Mutual Funds

Invesco Small Cap Discovery Fund

Equity | US Equity

Hidden Gems

A strategy focusing on small companies with unrecognized growth potential. The fund looks for stocks whose prices do not reflect their growth prospects.

At the helm   Specialized approach   Small companies focus
Lead manager, Matt Hart developed this investment process and has used it to successfully manage the fund for more than a decade.   Good fishermen don’t cast their nets randomly, they try to first identify areas where fish will congregate.

The team’s selection process is similar as it seeks to identify the most promising areas within the small company universe and then uses rigorous analysis to find the best stocks.
  Small company stocks can complement a diversified portfolio.

Historically, while they have experienced more volatility than large company stocks, they have outperformed large company stocks over the long-term.1


Footnote(s)

1 Source: Morningstar/Ibbotson. Past performance cannot guarantee future results. With a higher standard deviation, the Ibbotson index of small company stocks outperformed the S&P 500 Index from Dec. 31, 1925 to Dec. 31, 2013. The Ibbotson index is represented by the fifth capitalization quintile of stocks on the NYSE from 1926 to 1981 and the performance of the Dimensional Fund Advisors (DFA) Micro Cap Fund thereafter. Standard deviation measures an investment’s range of total returns and identifies the spread of an investment’s short-term fluctuations.

Objective & Strategy

The fund seeks capital appreciation by investing primarily in common stocks of small cap companies for which there is a disconnect between the market consensus view and the investment team’s view of a company’s true earnings potential or long-term rate of growth.

Style Map

Invesco Small Cap Discovery Fund

The map illustrates areas in which the fund can invest, not necessarily within a limited period of time.

as of 01/31/2015

Morningstar Rating

Overall Rating - Small Growth Category

As of 01/31/2015 the Fund had an overall rating of 4 stars out of 652 funds and was rated 3 stars out of 652 funds, 3 stars out of 569 funds and 4 stars out of 395 funds for the 3-, 5- and 10- year periods, respectively.

Morningstar details

Source: Morningstar Inc. Ratings are based on a risk-adjusted return measure that accounts for variation in a fund's monthly performance (including the effect of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The overall rating is derived from a weighted average of three-, five- and 10-year rating metrics, as applicable. ©2015 Morningstar Inc. All rights reserved. The information contained herein is proprietary to Morningstar and/or its content providers. It may not be copied or distributed and is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance does not guarantee future results. A fund is eligible for a Morningstar Rating three years after inception. The top 10% of funds in a category receive five stars, the next 22.5% four stars, the next 35% three stars, the next 22.5% two stars and the bottom 10% one star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) Ratings for other share classes may differ due to different performance characteristics.

Management team

as of 01/31/2015

Top Equity Holdings | View all

% of Total Assets
BRUNSWICK CORP 1.81
PACIRA PHARMACEUTICALS INC 1.75
FLUIDIGM CORP 1.64
HARMAN INTL INDUSTRIES INC 1.60
ACADIA HEALTHCARE CO INC 1.58
PAREXEL INTL CORP 1.50
CADENCE DESIGN SYSTEMS INC 1.45
TEAM HEALTH HOLDINGS INC 1.42
SYNAGEVA BIOPHARMA CORP 1.41
LENNOX INTERNATIONAL INC 1.39

Holdings are subject to change and are not buy/sell recommendations.

as of 01/31/2015 12/31/2014

Average Annual Returns (%)

  Incept.
Date
Max
Load (%)
Since
Incept. (%)
YTD (%) 1Y (%) 3Y (%) 5Y (%) 10Y (%)
NAV 11/27/2000 N/A 4.52 -0.58 3.55 15.20 15.41 8.91
Load 11/27/2000 5.50 4.10 -6.07 -2.11 13.05 14.11 8.30
Performance quoted is past performance and cannot guarantee comparable future results; current performance may be lower or higher. Investment return and principal value will vary so that you may have a gain or a loss when you sell shares.

Performance shown at NAV does not include applicable front-end or CDSC sales charges, which would have reduced the performance.

Performance figures reflect reinvested distributions and changes in net asset value (NAV) and the effect of the maximum sales charge unless otherwise stated.

as of 01/31/2015 12/31/2014

Annualized Benchmark Returns


Index Name 1 Mo (%) 3 Mo (%) 1Y (%) 3Y (%) 5Y (%) 10Y (%)
Russell 2000 Growth IX Tr -2.28 1.26 5.01 16.39 17.33 8.79
S&P 500 Reinvested IX -3.00 -0.64 14.22 17.47 15.60 7.61
Russell 2000 Growth IX Tr 2.97 10.06 5.60 20.14 16.80 8.54
S&P 500 Reinvested IX -0.25 4.93 13.69 20.41 15.45 7.67

Source: FactSet Research Systems Inc.

Source: FactSet Research Systems Inc.

An investment cannot be made directly in an index.

Expense Ratio per Prospectus

Management Fee 0.78
12b-1 Fee 0.25
Other Expenses 0.29
Interest/Dividend Exp 0.00
Total Other Expenses 0.29
Acquired Fund Fees and Expenses (Underlying Fund Fees & Expenses) 0.00
Total Annual Fund Operating Expenses 1.32
Contractual Waivers/Reimbursements N/A
Net Expenses - PER PROSPECTUS 1.32
Additional Waivers/Reimbursements 0.00
Net Expenses - With Additional Fee Reduction 1.32
This information is updated per the most recent prospectus.

Historical Prices

From   to
No history records found for this date range

Distributions

From   to
    Capital Gains Reinvestment
Price ($)
Ex-Date Income Short Term Long Term
12/12/2014 N/A N/A 1.7464 10.01
12/13/2013 N/A 0.3668 1.5203 11.31
12/07/2012 N/A N/A 1.1260 9.84
12/09/2011 N/A 0.3787 0.7190 9.74
12/13/2007 0.0000 0.2163 0.5226 11.82
as of 01/31/2015

Sector Breakdown

The holdings are organized according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. and Standard & Poor's.

as of 01/31/2015

Fund Characteristics

3-Year Alpha 1.12%
3-Year Beta 0.85
3-Year R-Squared 0.92
3-Year Sharpe Ratio 1.24
3-Year Standard Deviation 12.23
Number of Securities 105
Total Assets $801,131,141.00
Wghtd Med Mkt Cap MM$ $3,280.00

Source: FactSet Research Systems Inc., StyleADVISOR

Benchmark:  Russell 2000 Growth IX Tr

as of 01/31/2015

Top Equity Holdings | View all

% of Total Assets
BRUNSWICK CORP 1.81
PACIRA PHARMACEUTICALS INC 1.75
FLUIDIGM CORP 1.64
HARMAN INTL INDUSTRIES INC 1.60
ACADIA HEALTHCARE CO INC 1.58
PAREXEL INTL CORP 1.50
CADENCE DESIGN SYSTEMS INC 1.45
TEAM HEALTH HOLDINGS INC 1.42
SYNAGEVA BIOPHARMA CORP 1.41
LENNOX INTERNATIONAL INC 1.39

Holdings are subject to change and are not buy/sell recommendations.

as of 01/31/2015

Top Industries

  % of Total Assets
Semiconductors 6.81
Application Software 6.15
Life Sciences Tools & Services 5.86
Biotechnology 5.25
Health Care Facilities 4.45
Building Products 4.19
Restaurants 4.16
Health Care Equipment 4.01
Pharmaceuticals 3.42
Internet Software & Services 3.37

The holdings are organized according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. and Standard & Poor's.

 About risk

Foreign Securities Risk. The Fund's foreign investments may be affected by changes in a foreign country's exchange rates, political and social instability, changes in economic or taxation policies, difficulties when enforcing obligations, decreased liquidity, and increased volatility. Foreign companies may be subject to less regulation resulting in less publicly available information about the companies.

Growth Investing Risk. Growth stocks tend to be more expensive relative to their earnings or assets compared with other types of stock. As a result they tend to be more sensitive to changes in their earnings and can be more volatile.

Initial Public Offerings (IPO) Risk. The prices of IPOs securities fluctuate more than prices of equity securities of companies with longer trading histories. In addition, companies offering securities in IPOs may have less experienced management or limited operating histories. There can be no assurance that the Fund will have favorable IPO investment opportunities.

Management Risk. The investment techniques and risk analysis used by the Fund's portfolio managers may not produce the desired results.

Market Risk. The prices of and the income generated by the Fund's securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations.

REIT Risk/Real Estate Risk. Investments in real estate related instruments may be affected by economic, legal, cultural, environmental or technological factors that affect property values, rents or occupancies of real estate related to the Fund's holdings. Real estate companies, including REITs or similar structures, tend to be small and mid cap companies, and their shares may be more volatile and less liquid. The value of investments in real estate related companies may be affected by the quality of management, the ability to repay loans, the utilization of leverage and financial covenants related thereto, whether the company carries adequate insurance and environmental factors. If a real estate related company defaults, the Fund may own real estate directly, which involves the following additional risks: environmental liabilities, difficulty in valuing and selling the real estate, and economic or regulatory changes.

Small- and Mid-Capitalization Risks. Stocks of small- and mid-sized companies tend to be more vulnerable to adverse developments and may have little or no operating history or track record of success, and limited product lines, markets, management and financial resources. The securities of small- and mid-sized companies may be more volatile due to less market interest and less publicly available information about the issuer. They also may be illiquid or restricted as to resale, or may trade less frequently and in smaller volumes, all of which may cause difficulty when establishing or closing a position at a desirable price.

Unseasoned Issuer Risk. Investments in unseasoned companies or companies with special circumstances often involve much greater risks than are inherent in other types of investments and securities of such companies may be more likely to experience fluctuations in price. In addition, investments made in anticipation of future events may, if the events are delayed or never achieved, cause stock prices to fall.

as of 03/04/2015

VASCX

NAV Change ($)
$11.10 0.00
N/As may appear until data is available. Data is usually updated between 3 and 6 p.m. CST.

Fund Details

  • Distribution Frequency Annually
  • NASDAQ VASCX
  • WSJ Abrev. N/A
  • CUSIP 00142J214
  • Fund Type Equity
  • Geography Type N/A
  • Inception Date 11/27/2000
  • Fiscal Year End 08/31
  • Min Initial Investment $1,000
  • Subsequent Investment $50
  • Min Initial IRA Investment $250
  • Fund Number 1769
  • Tax ID 36-4353052

Materials & Resources

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