Invesco India Credit Risk Fund Regular Monthly Reinvestment of Income Dist cum Capital Wtdrl INF205K01I67

Invesco India Credit Risk earns an Average Process Pillar rating.

The leading factor in the rating is the fund's strong long-term risk-adjusted performance. This can be seen in its five-year alpha calculated relative to the category average, which suggests that the managers have shown skill in their allocation of risk. The stability of the management team also contributes to the process. Specifically, the fund has not seen a manager change in the last five years. However, the process is limited by its parent firm's subpar risk-adjusted performance, as shown by the firm's average 10-year Morningstar Rating of 2.8 stars. A lower star rating suggests that the firm has struggled to outperform on a risk-adjusted basis.

Compared with other funds in the Credit Risk Morningstar Category, this fund consistently took on lower credit risk over the past few years. Opening the analysis to additional factors, the portfolio has displayed biases over time, whether towards or away from certain fixed-income instruments. Compared with the category average, the managers have been substantially underweight corporate bonds in recent years. In the latest month, the strategy has also relatively underweighted corporate bonds compared with Morningstar Category peers. Additionally, there's been a bias away from A rated bonds over the past few years. Similarly, in recent months, the strategy also had less exposure to A rated bonds than peers. Finally, during the past few years, the fund leaned towards debt with seven- to 10-year maturities. In this month, the strategy also leaned more towards debt with seven- to 10-year maturities compared with its peers.

The portfolio's average surveyed credit quality is on par with peers, with both the fund and the average being rated AA.