India's Best Fund Managers 2018

Growth Rider

Unrelenting commitment towards process and sticking to his conviction have augured well for Invesco’s Taher Badshah

Soumik Kar

Invesco Mutual Fund’s chief investment officer, Taher Badshah, even today, distinctly remembers the day he first met Raamdeo Agrawal, chairman of Motilal Oswal Asset Management, in 1995, and also the questions which he fumbled through, before he finally landed himself a job as an auto analyst. The journey, since then, has been very exciting. Today Badshah has a stellar three-year track record, with his funds outperforming the benchmark by a mile, generating a return of 17.6%. He joined Invesco in early January 2017 after managing MOSt Focused Midcap 30 Fund and MOSt Focused 25 Fund at Motilal for seven years. 

A management graduate from SP Jain Institute, Badshah’s education as a mechanical engineer, certainly played a crucial role in his deeper understanding of the automobile space, which went on to drive him to some of the most memorable milestones of his career. The first one being at Motilal Oswal, when he recommended Hero Honda in 1997, at a time when Bajaj was still the leader, commanding a lion’s market share of about 80-90%. “We took this call that market would shift from scooters to motorcycles and Hero Honda had access to technology that was superior and provided better fuel efficiency. With demand from the rural market kicking in and the not-so-good road conditions, motorcycles had a great opportunity. From a Rs.5,000 crore-odd market cap, it went on to become Rs.20,000 crore in 2009 and then to about Rs.70,000 crore in October 2016. It was a stock that brought Motilal into the limelight, and in a way was a great milestone for my career too, since I initiated that idea.” 

In 2004, Badshah had moved to Kotak Institutional Equities as a lead auto analyst. The four years at Kotak, were followed by a brief stint as a fund manager, first at ICICI Prudential (2004-07), then at Kotak Mahindra Investment Advisors (2007-10), before returning to Motilal Oswal, but this time as a fund manager. “I was happy that I was called to head the other part of the business, in a different role, ten years later. Mr Agrawal called me back to join the asset management business in 2010, which they had just started.” Badshah stayed there for the next seven yea

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