Invesco India’s Multi Asset Allocation Fund has got off to a good start in its 13-14 months of existence, delivering a 1 yr return of around 23%, placing it around the 70th percentile among peers.
Amey says the key performance driver is the undivided focus on asset allocation. The fund aims to deliver returns only through agile asset allocation decisions and does not focus on stock selection.
Precious metals allocations can range from 10%-30% in this fund. In the past year, allocation has seen a low of 15% and a high of 23%. Presently the allocation is a sizeable 19%, with 16% in gold and 3% in silver. Amey has trimmed positions in recent months, in the huge rally we saw until Jan 2026.
Equity allocations have been increasing steadily in recent months as Indian equity valuations have now become more reasonable.
The fund has a 13% exposure to Invesco US Value Fund,which has been doing well over the last 6-9 months as US continues to see asector rotation out of mega-tech and into value.
Amey is actively exploring other geographies to add to the overall international equity allocation.
Indian equity allocations are large cap dominated, with holdings more or less in line with large cap benchmarks – the focus being on asset allocation rather than stock selection.
The fund has a 6% allocation to couple of midcap ETFs (managed by other fund houses) – the call here again is to focus on asset allocation rather than stock selection within midcaps. Amey expects midcap allocations to increase incrementally in the coming months.
Amey is a firm believer that in an asset allocation product, giving undivided attention to asset class calls and expanding the breadth of asset coverage (like international equities) is the way to go, rather than treating asset classes outside Indian equities as residual allocations and focusing on bottom up stock picking within a large equity bucket.