience 14 Years Since December 16, 2008 Equity & Equity Related Instruments Container Corporation of India Ltd United Breweries Ltd United Spirits Ltd Piramal Enterprises Ltd Schaeffler India Ltd Wonderla Holidays Ltd Coromandel International Ltd IndusInd Bank Ltd MRF Ltd VIP Industries Ltd Heritage Foods Ltd Vinati Organics Ltd Thermax Ltd Tata Metaliks Ltd Cochin Shipyard Ltd Cholamandalam Investment and Finance Co. Ltd AIA Engineering Ltd ISGEC Heavy Engineering Ltd Aditya Birla Fashion and Retail Ltd Greenply Industries Ltd Shriram Transport Finance Company Ltd Rate (R/Unit) Cum-Dividend NAV p. u. (R) Dividend Option 19-Apr Mar Feb Dividend Option 19-Apr Mar Feb Past performance may or may not be sustained in future. Dividend is on face value of R10/- per unit. After the payment of dividend, the per unit NAV will fall to the extent of dividend payout and applicable statutory levy, if any. P/E 32.6 P/B 4.2 Financial Characteristics Average Weighted Market Capitalisation Median Market Capitalisation Source : Factset, Internal Data Files r 19,526 crores r 10,389 crores Exide Industries Ltd Timken India Ltd PNC Infratech Ltd Motherson Sumi Systems Ltd Petronet LNG Ltd Syngene International Ltd Bank of Baroda 1.91 Mahindra Logistics Ltd Redington (India) Ltd V-Mart Retail Ltd Rallis India Ltd Voltas Ltd The Ramco Cements Ltd Esab India Ltd Camlin Fine Sciences Ltd Dixon Technologies (India) Ltd Multi Commodity Exchange of India Ltd Navneet Education Ltd Piramal Enterprises Ltd. - Rights Entitlement 0.01 Fixed Deposits 0.16 Deutsche Bank AG 0.16 Cash & Cash Equivalent 3.55 Industry Classification 3 % of Net Consumer Non Durables 10.86% Industrial Products 9.78% Industrial Capital Goods 8.25% Auto Ancillaries 7.87% Transportation 7.59% Consumer Durables 6.58% Finance 6.32% Pharmaceuticals 5.85% Banks 5.39% Retailing 4.27% Chemicals 4.03% Hotels, Resorts And Other Recreational Activities 3.52% Fertilisers 3.51% Ferrous Metals 2.81% Construction 2.19% Gas 1.96% Pesticides 1.63% Construction Project 1.52% Cement 1.32% Media & Entertainment 1.04% 3 Industrywise Classification as per AMFI. Asset Allocation Equity Holdings 96.29% Fixed Deposits 0.16% Cash & Cash Equivalent 3.55% P/E is 12 months trailing price to earnings, P/B is 12 months trailing price to book value. Both are arrived at using Weighted Harmonic Mean which is an average resulting from the multiplication of the reciprocal of the observation for each component by the weightage of that stock in the portfolio/index. For 1,2, Note on, and Disclaimer, refer page no Performance Attributes Standard Deviation 4.29% Sharpe Ratio 0.10 Beta 0.91 Based on 3 years, monthly data points (Risk-free rate of 6.05% based on Overnight MIBOR)

11 Invesco India Dynamic Equity (An Open-Ended Equity Scheme) capital appreciation over long-term investment in focused portfolio of equity and equity-related instruments will be at moderately high risk To generate long term capital growth from a focused portfolio of predominantly equity and equity related securities. Entry Load Nil Exit Load 1 Nil 4 th October, 2007 Growth Dividend Growth Dividend Portfolio Turnover Ratio (1 Year) 1.62 Regular 2.11% Direct 1.01% Index S&P BSE 100 February 2018: R crores 28 th February, 2018: R crores Manager & Experience Taher Badshah Total Experience 22 Years Since January 13, 2017 Equity & Equity Related Instruments HDFC Bank Ltd Reliance Industries Ltd Housing Development Finance Corporation Ltd IndusInd Bank Ltd Larsen & Toubro Ltd Infosys Ltd Kotak Mahindra Bank Ltd Maruti Suzuki India Ltd ICICI Bank Ltd InterGlobe Aviation Ltd Hero MotoCorp Ltd Record Date Rate (R/Unit) Cum-Dividend NAV p. u. (R) Dividend Option 15-Feb Jan Dec Dividend Option 15-Feb Jan Dec Past performance may or may not be sustained in future. Dividend is on face value of R10/- per unit. After the payment of dividend, the per unit NAV will fall to the extent of dividend payout and applicable statutory levy, if any. P/E 25.2 P/B 4.1 Financial Characteristics Average Weighted Market Capitalisation Median Market Capitalisation Source : Factset, Internal Data Files r 176,846 crores r 86,246 crores Dixon Technologies (India) Ltd Motherson Sumi Systems Ltd L&T Finance Holdings Ltd RBL Bank Ltd MRF Ltd Voltas Ltd APL Apollo Tubes Ltd Fixed Deposits 1.48 HDFC Bank Ltd RBL Bank Ltd Derivatives, Cash & Cash Equivalent Industry Classification 3 % of Net Banks 26.61% Finance 8.88% Auto 8.24% Construction Project 7.40% Petroleum Products 6.93% Software 5.40% Auto Ancillaries 4.92% Transportation 3.60% Consumer Durables 3.23% Ferrous Metals 1.73% 3 Industrywise Classification as per AMFI. Asset Allocation Equity Holdings 76.96% Fixed Deposits 1.48% Cash & Cash Equivalent 21.56% Performance Attributes Standard Deviation 3.39% Sharpe Ratio 0.08 Beta 0.76 Based on 3 years, monthly data points (Risk-free rate of 6.05% based on Overnight MIBOR) P/E is 12 months trailing price to earnings, P/B is 12 months trailing price to book value. Both are arrived at using Weighted Harmonic Mean which is an average resulting from the multiplication of the reciprocal of the observation for each component by the weightage of that stock in the portfolio/index. For 1,2, Note on, and Disclaimer, refer page no

12 Invesco India Banking (An Open-Ended Banking Sector Scheme) To generate long term capital growth from a portfolio of equity and equity related securities of companies engaged in the business of banking and financial services. Entry Load Exit Load 1 Nil on or before 1 year from the date of allotment : 1% after 1 year from the date of allotment : Nil Switch between the Plans under the Scheme, please refer page no th July, 2008 Growth Dividend Growth Dividend Portfolio Turnover Ratio (1 Year) 0.61 Regular 2.65% Direct 1.05% Index Nifty Bank February 2018: R crores 28 th February, 2018: R crores Manager & Experience Amit Ganatra Total Experience 14 Years Since November 9, 2010 capital appreciation over long-term investment predominantly in equity and equity-related instruments of companies engaged in the business of banking and financial services Equity & Equity Related Instruments HDFC Bank Ltd ICICI Bank Ltd IndusInd Bank Ltd Cholamandalam Investment and Finance Co. Ltd Shriram Transport Finance Company Ltd State Bank of India 3.07 RBL Bank Ltd ICICI Lombard General Insurance Company Ltd L&T Finance Holdings Ltd Kotak Mahindra Bank Ltd Piramal Enterprises Ltd Housing Development Finance Corporation Ltd Rate (R/Unit) Cum-Dividend NAV p. u. (R) Dividend Option 30-Nov May Jan Dividend Option 30-Nov May Past performance may or may not be sustained in future. Dividend is on face value of R10/- per unit. After the payment of dividend, the per unit NAV will fall to the extent of dividend payout and applicable statutory levy, if any. P/E 26.0 P/B 2.8 Financial Characteristics Average Weighted Market Capitalisation Median Market Capitalisation Source : Factset, Internal Data Files r 236,474 crores r 36,035 crores Industry Classification 3 will be at high risk Bank of Baroda 1.98 Muthoot Finance Ltd General Insurance Corporation of India 1.86 City Union Bank Ltd Indian Bank 1.79 The South Indian Bank Ltd Multi Commodity Exchange of India Ltd Bajaj Finance Ltd Piramal Enterprises Ltd. - Rights Entitlement 0.01 Fixed Deposits 0.09 Deutsche Bank AG 0.09 Cash & Cash Equivalent 1.31 % of Net Banks 76.02% Finance 20.29% Pharmaceuticals 2.28% 3 Industrywise Classification as per AMFI. Asset Allocation Equity Holdings 98.59% Fixed Deposits 0.09% Cash & Cash Equivalent 1.31% Performance Attributes Standard Deviation 4.88% Sharpe Ratio 0.12 Beta 0.88 Based on 3 years, monthly data points (Risk-free rate of 6.05% based on Overnight MIBOR) P/E is 12 months trailing price to earnings, P/B is 12 months trailing price to book value. Both are arrived at using Weighted Harmonic Mean which is an average resulting from the multiplication of the reciprocal of the observation for each component by the weightage of that stock in the portfolio/index. For 1,2, Note on, and Disclaimer, refer page no

13 Invesco India Infrastructure (An Open-Ended Equity Scheme) capital appreciation over long-term investment in equity and equity-related instruments of infrastructure companies will be at high risk To provide long term capital appreciation by investing in a portfolio that is predominantly constituted of equity and equity related instruments of infrastructure companies. Entry Load Exit Load 1 Nil on or before 1 year from the date of allotment : 1% after 1 year from the date of allotment : Nil Switch between the Plans under the Scheme, please refer page no st November, 2007 Growth Dividend Growth Dividend Portfolio Turnover Ratio (1 Year) 0.82 Regular 2.70% Direct 1.04% Index Nifty Infrastructure February 2018: R crores 28 th February, 2018: R crores Manager & Experience Pranav Gokhale Total Experience 13 Years Since August 14, 2012 Equity & Equity Related Instruments Larsen & Toubro Ltd KNR Constructions Ltd Power Grid Corporation of India Ltd Gujarat State Petronet Ltd Container Corporation of India Ltd Petronet LNG Ltd Schaeffler India Ltd ISGEC Heavy Engineering Ltd Tata Metaliks Ltd PNC Infratech Ltd Cochin Shipyard Ltd Indraprastha Gas Ltd KEC International Ltd Record Date P/E 26.3 P/B 3.9 Financial Characteristics Average Weighted Market Capitalisation Median Market Capitalisation Source : Factset, Internal Data Files Rate (R/Unit) r 37,176 crores r 11,295 crores Cum-Dividend NAV p. u. (R) Dividend Option 21-Nov Dividend Option 21-Nov Past performance may or may not be sustained in future. Dividend is on face value of R10/- per unit. After the payment of dividend, the per unit NAV will fall to the extent of dividend payout and applicable statutory levy, if any. Ratnamani Metals & Tubes Ltd JK Cement Ltd Engineers India Ltd Bharat Electronics Ltd Sadbhav Engineering Ltd AIA Engineering Ltd Tata Steel Ltd Voltas Ltd Thermax Ltd The Ramco Cements Ltd GAIL (India) Ltd Mahindra Logistics Ltd Mahanagar Gas Ltd Cash & Cash Equivalent 1.68 Industry Classification 3 % of Net Construction Project 23.18% Gas 16.74% Industrial Capital Goods 13.55% Ferrous Metals 10.72% Construction 9.31% Industrial Products 7.10% Transportation 6.72% Cement 6.02% Power 4.98% 3 Industrywise Classification as per AMFI. Asset Allocation Equity Holdings 98.32% Cash & Cash Equivalent 1.68% Performance Attributes Standard Deviation 4.32% Sharpe Ratio 0.05 Beta 0.73 Based on 3 years, monthly data points (Risk-free rate of 6.05% based on Overnight MIBOR) P/E is 12 months trailing price to earnings, P/B is 12 months trailing price to book value. Both are arrived at using Weighted Harmonic Mean which is an average resulting from the multiplication of the reciprocal of the observation for each component by the weightage of that stock in the portfolio/index. For 1,2, Note on, and Disclaimer, refer page no

14 Invesco India PSU Equity (An Open-Ended Equity Scheme) capital appreciation over long-term investment in equity and equity-related instruments of Government companies (PSU s) To generate capital appreciation by investing in equity and equity related instruments of companies where the Central / State Government(s) has majority share holding or management control or powers to appoint majority of directors. Entry Load Exit Load 1 Nil on or before 1 year from the date of allotment : 1% after 1 year from the date of allotment : Nil Switch between the Plans under the Scheme, please refer page no th November, 2009 Growth Dividend Growth Dividend Portfolio Turnover Ratio (1 Year) 0.69 Regular 2.70% Direct 1.13% Index S&P BSE PSU Index February 2018: R crores 28 th February, 2018: R crores Manager & Experience Amit Ganatra Total Experience 14 Years Since November 9, 2010 Pranav Gokhale Total Experience 13 Years Since September 28, 2015 Equity & Equity Related Instruments Power Grid Corporation of India Ltd Indian Oil Corporation Ltd Oil & Natural Gas Corporation Ltd Cochin Shipyard Ltd Bharat Petroleum Corporation Ltd Container Corporation of India Ltd Gujarat State Petronet Ltd State Bank of India 5.80 Petronet LNG Ltd Rate (R/Unit) Cum-Dividend NAV p. u. (R) Dividend Option 30-Mar Nov Dividend Option 30-Mar Past performance may or may not be sustained in future. Dividend is on face value of R10/- per unit. After the payment of dividend, the per unit NAV will fall to the extent of dividend payout and applicable statutory levy, if any. P/E 15.9 P/B 1.9 Financial Characteristics Average Weighted Market Capitalisation Median Market Capitalisation Source : Factset, Internal Data Files r 85,008 crores r 34,862 crores Industry Classification 3 will be at high risk General Insurance Corporation of India 4.65 Bank of Baroda 4.15 National Aluminium Company Ltd Bharat Electronics Ltd Indraprastha Gas Ltd Indian Bank 2.90 Engineers India Ltd Mahanagar Gas Ltd SBI Life Insurance Company Ltd Cash & Cash Equivalent 2.69 % of Net Petroleum Products 17.21% Gas 17.21% Banks 12.84% Industrial Capital Goods 11.53% Power 10.05% Oil 9.32% Transportation 7.25% Finance 5.39% Non - Ferrous Metals 3.95% Construction Project 2.56% 3 Industrywise Classification as per AMFI. Asset Allocation Equity Holdings 97.31% Cash & Cash Equivalent 2.69% Performance Attributes Standard Deviation 4.72% Sharpe Ratio 0.09 Beta 0.78 Based on 3 years, monthly data points (Risk-free rate of 6.05% based on Overnight MIBOR) P/E is 12 months trailing price to earnings, P/B is 12 months trailing price to book value. Both are arrived at using Weighted Harmonic Mean which is an average resulting from the multiplication of the reciprocal of the observation for each component by the weightage of that stock in the portfolio/index. For 1,2, Note on, and Disclaimer, refer page no