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Invesco Asset Management (India) Private Limited
With an average asset base of over INR 24,918.71 crores (for the quarter ending June 2018), Invesco Asset Management (India) aims to serve investment needs of domestic and global investors; individuals, corporate and institutions through mutual funds and sub-advised portfolios. Our product portfolio is managed by individually focused management teams to create optimum balance and results. We are committed to providing financial care and top class service. We subscribe to sustainable business models and processes that factor in the dynamism of the business in fast changing market scenarios. Investors can expect best-in-class investment products that will leverage on our expertise and global resources of Invesco.
 Corporate Presentation

Invesco Limited is an independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. NYSE: IVZ
For details visit www.invesco.com
Organizational Strength
  • One of the world’s leading independent global investment management firm
  • USD 934.2 billion in assets under management around the globe
  • Dedicated investment professionals 
  • Publicly traded on NYSE, S&P 500 constituent ; Market Cap of nearly USD 15 bn
  • Solid financials, investment grade debt rating, strong balance sheet
  • Objective investment perspective and industry voice

Client Focus
  • “Investors First” Focus and commitment to helping clients pursue their financial goals
  • Dedicated relationship professionals specialized by channel and client needs
  • Dedicated support with a wide variety of business-building solutions and experts to help our clients succeed

Global Presence
  • Portfolio managers, analysts and researchers across North America, Asia-Pacific and Europe
  • On-the-ground presence in more than 25 countries, serving clients in more than 120 countries
  • More than 7,000 employees worldwide
Sources: Invesco. Assets under management and data as of 31 March 2018; Invesco Ltd. AUM includes all assets under advisement, distributed and overseen by Invesco. Invesco PowerShares Capital Management LLC is the sponsor for the PowerShares QQQ and BLDRS products. ALPS Distributors, Inc. is the distributor of PowerShares QQQ, BLDRS Funds and the PowerShares DB Funds. Invesco PowerShares Capital Management LLC and Invesco Distributors, Inc. are indirect, wholly-owned subsidiaries of Invesco Ltd. Invesco Distributors, Inc. is the U.S. distributor for Invesco Ltd.’s retail products. Invesco Ltd. is not affiliated with ALPS Distributors, Inc. or Deutsche Bank.

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:
Growth Prospects (eg.) Company Attribute
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.

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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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Scheme Financials
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AMC Financials
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Investment Valuation Policy & Procedure
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Deviation from Valuation Policy
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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 and SEBI/HO/IMD/DF2/CIR/P/2016/68 dated August 10, 2016 have amended certain provisions of above mentioned circular specifying additional compliance / disclosure requirements with respect to exercise of voting rights by mutual funds.

This policy is drafted in pursuance of SEBI circular dated March 15, 2010 read with March 24, 2014 and August 10, 2016 and provides general philosophy, broad guidelines and procedures 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. It will be IAMI’s endeavor to 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. In certain circumstances, IAMI may also decide to refrain from voting where it has insufficient information or there is conflict of interest or it does not have a clear stance on the proposal under consideration.

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). Further, IAMI is an affiliate of a diverse financial services organization consisting of many affiliates. Moreover IAMI under schemes 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.

In a situation where an investee company, an affiliate or associate/group company were to approach IAMI with regard to a particular voting decision then such matter will be referred to the Voting Committee.

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.


Voting Policy Guidelines

The matters regarding, but not limited to, which the IAMI may exercise the voting rights in the Annual General Meeting (AGMs) /Extra Ordinary General Meeting (EGMs)/ Through Postal Ballots/Electronic voting of the investee companies 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.

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:

  1. Voting Committee may record its decisions by circulation including decisions/guidance on voting matters that have been referred to it.
  2. Voting Committee may consult with outside experts and other investors on issues as it may deem fit
  3. Decisions of Voting Committee should be maintained by compliance
  4. Details of voting decisions taken by the Fund Management team will be presented to the Voting Committee/Investment Committee.
  5. 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:

  1. Notification of company AGMs / EGMs and relevant voting items to Fund Management Team.
  2. 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.
  3. 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..
  4. The fund management team is authorized to decide on voting decisions but may refer decisions to the Voting Committee for its guidance/direction.
  5. Based on internal discussion within the fund management team, a decision would be arrived at as to whether IAMI should 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. However, IAMI may on a case to case basis, not vote on such resolutions, if it deems fit to do so.
  6. Proposed resolutions 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 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.
  7. 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.
  8. IAMI may exercise its voting rights through Postal Ballot or may use Electronic voting mechanism, wherever available, either through its own executives or by authorizing the Custodian. The records of voting exercised through Postal Ballot will be maintained by IAMI.
  9. 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. 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.
  10. 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.


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) 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 and the same will also be disclosed in Annual Report of the schemes of the Fund.
  • 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 annual basis.

H. 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).
  • 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.


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

References of SEBI Circular:

Sr. No. Circular Number Date
1 SEBI/IMD/CIR No 18 / 198647 /2010 March 15, 2010
2 E-mail from SEBI June 23, 2011
3 CIR/IMD/DF/05/2014 March 24, 2014
4 SEBI/HO/IMD/DF2/CIR/P/2016/68 August 10, 2016


The Voting Policy of Invesco Mutual Fund was initially approved by the Board of Directors Invesco Asset Management (India) Private Limited and Invesco Trustee Private Limited in their respective meetings held on September 16, 2010. The Voting Policy (Version 3) amended pursuant to SEBI Circular dated March 24, 2014 was approved in Board meetings of Invesco Asset Management (India) Private Limited and Invesco Trustee Private Limited held on May 22, 2014 and May 23, 2014, respectively.

The Voting Policy will be available on the website of the fund (www.invescomutualfund.com) and link will be provided on the home page.

Date of Review: May 31, 2018

Next Date of Review: On or before May 31, 2019

Noted for Implementation:

Taher Badshah
Head - Equity
Sujoy Das
Head - Fixed Income
Suresh Jakhotiya
Head - Compliance & Risk
Neelesh Dhamnaskar
Fund Manager
Kavita Bhanej
Senior Vice President -


Saurabh Nanavati
Chief Executive Officer
Ketan Ugrankar

Version History:

Version Date Description Initiator Approved by
1.0 September 2, 2010 Initial Adoption of Voting Policy Suresh Jakhotiya Board of Religare Invesco AMC and Trustees at board meetings held on September 16, 2010.
2.0 June 28, 2011 Policy amended pursuant to SEBI e-mail dated June23, 2011 Suresh Jakhotiya Board of Religare Invesco AMC and Trustees at board meetings held on July 13, 2011.
3.0 May 23, 2014 Policy amended pursuant to SEBI circular dated March 24, 2014 Suresh Jakhotiya Board of Religare Invesco AMC and Trustees at board meetings held on May 22, 2014 and May 23, 2014 respectively.
3.1 July 5, 2016 Names of AMC and Trustee Company were changed to reflect new names and logo was changed Suresh Jakhotiya N.A.
4 November 18, 2016 Amended Policy pursuant to SEBI circular dated August 10, 2016 and for the purpose of IAMI’s application to SEC for registration as an advisor. Suresh Jakhotiya Board of IAMI & ITPL at their meetings held on November 18, 2016 and November 25, 2016 respectively.
5 May 5, 2017 Reviewed and no changes to be made Suresh Jakhotiya N.A.
6 May 31, 2018 Changes in the voting policy guidelines. Suresh Jakhotiya Board of IAMI & ITPL at their meetings held on July 13, 2018 respectively.

Voting Details and Auditor Certification

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

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