Mutual Funds

Invesco All Cap Market Neutral Fund

Alternatives | Equity Market Neutral

Objective & Strategy

The fund seeks to provide a positive return over a full market cycle from a broadly diversified portfolio of stocks while seeking to limit exposure to the general risks associated with stock market investing.

as of 06/30/2015

Morningstar Rating

Overall Rating - Market Neutral Category

As of 06/30/2015 the Fund had an overall rating of N/A stars out of N/A funds and was rated N/A stars out of N/A funds, N/A stars out of N/A funds and N/A stars out of N/A 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 6/30/2015

Top Equity Holdings | View All

  % of Total Net Assets
ANACOR PHARMACEUTICALS INC 1.81
HEALTH NET INC 1.79
REPLIGEN CORPORATION 1.75
UNITED THERAPEUTICS CORP 1.74
VALERO ENERGY CORP 1.74
MACROGENICS INC 1.66
EAGLE PHARAMACEUTICALS INC 1.65
INTEGRATED DEVICE TECH INC 1.64
LYONDELLBASELL INDUSTRIES NV 1.60
APPLE INC 1.54

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

as of 06/30/2015 06/30/2015

Average Annual Returns (%)

  Incept.
Date
Max
Load (%)
Since
Incept. (%)
YTD (%) 1Y (%) 3Y (%) 5Y (%) 10Y (%)
NAV 12/17/2013 N/A 0.39 -6.42 -0.30 N/A N/A N/A
Load 12/17/2013 5.50 -3.23 -11.60 -5.81 N/A N/A N/A
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 06/30/2015 06/30/2015

Annualized Benchmark Returns


Index Name 1 Mo (%) 3 Mo (%) 1Y (%) 3Y (%) 5Y (%) 10Y (%)
Citigroup 90-Day Treasury Bill 0.00 0.00 0.02 0.05 0.06 1.34
Citigroup 90-Day Treasury Bill 0.00 0.00 0.02 0.05 0.06 1.34
Citigroup 90-Day Treasury Bill 0.00 0.00 0.02 0.05 0.06 1.34
Citigroup 90-Day Treasury Bill 0.00 0.00 0.02 0.05 0.06 1.34

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 1.25
12b-1 Fee 0.25
Other Expenses 2.85
Interest/Dividend Exp 0.00
Total Other Expenses 2.85
Acquired Fund Fees and Expenses (Underlying Fund Fees & Expenses) 0.02
Total Annual Fund Operating Expenses 4.37
Contractual Waivers/Reimbursements -2.75
Net Expenses - PER PROSPECTUS 1.62
Additional Waivers/Reimbursements 0.00
Net Expenses - With Additional Fee Reduction 1.62
This information is updated per the most recent prospectus.

Historical Prices

From   to
No history records found for this date range
as of 06/30/2015

Fund Characteristics

3-Year Alpha N/A
3-Year Beta N/A
3-Year R-Squared N/A
Number of Securities 121
Total Assets $22,004,680.00

Source: FactSet Research Systems Inc., StyleADVISOR

as of 6/30/2015

Top Equity Holdings | View All

  % of Total Net Assets
ANACOR PHARMACEUTICALS INC 1.81
HEALTH NET INC 1.79
REPLIGEN CORPORATION 1.75
UNITED THERAPEUTICS CORP 1.74
VALERO ENERGY CORP 1.74
MACROGENICS INC 1.66
EAGLE PHARAMACEUTICALS INC 1.65
INTEGRATED DEVICE TECH INC 1.64
LYONDELLBASELL INDUSTRIES NV 1.60
APPLE INC 1.54

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

as of 6/30/2015

Portfolio Composition

  % of Total Net Assets
Percentage of Net Asset (Long) 90.00
Percentage of Net Asset (Short) 89.99
Gross Exposure (Long + Short) 179.99
Net Exposure (Long - Short) 0.01

Gross Exposure represents the absolute exposure of the fund to long and short holdings combined.
Net Exposure represents the difference between long and short holdings exposure for the fund.

as of 6/30/2015

Top 5 Long Positions

  % of Total Net Assets
ANACOR PHARMACEUTICALS INC 1.81
HEALTH NET INC 1.79
REPLIGEN CORPORATION 1.75
UNITED THERAPEUTICS CORP 1.74
VALERO ENERGY CORP 1.74

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

as of 6/30/2015

Top 5 Short Positions

  % of Total Net Assets
AGIOS PHARMACEUTICALS INC -1.41
TWITTER INC -1.37
WYNN RESORTS LTD -1.37
KERYX BIOPHARMACEUTICALS -1.36
PUMA BIOTECHNOLOGY INC -1.35

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

as of 6/30/2015

Equity Sector Breakdown

  % of Total Net Assets
Sector Long Weight (%) Short Weight (%)
Consumer Discretionary 10.74 -12.09
Consumer Staples 2.89 -1.88
Energy 16.31 -15.07
Financials 4.60 -7.11
Health Care 28.89 -27.58
Industrials 7.02 -4.93
Information Technology 14.63 -13.46
Materials 5.35 -4.28
Telecommunication 1.18 -1.21
Utilities 0.00 0.00

 About risk

Active Trading Risk. The Fund engages in frequent trading of portfolio securities. Active trading results in added expenses and may result in a lower return and increased tax liability.

Derivatives Risk. The value of a derivative instrument depends largely on (and is derived from) the value of an underlying security, currency, commodity, interest rate, index or other asset (each referred to as an underlying asset). In addition to risks relating to the underlying assets, the use of derivatives may include other, possibly greater, risks, including counterparty, leverage and liquidity risks. Counterparty risk is the risk that the counterparty to the derivative contract will default on its obligation to pay the Fund the amount owed or otherwise perform under the derivative contract. Derivatives create leverage risk because they do not require payment up front equal to the economic exposure created by owning the derivative. As a result, an adverse change in the value of the underlying asset could result in the Fund sustaining a loss that is substantially greater than the amount invested in the derivative, which may make the Fund's returns more volatile and increase the risk of loss. Derivative instruments may also be less liquid than more traditional investments and the Fund may be unable to sell or close out its derivative positions at a desirable time or price. This risk may be more acute under adverse market conditions, during which the Fund may be most in need of liquidating its derivative positions. Derivatives may also be harder to value, less tax efficient and subject to changing government regulation that could impact the Fund's ability to use certain derivatives or their cost. Also, derivatives used for hedging or to gain or limit exposure to a particular market segment may not provide the expected benefits, particularly during adverse market conditions. These risks are greater for the Fund than mutual funds that do not use derivative instruments or that use derivative instruments to a lesser extent than the Fund to implement their investment strategy.

Management Risk. The investment techniques and risk analysis used by the Fund's portfolio managers may not produce the desired results. In particular, there is no guarantee that the portfolio manager's stock selection process will produce a market neutral portfolio that reduces or eliminates the Fund's exposure to general U.S. stock market risk, sector or industry-specific risk or market capitalization risk. In addition, the Fund's market neutral investment strategy will likely cause the Fund to underperform the broader U.S. equity market during market rallies. Such underperformance could be significant during sudden or significant market rallies. Although the Fund seeks to provide a positive return, investors maylose money by investing in the Fund.

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.

Short Sales Risk. Short sales may cause the Fund to repurchase a security at a higher price, thereby causing the Fund to incur a loss. A short position in a security poses more risk than holding the same security long. As there is no limit on how much the price of the security can increase, the Fund's exposure is unlimited. In order to establish a short position in a security, the Fund must borrow the security from a broker. The Fund may not always be able to borrow a security the Fund seeks to sell short at a particular time or at an acceptable price. The Fund also may not always be able to close out the short position by replacing the borrowed securities at a particular time or at an acceptable price. The Fund will incur increased transaction costs associated with selling securities short. In addition, taking short positions in securities results in a form of leverage which may cause the Fund to be volatile.

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.

as of 07/31/2015

CPNAX

NAV Change ($)
$10.55 0.04
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 CPNAX
  • WSJ Abrev. N/A
  • CUSIP 00888Y391
  • Fund Type Alternative
  • Geography Type Domestic
  • Inception Date 12/17/2013
  • Fiscal Year End 10/31
  • Min Initial Investment $1,000
  • Subsequent Investment $50
  • Min Initial IRA Investment $250
  • Fund Number 1651
  • Tax ID 46-3860607

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