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Key Attractions
KTAM India Equity Fund
INVESCO India Equity Fund
India Equity Market
Invesco 2021 Outlook
India Market Outlook
Impact from COVID-19
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Our sector views
- Sectors focused : Healthcare, Telcom, Technology
- Sectors avoided : Tourism and Hospitality
- Sectors to watch from selective opportunities : Financials and Consumer
Investment philosophy
- India is a high growth market full of growth opportunities and market inefficiencies to explore
Investment strategy
- We seek to take advantage of the investment opportunities in India by focusing on bottom-up stock fundamentals, only using top-down analysis as a macro framework
- Comprehensive qualitative and quantitative analysis go into building proprietary earning models used to pick stocks
- We look for “Quality Growth” companies with attractive business models, industry leadership and competitive advantages that are able to deliver sustainable earnings over business cycles
- Take ESG related factors into consideration
Investment Process
Investment Process Overview Focus on bottom-up stock selection
Proprietary FVMC Screen
Monitor List ~100 - 120 stocks
Detailed fundamental analysis
Based on three main criteria
Portfolio construction
Invesco India Equity Fund
- Accountability : Shekhar Sambhshivan is responsible for portfolio construction based on investment objectives, risk parameters, investment guidelines and restrictions
- Number of portfolio positions : 35 – 45 stocks
- Stock weighting : Active stock weighting is a function of the conviction level, expected return based on fair value as well as risk and liquidity considerations.
- Investment review : We revisit the investment case of our positions when prices approach fair value
- Sector allocation : We may have a sector preference at times but, generally sector allocation is a by
product of stock selection
- Risk control at aggregate Level : No more than 40% cumulatively in stocks with weights of over 5%. Tracking Error. 4 - 10%
- Risk control at stock level : No more than 10% in single stock holding
Sell Criteria
Revisit Qualitative factors :
- Structural or cyclical deterioration in the business prospects
- Deterioration in capital allocation metrics (ROIC and ROCE*)
- Company is unable to adapt to the changing business environment and disruptions likely in the business model
- Investment time horizon passes with no improvement in the company fundamentals
Revisit Quantitative factors :
- Assumptions which were used to determine the fair value have failed to materialize
- Companies which are witnessing negative earnings momentum
- Stocks trading significantly above its fair value
- Alternate attractive opportunities
Risk Management Embeded in Every
Single Stage of Investment Process
Quality Control through diligent oversight
Reason To Invest
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- Strong balance sheet “manageable” debt, positive free cash flows or companies with clear near-term cash flow visibility
- Consistently delivered earnings growth above the sector average over business cycles
- Capital efficient with industry competitive margins and ROE
- The Invesco India Equity Fund has 14 years of track record under Shekhar Sambhshivan, who is based in Hong Kong as a part of the Invesco Equity Team in Asia.
- The lead manager, who is supported by research input from the team, is responsible for portfolio construction, investment decisions, and is accountable for fund performance.
- The Fund delivered strong performance of +8.51% annualised since manager inceptionin May 2006 The Fund was recently honored by FinanzVerlag GmbH in €uro Fund Awards 2020 as the best India Equity fund based its outstanding performance over the past five years.
- The team’s proprietary research system is well-established with 14 years of history. All stocks in the focus and monitor lists have proprietary earnings models.
- The lead manager started managing the fund in 2006. Since 2013, the team is able to leverage the local research platform on-the-ground via Invesco Asset Management (India) Private Limited.2A legal agreement is in place to align interests and ensure research quality.
Regional Investment / Research Coverage
20 investment professionals with average 16 years of experience
Key drivers lead to growth path
Well-positioned for the medium term
Invesco
Invesco was established in 1935 and today operates in more than 25 countries. The firm is currently listed on the New York Stock Exchange under the symbol IVZ. Having been in the region since 1962, Invesco is one of the most experienced investment firms in Asia Pacific. 13+ offices across 8 markets in Asia Pacific
Invesco, data as of 31 Dec, 2020
Our goal is to deliver an investment experience
Key highlights of our Asia Pacific business include :
- 50 years of experience investing in Asia Pacific, with 165 investment professionals.
- A pioneer investor in Chinese Equities, with around 25 years of experience in managing offshore Chinese Equities and over 10 years in managing onshore Chinese equities (under the QFII scheme).
- An early mover, started in Hong Kong in the 70’s and the first Sino-America fund management company in 2003 in China.
- One of the first few global asset managers that established a wholly-foreign owned enterprise in China to conduct investment management business.
- Two important joint ventures, partnering with China Huaneng Group, in China :
- Invesco Great Wall – formed to target domestic mutual funds market in China
- Huaneng Invesco WLR – targeting private equity market
- Significant presence in Japan since 1983.
- Expanding presence and capabilities in India with Invesco Asset Management (India) Private Limited^, one of the top 16# asset management companies in India, with an AUM of US$5.40 billion.
- Prominent presence in Australia, Singapore and South Korea.
Our goal is to deliver an investment experience
that helps people get more out of life.
We manage US$ 1.3 trillion* of assets globally with an on-the-ground
presence in more than 25 markets.
Invesco, data as of 31 Dec, 2020
A unique blend of people, capabilities and scale
Invesco offers a multi-style, multi-product approach, allowing our clients to choose what they need and to diversify their investments. Investment strategies are tailored to the markets in which we operate, and our investment teams follow systematic, proven investment processes with a strong emphasis on risk control.
WORLDWIDE NETWORK
Access to a worldwide network of investment
professionals.
DIVERSIFICATION
Diversified offering of capabilities in virtually every asset
class and investment style.
COMMITMENT TO EXCELLENCE
An independent firm with an investment-centric,
client-focused culture
Why should you invest with us?
Having been in the region since 1962, Invesco is one of the most experienced investment firms in Asia Pacific. We have comprehensive geographical coverage with offices in Australia, China, Hong Kong, India, Japan, Singapore, South Korea, and Taiwan. In addition, Invesco has a presence in China via a joint-venture, Invesco Great Wall.
Structure of the KTAM India Equity
Fund (KT-INDIA)
KTAM India Equity Fund
(KT-INDIA)
INVESCO India Equity Fund
India Equity Market
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Fund Information |
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KT-INDIA |
The fund shall on average invest at least 80% of its NAV in Invesco India Equity Fund (Master Fund) which aims to achieve long-term capital growth by investing principally in equity or similar instruments of Indian companies. The master fund invests in equities and equity-related instruments issued by Indian companies at up to at least 70% of total fund assets(net of liquid assets). |
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Master Fund |
It focuses primarily on investing in equity instruments of Indian listed companies. Objective for long term investment growth |
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Fund Type |
Open-end Equity Fund, Feeder Fund |
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Risk Level |
6 |
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Master Fund |
Invesco India Equity Fund – Class A |
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ISIN (Master Fund) |
LU0267983889 |
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Management |
Invesco Management S.A. |
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Currency (Master Fund) |
USD |
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Who is this fund suitable for?
- Investors who can accept the risk and volatility from investing in a foreign fund which is the fund’s core holding. These investments held by the fund may either gain or decline below the original purchase price to create a loss
- Investors with a medium to long term investment horizon, settings sights on achieving better long-term gains than general fixed income investments.
- Investors who can accept the currency risk.
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