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Invesco MF's Aditya Khemani on Earnings, Valuations, and Growth
Description
In this episode, we sit down with Aditya Khemani, Fund Manager at Invesco Mutual Fund, who manages over ₹25,000 crore across large-, mid- and small-cap strategies. He shares candid insights on:
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Why earnings risk never disappears—but matters less over 3, 5, or 10 years.
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How India’s macro backdrop is one of the strongest in two decades, even as cyclical slowdowns remain inevitable.
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Why valuations must be judged through the lens of long-term growth and cash flows, not just near-term P/E ratios.
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The importance of stock selection vs sector bets in generating alpha.
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Why investors should temper return expectations to realistic low-teen outcomes.
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Key structural themes—from healthcare to financialisation—that continue to drive resilience in his funds.
Khemani also explains why quality, growth, and cash flow conversion remain at the heart of his stock-picking framework, and how patient investors can still create meaningful wealth in India’s evolving markets.
If you’ve been anxious about stretched valuations or confused about how to navigate today’s mid- and small-cap rally, this conversation will give you much-needed clarity.