Scheme Rating
IME Scheme Rating
The Scheme does not meet our selection criteria at this time
Not a recommended fund: This is not a recommended fund, primarily because the AMC does not meet our selection criteria. We believe that there are better fund houses to invest in, within the Indian fund universe.
IME Strategy Rating
Strategy focused on Cyclical Recovery: A portfolio focused on investing in stocks & sectors that are expected to benefit from a cyclical recovery. This would include companies benefiting from an uptick in their business/economic cycle, companies with strong operating & financial leverage, and stocks that are currently out of market favour.
PMS Scheme Ratings are driven by IME’s Proprietary Scheme Rating Methodology, which takes into account our ratings of the Scheme’s investment strategy, its maturity, the investment team, and our separate rating on the AMC that runs this particular scheme. Our views on each of these individual criteria are available via the IME RMS – which you can view by reaching out to one of our relationship managers (using either the live chat or book appointment feature on this site).
IME View on Invesco Dawn
Invesco DAWN- Investment Strategy
Following a flexible approach of investing in stocks & sectors to benefit from cyclical recovery
Invesco PMS’s DAWN strategy is a portfolio focused on investing in stocks & sectors that are expected to benefit from a cyclical recovery. This would include companies benefiting from an uptick in their business/economic cycle, companies with strong operating & financial leverage, and stocks that are currently out of market favor. The portfolio will be built on a bottom-up basis, without bias towards market capitalizations or sectors, with a focus on the following characteristics:
D: seeking for business to find Demand recovery across cyclical & consumer discretionary sectors
A: Businesses with Attractive valuation to provide margin of safety
W: Winning companies on the cusp of a new demand cycle leading to operating & financial leverage efficiencies
N: New credit & investment cycle to provide a boost to earnings recovery
Investment Strategy
Invesco DAWN follows the strategy focusing on these elements:
- Cyclical Recovery: Companies in the period of transition from recession to expansion as part of business cycle that are affected by ups and downs in the overall economy
- Operating & Financial Leverage: Seeking for companies that have the potential to make more operating profit & net operating profit for each additional sales as demand recovers.
- Value: Seeking for companies that are trading below their intrinsic value.
Investment Process:
The investment process is driven by filtering companies on a 5 Benchmark Indices and selecting a bottom-up ideas of a 313 stocks.
Stock Categorization Framework:Categorizing stock of 153 stocks
Portfolio Universe: Building a portfolio universe of 65 stocks.
Portfolio: Final portfolio consists of 15-25 stocks.
Trailing Performance
| 1yr | 3yr | 5yr | Since Inception | |
|---|---|---|---|---|
| Invesco Dawn | 46.8 | 21.4 | 22.8 | 13.6 |
| S&P BSE 500 TRI | 41.1 | 18.9 | 22.9 | 17 |
| Alpha over Broad Mkt BM | 5.7 | 2.5 | -0.1 | -3.4 |
| Nifty 50 TRI | 32.6 | 15.2 | 19.4 | |
| Alpha over Category BM | 14.2 | 6.2 | 3.4 |
Performance as of: 31-Aug-24 | Inception Date: 28-Aug-17
Fund Managers
Amit Nigam | 4-star rated FM
Fund Manager | 23 yrs Experience | 6 yrs at current firm
Past Experience: Essel AMC (Head-Equities), BNP Paribas (FM), SBI MF (Analyst)
Amit has close to 2 decades of investment experience, with fund management and research experience in Essel AMC, BNP Paribas and SBI Mutual Fund. He joined Invesco PMS in Apr-2018.
Taher Badshah | 4-star rated FM
CIO | 31 yrs Experience | 8 yrs at current firm
Past Experience: Motilal AMC (Head Equities), Kotak International (FM), ICICI Pru PMS (FM)
With over 25 years of investment management experience, Taher is the CIO of Invesco AMC (overseeing both the MF & PMS divisions). Taher was responsible for the stellar growth of Motilal AMC, where he was head of equities over Jun-2010 to Dec-2016. His prior fund management experience includes managing funds at Kotak International and ICICI Pru PMS.
Fee Structure
| Fee Structure | Fee |
|---|---|
| Fixed Fee Structure | 2.5 |
| Variable Fee Structures | 1.25% fixed + 15% above 10% hurdle |
| Exit Fees | 1yr(3%), 2yr(2%) |
AMC
AMC: Invesco PMS (click link for detailed AMC review)
Not a top recommendation due to being an MF-driven PMS: While Invesco AMC does benefit from a strong research process and differentiated portfolios, the core investment team has only been together for a few years. It also suffers from common ailments of large MF-driven PMS houses (PMS as an add-on instead of a clearly segregated business unit, churn in the investment team and a lack of skin in the game for the CIO). While it has the potential to become a strong AMC PMS player, it is still too early in terms of leadership change to recommend large investments in Invesco strategies.
Invesco PMS does not meet our criteria for PMS AMC Selection at this time. Understand our AMC rating criteria at AMC Rating Criteria or contact us via the LiveChat to learn more.
Note: PMS AMC & Scheme Reviews and Ratings are based on IME Capital’s Proprietary Review and Rating Methodology (read more here: AMC Rating & Scheme Ratings). These reflect the unbiased views of our central research team, based on our assessment of the investment value of these PMS/AIF strategies for our investors. We follow a highly stringent rating-criteria, where approximately 50% of PMS AMC’s & strategies would be rated 2-star or below (this is not meant to indicate that these funds are not investment-worthy, but that they do not currently fulfill the requirements we focus on for recommending funds to our investors — based on our internal views on the merit of the AMC/strategy relative to peers). Reviews & Ratings are primarily based on research of publicly available information (SEBI disclosures, PMS websites, PMS-aggregation platforms, webinar recording, media interviews etc.) and no explicit consent is required from AMCs for the same. While we endeavour to do further due-diligence via direct interactions with the investment teams of AMCs, this is typically restricted to AMC’s that meet our foundational fund selection criteria (reviews on lower-rated AMCs are often based solely on publicly available information). The views reflected in our Reviews & Ratings, are our independent views and may not be shared by the AMC’s and the investment teams. Please read detailed disclaimer for more.