Top Trumps: India equities – 27 November 2025

This week FSA provides a quick comparison of two India equity funds: Invesco India Equity and Nomura India Equity.

27 November 2025

Source: FE Fundinfo. All relevant fund data converted to US dollars for comparative purposes. Performance, alpha and volatility are annualised over three years with data as reported at the end of last month. Information ratio (IR) aims to measure a portfolio manager’s consistent ability to generate excess returns relative to a benchmark. The higher the IR, the more consistent the manager is.

Based on the popular 80s card game, each week we select an asset class and use FE fundinfo data to compare two funds based on their three-year performance, assets under management, alpha, volatility, ongoing charges and information ratio to decide which is the Top Trump.

This week, the Nomura India Equity fund defeats the Invesco India Equity fund 5‐1.

Nomura India Equity

This fund aims to achieve long-term capital growth through investment in an actively managed portfolio of Indian securities.

Top 10 holdings:

ICICI Bank (8.29%)
HDFC Bank (6.41%)
Ultratech Cement (5.32%)
Bharti Airtel (3.61%)
Infosys (3.59%)
Lodha Developers (3.54%)
Au Small Finance (3.26%)
State Bank Of India (3.05%)
Indian Hotels (2.95%)
Reliance Industries (2.9%)

Invesco India Equity

This fund aims to achieve long-term capital growth by investing principally in equity or similar instruments of Indian companies.

Top 10 holdings:

Bharti Airtel (7.1%)
HDFC Bank ADR (6.5%)
Mahindra & Mahindra (4.4%)
ICICI Bank ADR (3.7%)
Cholamandalam Investment and Finance (3.6%)
Eternal (3.5%)
GE Vernova T&D India (2.9%)
ICICI Bank (2.9%)
Larsen & Toubro (2.8%)
Bajaj Finance (2.4%)