Invesco R.I.S.E
Our view on the fund, the AMC, the strategy, the performance & the investment team.
IME's Review of Invesco R.I.S.E
| Fund Rating | Strategy Rating | Performance Rating |
|---|---|---|
Upgrade | Upgrade | Upgrade |
View on the 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.
Strategy
Fund's Strategy View
Focus on 2 themes: Economic revival & Increase in consumer spending. The strategy should allow for outperformance during periods of economic recovery.
Fund Performance
Fund returns are largely in-line with category average returns over the past 5 years. In terms of longer-term annual performance, performance has been consistent, with the fund having outperformed it's benchmark in over 60% of annual calendar years.
Trailing Performance
| 1yr | 3yr | 5yr | Since Inception | |
|---|---|---|---|---|
| Invesco R.I.S.E | 16.7 | 21.7 | 17.9 | 14.3 |
| S&P BSE 500 | 6.5 | 15 | 15 | 15 |
| Alpha over Broad Mkt BM | 10.2 | 6.7 | 2.9 | -0.7 |
Performance as of: 31-Jan-26 | Inception Date: 18-Apr-16 | Performance are post-fees, pre-taxes. Global funds denominated in USD or fund currency.
Investment team
Taher Badshah | 4-star rated FM
CIO | 32 yrs Experience | 9 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.
Neelesh Dhamnaskar | 3-star rated FM
Principal Officer & Fund Manager | 21 yrs Experience | 16 yrs at current firm
Past Experience: Research Analyst( Enam Securities)
Neelesh has over 17 years’ experience in equity markets and financial services domain. Before joining the PMS division of Invesco, Neelesh was managing few equity funds, overseas fund of fund schemes of Invesco Mutual Fund as well as tracking few sectors as an analyst. He was previously working with Enam(now a part of Axis Bank) where he was tracking companies across sectors and assisting the PMS Fund Manager in his investment decisions. Prior to this, he was working with KRC, a domestic broking house in equity research and has also worked with Anand Rathi Securities Limited as a Commodities Research Analyst. Neelesh holds a Commerce degree and an MMS degree with specialization in Finance from Mumbai University
IME's Review of Invesco PMS
| AMC Rating | Pedigree Rating | Team Rating | Philosophy Rating |
|---|---|---|---|
Upgrade | Upgrade | Upgrade | Upgrade |
View on AMC
Invesco AMC has a strong research process and unique portfolios, but the core investment team is relatively new. The company faces typical challenges of large MF-driven PMS houses, such as PMS being an add-on rather than a separate business unit, team turnover, and a lack of commitment from the CIO. While Invesco has potential in the PMS market, it is too early to recommend significant investments in their strategies due to ongoing leadership changes.
AMC's Pedigree
Invesco's India business, although part of a global investment giant, has not fully reached its potential yet. It benefits from the process orientation of being part of a larger global investment firm.
AMC Team
Amit Nigam and Taher are experienced professionals in the investment industry, with backgrounds in managing smaller AMCs and spearheading growth at Motilal MF. However, their recent recruitment at Invesco AMC has resulted in a lack of continuity in the investment team, impacting the team's pedigree rating.
Investment Philosophy
Investment philosophy is not clearly defined at the PMS level, but at the portfolio level, strategies are well-defined and strictly followed compared to other AMC peer PMSs.
Investment Strategy
Positioned to benefit from economic recovery and revival in discretionary demand
Invesco PMS’s RISE strategy focuses on investing in companies that are expected to benefit from a revival in economic growth and an upturn in consumer discretionary spending. The strategy follows a bottom-up stock selection approach across sectors and market capitalisations, targeting businesses where earnings recovery can be meaningfully amplified.
RISE Framework
- R – Recovery in Demand: Companies positioned to benefit from improving demand conditions and a rise in discretionary consumption.
- I – Idle Capacity & Leverage: Businesses with idle capacity that can generate operating leverage as utilisation improves, alongside declining interest costs as financial leverage normalises.
- S – Strong Business Models: Focus on companies with robust business models, healthy balance sheets, and temporarily suppressed earnings that can rebound quickly.
- E – Earnings & Valuation Expansion: Earnings recovery driven by operating and financial leverage, with valuation re-rating acting as an additional return driver.
Core Investment Filters
- Operating Leverage: Preference for businesses where incremental demand leads to disproportionate improvement in operating profitability.
- Financial Leverage: Companies where improving operating profits translate into faster growth in net profits.
- Value Orientation: Focus on stocks trading below intrinsic value, providing a margin of safety.
Investment Process
- Initial Universe: ~293 stocks screened for recovery and leverage characteristics.
- Stock Categorisation: Narrowed down to ~193 stocks using Invesco’s internal stock categorisation framework.
- Portfolio Construction: Final portfolio of 15–25 stocks, selected based on conviction, risk-reward, and diversification levers.
Clearly Defined Strategy
Invesco RISE follows a well-articulated, recovery-led investment strategy that is implemented with discipline, aiming to capture both earnings recovery and valuation re-rating during favourable phases of the economic cycle.
PMS Background
Invesco PMS is part of Invesco AMC, a relatively small mutual fund house in India but backed by one of the largest global investment management groups. The AMC is known for its strong emphasis on investment processes and discipline, with a clear focus on staying true to mandate rather than style drift.
While the investment team is experienced and well-regarded, the PMS platform is largely an extension of the broader AMC setup. As a result, it exhibits some of the typical characteristics of AMC-driven PMS structures, including limited founder-led ownership and PMS-specific differentiation.
PMS Investment Philosophy
Invesco PMS does not follow a single, overarching investment philosophy at the PMS level. Instead, investment philosophies are articulated and executed at the individual strategy level, where mandates tend to be clearly defined and tightly managed.
What distinguishes Invesco is its strongly process-driven approach, anchored by a proprietary in-house stock categorisation framework applied across its entire investment universe.
In-house Stock Categorisation Framework
- All companies in the investment universe are classified into defined buckets such as Star, Leader, Warrior, Diamond, Frog Prince, Shotgun, and Commodities.
- This categorisation drives portfolio construction, position sizing, and expectations of risk–return characteristics across strategies.
- The framework helps ensure consistency, discipline, and adherence to mandate across market cycles.
Suitable For
Investors seeking exposure to an established global investment manager with a strong process-driven approach, and the flexibility to perform across varied market conditions, rather than a highly differentiated or founder-led PMS.
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