Fund pick: Invesco India Large & Mid Cap Fund is on a growth accelerator

The scheme's investment objective is to ensure long-term capital appreciation through a portfolio that predominantly invests in equity and equity-related securities of large- and mid-cap companies

Launched in August 2007, Invesco India Large & Mid Cap Fund has consistently ranked in the top 30th percentile of the large and midcap category of the CRISIL Mutual Fund Ranking (CMFR) for four consecutive quarters through June 2025.

 

The fund’s assets under management rose from ₹3,503 crore at the end of June 2022 to ₹7,887 crore at the end of June 2025. Amit Ganatra and Aditya Khemani have been managing the fund since January 2022 and November 2023, respectively.

 

The scheme’s investment objective is to generate long-term capital appreciation through a portfolio that predominantly invests in equity and equity-related securities of large and midcap companies. 

 

Trailing returns 

 

Invesco India Large & Mid Cap Fund has outperformed both its benchmark (Nifty LargeMidcap 250 TRI) and its peers (funds ranked in the large and midcap category in CMFR, June 2025) across one-, two-, three-, five-, seven-, and 10-year trailing periods.

 

To put this in perspective, an investment of ₹10,000 in the fund on August 9, 2007 (its inception date) would have grown to ₹1.03 lakh by August 21, 2025 — an annualised return of 13.84 per cent. In comparison, the same investment in the category and benchmark would have grown to ₹91,173 (13.03 per cent) and ₹98,871 (13.54 per cent), respectively.

 

A systematic investment plan (SIP) allows investors to invest fixed amounts in mutual funds at regular intervals. A monthly SIP of ₹10,000 in the fund over the past 10 years, amounting to ₹12 lakh in total, would have grown to ₹32.52 lakh (annualised return of 19.02 per cent), compared with ₹30.20 lakh (17.64 per cent) for the benchmark as of August 21, 2025. Overall, the fund has outperformed the benchmark across SIP tenures of one, three, five, seven, and 10 years.

 

Portfolio analysis 

 

Over the past three years, the fund has maintained a relatively higher allocation to largecap stocks. On average, 46.93 per cent of the portfolio was invested in largecaps, 41.28 per cent in midcaps, and 10.02 per cent in smallcaps. In comparison, the category averages were 48.28 per cent in largecaps, 37.36 per cent in midcaps, and 10.11 per cent in smallcaps. The fund’s midcap allocation was consistently higher than its peers.

 

The portfolio was spread across 19 sectors. Financial services had the highest average allocation (27 per cent), followed by capital goods (11.2 per cent), healthcare (9.27 per cent), consumer services (8.56 per cent), and automotive and components (7 per cent).

 

During the period under review, the fund invested in 148 stocks and consistently held six. Key contributors to performance included Trent, BSE, ICICI Bank, and Dixon Technologies (India).