Invesco India R.I.S.

E Portfolio
R.I.S.E : R - Recovery in Demand, I - Idle Capacity-potential for operating
leverage, S - Superior Business Model, E - Earnings Recovery

June 2020

This document is prepared by Invesco Asset Management (India) Private Ltd ('IAMI'). for informational purposes only and is not an offering. Circulation,
disclosure, or dissemination of all or any part of this material to any unauthorized persons is prohibited.
Invesco India R.I.S.E Portfolio
R.I.S.E : R - Recovery in Demand, I - Idle Capacity-potential for operating leverage,
S - Superior Business Model, E - Earnings Recovery

R ▪ Recovery in Demand
▪ Rise in Discretionary Spending

I ▪ Idle Capacity – Potential for operating leverage

▪ Interest cost to decline as financial leverage declines

S ▪ Superior Business models; healthy balance sheets

▪ Suppressed Earnings; can spring back swiftly

E ▪ Earnings recovery on the back of operating & financial leverage

▪ Expansion of Valuation can add to returns

2
Focus investment themes

Operating Financial Value

Leverage Leverage

Companies with Companies with Companies trading

potential to make more potential to make more below their intrinsic
operating profit from net profit from value.
each additional sale as incremental operating
demand recovers profit.

3
How does the theme play out?
Operating Leverage: Higher demand leads to improved capacity utilization

The Ramco Cements Ltd. - Capacity & Sales as a % of Capacity • Capacity expansions
happen in step fashion-
minimum economic size
7.00 96% 100%
95% of a new manufacturing
93%
plant/factory
6.00
90%
6.0 6.0 6.0 6.0 6.0 6.0
5.8 • Demand growth is linear
5.00
79% 78%
and prone to fluctuations,
77% 80% results in periods where
4.00 capacity is ahead of
70% demand
3.5 63% 63%
3.00
60% • But when capacity
2.8 2.8
55%
60% utilization increases (i.e.
2.00
gap between capacity &
1.9
50%
sales reduces) then
1.00 47%
margins and profits spring
back exponentially
0.00 40%
FY97 FY98 FY99 FY00 FY01 FY02 FY03 FY04 FY05 FY06 FY07
Capacity (LHS) Sales as % of Capacity (RHS)

Source: Invesco Asset Management (India) Private Ltd. / Bloomberg. Adjusted Share Price. CAGR: Compound Annual Growth Rate.
Disclaimer: Past performance may or may not be sustained in future. The above simulation is for illustration purpose only and should not be construed as a promise on minimum returns and safeguard of capital.
IAMI is not guaranteeing or forecasting any returns. 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 Invesco Asset Management (India) Private Ltd. (“the Portfolio Manager” / “IAMI”). The Portfolio Manager may or may not hold position in this stock in future.

4
Effect of Operating Leverage
Market rewards stock price favorably

The Ramco Cements Ltd. – Adjusted Share Price

200 Period: March 1998 – March 2003 Period: March 2003 – March 2007
Capacity expanded from 2.8 mn tonnes to 6 mn tonne Capacity utilization levels improved from 55%
180
in 2003 to 93% in 2007
160

140
Stock price (Rs.)

120

100

80

60

40

20

0
Mar-98 Mar-99 Mar-00 Mar-01 Mar-02 Mar-03 Mar-04 Mar-05 Mar-06 Mar-07

Source: Invesco Asset Management (India) Private Ltd. / Bloomberg. Adjusted Share Price. CAGR: Compound Annual Growth Rate.
Disclaimer: Past performance may or may not be sustained in future. The above simulation is for illustration purpose only and should not be construed as a promise on minimum returns and safeguard of capital.
IAMI is not guaranteeing or forecasting any returns. 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 Invesco Asset Management (India) Private Ltd. (“the Portfolio Manager” / “IAMI”). The Portfolio Manager may or may not hold position in this stock in future.

5
Investment Process
Stock Selection Process

Stock Investment Portfolio

Categorization Strategy Construction
Framework# Levers

5 Benchmark
Indices* Categorized Portfolio Portfolio
& Select Stocks Universe
Bottom-up ideas

296 138 39 15-25

Stocks Stocks Stocks Stocks

data as on June 30, 2020

#For details on Stock Categorization Framework please refer next slide.
*5 Benchmark Indices: S&P BSE 200 Index, Nifty Midcap 100 Index, Nifty Infrastructure Index, Nifty Bank Index and S&P BSE PSU Index

7
Stock Categorization Framework

Stock Descriptions Growth Prospects Company Attribute Financial Parameter

Category (e.g.) (e.g.) (e.g.) (e.g.)
In line or better than Track record of leadership, Industry leading
Leader Established companies
industry globally competitive margin / ROE
Young / established Unique proposition and / Margin & ROE
Warrior Better than industry Growth
companies or right place, right time expansion
Entrepreneur vision,
Star Young companies High growth Operating Leverage
scalability
Company with Management intent to Value of
Diamond Low growth
valuable assets unlock value asset / business
Value
Company in a Intrinsic strengths in
Frog Prince Back to growth P2P, ROE expansion
turnaround situation core business
Corporate event,
Shotgun Opportunistic investment Positive surprise restructuring, earnings Event visibility Event
news

Call on the cycle Integration, cost efficiency,

Commodities Positive Profit leverage
is paramount globally competitive
P2P: Path to Profit; ROE: Return on Equity.

Based on internal stock classification and subject to change from time to time

8
Investment Strategy

Stock selection criteria

Companies with Companies Companies

superior which can which exhibit
Beneficiaries of
business models benefit from rise suppressed
revival in
& healthy in consumer valuations &
economic growth
balance sheets discretionary higher dividend
spending yield

Portfolio construction levers

Bottom-up Multi cap, Concentrated

stock Sector high
selection Agnostic conviction
portfolio

9
Portfolio Strategy in action
Balkrishna Industries Ltd.
Higher capacity utilization lead to Margin expansion & reduction in Net Debt to Equity

Increased Capacity Utilization Fall in Net Debt to Equity Ratio Absolute Growth (FY16 to FY19) Stock Price Chart
73.6% 1,600 Apr 18, 2016 to Oct 23, 2018
70%
0.28 64.5% 1,400 CAGR – 85.84%
66%
1,200
57% Entry
1,000
27.0% 800
49% 0.02
600
Exit
400
(0.1) (0.1)
200
FY16 FY17 FY18 FY19 FY16 FY17 FY18 FY19 Revenue EBITDA PAT
Jan-15 Sep-15 Jun-16 Mar-17 Dec-17 Sep-18 Jun-19

Investment Thesis: Operating & Financial Outcome Exit Rationale

Leverage
▪ Company manufactures a range of off-
highway specialty tires used in multiple
sectors. It serves both original equipment
manufacturers and replacement market.
▪ Expected beneficiary of volume growth from
improving capacity utilization at its new plant.
Expected to benefit from demand recovery.
Had sufficient operating capacity (capacity
utilization was at 49%) to maintain steady
volume growth over the next 3-4 years
▪ Capacity utilization went from 49% in FY16 ▪ With capacity utilizations at 66% as of end
to 70% in FY18, Net debt to equity ratio FY18, the company had a 2-year window
reduced from 0.28 in FY16 to -0.1 in FY19 to continue its 9-10% p.a. volume growth
trajectory without any need of capex.
▪ Company witnessed revenue growth of
64%, EBITDA growth of 27% and Profit ▪ However, a surprise “strategic” capex
after Tax growth of 73% over FY16 to announcement was made which could
FY19. derail the operating leverage journey

Past performance may or may not be sustained in future.

Note: Performance has been shown from the period when stock was included in the portfolio. Data Source: Company reports, Capitaline & Internal. EBITDA: Earnings before interest, taxes, depreciation, and
amortization. CAGR: Compounded annualize growth rate. MHCV: medium and heavy commercial vehicle, MTPA: million tonnes per annum. D/E: Debt to Equity
Disclaimer: 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
Portfolio may or may not have any present or future positions in this stock or in any other portfolios offered by Invesco Asset Management (India) Private Ltd.. The performance of above stock should not be construed
as performance of the portfolio as the portfolio would be constituted of number of stocks having different weights and the individual stock held by the portfolio may or may not give positive returns. Invesco Asset
Management (India) Private Ltd. is not guaranteeing or promising or forecasting any returns.
11
KEC International Ltd.
Improvement in EBITDA. Reduction in debt on account of improved cash flow from
operations

Net Debt / Equity ratio Decrease in Working Capital (in Absolute Growth (FY16 to FY19) Stock Price Chart
Days)
190% 440
2.50 141
360

280
Entry
1.33 98 97 66% 200 Exit
87 Feb 08, 2017 to Apr 04, 2019
0.88 29%
0.76 120
CAGR – 62.47%
40
FY16 FY17 FY18 FY19 FY16 FY17 FY18 FY19 Revenue EBITDA PAT Jan-16 Sep-16 Jun-17 Mar-18 Dec-18 Sep-19

Investment Thesis: Financial Leverage Outcome Exit Rationale

▪ KEC International, is the global infrastructure
(EPC) major, with presence in Power T&D,
Cables, Railways, and Water. Power T&D
segment accounted for 88% of the revenue.
▪ Exercise with McKinsey started to bear fruits
in FY2017. Benefited by projects being
commissioned ahead of schedule, consistent
uptick in margin & decline in working capital
debt levels on an adjusted basis. It is in the
process of imbibing key learnings across
other businesses (railways, solar, overseas).
▪ Company managed to reduce its Net Debt
/ Equity Ratio from 2.5 in FY16 to 0.76 in
FY 19
▪ It was also successful in decreasing it
Working capital from 141 days in FY16 to
97 days in FY19.
▪ The company saw deterioration in its
debtor days leading to overall pressure on
its working capital cycle and increased
interest costs.
▪ Its decision to diversify in civil Engineering,
Procurement and Construction business
(new business line for the company) where
project sizes are larger, implies further
deterioration in balance sheet.

Past performance may or may not be sustained in future.

Note: Performance has been shown from the period when stock was included in the portfolio. Data Source: Company reports, Capitaline & Internal. EBITDA: Earnings before interest, taxes, depreciation, and
amortization. CAGR: Compounded annualize growth rate. MHCV: medium and heavy commercial vehicle, MTPA: million tonnes per annum. D/E: Debt to Equity
Disclaimer: 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
Portfolio may or may not have any present or future positions in this stock or in any other portfolios offered by Invesco Asset Management (India) Private Ltd.. The performance of above stock should not be construed
as performance of the portfolio as the portfolio would be constituted of number of stocks having different weights and the individual stock held by the portfolio may or may not give positive returns. Invesco Asset
Management (India) Private Ltd. is not guaranteeing or promising or forecasting any returns.
12
TVS Motor Company Ltd.
Operating leverage led to improvement in margins

Improvement in Operating Margin Absolute Growth (FY16 to FY18) Stock Price Chart
Apr 25, 2016 to
900
7.7% 45.1% Jul 05, 2017

36.7% 35.4% 700 CAGR –

53.86%
7.3%
500
Entry
7.1%
300 Exit

100
FY16 FY17 FY18 Revenue EBITDA PAT Jul-15 Apr-16 Jan-17 Oct-17 Jul-18 Apr-19 Jan-20

Investment Thesis: Operating Leverage Outcome Exit Rationale

▪ Its was 4th largest two-wheeler company in ▪ Improvement in Operating margins from ▪ In FY17 on a 9% volume growth its
India. It had a total volume was is 718k units, 7.3% in FY16 to 7.7% in FY18 EBITDA margins (Ind-AS) went up by 20
with EBITDA Margin range of 6 – 7% while bps to 7.5%. While there was still
incurring high advertising expenditure of 561 ▪ Company witnessed revenue growth of operating leverage, the pace of margin
Crs. Due to new launches in the Motor Bike 36.7%, EBITDA growth of 45.1% and Profit improvement was not as per our
segment. It was gradually gaining market after Tax growth of 35.4% over FY16 to expectation.
share. FY18.
▪ There was a sharp run-up in its stock
▪ It was expected to be a beneficiary of
price, its valuations was at 28x PE and
operating leverage, due to its high
18.4x EV/EBITDA based on our FY19
advertising and promotion spends getting
estimated financials. Stock become very
apportioned over higher Revenues.
expensive and the risk reward not
favorable.
Past performance may or may not be sustained in future.
Note: Performance has been shown from the period when stock was included in the portfolio. Data Source: Company reports, Capitaline & Internal. EBITDA: Earnings before interest, taxes, depreciation, and
amortization. CAGR: Compounded annualize growth rate. MHCV: medium and heavy commercial vehicle, MTPA: million tonnes per annum. D/E: Debt to Equity
Disclaimer: 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
Portfolio may or may not have any present or future positions in this stock or in any other portfolios offered by Invesco Asset Management (India) Private Ltd.. The performance of above stock should not be construed
as performance of the portfolio as the portfolio would be constituted of number of stocks having different weights and the individual stock held by the portfolio may or may not give positive returns. Invesco Asset
Management (India) Private Ltd. is not guaranteeing or promising or forecasting any returns.
13
VIP Industries Ltd.
Operating leverage leading to EBITDA growth significantly higher than topline growth

Improvement in Operating Increase in EBITDA margins Absolute Growth (FY16 to FY19) Stock Price Chart
Margin Apr 18, 2016 to Nov 29, 2019
71.7% 800
36.0% 68.6% CAGR – 67.41%
13.7%
600
12.6% 41.6%
35.9%
400 Entry
35.8% 10.6%

200
Exit

FY17 FY18 FY19 0

FY17 FY18 FY19 Revenue EBITDA PAT
Jul-15 Apr-16 Jan-17 Oct-17 Jul-18 Apr-19 Jan-20

Investment Thesis: Financial Leverage Outcome Exit Rationale

▪ One of largest player in organized luggage
industry in India with ~48% market share. In
addition to luggage, the company also
operates in moulded furniture segments.
▪ Recovery in discretionary spending and shift
of consumer preferences towards branded
products in backpacks and handbags also
led to the strong organic growth across
segments
▪ Company managed to maintain its ▪ The company share was trading at P/E 43x
operating margin around 36% from FY17 FY20E earnings. Being a high
to FY19 discretionary purchase for customers, we
were expecting revenue growth pressures,
▪ It was also successful in improving its which could hurt overall operating leverage
EBITDA margin from 10.6% in FY17 to thesis.
12.6% in FY19
▪ Additionally the Bangladesh unit was
reaching high capacity utilizations, thus
limiting benefits to operating & financial
leverage.

Past performance may or may not be sustained in future.

Note: Performance has been shown from the period when stock was included in the portfolio. Data Source: Company reports, Capitaline & Internal. EBITDA: Earnings before interest, taxes, depreciation, and
amortization. CAGR: Compounded annualize growth rate. MHCV: medium and heavy commercial vehicle, MTPA: million tonnes per annum. D/E: Debt to Equity
Disclaimer: 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
Portfolio may or may not have any present or future positions in this stock or in any other portfolios offered by Invesco Asset Management (India) Private Ltd.. The performance of above stock should not be construed
as performance of the portfolio as the portfolio would be constituted of number of stocks having different weights and the individual stock held by the portfolio may or may not give positive returns. Invesco Asset
Management (India) Private Ltd. is not guaranteeing or promising or forecasting any returns.
14
Ramkrishna Forgings Ltd.
Higher capacity utilization leading to operating leverage

Improved Capacity Utilization Absolute Growth (FY16 to FY18) Stock Price Chart
81.66% 72.32% Apr 29, 2016 to Aug 24, 2018
1,000
CAGR – 26.87%
800
66.73%
63.97%
600 Entry
55.30% 60.78%

400 Exit

200
FY16 FY17 FY18 Revenue EBITDA Profit After Tax Jan-16 Jun-16 Dec-16 Jun-17 Dec-17 Jun-18 Dec-18

Investment Thesis: Operating Leverage Outcome Exit Rationale

▪ Medium sized forging company, having
expertise in ring rolling, machined forging &
heavy press forging with presence in MHCV
segments of automotive sector.
▪ New press line plant with a capacity of
125,000 MTPA becomes operational.
▪ The operating costs had peaked, increased
utilization at new press line plant was
expected to improve margins as operational
leverage kicks in.
▪ Capacity utilization went from 55.30% in
FY17 to 81.66% in FY18.
▪ Company witnessed revenue growth of
63.97%, EBITDA growth of 60.78% and
Profit after Tax growth of 72.32% over
FY16 to FY18.
▪ We expected domestic MHCV cycle to
moderate and exports (Class 8 trucks
sales) to slow down in FY20, which could
have potentially impacted company’s
topline.
▪ Company reached more than 85%
capacity utilization with a high leverage (1x
D/E). In the event of a large capex, we
expected a negative impact both on its
earnings and its valuation multiples.

Past performance may or may not be sustained in future.

Note: Performance has been shown from the period when stock was included in the portfolio. Data Source: Company reports, Capitaline & Internal. EBITDA: Earnings before interest, taxes, depreciation, and
amortization. CAGR: Compounded annualize growth rate. MHCV: medium and heavy commercial vehicle, MTPA: million tonnes per annum. D/E: Debt to Equity
Disclaimer: 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
Portfolio may or may not have any present or future positions in this stock or in any other portfolios offered by Invesco Asset Management (India) Private Ltd.. The performance of above stock should not be construed
as performance of the portfolio as the portfolio would be constituted of number of stocks having different weights and the individual stock held by the portfolio may or may not give positive returns. Invesco Asset
Management (India) Private Ltd. is not guaranteeing or promising or forecasting any returns.
15
Other notable portfolio contributors
Model portfolio data as on June 30, 2020

Return Method: XIRR

Holding Initial
Stock Stock BSE 500 Stock Theme
Status Purchase Return Type
Return Return

Reliance Industries Ltd. Holding Aug-19 Absolute 47.12% -11.08% Operating & Financial Leverage

Central Depository Services India Ltd. Holding Nov-19 Absolute 24.87% -14.29% Operating Leverage

HDFC Bank Ltd. Holding Apr-20 Absolute 22.52% 15.56% Value

Orient Electric Ltd. Holding Apr-19 CAGR 33.45% -2.30% Operating & Financial Leverage

Torrent Pharmaceuticals Ltd. Holding Oct-18 CAGR 27.68% -6.22% Financial Leverage

Ratnamani Metals & Tubes Ltd. Holding Jan-17 CAGR 16.70% 5.58% Operating Leverage

AIA Engineering Ltd. Holding Apr-16 CAGR 13.31% 5.11% Operating Leverage

Apollo Hospitals Enterprises Ltd. Holding Oct-17 CAGR 10.49% -1.73% Operating & Financial Leverage

Dixon Technologies India Ltd. Holding Nov-17 CAGR 19.11% -2.04% Operating Leverage

Past performance may or may not be sustained in future.

Note: Performance has been shown from the period when stock was included in the portfolio. Data Source: Internal / BSE. XIRR: Extended internal rate of return CAGR: Compounded annualize growth rate.
Disclaimer: 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
Portfolio may or may not have any present or future positions in this stock or in any other portfolios offered by Invesco Asset Management (India) Private Limited. The performance of above stock should not be
construed as performance of the portfolio as the portfolio would be constituted of number of stocks having different weights and the individual stock held by the portfolio may or may not give positive returns. Invesco
Asset Management (India) Private Limited is not guaranteeing or promising or forecasting any returns.

16
Portfolio Update
Theme Split
Model portfolio data as on June 30, 2020

Operating Leverage 41.79% Operating & Financial Leverage 36.66%

Dixon Technologies India Ltd. Reliance Industries Ltd.
AIA Engineering Ltd. Apollo Hospitals Enterprises Ltd.
Motherson Sumi Systems Ltd. APL Apollo Tubes Ltd.
Central Depository Services India Ltd. Gujarat State Petronet Ltd.
Ratnamani Metals & Tubes Ltd. Orient Electric Ltd.
Cipla Ltd. Aditya Birla Fashion & Retail Ltd.
United Breweries Ltd. Equitas Holdings Ltd.
Jubilant Foodworks Ltd.
Mahindra Logistics Ltd.
Financial Leverage 4.59%
Vinati Organics Ltd.
Music Broadcast Ltd. Torrent Pharmaceuticals Ltd.

Value 8.29%
HDFC Bank Ltd.

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 Portfolio
Manager may or may not hold position in these stocks in future. Operating Leverage: Companies currently operating at low capacity utilization and have large portion of costs fixed in nature. These companies can
make more money from each additional sale as demand recovers. Financial Leverage: Companies which can generate returns greater than the interest expense associated with the debt they use to fund growth.
Further, could increase their profit margin from decline in interest rates and reduction in debt due to profit growth. Value: Value investing seeks to purchase stocks at an even greater discount to their intrinsic value.
Securities investments are subject to market risks, please read the Disclosure Document carefully before investing.

18
Portfolio Holdings
Model portfolio data as on June 30, 2020

Holdings % of Net Assets Sector % of Net Assets

Reliance Industries Ltd. 9.72 Consumer Discretionary 21.80
HDFC Bank Ltd. 8.29 HealthCare 15.47
Apollo Hospitals Enterprises Ltd. 6.79
Financials 14.14
Dixon Technologies India Ltd. 5.59
Materials 11.72
AIA Engineering Ltd. 5.47
Energy 9.72
APL Apollo Tubes Ltd. 5.43
Motherson Sumi Systems Ltd. 4.91 Industrials 8.02

Gujarat State Petronet Ltd. 4.90 Utilities 4.90

Torrent Pharmaceuticals Ltd. 4.59 Consumer Staples 4.02
Orient Electric Ltd. 4.50 Communication Services 1.53
Central Depository Services India Ltd. 4.39 Cash & Cash Equivalent 8.68
Ratnamani Metals & Tubes Ltd. 4.33
Cipla Ltd. 4.10
Market Cap Break % of Net Assets
United Breweries Ltd. 4.02
Aditya Birla Fashion & Retail Ltd. 3.87 Large Cap 35.62
Jubilant Foodworks Ltd. 2.93 Mid Cap 25.92
Mahindra Logistics Ltd. 2.56
Small Cap 29.78
Vinati Organics Ltd. 1.96
Average Weighted Market Cap ₹ 168,397 crs.
Music Broadcast Ltd. 1.53
Equitas Holdings Ltd. 1.46 Median Market Capitalization ₹ 12,453 crs.
Total Equity 91.32
Past performance may or may not be sustained in future. 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 Portfolio Manager may or may not hold position in these stocks in future. Securities investments are subject to market risks, please read the Disclosure
Document carefully before investing.

19
Portfolio Characteristics
Model portfolio data as on June 30, 2020

Portfolio Characteristic Portfolio S&P BSE 500

Dividend Yield1 0.47% 0.49%

Price to Earnings1 FY 20 Estimate 23.7 19.2

Price to Earnings1 FY 21 Estimate 30.4 21.6

Price to Earnings1 FY 22 Estimate 20.0 16.4

2 Year EPS CAGR (FY20-FY22)2 14.0% 9.9%

Return on Assets1 FY 20 Estimate 1.6% 3.2%

Return on Equity1 FY 20 Estimate 4.1% 11.0%

1 Weighted Harmonic Mean

2 EPS Growth is derived from P/E ratios
Note: Excludes companies with net loss for appropriate results for various ratios
Source: #Bloomberg, Factset, Internal. EPS: Earning Per Share. CAGR: Compounded annualize growth rate.
Disclaimer: The information provided herein may include statements/data of future expectations that are based on current views and assumptions and involves known and unknown risks
and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied.

20
Since inception predominant opportunities in the mid & small
cap space.
Increased Allocation
Monthly model portfolio allocation since inception (%) to Large Cap

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%
Jun-16

Jun-17

Jun-18

Jun-19

Jun-20
Apr-16

Apr-17

Apr-19
Dec-16

Feb-17

Feb-18

Apr-18

Feb-19

Feb-20

Apr-20
Aug-16

Aug-17

Dec-17

Aug-18

Aug-19

Dec-19
Oct-16

Oct-17

Oct-18

Dec-18

Oct-19
Mid & Small Cap Large Cap Cash & Cash Equivalent

Since Inception median market capitalization range 7,400 crore to INR 17,000 crore.
Data Source: Bloomberg / Internal. Data: Model Portfolio.
Large Cap:1st 100th company in terms of full market capitalization. Mid Cap:101st to 250th company in terms of full market capitalization. Small Cap:251st company onwards in terms of
full market capitalization.

21
Despite higher allocation Mid & Small Cap stocks, portfolio has
done relatively better

Model Portfolio Performance (in %) – Long Term – As on June 30, 2020

10.58
6.33
2.66 2.72
0.65

-2.98 -2.42
-3.82
-6.26 -6.05
-10.06
-12.12
-14.22
-16.71
-19.80

-25.57

1 2 3 Since Inception
year years years
Avg. Portfolio Allocation Avg. Portfolio Allocation Avg. Portfolio Allocation Avg. Portfolio Allocation
Mid Cap Stocks 32.49% Mid Cap Stocks 32.45% Mid Cap Stocks 35.56% Mid Cap Stocks 39.67%
Small Cap Stocks 32.27% Small Cap Stocks 34.68% Small Cap Stocks 35.46% Small Cap Stocks 35.67%
Total 64.76% Total 67.13% Total 71.01% Total 75.34%

Invesco India RISE Portfolio S&P BSE 500 (Benchmark) Nifty Midcap 100 Nifty Small Cap 100

Past performance may or may not be sustained in future. Returns up to 1 year are absolute Returns and returns over 1 year are Compounded Annualized Returns. The returns are calculated on the basis of daily
market value of the Portfolio.
Disclaimer: The returns of model portfolio given above are for illustration purpose only. Model portfolio returns does not take into account expenses/charges and Profit/Loss on account of derivative transactions.
Returns under client wise portfolio may vary vis-à-vis returns of model portfolio due to various factors viz. timing of investment/additional investment in client’s portfolio, timing of withdrawals in client’s portfolio,
mandates given by respective client, profit/loss on account of derivative transactions, expenses charged to respective portfolio, dividend income in the respective portfolio etc. Portfolio Allocation based on Month End
dates. Large Cap:1st 100th company in terms of full market capitalization. Mid Cap:101st to 250th company in terms of full market capitalization. Small Cap:251st company onwards in terms of full market
capitalization. The Portfolio manager does not offer guaranteed or assured returns. Securities investments are subject to market risks, please read the Disclosure Document carefully before investing.

22
Lower impact in volatile markets

Model Portfolio Performance (in %) – Short Term - As on June 30, 2020

28.38
24.41 25.63
21.08
15.29
10.78
7.52 8.24
2.51

-5.43
-9.26 -8.25
-14.23 -14.02
-17.50
-20.91

1 3 6 9 Months
month months months
Avg. Portfolio Allocation Avg. Portfolio Allocation Avg. Portfolio Allocation Avg. Portfolio Allocation
Mid Cap Stocks 25.92% Mid Cap Stocks 26.51% Mid Cap Stocks 31.14% Mid Cap Stocks 31.97%
Small Cap Stocks 29.78% Small Cap Stocks 29.60% Small Cap Stocks 30.79% Small Cap Stocks 31.22%
Total 55.70% Total 56.11% Total 61.93% Total 63.18%

Invesco India RISE Portfolio S&P BSE 500 (Benchmark) Nifty Midcap 100 Nifty Small Cap 100

Past performance may or may not be sustained in future. Returns up to 1 year are absolute Returns. The returns are calculated on the basis of daily market value of the Portfolio.
Disclaimer: The returns of model portfolio given above are for illustration purpose only. Model portfolio returns does not take into account expenses/charges and Profit/Loss on account of derivative transactions.
Returns under client wise portfolio may vary vis-à-vis returns of model portfolio due to various factors viz. timing of investment/additional investment in client’s portfolio, timing of withdrawals in client’s portfolio,
mandates given by respective client, profit/loss on account of derivative transactions, expenses charged to respective portfolio, dividend income in the respective portfolio etc. Portfolio Allocation based on Month End
dates. Large Cap:1st 100th company in terms of full market capitalization. Mid Cap:101st to 250th company in terms of full market capitalization. Small Cap:251st company onwards in terms of full market
capitalization. The Portfolio manager does not offer guaranteed or assured returns. Securities investments are subject to market risks, please read the Disclosure Document carefully before investing.

23
Comparatively Low Drawdown vs Mid & Small Cap Indices

Model Portfolio - Maximum drawdown (in %) – Calendar Year Wise

-5.80 -4.86
-7.45
-9.31
-11.93 -12.00
-14.03 -14.40
-16.23 -15.74 -15.59
-17.25

-22.25
-23.23
-26.36

-37.13
-38.39
-40.00 -40.16

-47.38
2016 2017 2018 2019 YTD 2020

Invesco India RSE Portfolio S&P BSE 500 (Benchmark) Nifty Midcap 100 Nifty Small Cap 100

Source: Internal / Bloomberg. Data: Model Portfolio. CY2016 data taken from April 18, 2016 (Inception of the Portfolio). Data as at June 30, 2020. Drawdown based on absolute returns for
respective Calendar Year.
Note: Drawdown is a measure that tells investors how much would have been lost if the investor bought an investment at the absolute peak and sold it at rock bottom. It thus measures the
largest single drop from peak value to bottom value in a portfolio before a new peak is achieved. Past performance may or may not be sustained in future. The above simulation is for
illustration purpose only and should not be construed as a promise on minimum returns and safeguard capital. Invesco Asset Management (India) Pvt. Ltd. is not guaranteeing or
forecasting any returns.

24
Why invest now?
Portfolio Outlook – Post Covid
▪ Post 2 years of economic challenges India had started witnessing certain green shoots of recovery in economic activity.
The global pandemic caused by COVID 19 has brought this process to a halt.

▪ India has taken steps at multiple fronts to contain the health challenge by announcing lockdown, and economic &
monetary packages to assuage the resultant economic pain. Similar steps have been implemented by various
governments globally and the quantum of financial aid promised is much higher than during GFC (great financial crisis)
in 2008-09.

▪ These synchronized actions have resulted in surplus liquidity which has fueled a rally in equity assets globally –
indicating that these measures have stemmed the fall in economic activity.

▪ The economic lockdown in the months of April and May has resulted in an indeterminate impact on GDP growth and
hence companies earnings. We believe certain consumer driven segments of the economy – like healthcare, staples
etc. would recover faster. We have made changes to our portfolio to accommodate this stance.

▪ With economic activity normalizing in the recent few weeks and a simultaneous rally in equities we believe the markets
are factoring a recovery in economic activity going ahead. However the news flow with respect to increasing infections
in India keep us cautious.

▪ We have a positive outlook on Indian equity markets over the medium to long term; and hence any volatility in the short
term could be used by investors as an opportunity to increase allocation to equities.

▪ The portfolio trades at attractive forward valuation of 20 times FY22E earnings (earlier seen at inception of this portfolio
4 years ago), offering good risk reward opportunity for long term investors.

Disclaimer: Past performance may or may not be sustained in future. The estimates expressed herein are based on internal analysis of publicly available information and other sources believed to be reliable. Any
such calculations made are approximations, meant as guidelines only. The recipient(s) before acting on any information herein should make his/their own investigation and seek appropriate professional advice.

26
Despite moderate growth in profits, portfolio companies have
de-rated significantly

55%

27.54%
25%
19% 19% 20%
14%
11%
7%

-2.64%
-4.91%
FY18 FY19 9MFY20 * FY20-22E CAGR

Sales Growth Profit Growth Portfolio Performance

Past performance may or may not be sustained in future.

Source: Company, Bloomberg, Internal Estimates. *Q4FY20 numbers are delayed due to COVID. CAGR: Compounded annualized growth rate. The information provided herein may
include statements/data of future expectations that are based on current views and assumptions and involves known and unknown risks and uncertainties that could cause actual results,
performance or events to differ materially from those expressed or implied. Invesco Asset Management (India) Private Ltd. is not guaranteeing or promising or forecasting any returns.
Invesco Asset Management (India) Private Ltd. is not guaranteeing or promising or forecasting any returns.

27
Post correction, portfolio attractively valued, an opportunity to
benefit over a 3 to 5 year period.

Portfolio 12 Month Trailing PE – Monthly Interval#

40

36.06

35

30

25.77
25
26.01

20

20.93 18.71

15

Jun-20
Jun-16

Jun-17

Jun-18

Jun-19
Dec-16

Feb-17

Dec-17

Feb-18

Dec-18

Feb-19

Dec-19

Feb-20
Aug-16

Aug-17

Aug-18

Aug-19
Apr-16

Oct-16

Apr-17

Oct-17

Apr-18

Oct-18

Apr-19

Oct-19

Apr-20
Source: Bloomberg, Internal. Data: Model Portfolio
Disclaimer: The information provided herein may include statements/data of future expectations that are based on current views and assumptions and involves known and unknown risks
and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied.

28
Where do we see opportunities, few examples
Reliance Industries Ltd.
Energy

Amount in INR Crs. Except return ratios.

Brief description & our thesis Financial Snapshot Data / Estimate as on June 30, 2020
▪ Reliance (RIL) has come to an end of its significant capex cycle and is likely YOY Growth
to see healthy free cash flows over next 2 – 3 years. Its telecom venture has Heads FY20 FY21E FY22E FY20-22E CAGR (FY20 v/s
also seen its subscriber base crossing 300 million and the plans it offers FY19)
implies average revenue per user at marginal discount to current national
average, thus not disruptive on absolute bill amount as feared before. Sales 594,681 528,950 592,099 0% 5%
Telecom venture is already in the black at net profit level.
EBITDA 82,491 100,141 119,183 20% -2%
▪ Lower capex intensity and increase in operating profits would translate into
cumulative free cash flows of around Rs. 800-900 bn in next two years (FY20 Profit After Tax 39,511 42,734 56,407 19% 0%
and FY21).

▪ The current valuations do not capture the B2C (business to consumer) Market Cap / Current Market
Ratios FY20 FY22E
change in the mix of the business in the revenue and profitability. Price
Market Cap (In
ROCE 9% 11% 1,089,167
INR Crs)
Current Market
ROE 10% 10% 1,718.20
Price

EV/EBITDA 16.30 11.28

P/E 27.57 19.31

Reliance Industries Ltd. trades at 19.31X P/E and 11.28X EV/EBITDA based on FY22E
numbers for expected EPS CAGR of 19% EBITDA CAGR of 20% over FY20-22

Past performance may or may not be sustained in future.

Source: Company, Bloomberg, Internal Estimates. CAGR: Compounded annualized growth rate. ROE: Return on Equity. P/E: Price to Earnings. EPS: Earnings per Share. ROCE: Return on Capital Employed. EV:
Enterprise Value. EBITDA: Earnings before interest, tax, depreciation, and amortization. PPOP: Pre-Provision Operating Profit. ROA: Return
Disclaimer: 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. IAMI
may or may not have any present or future positions in this stock or in any other portfolios offered by IAMI. The performance of above stock should not be construed as performance of IAMI portfolio offerings as each
portfolio would be constituted of number of stocks having different weights and the individual stock held by the portfolio may or may not give positive returns. The information provided herein may include
statements/data of future expectations that are based on current views and assumptions and involves known and unknown risks and uncertainties that could cause actual results, performance or events to differ
materially from those expressed or implied. Invesco Asset Management (India) Private Ltd. is not guaranteeing or promising or forecasting any returns.

30
HDFC Bank Ltd.
Financials

Amount in INR Crs. Except return ratios.

Brief description & our thesis Financial Snapshot Data / Estimate as on June 30, 2020
▪ HDFC bank is the largest private sector bank in the country with an asset YOY Growth
base of Rs. 8,19,401 crores and a network of 5,416 branches as of FY20. Heads FY20 FY21E FY22E FY20-22E CAGR (FY20 v/s
FY19)
▪ During the last five years (FY14-FY19), bank demonstrated strong track
Sales 56,186 64,989 74,540 15% 16%
record with loan book CAGR of 22%, PAT CAGR of 20% and average return
of equity at 18%.
PPOP 43,977 52,007 59,893 17% 23%
▪ Within the banking spectrum, HDFC Bank has one of the highest proportions
of low-cost liabilities at 38% of total liabilities, one of the best NIMs at 4.18% Profit After Tax 26,257 29,558 34,293 14% 25%
and one of the highest core pre-provisioning profit ratios at 3.4% for FY19.

▪ Asset quality outcomes have been extremely strong and stable as average Ratios FY20 FY22E
Market Cap / Current Market
Gross NPA’s for last 5 years have been 1.1% and FY19 exit was at 1.4%. Price
Market Cap (In
ROA 2% 2% 589,619
INR Crs)
Current Market
ROE 14% 15% 1,075.30
Price

Price / Adj.
3.42 2.59
Book

P/E 21.91 16.78

HDFC Bank Ltd. trades at Rs. 1075.3 with a Price / Adj. Book of 2.59 for FY22E with
an adjusted book value CAGR of 15% over FY20-22

Past performance may or may not be sustained in future.

Source: Company, Bloomberg, Internal Estimates. CAGR: Compounded annualized growth rate. ROE: Return on Equity. P/E: Price to Earnings. EPS: Earnings per Share. ROCE: Return on Capital Employed. EV:
Enterprise Value. EBITDA: Earnings before interest, tax, depreciation, and amortization. PPOP: Pre-Provision Operating Profit. ROA: Return
Disclaimer: 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. IAMI
may or may not have any present or future positions in this stock or in any other portfolios offered by IAMI. The performance of above stock should not be construed as performance of IAMI portfolio offerings as each
portfolio would be constituted of number of stocks having different weights and the individual stock held by the portfolio may or may not give positive returns. The information provided herein may include
statements/data of future expectations that are based on current views and assumptions and involves known and unknown risks and uncertainties that could cause actual results, performance or events to differ
materially from those expressed or implied. Invesco Asset Management (India) Private Ltd. is not guaranteeing or promising or forecasting any returns.

31
Central Depository Services (India) Ltd.
Financials

Amount in INR Crs. Except return ratios.

Brief description & our thesis Financial Snapshot Data / Estimate as on June 30, 2020
▪ Central Depository Services (India) Ltd. (CDSL) operates in the duopoly YOY Growth
market of Indian depository services with market share of 46% based on Heads FY20 FY21E FY22E FY20-22E CAGR (FY20 v/s
number of demat accounts (FY18). It continues to gain higher market share of FY19)
incremental demat accounts (>55%) for the past five years.
Sales 225 234 260 7% 15%
▪ CDSL has taken a few emerging initiatives such as digitization of academic
certificates and commodity repository. Dematerialization of unlisted EBITDA 100 115 125 12% -9%
companies and common demat account for all financial products will provide
further boost to revenues and Net Interest Marginal cost. Profit After Tax 117 128 139 9% -6%

▪ For the period FY14-18, company demonstrated healthy operating leverage

as EBIDTA grew at CAGR of 37% for operating revenue CAGR of 21%. As Market Cap / Current Market
Ratios FY20 FY22E
the scale of the business increases, there is further scope for higher Price
profitability driven by operating leverage as its costs are non-linear to growth. Market Cap (In
ROCE 13% 12% 2,875
INR Crs)
▪ The business is asset-light with Net Interest Marginal capex requirement, Current Market
leading to better free cash flow (FCF) generation. On average for the last 5- ROE 17% 16% 275.15
Price
years, FCF to EBITDA conversion was 75%. FCF yield stands at 4%. For the
last 5-years, average dividend pay-out was 39% & average ROE was 17%. EV/EBITDA 20.72 16.50

P/E 24.63 20.63

Central Depository Services India Ltd. trades at 20.63X P/E and 16.50X EV/EBITDA
based on FY22E numbers for expected EPS CAGR of 9% EBITDA CAGR of 12% over
FY20-22

Past performance may or may not be sustained in future.

Source: Company, Bloomberg, Internal Estimates. CAGR: Compounded annualized growth rate. ROE: Return on Equity. P/E: Price to Earnings. EPS: Earnings per Share. ROCE: Return on Capital Employed. EV:
Enterprise Value. EBITDA: Earnings before interest, tax, depreciation, and amortization. PPOP: Pre-Provision Operating Profit. ROA: Return
Disclaimer: 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. IAMI
may or may not have any present or future positions in this stock or in any other portfolios offered by IAMI. The performance of above stock should not be construed as performance of IAMI portfolio offerings as each
portfolio would be constituted of number of stocks having different weights and the individual stock held by the portfolio may or may not give positive returns. The information provided herein may include
statements/data of future expectations that are based on current views and assumptions and involves known and unknown risks and uncertainties that could cause actual results, performance or events to differ
materially from those expressed or implied. Invesco Asset Management (India) Private Ltd. is not guaranteeing or promising or forecasting any returns.

32
Torrent Pharmaceuticals Ltd.
Health Care

Amount in INR Crs. Except return ratios.

Brief description & our thesis Financial Snapshot Data / Estimate as on June 30, 2020
▪ Torrent Pharmaceuticals (TPL) has branded generic franchise in domestic YOY Growth
and Brazilian market. For the generic business core capabilities reside on the Heads FY20 FY21E FY22E FY20-22E CAGR (FY20 v/s
manufacturing side. FY19)

Sales 7,780 8,381 9,247 9% 4%

▪ Branded business which is largely led by domestic and Brazil contributed
~50% of revenue, offering stable cash flow. The same is getting deployed in
R&D to boost US business pipeline. EBITDA 2,170 2,307 2,554 8% 9%

▪ TPL has good branded domestic franchise led by chronic portfolio – Profit After Tax 1,025 1,028 1,265 11% 41%
Cardiovascular System (CVS) and Central Nervous System (CNS).

▪ Post-acquisition of Elder and Unichem’s domestic portfolio, TPL has been Ratios FY20 FY22E
Market Cap / Current Market
quick on integration program, medical representative rationalization and Price
division re-jig thus improving the overall productivity leading to operating Market Cap (In
ROCE 16% 20% 40,273
leverage. INR Crs)
Current Market
▪ The Net/ Debt post acquisition has peaked out at 1.2x. Healthy cash flow will ROE 21% 22% 2,369.00
Price
enable timely debt repayment, offering scope for financial leverage.
EV/EBITDA 20.73 17.61
▪ Credible track record of capital allocation with average Return on capital
employed (ROCE) 31% during last 5 years.
P/E 39.29 31.83

Torrent Pharmaceuticals Ltd. trades at 31.83X P/E and 17.61X EV/EBITDA based on
FY22E numbers for expected EPS CAGR of 11% EBITDA CAGR of 8% over FY20-22

Past performance may or may not be sustained in future.

Source: Company, Bloomberg, Internal Estimates. CAGR: Compounded annualized growth rate. ROE: Return on Equity. P/E: Price to Earnings. EPS: Earnings per Share. ROCE: Return on Capital Employed. EV:
Enterprise Value. EBITDA: Earnings before interest, tax, depreciation, and amortization. PPOP: Pre-Provision Operating Profit. ROA: Return
Disclaimer: 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. IAMI
may or may not have any present or future positions in this stock or in any other portfolios offered by IAMI. The performance of above stock should not be construed as performance of IAMI portfolio offerings as each
portfolio would be constituted of number of stocks having different weights and the individual stock held by the portfolio may or may not give positive returns. The information provided herein may include
statements/data of future expectations that are based on current views and assumptions and involves known and unknown risks and uncertainties that could cause actual results, performance or events to differ
materially from those expressed or implied. Invesco Asset Management (India) Private Ltd. is not guaranteeing or promising or forecasting any returns.

33
Invesco India R.I.S.E Portfolio

Portfolio Name Invesco India R.I.S.E Portfolio

(R.I.S.E: R- Recovery in Demand, I- Idle Capacity-potential for operating leverage, S- Superior Business Model, E-Earnings Recovery)

Portfolio To generate capital appreciation by investing in equity and equity related securities.
Objective

Portfolio The portfolio will comprise of companies which will benefit from revival in economic growth and R.I.S.E in consumer discretionary spending.
Description The portfolio will favour companies that will benefit from operating and financial leverage. The portfolio will also include companies where
dividend yield is attractive.

Indicative Asset Under normal circumstances, the asset allocation of the portfolio shall be as follows:
Allocation
Pattern Instrument Indicative Allocations (% of portfolio value)

Equity & Equity Related Instruments

(Including Equity Derivatives)# 60% to 100%

Cash & Cash Equivalent 0% to 40%

# The portfolio may have exposure to derivatives up to 30% of the portfolio value in accordance with guidelines issued by SEBI.

Benchmark S&P BSE 500

Minimum INR 50 Lacs

Investment
Subscription Mode: Cheque and/or Stock Transfer.

34
Risk Factors & Mitigates

Delay in Earnings Companies in this portfolio are not immune to pain in the P&L
Recovery account but their Balance sheets give them staying power

Valuations are attractive and provide cushioning given that

Valuation
inherent earnings power of these companies is superior to current
De-rating
reported earnings

35
Portfolio Manager

Mr. Amit Nigam

Portfolio Manager – Portfolio Management Services

Amit is responsible for the PMS equity management function at Invesco. He has over 20
years’ experience in the Indian equity markets. In his last assignment, Amit was working
with Essel Mutual Fund as Head of Equities where he was responsible for the equity
management function at the firm. In the past, he has also worked with companies like BNP
Paribas Investment Partners, BNP Paribas Mutual Fund, SBI Funds Management &
Reliance Industries Ltd. Amit holds a Mechanical Engineering Degree from Indian Institute
of Technology Roorkee and a PGDBM from Indian Institute of Management, Indore.

36
About Invesco

Invesco Ltd.
▪ $1.05 trillion in assets under management around the globe.
▪ Specialized investment teams managing investments across a wide range of asset classes and investment styles.
▪ More than 8,000 employees worldwide.
▪ On-the-ground presence in more than 25 countries, serving clients in more than 120 countries.

Invesco Asset Management (India) Private Ltd.

▪ Expertise across equity, fixed income and gold investments with assets under management & advisory mandates of
INR 34,614 crores.
▪ More than 29 investment strategies across fixed income, equity and gold
▪ Proprietary stock selection process for Equity & Credit Appraisal process for Debt.
▪ Experienced Investment Management Team of 19 members with combined experience of over 300+ years.
▪ Broad, deep and stable research platform.
▪ Defined and robust Risk Management Processes

Data of Invesco Ltd.: Invesco Ltd. Client-related data, investment professional, employee data and AUM are as of March 31, 2020 and include all assets under advisement, distributed
and overseen by Invesco. Data of Invesco Asset Management (India) Private Ltd.: AUM represents Average AUM for the quarter ending June 2020. Decimals have been rounded off.

37
Disclaimer

Disclaimer: This presentation does not solicit any action based on the material contained herein. Invesco Asset Management (India) Private Ltd. (“the Portfolio
Manager / the Company”) will not treat recipients as clients by virtue of their receiving this presentation. It does not constitute a personal recommendation or take into
account the particular investment objectives, financial situation / circumstances and the particular needs of any specific person who may receive this presentation. The
Co's/sectors referred in this presentation are only for the purpose of explaining the concept of Portfolio and should not be construed as recommendations from Portfolio
Manager. The Portfolio may or may not have any present or future positions in these stock. The Portfolio(s) discussed in the presentation may not be suitable for all
the investors. The recipient of this material alone shall be fully responsible / liable for any decision taken on the basis of this material. The appropriateness of a
particular investment or strategy will depend on an investor’s individual circumstances and objectives. The distribution of this presentation in certain jurisdictions may
be restricted or totally prohibited to registration requirements and accordingly, persons who come into possession of this presentation are required to inform
themselves about and to observe any such restrictions and/ or legal compliance requirements. Persons who may receive this presentation should consider and
independently evaluate whether it is suitable for his / her / their particular circumstances and are requested to seek professional / financial advice. Past performance is
not a guide for future performance. Future returns are not guaranteed and a loss of principal may occur. The Company and its affiliates accept no liabilities for any kind
of loss arising out of the use of this presentation. With respect to all information found in this presentation the Company has obtained data from sources it considers
reliable however, the Company and its directors, officers, agents, or employees and its affiliates make no warranty, express or implied, including the warranties of
merchantability and fitness for a particular purpose, or assume any legal liability or responsibility for the accuracy, completeness, or usefulness of any information
contained therein and the Company shall not be liable for any indirect, incidental or consequential damages sustained or incurred in connection with the use,
operation, or inability to use this presentation and information contained therein. Under no circumstances will the Portfolio Manager be liable for any loss or damage
caused by anyone’s reliance on information contained in this presentation.
Risk Factors: All securities investments are subject to market risks and there can be no assurance that the objectives of the portfolio(s) will be achieved. Each
portfolio will be exposed to various risks depending on the investment objective, investment strategy and the asset allocation. The performance of the portfolio may be
affected by changes in factors affecting the securities markets such as volume and volatility in the capital markets, interest rates, currency exchange rates, changes in
law/policies of the Government, taxation laws, political, economic or other developments, general decline in the Indian markets, which may have an adverse impact on
individual securities, a specific sector or all sectors. Further, the investments by the portfolio shall involve investment risks such as trading volumes, settlement risk,
liquidity risk, default risk including the possible loss of capital. The portfolio with investment objective to invest in a specific sector / industry would be exposed to risk
associated with such sector / industry and its performance will be dependent on performance of such sector / industry. The Portfolio Manager in accordance with the
features of respective Portfolio may use derivatives which require an understanding not only of the underlying instrument but of the derivative itself. Derivative products
are leveraged instruments and can provide disproportionate gains as well as disproportionate losses to the investor. Execution of such strategies depends upon the
ability of the Portfolio Manager to identify such opportunities. The decisions of Portfolio Manager may not always be profitable. The portfolio, returns and expenses
charged including Portfolio Management fees for each Client may differ from that of the other Client. Investors of the Portfolio Management Services are not being
offered any guaranteed / assured returns. The Portfolio Manager may invest in shares, debt, units of mutual funds, deposits or other financial instruments of associate/
group Co's. The name of the portfolio(s) does not in any manner indicate either the quality of the product or their future prospects and returns. Investors are advised to
read the risk factors given in the Portfolio Management Services Agreement and Disclosure Document before making investments. Securities investments are subject
to market risks, please read the Disclosure Document carefully before investing.

38
Get in Touch

Corporate Office:
Invesco Asset Management (India) Private Ltd.
2101-A, A Wing, 21st Floor, Marathon Futurex,
N. M. Joshi Marg, Lower Parel, Mumbai – 400013
T: +91-22-6731000 F: +91-22-23019422

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