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

December 2017

This document is prepared by Invesco Asset Management (India) Private Ltd (‘IAM’). for informational purposes only and is not an offering.
R I S E
Circulation, disclosure, or dissemination of all or any part of this material to any unauthorized persons is prohibited.
Turning Adversity Into Opportunity

 Profits at subdued levels

 Some companies exhibiting low capacity utilization and high
What debt levels
 Fall in raw material prices a tailwind for some businesses

 Global Slowdown
Why  Mixed trends at a nascent stage in recovery
 Weak commodity prices

 Demand recovery would lead to better capacity utilization

 No further capex required to meet growth in demand
How  Decline in financial leverage
 Profitability expected to spring back

Transient Opportunity – Good businesses at attractive valuations;

Spring effect on Profitability

2 R I S E
Earnings – Levers for Recovery

Capacity Utilisation vs. EBITDA Margin trends & Gross Financial Leverage
Profit Margin 28.0% 16.0%
50 48 80
46
43 26.0%
43 24.1% 15.0%
39 42
39 40
40 78 77 24.0% 24.7%
78
77 14.0%
22.0%
74 19.7% 22.1%
30 75 74 20.0% 21.3% 13.0%
72 72 72
%

%
18.0% 17.2%
11.5% 11.4% 12.0%
20 16.10 16.09 71
14.11 16.0% 11.0%
13.21 14.28 13.68 14.84
11.0%
15.28 14.0% 12.6% 10.9% 11.0%
10 68 10.6%
12.3%
10.0%
12.0%
10.0%
9.6%
0 65 10.0% 9.0%
FY10 FY11 FY12 FY13 FY14 FY15 FY 16 FY 17 2010 2011 2012 2013 2014 2015 2016 2017

EBITDA Margins (LHS) Gross Profit Margin (LHS) CU (RHS) Interest Exp/EBIT (LHS) Cost of Borrowing (ex CWIP) (RHS)

 While current earnings cycle is weak, there are levers to earnings recovery
 India’s incorporation’s capacity utilization is at a 6-year low
 Interest expense in FY17 constitutes 22% of EBIT as compared to 12% in 2010 highlighting significant financial
leverage
 Any cyclical recovery in demand should result in more than proportionate uptick in earnings due to higher
degree of operating and financial leverage

Source: RBI, IIFL, Capitaline, Invesco Asset Management (India) Research. EBITDA: Earnings before interest, taxes, depreciation, and amortization. EBIT: Earnings before interest and tax.
CU: Capacity utilization. CWIP: Capital Work in Progress. Above graphs include company data, which are constituents of S&P BSE 200 Index (excluding financials).

3 R I S E
Has it Happened Before?

The Ramco Cements Ltd.

Improved capacity utilization due to demand growth

200
Period: March 1998 – March 2003 Period: March 2003 – March 2007
180 Capacity expanded from 2.8 mn tonnes to 6 mn tonne Capacity utilization levels improved from
58% in 2003 to 94% 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. IAM is not guaranteeing or forecasting any returns. The stock referred above should not be construed as recommendations from Invesco Asset
Management (India) Private Ltd. (“the Portfolio Manager”). The Portfolio Manager may or may not hold position in this stock in future. This should not be seen as an investment advice.

4 R I S E
Why Does it Happen?

The Ramco Cements Ltd.

12.0 200

10.0 150

8.0 100

6.0 50

4.0 0

2.0 -50

0.0 -100
Apr/91 Nov/92 Jun/94 Jan/96 Aug/97 Mar/99 Oct/00 May/02 Dec/03 Jul/05 Feb/07
Capacity (LHS) Sales (LHS) Share Price (RHS)

 Capacity expansions happen in step fashion-minimum economic size of a new manufacturing

plant/factory
 Demand growth is linear and prone to fluctuations
 Results in periods where capacity is ahead of demand
 But when utilization increases (gap between capacity & sales reduces) then margins and profits spring
back
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. IAM is not guaranteeing or forecasting any returns. The stock referred above should not be construed as recommendations from Invesco Asset
Management (India) Private Ltd. (“the Portfolio Manager”). The Portfolio Manager may or may not hold position in this stock in future. This should not be seen as an investment advice.

5 R I S E
Presenting 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

 Recovery in Demand
 R.I.S.E in Discretionary Spending

 Idle Capacity – Potential for operating leverage

 Interest cost to decline as financial leverage declines

 Superior Business models; healthy balance sheets

 Suppressed Earnings; can spring back swiftly

 Earnings recovery on the back of operating & financial leverage

 Expansion of Valuation can add to returns

6 R I S E
Portfolio Update

R I S E
Model Portfolio Performance
As on December 31, 2017

Portfolio Inception Date: April 18, 2016.

74.49%

46.89%

36.61% 35.94%

22.67% 24.09%

13.84%
9.17% 10.23%

3.51%

1 Month 3 Months 6 Months 1 Year Since Inception (April 18,

2016)
Invesco India R.I.S.E Portfolio S&P BSE 500

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. 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.

8 R I S E
Model Portfolio Characteristics
December 31, 2017

Characteristic Invesco India R.I.S.E Portfolio S&P BSE 500

Dividend Yield1 0.39% 0.39%

12 Month Trailing Price to Earnings1 34.5 25.0

12 Month Trailing Price to Book Value1 4.0 3.0

Return on Equity1 FY 18 Estimate 14.7% 13.6%

Return on Assets1 FY 18 Estimate 4.7% 2.5%

Price to Earnings1 FY 18 Estimate 24.7 22.9

Good businesses available at reasonable valuations

1 Weighted Harmonic Mean

Note: Excludes companies with net loss for appropriate results for various ratios
Source: Factset, Internal.

9 R I S E
Model Portfolio Holdings
December 31, 2017

Portfolio Holdings Portfolio Themes

Top 15 Holdings % of Net Assets Theme % of Net Assets
KEC International Ltd. 7.15 Operating Leverage 49.88
Balkrishna Industries Ltd. 6.97 Operating and Financial Leverage 24.41
Coromandel International Ltd. 6.68 Financial Leverage 16.46
Mahindra & Mahindra Fin Services Ltd. 5.74 Deep Value 2.25
Shriram Transport Finance Co. Ltd. 5.66
Tata Steel Ltd. 5.06 Sector
Ramkrishna Forgings Ltd. 4.96 Sector % of Net Assets
Mahindra & Mahindra Ltd. 4.76 Materials 31.44
Dixon Technologies India Ltd. 4.55 Consumer Discretionary 22.86
Gujarat State Petronet Ltd. 4.41 Financials 15.78
L & T Finance Holdings Ltd. 4.38 Industrials 11.40
VIP Industries Ltd. 4.33 Utilities 4.41
AIA Engineering Ltd. 4.25 Health Care 3.72
J K Cement Ltd. 4.20 Consumer Staples 3.39
National Aluminium Co. Ltd. 3.84 Cash & Cash Equivalent 7.00

The stock & sectors referred above should not be construed as recommendations from Invesco Asset Management (India) Private Ltd. (“the Portfolio Manager”). The Portfolio Manager may
or may not hold position in this stock in future. This should not be seen as an investment advice. 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. Deep Value: Deep 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.

10 R I S E
Stock Selection Process

Stock Portfolio
Categorization Investment Strategy Construction
Framework# Levers

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

No. of No. of No. of No. of

Stocks: 300 Stocks: 140 Stocks: 40 Stocks: 15–25

Recovery Attractive
Portfolio
Potential Valuations

#For details on Stock Categorization Framework please refer next slide.

*5 Benchmark Indices: S&P BSE 200 Index, Nifty Free Float Midcap 100 Index, Nifty Infrastructure Index, Nifty Bank Index and S&P BSE PSU Index

11 R I S E
Stock Categorization Framework

Stock Descriptions Growth Prospects Company Attribute Financial Parameter

Category (e.g.) (e.g.) (e.g.) (e.g.)
Track record of
In line or better than Industry leading
Leader Established companies leadership, globally
industry margin / ROE
competitive
Unique proposition and
Young / established Margin & ROE Growth
Warrior Better than industry / or right place, right
companies expansion
time
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,
Opportunistic
Shotgun Positive surprise restructuring, earnings Event visibility Event
investment
news

Integration, cost
Call on the cycle
Commodities Positive efficiency, globally Profit leverage
is paramount
competitive

P2P: Path to Profit; ROE: Return on Equity.

12 R I S E
Performance Contributors

R I S E
KEC International Ltd.
Improvement in EBITDA. Reduction in debt on account of improved cash flow
from operations

Financial Leverage Stock / Benchmark Performance

2.50 2.28 160
150 149.93%
2.00 Purchase Date Feb 08, 2017
140
1.50 139.00 130 Holding Date Dec 31, 2017
1.15
120 Holding Period 326 days
1.00 110
100 Return Method Absolute
0.50 108.00
90
0.00 80
FY16 FY17
Net Debt/Equity (LHS) Working Capital (In Days) (RHS)

Growth (FY16 to FY17)

106.15%

24.69%

18.13%
0.50%

Revenue EBITDA Profit after tax KEC International Ltd. S&P BSE 500

Past performance may or may not be sustained in future. Returns up to 1 year are absolute and over 1 year are Compounded Annualized. Note: Performance has been shown from
the period when stock was included in the portfolio. Source: Company reports, Capitaline & Internal. EBITDA: Earnings before interest, taxes, depreciation, and amortization.
The stock referred above should not be construed as recommendations from Invesco Asset Management (India) Private Limited. 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.

14 R I S E
Balkrishna Industries Ltd.
Higher capacity utilization lead to Margin expansion & reduction in Net Debt to
Equity

Operating & Financial Leverage Stock / Benchmark Performance

0.28
60% 57% 0.30

Purchase Date Apr 18, 2016

55%
0.20 Holding Date
119.01% Dec 31, 2017
49%
50%
Holding Period 622 days
0.10
45% Return Method CAGR
0.02

40% 0.00
FY16 FY17
Capacity Utilization (LHS) Net Debt / Equity (RHS)

Growth (FY16 to FY17)

20.86%
19.29%

10.20% 23.48%

Revenue EBITDA Profit after tax Balkrishna Industries Ltd. S&P BSE 500

Past performance may or may not be sustained in future. Returns up to 1 year are absolute and over 1 year are Compounded Annualized. CAGR: Compounded annualize growth
rate. Note: Performance has been shown from the period when stock was included in the portfolio. Source: Company reports, Capitaline & Internal. EBITDA: Earnings before interest,
taxes, depreciation, and amortization.
The stock referred above should not be construed as recommendations from Invesco Asset Management (India) Private Limited. 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.

15 R I S E
Coromandel International Ltd.
Higher capacity utilization lead to margin expansion & reduction in Debt to
Equity ratio

Operating & Financial Leverage

Leverage Stock / Benchmark Performance
0.90 66.80%
67% 1.00

0.80 Purchase Date Apr 29, 2016

66%
77.39% Holding Date Dec 31, 2017
0.60
65% 0.70
64.50% Holding Period 611 days
0.40
64% Return Method CAGR
0.20

63% 0.00
FY16 FY17
Capacity Utilization (LHS) Net Debt / Equity (RHS)

Growth (FY16 to FY17)

38.00%
24.43%
28.10%

EBITDA Profit after tax Coromandel International Ltd. S&P BSE 500

Past performance may or may not be sustained in future. Returns up to 1 year are absolute and over 1 year are Compounded Annualized. CAGR: Compounded annualize growth
rate. Note: Performance has been shown from the period when stock was included in the portfolio. Source: Company reports, Capitaline & Internal. EBITDA: Earnings before interest,
taxes, depreciation, and amortization.
The stock referred above should not be construed as recommendations from Invesco Asset Management (India) Private Limited. 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 R I S E
VIP Industries Ltd.
Operating leverage leading to EBITDA growth significantly higher than topline
growth

Operating Leverage Stock / Benchmark Performance

37% 36.76% 11.00%
10.51% 10.50%
37% 91.79% Purchase Date Apr 26, 2016
36.20% 10.00% Holding Date Dec 31, 2017
36% 9.50% Holding Period 614 days
8.89%
9.00% Return Method CAGR
36%
8.50%
35% 8.00%
FY16 FY17
Operating Cost EBIDTA margins

Growth (FY16 to FY17)

26.81%
23.29%
23.38%

4.29%

Revenue EBITDA Profit After Tax VIP Industries Ltd. S&P BSE 500

Past performance may or may not be sustained in future. Returns up to 1 year are absolute and over 1 year are Compounded Annualized. CAGR: Compounded annualize growth
rate. Note: Performance has been shown from the period when stock was included in the portfolio. Source: Company reports, Capitaline & Internal. EBITDA: Earnings before interest,
taxes, depreciation, and amortization.
The stock referred above should not be construed as recommendations from Invesco Asset Management (India) Private Limited. 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.

17 R I S E
Ramkrishna Forgings Ltd.
Higher capacity utilization leading to operating and financial leverage

Capacity Utilization Stock / Benchmark Performance

70%
58.58%
66% Purchase Date Apr 29, 2016
Holding Date Dec 31, 2017
Holding Period 611 days
Return Method CAGR
55%

FY16 FY17 H1FY18

Growth (H1FY17 to H1FY18) 24.43%

1456%

58% 69%

Revenue EBITDA Profit After Tax Ramkrishna Forgings Ltd. S&P BSE 500

Past performance may or may not be sustained in future. Returns up to 1 year are absolute and over 1 year are Compounded Annualized. CAGR: Compounded annualize growth
rate. Note: Performance has been shown from the period when stock was included in the portfolio. Source: Company reports, Capitaline & Internal. EBITDA: Earnings before interest,
taxes, depreciation, and amortization. PAT: Profit after Tax.
The stock referred above should not be construed as recommendations from Invesco Asset Management (India) Private Limited. 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.

18 R I S E
TVS Motor Company Ltd.
Operating leverage led to improvement in margins

Operating Leverage - Operating Margins Stock / Benchmark Performance

7.50%

Purchase Date Apr 25, 2016

53.14%
Sale Date Jul 05, 2017
Holding Period 436 days
7.30%
Return Method CAGR

FY16 FY17

Growth (FY16 to FY17) 23.25%

33.62%

12.85%
9.28%

Revenue EBITDA Profit after tax TVS Motor Company Ltd. S&P BSE 500 Index

Past performance may or may not be sustained in future. Returns up to 1 year are absolute and over 1 year are Compounded Annualized. CAGR: Compounded annualize growth
rate. Note: Performance has been shown from the period when stock was included in the portfolio. Source: Company reports, Capitaline & Internal. EBITDA: Earnings before interest,
taxes, depreciation, and amortization.
The stock referred above should not be construed as recommendations from Invesco Asset Management (India) Private Limited. 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.

19 R I S E
National Aluminum Co. Ltd.
Proxy to Aluminum price

Aluminum price vs National Aluminum stock price Stock / Benchmark Performance

275

Purchase Date Apr 29, 2016

250 45.23%
Holding Date Dec 31, 2017
225 221 Holding Period 611 days
Return Method CAGR
200

175

148 24.43%
150

125

100

75
Apr-16 Aug-16 Dec-16 Apr-17 Aug-17 Dec-17

National Aluminum (Share price) Aluminum (US$ Metric Ton)

Rebased to 100 National Aluminium Co. Ltd. S&P BSE 500

Past performance may or may not be sustained in future. Returns up to 1 year are absolute and over 1 year are Compounded Annualized. CAGR: Compounded annualize growth
rate. Note: Performance has been shown from the period when stock was included in the portfolio. Source: Company reports, Capitaline & Internal.
The stock referred above should not be construed as recommendations from Invesco Asset Management (India) Private Limited. 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.

20 R I S E
Portfolio Laggards

R I S E
Power Mech Projects Ltd.
Deterioration in working capital

Growth (FY16 to FY17) Stock / Benchmark Performance

22.60%

Purchase Date Apr 18, 2016

Sale Date Jun 22, 2017
Holding Period 430 days
-2.90%
Return Method CAGR

-8.75%

-13.91%

Revenue EBITDA Profit after tax -0.88%

Power Mech Projects Ltd. S&P BSE 500 Index

Past performance may or may not be sustained in future. Returns up to 1 year are absolute and over 1 year are Compounded Annualized. CAGR: Compounded annualize growth
rate. Note: Performance has been shown from the period when stock was included in the portfolio. Source: Company reports, Capitaline & Internal. EBITDA: Earnings before interest,
taxes, depreciation, and amortization.
The stock referred above should not be construed as recommendations from Invesco Asset Management (India) Private Limited. 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.

22 R I S E
Gujarat Pipavav Port Ltd.
Falling market share

Market share in India's Overall Container Volumes Stock / Benchmark Performance

6.0% Purchase Date Apr 18, 2016

20.66%
Holding Date Oct 04, 2017
Holding Period 534 days
Return Method CAGR

5.4%

4.9%

-17.17%
FY16 FY17 H1FY18 Gujarat Pipavav Port Ltd S&P BSE 500

Past performance may or may not be sustained in future. Returns up to 1 year are absolute and over 1 year are Compounded Annualized. CAGR: Compounded annualize growth
rate. Note: Performance has been shown from the period when stock was included in the portfolio. Source: Company reports, Capitaline & Internal. EBITDA: Earnings before interest,
taxes, depreciation, and amortization.
The stock referred above should not be construed as recommendations from Invesco Asset Management (India) Private Limited. 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.

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

Portfolio Invesco India R.I.S.E Portfolio

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

24 R I S E
Risk Factors & Mitigates

Delay in Companies in this portfolio are not immune to pain

Earnings in the P&L account but their Balance sheets give
Recovery them staying power

Valuations are attractive and provide cushioning

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

25 R I S E
Portfolio Manager

Mr. Chetan Shah, CFA

Senior Portfolio Manager – Portfolio Management Services

Chetan has experience of 23 years in Indian equity markets; of which 11 years were spent in portfolio
management and previous 11 years were in equity research. He has been with PMS division since
inception. Prior to this he worked with Quantum Securities as Head of Research and at DBS Securities
India as a Senior Analyst. Chetan holds an Electronics Engineering degree, a PGDM from Jamnalal Bajaj
Institute of Management Studies and a CFA charter from CFA Institute, USA. He is on the Board of Indian
Association of Investment Professionals (IAIP), a not-for-profit organization and member society of CFA
Institute, promoting ethics and professional excellence in the industry.

26 R I S E
Invesco

Global Presence Invesco Limited

 US$917.5 billion in assets under management around the globe.
 Specialized investment teams managing investments across a wide range of asset classes and
investment styles.
 On-the-ground presence in more than 20 countries, serving clients in more than 120 countries with
Nearly 7,000 employees worldwide.
 Publicly traded on NYSE; S&P 500 constituent; market cap of nearly $14 billion

Local Expertise Invesco Asset Management (India)

 Expertise across equity, fixed income and gold investments with assets under management &
advisory mandates of INR 34,750.11 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 20 members with combined experience of over 260
years.
 Broad, deep and stable research platform.
 Defined and robust Risk Management Processes

Data of Invesco Limited: Invesco Ltd. Client-related data, investment professional, employee data and AUM are as of September 30, 2017, and include all assets under advisement,
distributed and overseen by Invesco. Data of Invesco Asset Management (India): AUM represents Average AUM for the quarter ending December 2017. Decimals have been rounded
off.

27 R I S E
R I S E
R I S E
R I S E
Disclaimer

Disclaimer: This presentation does not solicit any action based on the material contained herein. Invesco Asset Management (India) Private Ltd. (“the Portfolio

MKTG/PMSOP/0118/C00141
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.

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Get in Touch

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

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

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