Invesco India PSU Equity Fund - (An open ended equity scheme following PSU theme) - Invesco Mutual Fund

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Invesco India PSU Equity Fund - (An open ended equity scheme following PSU theme) - Invesco Mutual Fund
Invesco India PSU Equity Fund
(An open ended equity scheme following PSU theme)

      Suitable for investors who are seeking*:
       capital appreciation over long-term
       investments predominantly in equity and equity-related
        instruments of Government companies (PSU’s)

      * Investors should consult their financial advisers if in doubt
        about whether the product is suitable for them
Invesco India PSU Equity Fund - (An open ended equity scheme following PSU theme) - Invesco Mutual Fund
Why PSUs make a compelling investment opportunity?

1. Operate in ‘Cyclical’ Core sectors - Majority of PSUs operate in the ‘Cyclical’ core sectors,
       which benefit from pickup in economic activity.

2. Unique propositions/ first mover advantages – Many PSU companies have unique
       proposition either because of access to resources or first mover advantage.

3. Beneficiary of government policy initiatives- PSU companies are beneficiary of
       Governments’ strategic interest and reforms. Example - greater autonomy to Oil Marketing
       Companies (OMCs), strengthening of legal framework to debt resolution/recovery, etc.

4. Improvement in share holder rewards generally in form of dividend and buy-backs-
       Improving shareholder rewards through share buy-back & dividends, which helps to further
       strengthen Return on Equity (RoE).

5. ‘Monetise or modernize’ - Higher fiscal deficit would require support from disinvestment,
       which can unlock value for shareholders. The Government is also emphasizing on
       modernization, which if materialized can add significant value.

6. Favorable valuations1- PSU stocks are presently much cheaper relative to the broad market -
       61% discount to S&P BSE Sensex.

    1Data   as at February 28, 2021. Please refer slide ‘Favorable valuations’ for details.

2
Invesco India PSU Equity Fund - (An open ended equity scheme following PSU theme) - Invesco Mutual Fund
1. PSUs - Operate in cyclical ‘core’ sectors
These sectors tend to benefit as economic recovery picks up

                    S&P BSE PSU                                        Invesco India PSU Equity Fund                                      S&P BSE Sensex
                                                                                                                                               1%
                                                                                                                                        2%
                            1%                                                                                                                2%
                                                                                3% 3%                                                   3% 2%
                      5%
                                                                      12%
              10%
                                                                                                       29%                             7%
                                          35%
                                                                                                                                   8%                                 43%
                                                                      12%
        23%
                                                                                                                                    13%

                                                                            15%
                                                                                                  26%
                             25%                                                                                                                  17%

                                                                                                                                            Financials
               Financials                                                 Utilities                                                         Information Technology
               Energy                                                     Financials                                                        Energy
               Utilities                                                                                                                    Consumer Staples
                                                                          Industrials                                                       Consumer Discretionary
               Industrials                                                Materials                                                         Industrials
               Materials                                                  Energy                                                            Communication Services
                                                                          Consumer Discretionary                                            Health Care
               Consumer Discretionary                                                                                                       Utilities
                                                                          Cash & Cash Equivalent                                            Materials

    S&P BSE PSU & the Fund hold stocks largely operating in the cyclical sectors as compared to Sensex that has only 26% of its
                                             constituents from the cyclical sectors
Source: Bloomberg. Internal. Data as on 28 February 2021. Benchmark- S&P BSE PSU TRI.
Disclaimer: The sectors referred above are for information and / or illustration purpose only and should not be construed as recommendation from Invesco Asset Management (India)
Private Limited/Invesco Mutual Fund. The Scheme may or may not have any present or future positions in these sectors.
3
Invesco India PSU Equity Fund - (An open ended equity scheme following PSU theme) - Invesco Mutual Fund
2. PSUs offer unique propositions and can have first
mover advantage

  Companies                                                                       Key investment proposition
  Hindustan Petroleum Corporation (HPCL), Bharat                                  Large non-replicable fuel retail network
  Petroleum Corporation (BPCL), Indian Oil Corporation
  (IOC)
  GAIL, Indraprastha Gas, Mahanagar Gas, Petronet                                 Large non-replicable gas network
  LNG, Gujarat State Petronet
  Indian Railway Catering &Tourism Corporation                                    Railway e-ticketing exclusivity
  (IRCTC)
  Container Corporation of India                                                  Large non-replicable container logistics network
  Coal India                                                                      Largest coal reserves
  Manganese Ore (India) (MOIL)                                                    Largest manganese reserves in India
  Steel Authority of India Limited (SAIL)                                         Captive iron ore mines
  State Bank of India (SBI)                                                       Largest branch network
  National Thermal Power Corporation (NTPC)                                       Largest thermal power capacity with linkage to low cost coal
  Power Grid                                                                      Large non-replicable power grid network
  Mishra Dhatu Nigam                                                              Indigenous source of high value metals for industries like defense
                                                                                  and space where private participation is restricted due to critical
                                                                                  nature / national interest
  Cochin Shipyard                                                                 Indigenous shipyard for naval ships where private participation is
                                                                                  restricted due to critical nature / national interest
 Source: Invesco Asset Management (India)
 Disclaimer: The stocks / sectors referred above should not be construed as recommendations, advice to buy, sell or in any manner transact in this stock and neither should it be
 considered as Research Report from Invesco Asset Management (India) Private Limited and/or Invesco Mutual Fund. The Scheme may or may not have any present or future positions in
 these stocks / sectors. The above portfolio allocation is subject to change without any prior notice.
4
Invesco India PSU Equity Fund - (An open ended equity scheme following PSU theme) - Invesco Mutual Fund
3. PSUs- beneficiaries of government’s policy initiatives
Few reform initiatives which help PSUs

   Fuel price deregulation

   Direct Benefit Transfer

   Pradhan Mantri Jandhan Yojna

   Pradhan Mantri Aawas Yojna

   Ujjwal DISCOM Assurance Yojana

   Pradhan Mantri Ujwalla Yojana

   Insolvency and Bankruptcy Code

   Atmanirbhar Bharat

5
Invesco India PSU Equity Fund - (An open ended equity scheme following PSU theme) - Invesco Mutual Fund
4. PSUs - Improvement in share holder rewards in form of
dividend and buy-backs

Dividend in %
            60%

                                                                                    57.19%

                                                                                                                                                 54.52%
            50%

                                                                                                             52.59%
                                                        47.16%

                                                                                                                                                          43.94%
            40%

                                                                                                                               41.39%
                                      36.50%
                             34.39%

            30%

                                                                                             32.26%

                                                                                                                                        30.55%
                                                                 29.33%

                                                                                                                      28.12%
            20%

            10%

              0%
                               FY 15                      FY 16                         FY 17                  FY 18              FY19              FY20

                                                                          S&P BSE PSU                 S&P BSE Sensex

Past performance may or may not be sustained in future.
Source: Bloomberg.
Disclaimer: The above details are for information and / or illustration purpose only.

6
Invesco India PSU Equity Fund - (An open ended equity scheme following PSU theme) - Invesco Mutual Fund
5. PSUs- beneficiaries of government’s disinvestment agenda
Value unlocking opportunity for investors

        The government has made a strong pitch for privatisation of public sector units saying
         that “government has no business to be in business’’, emphasizing on mantra of
         ‘Monetise or Modernise’

        In FY18 and FY19, Government has been able to meet its divestiture target

        Government has raised ~Rs 4.9 trillion worth so far; of which Rs 2.35 trillion was
         divested in just last three years.

        22 new IPO’s have come for listing over past five years which have offered new
         investment avenues for investors

        During FY20, Rs. 50,299 crores has been raised through disinvestment transactions

 Covid-19 has worsened the fiscal situation and government has limited levers on revenue
  receipts. Here, disinvestment programme can come to rescue

 Government has set an ambitious disinvestment target of Rs. 1.75 trillion for FY22

    Data source: Department of Investment and Public Asset Management (DIPAM)/Union Budget
7
Invesco India PSU Equity Fund - (An open ended equity scheme following PSU theme) - Invesco Mutual Fund
Disinvestment is key strategic priority for the government
amid elevated fiscal deficit

    20,000                                                                                                                       9.5               10.0
    18,000                                                                                                                                         9.0
    16,000                                                                                                                                6.8      8.0
    14,000                                                                                                                                         7.0
    12,000                                                                                                          4.6                            6.0
                  4.9               4.5

                                                                                                                                 18,487
    10,000                                                                                                                                         5.0
                                                   4.1

                                                                                                                                          15,068
     8,000                                                     3.9       3.5        3.6             3.5                                            4.0
     6,000                                                                                                                                         3.0

                                                                                                                  9,348
                                                                                                    6,589
     4,000                                                                                                                                         2.0

                                                                                       6,079
                                                                         5,356
                                                           5,328
                                               5,107
                                5,029
                  4,902

     2,000                                                                                                                                         1.0
         0                                                                                                                                         0.0
                  FY13

                                FY14

                                               FY15

                                                           FY16

                                                                         FY17

                                                                                       FY18

                                                                                                    FY19

                                                                                                                  FY20

                                                                                                                                 FY21RE

                                                                                                                                          FY22BE
                                        Fiscal deficit (Rs. Billion)- LHS                 Fiscal Deficit (% of GDP)- RHS

GDP- Gross Domestic Product. BE: Budget Estimates. RE: Revised Estimates. Source: MOFSL- Motilal Oswal Financial Services Ltd.

8
Invesco India PSU Equity Fund - (An open ended equity scheme following PSU theme) - Invesco Mutual Fund
Privatization of PSUs is gaining momentum with
government’s intent of minimizing its presence in non-
strategic sectors

         Non- Strategic sectors: CPSEs to be privatized or closed

                                                                                 Atomic energy, Space and
                                                                      1          Defence

                                                                                 Transport and
       Strategic sectors:                                             2          Telecommunications
    Bare minimum presence
           of CPSEs                                                              Power, Petroleum, Coal and
                                                                       3         other minerals

                                                                       4           Banking, Insurance and
                                                                                  financial services

     Government objective is to minimize presence of CPSEs including financial
      institutions and create new investment space for private sector.
     Source: Budget speech. CPSE: Central Government Public Sector Enterprise.
9
Invesco India PSU Equity Fund - (An open ended equity scheme following PSU theme) - Invesco Mutual Fund
Government’s strategic disinvestment policy- key highlights

 Receipts estimated from disinvestment in BE 2021-22 at Rs. 1,75,000 crores.

 Government aims to complete a number of divestment transactions namely BPCL, Air
  India, Shipping Corporation of India, Container Corporation of India, IDBI Bank, BEML,
  Pawan Hans, Neelachal Ispat Nigam limited among others in 2021-22.

 To bring the IPO of LIC in 2021-22.

 To take up the privatization of two Public Sector Banks (other than the IDBI Bank)
  and one General Insurance company in the year 2021-22.

 To fast forward the disinvestment policy, NITI Aayog to work out on the next list of Central
  Public Sector companies that would be taken up for strategic disinvestment.

 Source: Budget speech.
10
6. Favorable valuations- PSUs are currently trading at a
significant discount relative to Sensex and their long term
valuation multiples
Sensex versus S&P BSE PSU (trailing twelve months)                                           Sensex versus S&P BSE PSU P/B Ratio (trailing twelve months)
(Based on adjusted positive P/E)                                                               4.4
  30
                                                                                               3.9
                                                                                                                     10 Years Average: 2.83x
  25
                                                                                               3.4
                10 Years Average: 19.81x
  20                                                                                           2.9

                                                                                               2.4
  15
                     10 Years Average: 11.20x
                                                                                               1.9
                                                                                                                                                10 Years Average: 1.37x
  10
                                                                                               1.4

      5
                                                                                               0.9

      0                                                                                        0.4

                                                                                                     Nov-11

                                                                                                     Nov-12

                                                                                                     Nov-13

                                                                                                     Dec-14

                                                                                                     Dec-15

                                                                                                     Dec-16
                                                                                                      Jul-11

                                                                                                      Jul-12

                                                                                                      Jul-13

                                                                                                     Aug-14

                                                                                                     Apr-15
                                                                                                     Aug-15

                                                                                                     Apr-16
                                                                                                     Aug-16

                                                                                                     Apr-17

                                                                                                     May-18

                                                                                                     May-19

                                                                                                     May-20
                                                                                                     Aug-17
                                                                                                     Jan-18

                                                                                                     Sep-18
                                                                                                     Jan-19

                                                                                                     Sep-19
                                                                                                     Jan-20

                                                                                                     Sep-20
                                                                                                     Jan-21
                                                                                                     Feb-11

                                                                                                     Mar-12

                                                                                                     Mar-13

                                                                                                     Mar-14
          Dec-12

          Nov-13

          Dec-15

          Nov-16
          Jun-11

          Jan-12
          May-12

          Jun-14

          Jan-15
          May-15

          Jun-17

          May-18

          Dec-18

          Nov-19

          Jun-20
          Feb-11

          Oct-11

          Oct-14

          Oct-17
          Aug-12

          Apr-13
           Jul-13

          Mar-14

          Sep-15

          Apr-16

          Feb-18
           Jul-16

          Mar-17

          Sep-18

          Apr-19
          Aug-19

          Mar-20

          Oct-20
          Feb-21

                         PSU           Sensex                                                                                      PSU          Sensex

         Current valuations of PSU index are at 11.98 x (P/E - trailing twelve months) earnings versus 30.40x (P/E - trailing twelve months) earnings for
          Sensex; this translates into a 61% discount to S&P BSE Sensex as compared to 43% discount to S&P Sensex for 10 years average.
         Current valuations of PSU index are at 1.09x (Price to Book ratio) versus 3.60x (Price to Book ratio) for Sensex; this translates into a 70%
          discount to S&P BSE Sensex as compared to 54% discount to S&P Sensex for 10 years average.
 Past Performance may or may not be sustained in future.
 Source: Bloomberg. Data as at February 28, 2021. The long term average period of 10 years is broadly in line with fund’s tenure.
 Note: P/E Valuations are based on adjusted positive P/E, which excludes loss making companies. P/E: Price to earning. P/B: Price to Book.
 Disclaimer- The above chart is for illustration purpose only and shouldn’t be used for the development or implementation of an investment strategy. It should not be construed as
 investment advice to any party or construed as a promise on minimum returns and safeguard of capital. Invesco Asset Management (India) Pvt. Ltd. is not guaranteeing or promising or
 forecasting any returns.
11
Presenting
Invesco India PSU Equity Fund
(An open ended equity scheme following PSU
theme)
Invesco India PSU Equity Fund – The Opportunity

       Fund owns our high conviction PSU stock ideas, filtered from our
                  internal stock categorization framework

                                                                      Value
                                                                   accretion/
                                          Beneficiaries Improved
                  Core cyclical  Unique                                new
     Attractive                                of        dividend
                     sector     business
     valuations                           government payouts/buy investment
                   companies prepositions                         opportunities
                                            policies      backs
                                                                     through
                                                                   divestment

13
Portfolio Construction Guidelines

    The fund follows a bottom-up investment approach to select PSU stocks

    It takes minimal exposure to stocks having leveraged balance sheet

    It strives to select fundamentally sound PSUs that are dominate players and
     have the potential to deliver superior growth and ROE

    The fund has the flexibility to hold companies which subsequently may get
     privatized or where the Government shareholding gets reduced through the
     process of divestment

    Style neutral approach with no market capitalization bias

ROE- Return on Equity

14
Stock Selection : Key to drive Alpha

      5 Year CAGR Performance of ‘Stocks’ constituted in the S&P BSE PSU vs. those held in the Invesco India PSU
                                                     Equity Fund
                                   S&P BSE PSU                                                                                                                            Invesco India PSU Equity Fund
 60%
                                                                                               45%
                                                                                               40%
 40%
                                                                                               35%
                                                                                               30%
 20%
                                                                                               25%
                                                                                               20%
     0%
                                                                                               15%
                                                                                               10%
-20%
                                                                                                5%
                                                                                                0%

                                                                                                                                                Gujarat Narmada Valley…

                                                                                                                                                                          Can Fin Homes Ltd

                                                                                                                                                                                                                                                                                                                                                                                                                 Container Corp Of India Ltd
                                                                                                                                                                                                                         Petronet LNG Ltd
                                                                                                                         Indraprastha Gas Ltd

                                                                                                                                                                                                                                                                                                                                                                       Power Grid Corp Of India Ltd
                                                                                                       Gujarat Gas Ltd

                                                                                                                                                                                              Steel Authority Of India

                                                                                                                                                                                                                                                                                                                                                            MOIL Ltd
                                                                                                                                                                                                                                            Gujarat State Petronet Ltd

                                                                                                                                                                                                                                                                                                                                                                                                      NMDC Ltd

                                                                                                                                                                                                                                                                                                                                                                                                                                                                        NTPC Ltd
                                                                                                                                                                                                                                                                                                                                 Hindustan Petroleum Corp

                                                                                                                                                                                                                                                                                                                                                                                                                                               Bharat Electronics Ltd
                                                                                                                                                                                                                                                                         National Aluminium Co Ltd

                                                                                                                                                                                                                                                                                                     Bharat Petroleum Corp Ltd
-40%
                          Gujarat Gas Ltd
                                      ITI Ltd
                    Hindustan Copper Ltd

                              Canara Bank
                       State Bank Of India
                                 MMTC Ltd

                                 NMDC Ltd
                   Balmer Lawrie & Co Ltd
                    Bharat Electronics Ltd

                       Indian Oil Corp Ltd

                                    Sjvn Ltd

               Oil & Natural Gas Corp Ltd

                                    IFCI Ltd
               National Aluminium Co Ltd

                                   REC Ltd
               Shipping Corp Of India Ltd
               Bharat Petroleum Corp Ltd

                             Gail India Ltd
                                    Moil Ltd

                                 NHPC Ltd
            Power Grid Corp Of India Ltd

                                 BEML Ltd
            Gujarat Mineral Dev Corp Ltd
                       Engineers India Ltd
                                 NTPC Ltd
                             Bank Of India

                              Nlc India Ltd
                               Oil India Ltd
               Hindustan Petroleum Corp

              Container Corp Of India Ltd

             Mangalore Refinery & Petro
                          Bank Of Baroda

                             Coal India Ltd
             Jammu & Kashmir Bank Ltd
             Chennai Petroleum Corp Ltd

                      Union Bank Of India
                     Central Bank Of India
                 Bharat Heavy Electricals
                           NBCC India Ltd

                     Punjab National Bank
                               Indian Bank

                                 Uco Bank
                   Steel Authority Of India
          Rashtriya Chemicals & Fertilizer

              Power Finance Corporation

                     Bank Of Maharashtra

                    Indian Overseas Bank
              India Tourism Development

                                                    Strike Rate:
     ~100% of the companies held in the Invesco India PSU Equity Fund delivered positive returns over five years
                               period vs. ~60% of constituents of the S&P BSE PSU
Past performance may or may not be sustained in future. 5 Year CAGR Returns as on Feb 28, 2021. Data source: Bloomberg and Invesco Mutual Fund. BM- Benchmark- S&P BSE
PSU TRI.
The above graph is for illustration purpose only and should not be construed as a promise on minimum returns and safeguard of capital. The performance of above stocks should not be
construed as performance of the Scheme as the Scheme would be constituted of number of stocks having different weights and the individual stock held by the scheme may or may not give
positive returns. Invesco Asset Management (India) Pvt. Ltd. is not guaranteeing or forecasting any returns. Please refer slide on ‘Lumpsum Performance’ for performance of the Scheme.
Disclaimer: The stocks referred above is/are for information and / or illustration purpose only and should not be construed as recommendation from Invesco Asset Management (India)
Private Limited/Invesco Mutual Fund. The Scheme may or may not have any present or future positions in these stocks.
15
Our approach to stock selection- government policies and
reforms can be enablers..

Key policy measures and reform initiatives of the government for PSU sector

    Diesel price deregulation- The Oil marketing companies’ ROCE rose from 11% in FY14 to 24% in
     FY17 with reduction in net debt from 1.5x networth in FY14 to 0.7x networth in FY17

    Ujwal DISCOM Assurance Yojana- This led to reduction in DISCOM losses as well as cost of
     generation of power

    Pradhan Mantri Aawas Yojna- It created construction as well as lending opportunities

    Fast tracking approvals accelerated Coal India’s production growth – Coal India’s output which
     saw CAGR of 2.4% during FY11-14 moved up to 6.2% during FY14-17.

    Introduction of ‘The Insolvency & Bankruptcy Code, 2016’ to facilitate NPA recovery of banks

    Focus on gas sector, which led to creation of highly profitable companies like IGL, MGL, Petronet
     etc. that have first mover advantage in creating gas infrastructure.

ROCE- Return on Capital Employed. NPA- Non-performing asset.

16
.. but reforms, size and competitive advantage may not be
the only elements for stock selection

Few examples- Not all government reforms meet with desired success
      Coal India’s output which saw a CAGR of 2.4% during FY11-14 moving up to 6.2% in FY14-17 post
       government intervention, but then faltered to 2.8% during FY17-20. Its output reached just 602 mn
       tonnes in FY20 as against target of 1 bn tonnes

      The PSU bank profitability has remained weak despite various reforms in Banking sector – average
       ROE of largest PSU Bank for FY18-20 stands at just 2%

      Merely size, government policies and competitive advantage cannot necessarily translate into the
       profitability of the company

        Particulars                                             Name of the                    Portfolio Allocation                   Average Return on Equity
                                                                 company                             (Feb-21)                               (FY18-FY20)

       Largest Power Equipment Company                               BHEL                                  No                                          0%
       Largest Oil Marketing Company                                  IOC                                  No                                         13%
       Largest Upstream Oil Company                                 ONGC                                   No                                         10%

    Thus, we combine government policies and unique advantages with profitability for guiding our
               stock selection rather than taking top-down calls on any particular stock

Data source for ROE: Factset. Disclaimer: The stocks / sectors referred above should not be construed as recommendations, advice to buy, sell or in any manner transact in this stock
and neither should it be considered as Research Report from Invesco Asset Management (India) Private Limited and/or Invesco Mutual Fund. The Scheme may or may not have any
present or future positions in these stocks / sectors. The above portfolio allocation is subject to change without any prior notice.
17
Execution and Profitability of companies is the key
     Examples of our stock selection approach

           Dedicated Freight Corridor was conceptualized in 2006 but momentum picked up only a decade later and hence Container
            Corporation of India figured in top five only in 2018
           Coal India saw initial uptick in production growth, but it faltered and hence we exited the stock
           Despite various measures for PSU banks, Return on Equity has remained weak and hence we are very careful and selective in
            this sector
     Top holdings and portfolio allocation across time frame
         Feb 2016                % Allocation            Feb 2017                      % Allocation                   Feb 2018                      % Allocation
     Coal India                      11.40%             SBI                                10.42%                    Powergrid                          10.05%
     Powergrid                       11.01%             IOC                                 9.52%                    IOC                                 9.65%
     GSPL                            10.29%             Powergrid                           9.48%                    ONGC                                9.32%
     SBI                              9.37%             Coal India                          9.10%                    Cochin Shipyard                     8.06%
     HPCL                             9.37%             NTPC                                8.18%                    BPCL                                7.56%

     Feb 2019                    % Allocation            Feb 2020                      % Allocation                   Feb 2021                      % Allocation
     Powergrid                       9.79%              NTPC                                9.13%                    Powergrid                           8.19%
     CONCOR                          9.30%              SBI                                 8.89%                    Bharat Electronics                  7.27%
     BPCL                            8.80%              BPCL                                8.49%                    BPCL                                6.98%
     ONGC                            8.66%              Powergrid                           8.46%                    Petronet LNG                        6.06%
     IGL                             8.19%              Gujarat Gas                         8.25%                    GSPL                                5.34%

     Diesel Price Deregulation                      2014                The above portfolio allocation tables show how fund positions in changing regulatory framework,
                                                                        but monitors execution & profitability of the company and makes requisite adjustment.
     Pradhan Mantri Aawas Yojna                     2015                Disclaimer: The stocks / sectors referred above should not be construed as recommendations,
     Coal India 1 bn tonne output - 2020            2015                advice to buy, sell or in any manner transact in this stock and neither should it be considered as
     Ujwal Discom Assurance Yojana                  2015                Research Report from Invesco Asset Management (India) Private Limited and/or Invesco Mutual
                                                                        Fund. The Scheme may or may not have any present or future positions in these stocks /
     Insolvency and Bankruptcy Code                 2016
                                                                        sectors. The above portfolio allocation is subject to change without any prior notice.
     Dedicated Freight corridor                     2016
     Focus on cleaner fuel like gas           Continuous efforts
18   Focus on Defence                         Continuous efforts
Fund has consistently higher RoE vis-à-vis benchmark

Return on Equity (RoE)- Fund vs Benchmark

                                                                               19.96%
                                                                                                                19.49%
                                   18.45%       18.72%
     19.00%                                                       18.34%
                                                                                                                                 17.67%        17.73%
                                                                                                 16.97%                                                      16.79%
     17.00%
                  15.02%
     15.00%
                                                         13.37%
     13.00%                                                                                                             12.47%
                                                                                         11.66%                                                         11.88%

     11.00%
                           9.64%
     9.00%

     7.00%

     5.00%
                           Dec-17                        Dec-18                          Dec-19                          Dec-20                         Feb-21

                 Fund              S&P BSE PSU                  Nifty 50

Data as on February 28, 2021. Source: Factset . Fund- Invesco India PSU Equity Fund. Benchmark (BM) – S&P BSE PSU TRI. Additional Benchmark- Nifty 50 TRI.
Past performance may or may not be sustained in future. Invesco Asset Management (India) Private Limited (IAMI)/ Invesco Mutual Fund is not guaranteeing or promising or
forecasting any returns.

19
Fund’s performance attributed to stock selection
 Attribution Analysis

  Attribution by stock                                    Average Fund                    Average                                    Attribution Analysis
                                                            Weight (%)                  Benchmark
                                                                                                             Selection Effect           Allocation Effect                   Total Effect
                                                                                        Weight (%)
  Total                                                                100%                      100%                     23.47%                        4.93%                      31.90%
  Top stocks                  BPCL Ltd.                                   7.96                     6.06                      6.22%                       0.00%                       6.22%

                              IRCTC Ltd.                                  1.59                     0.19                      4.61%                       0.00%                       4.61%

                              SBI Life                                    4.56                     0.20                      3.54%                       0.00%                       3.54%
                              Insurance Ltd.

  Bottom stocks               SBI                                                                                           -4.39%                       0.00%                      -4.39%
                                                                          4.93                    19.69
                              UTI Asset                                                                                     -2.65%                       0.00%                      -2.65%
                              Mgmt. Co. Ltd.                              0.40
                              IRFC Ltd.                                                                                     -2.25%                       0.00%                      -2.25%
                                                                          0.15

         Fund’s performance can be largely attributed to overweight positions (vs. benchmark) in select PSU ideas.
Past performance may or may not be sustained in future.
3 Year Attribution as at February 28, 2021Source: Bloomberg
Attribution by stock is based on Portfolio contribution to returns. The above data is based on average of daily values. Top stocks are the stocks which have been major contributor in the
outperformance of the fund over a period of last 3 years, and may have been included in the portfolio during any period of time under analysis. Bottom stocks are the stocks which have
contributed least or in negative to the performance of the fund and may have been included in the portfolio during any period of time under analysis. Selection effect is the portion of portfolio
excess return attributable to choosing different securities within groups from the benchmark. Allocation effect is cash versus equity allocation. Total effect represents the opportunity cost of
investment decision in a group relative to overall benchmark. The average weights and attribution figures are estimates and should be used for indicative purposes only. Holdings may change
without notice. Benchmark- S&P BSE PSU TRI.
Disclaimer: The stocks referred above is for the purpose of information and / or illustration only and should not be construed as recommendations from Invesco Asset Management (India)
Private Limited/Invesco Mutual Fund. The Scheme may or may not have any present or future positions in these stocks. The performance of above stocks should not be construed as
performance of the Scheme as the Scheme would be constituted of number of stocks having different weights and the individual stock held by the scheme may or may not give positive returns.
Invesco Asset Management (India) Private Limited/Invesco Mutual Fund is not guaranteeing or promising or forecasting any returns

 20
Top 5 holdings/active holdings

                                                                                                                                           %             %
                                                             % Weight                                                                  Weight        Weight % Over-
Top 5 Holdings                                                 (Fund)                  Top 5 Active Holdings                           (Fund)         (BM)   weight
Power Grid Corp Of India Limited                                   8.19%              Petronet LNG Limited                               6.06%         0.00%         6.06%

Bharat Electronics Limited                                         7.27%              Gujarat State Petronet Limited                     5.34%         0.00%         5.34%

Bharat Petroleum Corp Limited                                      6.98%              Indian Railway Finance                             5.17%         0.00%         5.17%
                                                                                      Corporation
Petronet LNG Limited                                               6.06%              SBI Cards & Payment Services                       4.82%         0.00%         4.82%
Gujarat State Petronet Limited                                     5.34%
                                                                                      Bharat Electronics Limited                         7.27%         2.55%         4.72%

 Active positions across our stock holdings vis-à-vis the benchmark, subject to regulatory limits;
                    reflects our conviction on our ‘categorized’ stock universe

Past performance may or may not be sustained in future.
Portfolio data as on February 28, 2021. BM: Benchmark- S&P BSE PSU TRI.
Disclaimer: The stocks referred above should not be construed as recommendations from Invesco Asset Management (India) Private Limited and/or Invesco Mutual Fund. The Scheme may
or may not have any present or future positions in these stocks.

21
Sector allocation (an outcome of stock selection)

Active Sector Weightings vis-à-vis benchmark (%)
                                                                                        Sector Exposure                              Fund (%)           Benchmark (%)
                                                                                        Utilities                                         28.6%                  23.3%
                                                                                        Financials                                        26.2%                  35.4%
                  Materials                                        7.0%
                                                                                        Industrials                                          14.9%                     10.0%
                    Utilities                                    5.3%                   Materials                                            12.3%                      5.3%
                                                                                        Energy                                               11.9%                     24.5%
                 Industrials                                     4.9%
                                                                                        Consumer Discretionary                                 2.8%                     1.5%

     Consumer Discretionary                               1.4%                          Consumer Staples                                            -                        -
                                                                                        Health Care                                                 -                        -
                 Financials             -9.2%                                           Information Technology                                      -                        -
                                                                                        Communication Services                                      -                        -
                    Energy         -12.6%
                                                                                        Real Estate                                                 -                        -
                            -20%            -10%     0%            10%         20%      Cash & Cash Equivalent                                 3.2%

Data as on February 28, 2021. Source: Bloomberg, Internal.
Fund- Invesco India PSU Equity Fund. Benchmark- S&P BSE PSU TRI.
Sector Classification as per Global Industry Classification Standard (GICS). Active sector weightings indicate overweight/underweight position relative to the benchmark.
Disclaimer: The sectors referred above should not be construed as recommendations from Invesco Asset Management (India) Private Limited and/or Invesco Mutual Fund. The Scheme
may or may not have any present or future positions in these sectors.

22
Performance
Lumpsum

Performance as on February 28,2021                                                                                          Fund Managers: Nitin Gosar & Dhimant Kothari

 Period                                                                Returns (%) CAGR                                                Value of Rs. 10,000/- invested
                                                     Invesco India                 Benchmark            Additional          Invesco India                Benchmark             Additional
                                                       PSU Equity                                      Benchmark              PSU Equity                                      Benchmark
                                                             Fund                                                                   Fund
                                                                          S&P BSE PSU TRI              Nifty 50 TRI                                   S&P BSE PSU            Nifty 50 TRI
                                                                                                                                                               TRI

 1 Year                                                       12.70%                      25.43%              31.37%                  11,266                     12,535               13,127

 3 Years                                                        4.96%                      -2.23%             12.88%                  11,560                       9,345              14,378

 5 Years                                                      13.32%                        8.54%             17.29%                  18,683                     15,064               22,189

 7 Years                                                      14.61%                        6.84%             14.14%                  25,969                     15,895               25,244

 10 Years                                                       7.88%                       0.87%             11.91%                  21,347                     10,908               30,831

 Since Inception
                                                                7.11%                       0.15%             11.14%                  21,710                     10,172               32,912
 (November 18, 2009)

Past performance may or may not be sustained in future.
The performance details provided herein are of existing plan (non - direct plan) – Growth Option. Benchmark returns are calculated using the Total Return variant of benchmark index (TRI).
Different plans have different expense structure. For calculating returns since inception, NAV as on the date of allotment is taken as Rs. 10/-. Face Value per unit is Rs. 10/-. Returns above
1 year are Compounded Annualised Growth Rate (CAGR). Fund Managers: Mr. Nitin Gosar managing since June 1, 2018 and Mr. Dhimant Kothari managing since May 19, 2020. For
performance of other schemes managed by the fund managers, please refer to the slide on ‘Performance of other schemes managed’. Please also refer slides on SIP performance of the
fund and SIP performance of other schemes managed by the fund managers. For performance of direct plans please refer to latest factsheet on our website or click on the link:
www.invescomutualfund.com/fund-performance.

23
Performance
Systematic Investment Plan (SIP)

SIP Analysis as on February 28, 2021
(Rs. 10,000 invested on the first business day of every month)                                                               Fund Managers: Nitin Gosar & Dhimant Kothari

 SIP                            Total         Invesco India PSU Equity                               S&P BSE PSU TRI1                                        Nifty 50 TRI2
 investment                   amount                    Fund
                             invested
                                 (Rs.)        Market value            SIP returns               Market value          SIP returns (%)              Market value SIP returns (%)
                                                      (Rs.)             (%) XIRR                        (Rs.)                   XIRR                       (Rs.)          XIRR

 1 Year                        120,000                147,146               45.42%                      172,419                   91.91%                   158,761                 66.33%

 3 Years                       360,000                445,933               14.49%                      424,081                   11.00%                   478,297                 19.47%

 5 Years                       600,000                759,594                 9.40%                     672,858                    4.55%                   887,303                 15.70%

 7 Years                       840,000              1,174,100                 9.43%                     951,983                    3.53%                 1,363,994                 13.64%

 10 Years                    1,200,000              1,996,778                 9.85%                  1,419,376                     3.30%                 2,412,890                 13.41%

 Since
                             1,360,000              2,318,870                 9.05%                  1,576,682                     2.57%                 2,904,130                 12.73%
 Inception

Past performance may or may not be sustained in future. The performance details provided herein are of existing plan (non - direct plan) – Growth Option. Benchmark returns are
calculated using the Total Return variant of respective benchmark index (TRI), wherever applicable. Different plans have different expense structure. Load is not taken into consideration.
For performance of other schemes managed by the fund manager, please refer to the slide on ‘Performance of other schemes managed’. Please also refer slides on SIP performance of
other schemes managed by the fund managers. 1 Scheme Benchmark. 2 Additional Benchmark. Inception date: 18 November, 2009.
Note: XIRR method is used to calculate SIP returns. The above investment simulation is for illustrative purpose only and should not be construed as a promise on minimum returns and
safeguard of capital. Invesco Asset Management (India) Private Limited/Invesco Mutual Fund is not guaranteeing or promising or forecasting any returns. SIP does not ensure a profit or
guarantee protection against a loss in a declining market. Please refer SIP Enrolment Form or contact nearest ISC for Load Structure.

24
Calendar year returns

                                                                                  S&P BSE PSU TRI
Period                                               Fund Returns                                                   Nifty 50 TRI Returns
                                                                                           Returns

CY 2010                                                      11.45%                               1.06%                              19.22%

CY 2011                                                     -24.46%                             -31.64%                             -23.81%

CY 2012                                                      17.75%                              15.94%                              29.25%

CY 2013                                                     -15.05%                             -18.32%                               8.07%

CY 2014                                                      54.55%                              42.61%                               32.9%

CY 2015                                                        2.53%                            -14.87%                              -3.01%

CY 2016                                                      17.94%                              16.89%                               4.39%

CY 2017                                                      24.26%                              22.69%                              30.27%

CY 2018                                                       -16.9%                            -18.69%                               4.64%

CY 2019                                                      10.08%                              -1.12%                              13.48%

CY2020                                                         6.05%                            -12.76%                              16.09%

Past performance may or may not be sustained in future.
Returns are absolute. The performance details provided herein are of existing plan (non - direct plan) – Growth Option. Benchmark returns are calculated
using the Total Return variant of respective benchmark index (TRI), wherever applicable. Different plans have different expense structure. Please refer slide
on ‘Lumpsum Performance’ for performance of the Scheme. Invesco Asset Management (India) Private Limited is not guaranteeing or promising or
forecasting any returns. For performance of direct plans please refer to latest factsheet on our website or click on the link:
www.invescomutualfund.com/fund-performance. CY: Calendar Year.

25
Portfolio Characteristics

  Characteristic                                                                               Invesco India PSU Equity                              S&P BSE PSU TRI^
                                                                                                                  Fund

  Price to Earnings1-FY22E
                                                                                                                 12.3                                               8.5

  Last 3Y EPS Growth2 – (FY17-20)
                                                                                                               26.1%                                             85.9%

  12 Month Trailing Price to Cash flow1
                                                                                                                  9.2                                               5.0

  12 Month Trailing Price to Book Value1
                                                                                                                  1.9                                               1.1

  ROE-FY21 E1
                                                                                                               14.1%                                               9.0%

Source: Factset / Internal. Data as on February 28, 2021
1 Weighted Harmonic Mean.
2 Weighted Arithmetic Mean.

“Weighted Arithmetic Mean” is an average resulting from the multiplication of observation for each company by the weightage of that stock in the portfolio / index.
“Weighted Harmonic Mean” 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.
It reduces the impact of outliers. ROE: Return on Equity. EPS: Earnings Per Share. ^Benchmark

26
Key facts
Type of the Scheme         An open ended equity scheme following PSU theme

Investment Objective       To generate capital appreciation by investing in Equity and Equity Related Instruments of companies where the Central / State Government(s) has
                           majority shareholding or management control or has powers to appoint majority of directors.

Asset Allocation            Type of security                                                         Normal Allocation (% of total assets)                   Risk Profile
                            Equity and Equity Related Instruments of Public
                                                                                                                    80–100%                                  High
                            Sector Undertakings (PSUs)
                            Equity and Equity Related Instruments other than
                                                                                                                      0–20%                                  High
                            Public Sector Undertakings (PSUs)
                            Debt and Money Market Instruments                                                         0-20%                                  Low to medium

                           Debt instruments may include securitized debt upto 20% of the net assets of the Scheme. The Scheme will not invest in foreign securitized debt. The
                           Scheme may use derivatives for purposes as may be permitted from time to time. The maximum derivative position will be restricted to 50% of the net
                           assets of the Scheme. The cumulative gross exposure through equity, debt and derivative positions shall not exceed 100% of the net assets of the
                           Scheme, subject to provisions of SEBI circular dated August 18, 2010 w.r.t. investment in derivatives.

Minimum Application        Lumpsum: Rs. 1,000/- per application and in multiples of Re. 1 thereafter. For Systematic Investment Plan (SIP):
Amount
                            Options          Minimum Amount                                                                                             Minimum Installments
                                             Rs. 500 per month and in multiples of Re. 1 thereafter                                                                 12
                            Monthly
                                             Rs. 1,000 per month and in multiples of Re. 1 thereafter                                                               6
                            Quarterly        Rs. 1,500 per quarter and in multiples of Re. 1 thereafter                                                             4

Plans^/Options              Growth Option
(Applicable to Direct       Dividend Payout
Plan also)                  Dividend Reinvestment (If dividend payable under dividend option is equal to or less than Rs. 100/- then the dividend would be compulsorily reinvested)

Loads                      Entry Load: Nil*
                           Exit Load: #
                            if upto 10% of Units allotted are redeemed / switched-out within 1 year from the date of allotment– Nil
                            for any redemption / switch-out in excess of 10% of units allotted within 1 year from the date of allotment– 1%
                            if units are redeemed or switched out after 1 year from the date of allotment.- Nil
                           Switch between the Plans under the Scheme: Nil

Fund Managers              Nitin Gosar & Dhimant Kothari

Benchmark                  S&P BSE PSU TRI

^ Direct Plan will have a lower expense ratio excluding distribution expenses, commission for distribution of Units etc.
*The upfront commission, if any, on investment made by the investor shall be paid by the investor directly to the Distributor, based on his assessment of various factors including the service
  rendered by the Distributor.
 #Exit load charged, if any, will be credited back to the scheme, net of Goods and Services Tax.

  Benchmark based on Total Return variant of respective benchmark index. (TRI),wherever applicable.

27
Performance of other schemes managed

Performance as on February 28, 2021
                                                                                       Returns (% CAGR)
Period                                  1 Year                     3 Years                   5 Years                       7 Years                  10 Years
                                 Fund      Benchmark        Fund      Benchmark         Fund       Benchmark        Fund     Benchmark         Fund       Benchmark
Fund Managers: Taher Badshah & Dhimant Kothari
Invesco India Contra   30.91%   34.42%    10.87%                         11.12%        19.02%        17.54%       19.60%        15.55%         15.40%      12.49%
Fund
Fund Managers: Amit Nigam & Dhimant Kothari

Invesco India Tax Plan         25.38%        33.70%        11.45%        12.06%        17.28%        17.63%       17.65%        15.44%         15.18%      12.57%

Fund Managers: Amit Nigam, Dhimant Kothari (Equity investments) & Krishna Cheemalapati (Debt investments)
Invesco India Equity    8.83%    15.44%              -           -        -           -        -                                           -          -               -
Savings Fund
Fund Managers: Dhimant Kothari & Hiten Jain
Invesco India Financial        15.25%        18.92%        10.43%        16.07%        20.01%        23.32%       19.10%        20.60%         13.76%      15.62%
Services Fund
Fund Managers: Amit Nigam & Nitin Gosar

Invesco India Largecap           21.42%          31.37%       9.33%          12.88%      14.23%         17.29% 14.13%              14.14% 11.72%              11.91%
Fund

Past performance may or may not be sustained in future.
The performance details provided herein are of existing plan (non – direct plan) – Growth Option. Different plans have different expense structure. Face Value per unit
is Rs. 10/-. Returns above 1 year are Compounded Annualised Growth Rate (CAGR). Benchmark Returns are calculated using Total Return variant of respective
Benchmark Index (TRI), wherever applicable. No. of schemes managed - Mr. Dhimant Kothari: 5, Nitin Gosar: 2.
Funds benchmark- Invesco India Contra Fund: S&P BSE 500 TRI; Invesco India Tax Plan: S&P BSE 200 TRI; Invesco India Equity Savings Fund: Nifty Equity Savings
Index; Invesco India Financial Services Fund: Nifty Financial Services TRI; Invesco India Largecap Fund: Nifty 50 TRI. For performance of direct plans please refer to
latest factsheet on our website or click on the link: www.invescomutualfund.com/fund-performance. Fund Managers managing the schemes since: Invesco India Contra
Fund – Taher Badshah - January 13, 2017 and Dhimant Kothari – May 19, 2020; Invesco India Tax Plan: Amit Nigam- September 3, 2020 and Dhimant Kothari –March
29, 2018; Invesco India Equity Savings Fund- Amit Nigam- September 3, 2020, Dhimant Kothari- May 19, 2020 and Krishna Cheemalapati- March 7, 2019; Invesco
India Financial Services Fund- Dhimant Kothari- June 1, 2018 and Hiten Jain- May 19, 2020; Invesco India Largecap Fund- Amit Nigam- September 3, 2020 and Nitin
Gosar- March 29, 2018.
28
SIP performance of other schemes managed (CONTINUED)

SIP Analysis as on February 28, 2021
(Rs. 10,000 invested on the first business day of every month)                                                              Fund Managers: Taher Badshah & Dhimant Kothari
 SIP investment         Total amount           Invesco India Contra Fund                              S&P BSE 500 TRI1                                       Nifty 50 TRI2
                       invested (Rs.)
                                                Market value SIP returns (%)              Market value (Rs.)           SIP returns (%)              Market value        SIP returns (%)
                                                        (Rs.)          XIRR                                                      XIRR                       (Rs.)                 XIRR

 1 Year                   120,000               159,487               67.66%                    162,356                   72.96%                    158,761                        66.33%

 3 Years                  360,000               482,915               20.16%                    483,784                   20.29%                    478,297                        19.47%

 5 Years                  600,000               900,198               16.29%                    883,554                   15.53%                    887,303                        15.70%

 7 years                  840,000              1,455,977              15.47%                   1,376,712                  13.90%                   1,363,994                       13.64%

 10 years                1,200,000             2,913,084              16.92%                   2,494,277                  14.03%                   2,412,890                       13.41%

 Since Inception         1,670,000             5,547,477              15.88%                   4,354,648                  12.82%                   4,176,759                       12.29%

                                                                                                                                         Fund Manager: Amit Nigam & Nitin Gosar

 SIP investment         Total amount          Invesco India Largecap Fund                                 Nifty 50 TRI1                                S&P BSE Sensex TRI2
                       invested (Rs.)
                                                Market value SIP returns (%)              Market value (Rs.)           SIP returns (%)              Market value        SIP returns (%)
                                                        (Rs.)          XIRR                                                      XIRR                       (Rs.)                 XIRR

 1 Year                    120,000              150,705                51.74%                   158,761                   66.33%                     157,647                64.29%

 3 Years                   360,000              453,312                15.65%                   478,297                   19.47%                     481,833                20.00%

 5 Years                   600,000              818,104                12.40%                   887,303                   15.70%                     907,359                16.62%

 7 years                   840,000             1,266,602               11.56%                  1,363,994                  13.64%                   1,393,707                14.24%

 10 years                 1,200,000            2,304,010               12.54%                  2,412,890                  13.41%                   2,472,879                13.87%

 Since Inception          1,390,000            2,886,942               12.00%                  3,013,275                  12.68%                   3,091,469                13.08%

Past performance may or may not be sustained in future. The performance details provided herein are of existing plan (non - direct plan) – Growth Option. Benchmark returns are
calculated using the Total Return variant of respective benchmark index (TRI). Different plans have different expense structure. Load is not taken into consideration. For performance of
other schemes managed by the fund managers, please refer to the slide on ‘Performance of other schemes managed’. 1Scheme Benchmark. 2 Additional Benchmark.
Inception date: Invesco India Contra Fund – 11 April, 2007. Invesco India Largecap Fund –21, August 2009.
Note: XIRR method is used to calculate SIP returns. The above investment simulation is for illustrative purpose only and should not be construed as a promise on minimum returns and
safeguard of capital. Invesco Asset Management (India) Private Limited/Invesco Mutual Fund is not guaranteeing or promising or forecasting any returns. SIP does not ensure a profit or
guarantee protection against a loss in a declining market. Please refer SIP Enrolment Form or contact nearest ISC for Load Structure.
29
SIP performance of other schemes managed

SIP Analysis as on February 28, 2021
(Rs. 10,000 invested on the first business day of every month)                                                                   Fund Manager: Amit Nigam & Dhimant Kothari
 SIP investment         Total amount             Invesco India Tax Plan                               S&P BSE 200 TRI1                                       Nifty 50 TRI2
                       invested (Rs.)
                                               Market value SIP returns (%)               Market value (Rs.)           SIP returns (%)              Market value        SIP returns (%)
                                                       (Rs.)          XIRR                                                       XIRR                       (Rs.)                 XIRR

 1 Year                   120,000               156,392               62.00%                    160,981                   70.42%                    158,761                 66.33%

 3 Years                  360,000               476,733               19.23%                    483,199                   20.20%                    478,297                 19.47%

 5 Years                  600,000               877,094               15.23%                    888,556                   15.76%                    887,303                 15.70%

 7 years                  840,000              1,391,441              14.20%                   1,383,633                  14.04%                   1,363,994                13.64%

 10 years                1,200,000             2,728,804              15.71%                   2,504,038                  14.10%                   2,412,890                13.41%

 Since Inception         1,700,000             5,546,952              15.36%                   4,526,130                  12.84%                   4,308,364                12.22%

                                                                                                                                 Fund Managers: Dhimant Kothari & Hiten Jain

 SIP investment         Total amount       Invesco India Financial Services                     Nifty Financial Services TRI1                                Nifty 50 TRI2
                       invested (Rs.)                   Fund

                                                Market value SIP returns (%)              Market value (Rs.)           SIP returns (%)              Market value        SIP returns (%)
                                                        (Rs.)          XIRR                                                      XIRR                       (Rs.)                 XIRR

 1 Year                   120,000               161,624               71.61%                    167,215                   82.04%                    158,761                       66.33%

 3 Years                  360,000               464,742               17.41%                    492,668                   21.60%                    478,297                       19.47%

 5 Years                  600,000               868,342               14.82%                    964,306                   19.11%                    887,303                       15.70%

 7 Years                  840,000              1,413,000              14.63%                   1,566,209                  17.52%                   1,363,994                      13.64%

 10 years                1,200,000             2,671,010              15.31%                   2,992,239                  17.42%                   2,412,890                      13.41%

 Since Inception         1,520,000             4,396,777              15.63%                   4,977,986                  17.38%                   3,646,294                      12.98%

Past performance may or may not be sustained in future. The performance details provided herein are of existing plan (non - direct plan) – Growth Option. Benchmark returns are
calculated using the Total Return variant of respective benchmark index (TRI). Different plans have different expense structure. Load is not taken into consideration. For performance of
other schemes managed by the fund managers, please refer to the slide on ‘Performance of other schemes managed’. 1Scheme Benchmark. 2 Additional Benchmark.
Inception date: Invesco India Tax Plan –December 29, 2006; Invesco India Financial Services Fund- July 14, 2008. Note: XIRR method is used to calculate SIP returns. The above
investment simulation is for illustrative purpose only and should not be construed as a promise on minimum returns and safeguard of capital. Invesco Asset Management (India) Private
Limited/Invesco Mutual Fund is not guaranteeing or promising or forecasting any returns. SIP does not ensure a profit or guarantee protection against a loss in a declining market. Please
refer SIP Enrolment Form or contact nearest ISC for Load Structure.
30
SIP Performance of other schemes managed (CONTINUED)

SIP Analysis as on February 28, 2021
(Rs. 10,000 invested on the first business day of every month)                                             Fund Managers: Amit Nigam, Dhimant Kothari (For equity) and
                                                                                                                                      Krishna Cheemalapati (For debt)
                                            Invesco India Equity Savings
                                                        Fund                                   Nifty Equity Savings Index1                          CRISIL 10 Yr Gilt Index2
                        Total amount                  Market SIP returns (%)                          Market          SIP returns (%)                   Market        SIP returns (%)
SIP investment         invested (Rs.)             value (Rs.)          XIRR                       value (Rs.)                   XIRR                value (Rs.)                 XIRR
1 Year                    120,000              130,231               16.51%                   134,537                   23.69%                    120,756                 1.19%
Since Inception           240,000              265,551               10.16%                   275,313                   13.95%                    254,075                 5.64%

Past performance may or may not be sustained in future. The performance details provided herein are of existing plan (non - direct plan) – Growth Option. Different plans have
different expense structure. Load is not taken into consideration. Benchmark Returns are calculated using Total Return variant of respective Benchmark Index (TRI). For performance of
other schemes managed by the fund managers, please refer to the slide on ‘Performance of other schemes managed’. 1Scheme Benchmark. 2Additional Benchmark. Inception date:
Invesco India Equity Savings Fund– 7 March 2019.
Note: XIRR method is used to calculate SIP returns. The above investment simulation is for illustrative purpose only and should not be construed as a promise on minimum returns and
safeguard of capital. Invesco Asset Management (India) Private Limited/Invesco Mutual Fund is not guaranteeing or promising or forecasting any returns. SIP does not ensure a profit or
guarantee protection against a loss in a declining market. Please refer SIP Enrolment Form or contact nearest ISC for Load Structure.

31
Annexure
Divestment examples
Privatization of PSU companies leading to wealth creation

  Company                                                      Date of divestment                               Funds investment strategy provides
                                                                                                                the flexibility to hold companies
  Hindustan Zinc                                                       29 August 2000                           which subsequently may get
                                                                                                                privatized or where the Government
  Maruti Suzuki                                                               8 July 2003                       shareholding gets reduced through
                                                                                                                the process of disinvestment

  Company                    Details as on the date of                                Market Price as on                                  CAGR Returns (%)
                                    divestment                                          26 Feb 2021
                             Stock Price                  Sensex                      Stock                   Sensex                      Stock                 S&P BSE
                                                                                                                                                                 Sensex
Hindustan                             8                      4402                     297.5                   49099.99                   19.28%                    12.48%
Zinc
Maruti Suzuki                       125                      3630                      6866                   49099.99                   25.48%                    15.90%

Past performance may or may not be sustained in future. Data source: Bloomberg/Capitaline/Internal. The above are some of the companies which have gained and it is not
necessary that all PSU companies have benefited. The stock referred above should not be construed as recommendation, advice to buy, sell or in any manner transact in this stock and
neither should it be considered as Research Report from IAMI. The above table is for illustration purpose only and should not be construed as a promise on minimum returns and
safeguard of capital. The performance of above stocks should not be construed as performance of the Scheme as the Scheme would be constituted of number of stocks having different
weights and the individual stock held by the scheme may or may not give positive returns. Invesco Asset Management (India) Pvt. Ltd. is not guaranteeing or forecasting any returns.
Please refer slide on ‘Lumpsum Performance’ for performance of the Scheme.
Disclaimer: The stocks referred above is/are for information and / or illustration purpose only and should not be construed as recommendation from Invesco Asset Management (India)
Private Limited/Invesco Mutual Fund. The Scheme may or may not have any present or future positions in these stocks.

33
Divestment Examples since January 2018 – Post IPO
Performance

                                                                                                                                                     S&P BSE
                                                                                                                                         Stock
                                                                                                                                                        Sensex
                                                                                                                     Stock Price      Returns
                                                                                                                                                Returns(from
Company                                                                 Listing Date Issue Price                    as at Feb 26, (from issue
                                                                                                                                                  listing date
                                                                                                                            2021 price till Feb
                                                                                                                                                   till Feb 26,
                                                                                                                                     26, 2021)
                                                                                                                                                          2021)
Indian Railway Catering and Tourism                                           14-Oct-19                    320               1759.69                    246%                    20%
Corporation Limited
MSTC Limited                                                                 29-Mar-19                     120                 274.35                    54%                    13%
Mazagon Dock Shipbuilders                                                    12-Oct-20                     145                  213.2                    47%                    66%
SBI Cards and Payment Services Ltd                                           16-Mar-20                    755                 1069.3                     42%                    60%
Rail Vikas Nigam Limited                                                     11-Apr-19                     19                  31.75                     31%                    14%
Mishra Dhatu Nigam Limited                                                   04-Apr-18                     90                  191.2                     30%                    15%
Garden Reach Shipbuilders & Engineers Limited                                10-Oct-18                    118                 198.05                     24%                    16%
Railtel                                                                      26-Feb-21                    109                 121.35                     11%                       -
RITES Limited                                                                 02-Jul-18                   185                  244.9                     11%                    39%
UTI Asset Management Co. Limited                                             12-Oct-20                    554                 589.95                      6%                    66%
Ircon International Limited                                                  28-Sep-18                  83.06                  94.25                      5%                    36%
IRFC                                                                         29-Jan-21                  24.90                  24.65                     -1%                     6%
Hindustan Aeronautics Limited                                                28-Mar-18                   1215                1087.05                     -4%                    49%
Bharat Dynamics Limited                                                      23-Mar-18                    428                  350.3                     -7%                    51%
Past performance may or may not be sustained in future. Data source: Bloomberg/NSE. Returns less than 1 year are absolute; above 1 year are CAGR. Compounded Annualised
Growth Rate (CAGR). The stock referred above should not be construed as recommendation, advice to buy, sell or in any manner transact in this stock and neither should it be considered
as Research Report from IAMI. The above table is for illustration purpose only and should not be construed as a promise on minimum returns and safeguard of capital. The performance of
above stocks should not be construed as performance of the Scheme as the Scheme would be constituted of number of stocks having different weights and the individual stock held by
the scheme may or may not give positive returns. Invesco Asset Management (India) Pvt. Ltd. is not guaranteeing or forecasting any returns. Please refer slide on ‘Lumpsum Performance’
for performance of the Scheme.
Disclaimer: The stocks referred above is/are for information and / or illustration purpose only and should not be construed as recommendation from Invesco Asset Management (India)
Private Limited/Invesco Mutual Fund. The Scheme may or may not have any present or future positions in these stocks.

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Disclaimer

Disclaimer: The information alone is not sufficient and shouldn’t be used for the development or implementation of an investment strategy.
It should not be construed as investment advice to any party. All figures, charts/graphs and data included in this presentation are as on date and
are subject to change without notice. The statements contained herein are based on our current views and involve known/unknown risks and
uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements.
The data used in this presentation is obtained by Invesco Asset Management (India) Private Limited from the sources which it considers reliable.
The stocks/sectors referred in the presentation should not be construed as recommendations from Invesco Asset Management (India) Private
Limited and/or Invesco Mutual Fund and the Scheme may or may not have any present or future positions in these stocks/sectors. While utmost
care has been exercised while preparing this presentation, Invesco Asset Management (India) Private Limited does not warrant the completeness
or accuracy of the information and disclaims all liabilities, losses and damages arising out of the use of this information. The content of this
presentation is intended solely for the use of the addressee. If you are not the addressee or the person responsible for delivering it to the
addressee, any disclosure, copying, distribution or any action taken or omitted to be taken in reliance on it is prohibited and may be unlawful.
The recipient(s) before acting on any information herein should make his/their own investigation and seek appropriate professional advice.
Disclosure of Risk-o-Meter - Risk-o-meter disclosed in the product label of the Scheme is based on the Scheme portfolio as on February 28,
2021. The AMC will evaluate the Risk-o-Meter on a monthly basis and shall disclose the same along with the portfolio disclosure.
Any change in the risk-o-meter will be communicated by way of Notice-cum-Addendum and by way of an Email /SMS to the Unit holders of the
Scheme.
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.

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Get in touch

Corporate Office:
Invesco Asset Management (India) Private Limited
2101 A, 21st Floor, A- Wing,
Marathon Futurex, N.M. Joshi Marg, Lower Parel, Mumbai – 400 013
 +91 22 67310000 F +91 22 23019422

To invest:
Call 1800-209-0007 ∆ sms ‘Invest’ to 56677
Invest Online www.invescomutualfund.com

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