Invesco India Medium Term Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Invesco India Medium Term Fund Direct Growth Plan is a debt fund with a current NAV of ₹1,357.9546 as of 16 Sep 2026 and scheme AUM of ₹164 Cr. Its 1-year, 3-year and 5-year returns are 4.98%, 7.14% and 5.97%, respectively, and the fund is tagged as Medium Risk. Our view is that it fits conservative debt investors who want a medium-term allocation and can accept some return variability.

The fund has stayed ahead of the benchmark over 1Y, 3Y and 5Y, with a steadier long-term pattern than the benchmark’s recent weakness. The portfolio is anchored by government securities and other high-quality debt exposures, which may support stability, although the concentration in a handful of large positions can still matter for outcomes.

Quick facts

Particular	Details
NAV	₹1,357.9546 as of 16 Sep 2026
AUM	₹164 Cr
Expense Ratio	0.4%
Launch Date	16 Jul 2021
Min SIP	₹1,000
Risk Category	Medium Risk
Benchmark	Nifty 50
Fund Category	Debt
Exit Load	No exit load
Fund Managers	Vikas Garg, Krishna Cheemalapati

The fund is managed by Vikas Garg and Krishna Cheemalapati.

Source data date: as of 16 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-0.39%	-4.41%
3M	1.23%	-3.6%
1Y	4.98%	-7.76%
3Y	7.14%	5.74%
5Y	5.97%	5.67%

Recent performance looks more resilient than the benchmark. Over 1 month and 3 months, the fund held close to flat-to-positive territory while the benchmark remained weaker, which tells us the scheme has been less exposed to the short-term drawdowns seen in the reference index.

The longer view is also constructive. The 3-year return of 7.14% is stronger than the 5-year return of 5.97%, which suggests the recent medium-term phase has been better than the full five-year stretch. That pattern matters for debt investors because it points to a fund that has recovered after earlier softness rather than one that has been uniformly smooth throughout the period.

Against the benchmark, the fund stays ahead in every period shown. The gap is especially visible in 1 year, where the fund is positive while the benchmark is negative, and the advantage remains present over 3 years and 5 years. In our view, that combination of relative resilience and modest long-term compounding is more useful than chasing a very short burst of return.

The daily pattern also looks uneven rather than perfectly linear, so investors should expect some movement around the trend. Even so, the overall direction over 3 years and 5 years is positive, and that makes the fund’s return profile more relevant for medium-horizon debt allocation than for short-term parking of money.

Source data date: as of 16 Sep 2026

Should you BUY or HOLD Invesco India Medium Term?

A fund's past returns alone don't tell you whether you should buy it today or continue holding it.

The right decision depends on factors such as your current allocation, purchase price, risk profile, investment horizon and the role this fund plays in your overall portfolio.

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Peer comparison

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.

Fund	1Y return	3Y return	5Y return
Invesco India Medium Term Fund Direct Growth Plan	4.98%	7.14%	5.97%
Aditya Birla SL Medium Term Fund Direct Growth Plan	8.98%	10.48%	12.63%
ICICI Pru Medium Term Fund Direct Growth Plan	7.35%	8.42%	7.35%
Kotak Medium Term Fund Direct Growth Plan	7.04%	8.93%	7.36%
SBI Medium Term Fund Direct Growth Plan	6.79%	7.79%	6.81%
Axis Medium Term Fund Direct Growth Plan	6.77%	8.33%	7.31%

On the latest one-year number, the fund trails all five comparison funds listed here, so the recent return picture is softer than the peer group’s stronger names. That does not change the broader story, because the fund’s benchmark-relative behaviour has been better than the benchmark over the same stretch.

Over 3 years and 5 years, the fund is again below the comparison funds that have stronger long-term records on this set of figures. The spread is widest in the 5-year numbers, where the gap to the strongest peers is meaningful, so the fund’s long-term compounding has been more modest even though it still stays above the benchmark.

So the peer picture is mixed: the fund is not the strongest on raw return figures, but it does show steadiness versus the benchmark. For investors who value resilience more than the highest available return in the peer list, that distinction matters.

Source data date: as of 16 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
7.18% Government of India 2033	Government Securities	9.3%
6.79% Government of India 2034	Government Securities	9.06%
6.36% Government of India 2031	Government Securities	9.03%
6.68% Government of India 2040	Government Securities	8.79%
Triparty Repo	Cash & Cash Equivalents and Net Assets	7.17%
7.59% National Housing Bank 2027 **	Corporate Debt	6.08%
7.77% Bajaj Finance Limited 2029 **	Corporate Debt	6.03%
6.48% Government of India 2035	Government Securities	5.9%
HDFC Bank Limited 2027 #	Certificate of Deposit	5.86%
National Bank for Agriculture and Rural Development 2027 #	Certificate of Deposit	5.85%

The largest holding is 7.18% Government of India 2033 at 9.3% of the portfolio, so no single position dominates the scheme on its own. The tenth holding is still 5.85%, which shows that the drop from the largest position to the tenth is relatively contained rather than sharp.

The displayed holdings account for approximately 73.07% of the portfolio, and there are 22 disclosed holdings in total. That mix suggests meaningful concentration in the top part of the book, but not a narrowly built portfolio around one or two positions.

Government securities make up a large part of the visible holdings list, alongside triparty repo, corporate debt and certificate of deposit exposures. In our view, that structure may support a more defensive credit profile, while the spread across 22 holdings may still allow the fund to participate in a broad range of debt instruments.

To see all holdings, visit the Invesco India Medium Term Fund Direct Growth Plan page

Source data date: as of 16 Sep 2026

Who should invest

This fund suits investors who can accept medium risk and want a debt allocation with a multi-year horizon rather than a short holding period. The 1-year return is softer than the 3-year and 5-year figures, so the fund has not been perfectly smooth, but it has stayed ahead of the benchmark across all the periods shown.

The main trade-off is that the fund offers steadier benchmark-relative behaviour than the index, yet its raw returns are lower than the stronger peer funds on the figures shown here. That makes it more suitable for investors who value consistency and portfolio quality over the highest possible return outcome.

Tax and exit load

Holding period	Tax rate	Description
Units held less than 1 year	20%	Short-term capital gains tax
Units held more than 1 year	12.5%	Long-term capital gains tax

Exit load: No exit load.

Source data date: as of 16 Sep 2026

Frequently asked questions

What is the current NAV of Invesco India Medium Term Fund Direct Growth Plan?
The current NAV is ₹1,357.9546 as of 16 Sep 2026.

What are the 1-year, 3-year and 5-year returns?
The fund’s returns are 4.98% for 1 year, 7.14% for 3 years and 5.97% for 5 years.

How does the fund compare with its benchmark?
It has stayed ahead of the benchmark across 1 month, 3 months, 1 year, 3 years and 5 years. The gap is most visible over the 1-year period.

How does it compare with the peer funds shown here?
Its raw return figures are lower than the peer funds listed here, especially on the 1-year and 5-year periods. Even so, it has remained ahead of the benchmark on the same periods.

What is the exit load?
There is no exit load.

Who manages the fund?
The fund is managed by Vikas Garg and Krishna Cheemalapati.

Bottom line

Invesco India Medium Term Fund Direct Growth Plan has shown a more resilient path than its benchmark, especially in the recent 1-year period, but its raw returns are below the stronger peer figures shown here. The portfolio is built around government securities, repo and other debt exposures, which supports a relatively defensive profile. For investors seeking medium-risk debt exposure with a multi-year horizon and an emphasis on stability over the highest return, the fund remains a sensible case to study.

Published on 17 September 2026 at 10:46 AM IST

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RIA disclosure

Mutual fund investments are subject to market risks. Read all scheme-related documents carefully before investing. This review is prepared by Uniapps Investment Adviser Pvt. Ltd. (earlier known as Uniapps Global Research Pvt. Ltd.) under SEBI Registered Investment Adviser registration INA000017639 for general informational purposes and is not personalized investment advice.