Invesco Mutual Fund

Board of Directors - AMC

Board of Directors - Trustee Company

Senior Management Team

Investment Team

Equity

Fixed Income

Our equity investment philosophy is centered on generating capital appreciation for the investor. The primary emphasis is on providing the investor with a degree of capital appreciation, superior to that of the returns from the equity class as represented by a market index over the longer term. Our core investment premise is that the equity markets are not completely efficient. A well-organized and thorough research effort combined with a disciplined portfolio management approach will enable out performance of the market index over time.

A key pillar of our disciplined approach is to stay true to the mandate of the specific fund as specified in the offer document under all circumstances. This is key to generating superior performance over time even though there could be times when staying true to the mandate may result in short-term underperformance. Our investment philosophy is a matrix framework of Company, Industry, Economic and Technical analysis. The equity team will provide many of the inputs for this framework, but we will also use inputs from external sources as and when required. This open framework is combined with an environment that encourages regular and constant debate; which we believe leads to superior decision making.

Stock categorization system

The objective of our stock categorization system is to enable us to identify stocks that are likely to be the best investments from within our universe. Each category of stock has a description of fundamental attributes that we expect the company to possess. The categorizations are as follows:

Stock Category	Descriptions (eg.)	Growth Prospects (eg.)	Company Attribute (eg.)	Financial Parameter (eg.)
Star	Young companies	High growth	Entrepreneur vision, scalability	Operating Leverage
Leader	Established companies	In line or better than industry	Track record of leadership, globally competitive	Industry leading margin / ROE
Warrior	Young / established companies	Better than industry	Unique proposition and / or right place, right time	Margin & ROE expansion
Diamond	Company with valuable assets	Low growth	Management intent to unlock value	Value of asset / business
Frog Prince	Company in a turnaround situation	Back to growth	Intrinsic strengths in core business	P2P, ROE expansion
Shotgun	Opportunistic investment	Positive surprise	Corporate event, restructuring, earnings news	Event visibility
Commodities	Call on the cycle is paramount	Positive	Integration, cost efficiency, globally competitive	Profit leverage
* P2P - Path to Profit, ROE - Return on Equity
Stocks that fit into one of these categories typically display superior return profiles, but more importantly this enables fund managers to focus on the attributes that drive stock price performance and keep a watch for red flags.

The philosophy for managing fixed income portfolios revolves around optimizing risk adjusted returns for the investor by investing in high quality credit assets, managing interest rate risk and minimizing liquidity risk.

Our fixed income investment philosophy is based on a top down research oriented model with focus on economic data analysis. We strive to generate optimized risk adjusted returns by providing for safety of capital, liquidity of funds and investment income for the investors. The portfolios are actively managed for both the interest rate risk, credit and liquidity risk. The interest rate risk is managed across duration buckets and portfolio composition is managed through active asset allocation across credits and the liquidity risk through a well-diversified portfolio.

The investment team follows a disciplined research oriented investment process to meet fund-specific investment objectives on a long-term investment horizon. The fund manager strives for outperforming the benchmark by selecting superior credits, based on the in-house analytical credit research and interest rate direction calls without compromising on the liquidity risk.

The credit risk assessment constitutes an integral part of the investment process and is carried out across sectors covering manufacturing, finance and services. By applying the credit model, we determine and monitor the credit worthiness of an issuer and assess the credit exposure limit. Our internal credit rating acts as a powerful risk containment tool that allow the fund manager to narrow down select credits to match the credit strategies of individual funds.

Build your career with us

We believe employees are important stakeholders in the growth and development of our organization. We value, nurture and reward the application of intellectual expertise across our company. We back this up by actively encouraging people to develop their skills and build on their professional qualifications.

We work in a knowledge driven environment that fosters and demands cohesive teamwork, unconventional thinking and continuous learning. The atmosphere is one of knowledge generation and sharing.

We aim to provide employees with an invigorating and professional work environment based on respect, openness and trust. A strong commitment to perform with a passion for excellence is what we expect from our employees.

If you're interested in pursuing a career with Invesco Mutual Fund or any of our Invesco affiliates, please visit the Invesco career center to review our opportunities. Research what makes our company one of the premier investment leaders in our industry and learn about some of the many benefits of working here.

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Investment Valuation Policy & Procedure

Complaint Redressal Report – Annual

Complaint Redressal Report – Monthly

Disclosure under SEBI Circular dated October 5, 2020 - Risk-O-Meter

Voting Policy

Stewardship Code

Transaction Data

Annual General Meeting Notice

Total Expense Ratio Of Mutual Fund Scheme

Investment Valuation Policy & Procedure
Deviation from Valuation Policy

Preamble

SEBI vide its circular reference no. SEBI/IMD/Cir No.18/198647/2010 dated March 15, 2010 has stated that mutual fund should play an active role in ensuring better corporate governance of listed companies. The said circular stated that the AMCs should disclose their general policies and procedures for exercising the voting rights in respect of shares held by them.

Subsequently, SEBI vide its circular ref. no. CIR/IMD/DF/05/2014 dated March 24, 2014, SEBI/HO/IMD/DF2/CIR/P/2016/68 dated August 10, 2016, SEBI vide its circular ref. no. CIR/CFD/CMD1/ 168 /2019 dated December 24, 2019 and SEBI/HO/IMD/DF4/CIR/P/2021/29 dated March 5, 2021 have amended certain provisions of above mentioned circular specifying additional compliance / disclosure requirements with respect to exercise of voting rights by mutual funds so as to further improve transparency as well as encourage Mutual Funds/AMCs to diligently exercise their voting rights in best interest of the unitholders. In this respect, AMFI vide its letter no. 35P/ MEM-COR/ 51/ 2020-21 dated March 09, 2021 has communicated that it would be mandatory for the Mutual Funds to cast their votes ‘For’ or ‘Against’ and Abstention will not be counted as having voted. The provisions of circulars issued by SEBI from time to time on voting by mutual fund schemes have now been consolidated in Part IV of Chapter 6 of SEBI Master Circular dated June 27, 2024.

Accordingly, this policy is drafted pursuance to circulars issued by SEBI and provides general philosophy, broad guidelines, procedures and principles for exercising voting rights.

Invesco Asset Management (India) Private Limited (“IAMI”) is an Investment Manager to the scheme(s) of Invesco Mutual Fund (“the Fund”). As an investment manager, IAMI has fiduciary responsibility to act in the best interest of unit-holders of the Fund. This responsibility includes exercising voting rights attached to the securities of the companies in which the schemes of the Fund invest. IAMI will participate in the voting process (i.e. exercise voting rights) based on the philosophy enunciated in this policy.

Philosophy of Voting Policy

Good corporate governance ensures that a corporation is managed keeping in mind the long-term interest of shareholders. Promoting good corporate governance standards forms an integral part of corporate ownership responsibilities.

With this in the forefront, IAMI expects all corporations, in which it invests in, to comply with high corporate governance standards. Accordingly, as the decision to invest is generally an endorsement of sound management practices, IAMI may generally vote with the management of these corporations. However, when IAMI is of the view that the unit holders will be prejudiced by any such proposal, then it may vote against such proposal to protect the interest of unit holders. Also, in case of resolutions moved by the shareholders of the company, IAMI will exercise its voting rights in the best interest of its unit holders.

IAMI, as an investment manager, will generally vote in accordance with the Voting Policy. However, it may deviate from the policy if there are particular facts and/or circumstances that warrant for such deviation to protect the interests of unit-holders of the Fund.

Conflict of Interest in Exercising Voting Rights

IAMI, under schemes, may invest in the securities of associate/group companies (to the extent permitted under SEBI (Mutual Funds) Regulations, 1996 as amended from time to time). Further, IAMI is an Indian subsidiary of global organization consisting of many affiliates. Moreover, schemes under IAMI may invest in securities of companies which have invested in schemes of Invesco Mutual Fund. Such scenarios may lead to a situation creating conflict of interest. Potential Conflict of interest may also arise if IAMI and the investee company are associates or are part of the same group; or the investee company holds a material ownership interest in IAMI; a nominee of IAMI has been appointed as a director of the investee company or having cross-directorships, the Investee Company is an entity participating in the distribution of investment products advised or administered by the Investment Manager and/or any of its affiliate; the Investee Company is a client of Investment Manager and/or its affiliates.

IAMI will attempt to avoid conflict of interest and will exercise its voting rights in the best interest of the unit-holders. Voting decisions in such cases will be based on merits without any bias and the same parameters will be applied for taking voting decisions as are applied for other companies.

In cases where there is a potential conflict of interest, IAMI will vote exactly as per recommendations of the proxy voting advisory entity with no modifications whatsoever. In case there is need for a clearer direction, the matter may be referred to the Investment committee for its guidance. Rationale for decision taken/ voting on the issue shall be recorded.

Voting Policy Guidelines

I. The matters regarding, but not limited to, which the IAMI will exercise the voting rights in the Annual General Meeting (AGMs) /Extra Ordinary General Meeting (EGMs) / Court Convened Meetings (CCMs) / Through Postal Ballots / Electronic voting of the investee companies, voting platforms offered by NSDL / CDSL / other services platforms or by attending meetings in person are as follows:

Corporate governance matters, including changes in the state of incorporation, merger and other corporate restructuring and anti- takeover provisions.
Changes to capital structure, including increase and decrease of capital and preferred stock issuances.
Stock option plans and other management compensation issues.
Social and corporate responsibility issues.
Appointment and Removal of Directors.
Any other issue that may affect the interest of the shareholders in general and interest of the unit-holders in particular.
Related party transactions of the investee companies (excluding own group companies). For this purpose, “Related Party Transactions” shall have same meaning as assigned to them in clause (zc) of Sub-Regulation (1) of Regulation (2) of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015

Effective April 01, 2021, voting has become mandatory for all resolutions mentioned above. Further, for all remaining resolutions which are not covered in (I) above, IAMI will compulsorily be required to cast votes with effect from April 01, 2022.

II. In case of the Mutual Funds having no economic interest on the day of voting, it may be exempted from compulsorily casting of votes.

The vote shall be cast at Mutual Fund Level. However, in case Fund Manager/(s) of any specific scheme has strong view against the views of Fund Manager/(s) of the other schemes, the voting at scheme level shall be allowed subject to recording of detailed rationale for the same.

IAMI will exercise voting rights keeping in mind the need to improve economic value of the companies and importance of protecting the interests of unit holders of its schemes but subject to importance of the matter and cost/time implications. The analysts in equity team will make recommendations on key voting issues and same will be approved by the Head of Equity or Fund Manager. In case of conflicts or need for a clearer direction, the matter may be referred to the Voting Committee for its guidance.

Voting Committee

As a guiding principle, IAMI shall exercise voting rights solely in the interest of unit holders of the Fund. IAMI has constituted a Voting Committee (VC). The Committee is empowered to provide guidance on the voting matters referred to it, establish voting guidelines and procedures as it may consider necessary and is responsible to ensure that these guidelines and procedures are adhered to and also make changes in the Policy as may be required from time to time. The members of this Committee are as follows:

CEO / COO / Head - Operations (any one)
Head of Compliance or Member of compliance team
Head of Equity or Fund Manager (equity)
Head of Fixed Income and/ or Fund Managers (fixed income)
Any other representative as the Committee may co-opt from time to time

Broad Guidelines for functioning of Voting Committee are:

Voting Committee may record its decisions by circulation including decisions/guidance on voting matters that have been referred to it.
Voting Committee may consult with outside experts and other investors on issues as it may deem fit.
Decisions of Voting Committee should be maintained by compliance.
Details of voting decisions taken by the Fund Management team will be presented to the Voting Committee/Investment Committee.
Voting Committee may review this policy from time to time.

Steps (Procedure) in Exercising Voting Rights

The following points outline the key steps in exercising Voting rights:

Notification of company AGMs / EGMs and relevant voting items to Fund Management Team.
IAMI shall endeavor to vote for all holdings of the Fund aggregated for all its schemes. The voting will cover all equity holding across all schemes of Invesco Mutual Fund including passive investments like Index Funds, Exchange Traded Fund etc.
Custodian will send relevant papers (notice of meeting, proxy form, attendance slips etc.) to IAMI relating to event as soon as it receives.
The fund management team is authorized to decide on voting decisions but may refer decisions to the Voting Committee for its guidance/direction.
Based on internal discussion within the fund management team, a decision would be arrived to vote on the proposed resolution. Routine matters and ordinary resolutions like adoption of financials (unless there are significant auditor qualifications), dividend declaration, general updating/corrective amendments to the Articles of Association would also be considered for voting purpose.
IAMI will generally support and vote “for” proposals which are likely to result in maximizing long-term investment returns for unit holders. IAMI would not support and will vote “against” proposals that appear to be detrimental to the company financials / interest of the minority shareholders or which would adversely impact shareholders’ value.
IAMI may exercise its voting rights by authorizing its own executives/authorized representative to attend the AGM/EGM or may instruct the Custodian to exercise voting rights in accordance with the instructions of IAMI.
IAMI may exercise its voting rights through Postal Ballot or may use electronic voting mechanism / voting platforms offered by NSDL/ CDSL and other service providers, wherever available, either through its own executives or by authorizing the Custodian. Further, the Fund Managers / Analysts may also attend the general meetings of the investee companies in person. The records of voting exercised will be maintained by IAMI.

Note: IAMI uses proxy voting services offered by Deutsche Bank AG (‘DB’), Custodian to Invesco Mutual Fund. Custodian will ensure that company general notices on stock exchange websites are tracked and communicated to Fund Management Team as per holdings of IAMI. IAMI will ensure that systems of custodian are free of any issues
IAMI may utilize the services of third party professional agencies for getting in-depth analyses of proposals and vote recommendations. However, the recommendations of the third party agencies will be non-binding in nature and will only provide guidance to the investment team while arriving at voting decisions. The Fund Management Team of IAMI reserves the right to vote differently based on their own assessment on the voting proposal involved. IAMI will perform due diligence on proxy voting advisory firms at the time of initial selection as well as at the time of renewal of services of the proxy voting. The due diligence will be carried out on parameters viz. resource strength, Companies under coverage, extent of institutional ownership, depth of analysis, quality of advice / recommendations, analyst access & support, timely availability of reports, composition of board of directors, advisory board and top management, web-based interface platform and clientele.
The rationale supporting each voting decision (For, Against and Abstain) will be recorded and such records will be retained for number of years (currently 8 years) as may be required under the SEBI (Mutual Funds) Regulations, 1996 from time to time.
As per para 3.11.4.3.3 (b. & c.) of SEBI Master circular dated June 27, 2024, with regards to votes cast on ESG schemes, it is decided that under the rationale for voting decisions (whether” in favour” or “against”), IAMI shall categorically disclose if the resolution has or has not been supported due to any environmental, social or governance reasons. Also, in instances wherein the voting approach for ESG and non-ESG schemes of Invesco Mutual Fund differ, the details and rationale for votes cast for ESG schemes and non-ESG schemes shall be disclosed separately.

Details of Service Provider

Currently IIAS (Institutional Investor advisory Services) has been appointed as our proxy voting advisor. The scope of the agreement with IIAS includes, inter-alia, IIAS shall provide non-binding Voting Recommendations for each Voting Event for investee companies, access to their research portal and analysts for any discussion, access to their online voting management systems etc. The details of the service provider (currently IIAS) are provided in the “Rationale for continuation of Proxy Voting advisory report” which is prepared once in 2 years. IIAS has standardized voting policies and has a committee-based voting decision making system. Their analysis to arrive at the recommendations are detailed in nature and recommendations are fairly objective.

IAMI may change the third-party agency from time to time.

Disclosures

The Voting Policy will be available on the website of the fund (www.invescomutualfund.com) and link is provided on the home page. Further, the disclosures of voting rights exercised are as follows:

Details of votes cast by the schemes of the Fund will be uploaded on the website of IAMI (www.invescomutualfund.com) (in machine readable spreadsheet form) on a quarterly basis in the prescribed format within the stipulated timelines as prescribed by SEBI from time to time.
Details of votes cast by the schemes of the Fund will be uploaded on the website of IAMI (www.invescomutualfund.com) on an annual basis in the prescribed format. Further, AMCs shall provide the web link in the Annual Reports of the schemes of the Fund regarding the disclosure of voting details.
Summary on actual exercise of votes cast and its break-up in terms of total number of votes cast in favor, against or abstained will also be uploaded on the website of IAMI (www.invescomutualfund.com) on an Quarterly / annual basis.

Certification/Confirmation

On an annual basis, IAMI will obtain a certification from scrutinizer (in terms of Rule 20 (3) (ix) of Companies (Management and Administration) Rules, 2014) on voting reports and the same will be placed before the Boards of AMC and Trustee. The scrutinizer’s certificate will form part of Annual Report and will also be uploaded on the website of IAMI (www.invescomutualfund.com).

Fund managers / Decision Makers shall submit a declaration on quarterly basis to the trustees that the votes cast by them have not been influenced by any factor other than best interest of unit holders.

A confirmation shall also be submitted by Trustees in its half yearly report to SEBI that IAMI have voted on important decisions affecting interests of unitholders and rationale recorded for voting decision(s) was prudent and adequate.

Review

The Board of Directors of IAMI and Trustees shall review and ensure that IAMI have voted on important decisions affecting interests of unitholders and the rationale recorded for vote decision is prudent and adequate.

Voting Details and Auditor Certification

Voting Details 2014-2015 (for Quarter ended June 30, 2014)

Voting Details 2013-2014

Voting Details 2012-2013

Voting Details 2011-2012

Voting Details 2010-2011

Notification of company AGMs / EGMs and relevant voting items to Fund Management Team.
The IAMI shall endeavor to vote for all holdings of the Fund, aggregated for all its schemes, but subject to the importance of the matter and the cost/time implications. The voting will cover all equity holding across all schemes of Invesco Mutual Fund.
Custodian will send ballots and or other relevant papers (notice of meeting, proxy form, attendance slips etc.) to IAMI relating to AGM/EGM as soon as it receives.
The fund management team is authorized to decide on voting decisions but may refer decisions to the voting committee for its guidance/direction.
Based on internal discussion within the fund management team, a decision would be arrived at as to whether IAMI should attend the meeting and/or vote on the proposed resolution. IAMI would not vote for resolutions/matters pertaining to its equity holdings in quant based funds (arbitrage and Agile). Moreover routine matters and ordinary resolutions like adoption of financials (unless there are significant auditor qualifications), dividend declaration, general updating/corrective amendments to the Articles of Association would be ignored for voting purpose. However IAMI may on a case to case basis, vote on such resolutions, if it deems fit to do so.
Proposed resolutions which screen through the above criteria would be discussed within the fund management team and decision would be taken on whether to vote (“for“/“against“) or “abstain“ from voting. IAMI may abstain from voting on proposals that do not have a readily determinable financial impact on shareholder value and/or matters for which disclosure is inadequate. For the remaining proposals, IAMI would vote either “for“ or “against“ based on overall merits and demerits of the proposed resolution. IAMI will generally support and vote “for“ proposals which are likely to result in maximizing long-term investment returns for unit holders. IAMI would not support and vote “against“ proposals that appear to be detrimental to the company financials / interest of the minority shareholders, which would adversely impact shareholders value.
IAMI may authorize either its own executives/authorized representative to attend the AGM/EGM to exercise the voting rights or may instruct the Custodian to exercise voting rights in accordance with the instructions of IAMI. Proof of such authorization will be maintained by the Deutsche Bank.
Record of matters on which voting rights were exercised will be maintained by Deutsche Bank and will be subject to internal audit.
Requisite disclosure will be placed before the Board of Religare Invesco AMC and Religare Invesco Trustee Company on a quarterly basis or such other frequency as the VC may consider appropriate.
Report on actual exercise of voting rights will be placed on the website of the Fund (www.invescomutualfund.com) and also in the annual report sent to the unit holders on an annual basis.

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