Invesco India Mid Cap Fund: Turning midcap moves into market muscle

Selective bets and steady portfolio training bulk up returns

Launched in April 2007, the Invesco India Mid Cap Fund ranked in the top 30th percentile of the Crisil Mutual Fund Ranking (CMFR) midcap category for four consecutive quarters through September 2025. Its assets under management rose to ₹8,518 crore by end-September 2025 from ₹2,542 crore in September 2022. 

Amit Ganatra and Aditya Khemani have been steering the fund since September and November 2023, respectively. 

The fund aims to deliver long-term capital growth by investing predominantly in equities and equity-linked securities of midcap companies. 

Returns that matter 

The fund has consistently outpaced its benchmark over one-, two-, three-, five-, seven-, and 10-year trailing periods. It has also outperformed its midcap peers in the same periods (CMFR, September 2025).

 

For perspective, a ₹10,000 investment at inception (April 19, 2007) would have grown to ₹1.87 lakh by November 27, 2025, an annualised 17.06 per cent. The same investment in the category and benchmark would have reached ₹1.41 lakh (15.28 per cent) and ₹1.57 lakh (15.97 per cent), respectively.

 

A systematic investment plan (SIP) allows investors to commit a fixed sum regularly. A monthly SIP of ₹10,000 over 10 years, totalling ₹12 lakh, would have grown to ₹37.04 lakh (21.37 per cent annualised) in the fund, compared with ₹35.38 lakh (20.52 per cent) in the benchmark. The fund has outperformed the benchmark across one-, three-, five-, seven-, and 10-year SIP periods.

 

Investment anatomy

 

Over the past three years, the fund has maintained a high midcap allocation, averaging 65.97 per cent, with large and smallcap allocations at 16.59 per cent and 15.89 per cent, respectively. By comparison, midcap peers held 66.82 per cent in midcap, 14.06 per cent in largecap, and 14.3 per cent in smallcap stocks.

 

Sector-wise, the portfolio spans 20 areas. Financial services dominate at 20.17 per cent, followed by capital goods (14.16 per cent), healthcare (12.31 per cent), consumer services (11.44 per cent), and automotive (auto) and auto components (9.34 per cent).

 

The fund’s overweight positions in high-return sectors — real estate (27.34 per cent), healthcare (20.62 per cent), and consumer services (18.27 per cent) — combined with low portfolio turnover and high-conviction bets, have driven outperformance over the past three years.

 

During this period, the fund took exposure to 142 stocks, consistently holding eight. Key contributors included Trent, Dixon Technologies (India), BSE, and Max Healthcare Institute.