Invesco Long/Short Equity Fund

Alternatives | Long/Short Equity

Objective & Strategy

The fund seeks long term capital appreciation.

as of 08/31/2019

Morningstar Rating

Overall Rating - Long-Short Equity Category

As of 08/31/2019 the Fund had an overall rating of 2 stars out of 200 funds and was rated 2 stars out of 200 funds, 2 stars out of 141 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, placing more emphasis on downward variations and rewarding consistent performance. Open-end mutual funds and exchange-traded funds are considered a single population for comparison purposes. Ratings are calculated for funds with at least a three year history. The overall rating is derived from a weighted average of three-, five- and 10-year rating metrics, as applicable, excluding sales charges and including fees and expenses. ©2019 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. 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. Ratings are subject to change monthly. Had fees not been waived and/or expenses reimbursed currently or in the past, the Morningstar rating would have been lower. Ratings for other share classes may differ due to different performance characteristics.

Management team

as of 08/31/2019

Top Equity Holdings | View all

  % of Total net assets
CDW CORP 2.03%
MERCK & CO INC 2.00%

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

as of 08/31/2019 06/30/2019

Average Annual Returns (%)

Load (%)
Incept. (%)
YTD (%) 1Y (%) 3Y (%) 5Y (%) 10Y (%)
NAV 12/19/2013 N/A 2.51 -6.19 -22.14 1.10 -0.54 N/A
Load 12/19/2013 5.50 1.50 -11.38 -26.43 -0.78 -1.66 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 08/31/2019 06/30/2019

Annualized Benchmark Returns

Index Name 1 Mo (%) 3 Mo (%) 1Y (%) 3Y (%) 5Y (%) 10Y (%)
FTSE US 3-Month Treasury Bill Index 0.19 0.59 2.36 1.47 0.92 0.50
S&P 500 Reinvested IX -1.58 6.87 2.92 12.70 10.11 13.45
FTSE US 3-Month Treasury Bill Index 0.20 0.61 2.30 1.36 0.84 0.46
S&P 500 Reinvested IX 7.05 4.30 10.42 14.19 10.71 14.70

Source: RIMES Technologies Corp.

Source: RIMES Technologies Corp.

An investment cannot be made directly in an index.

Expense Ratio per Prospectus

Management Fee 0.80
12b-1 Fee 0.25
Other Expenses 0.52
Interest/Dividend Exp 0.00
Total Other Expenses 0.52
Acquired Fund Fees and Expenses (Underlying Fund Fees & Expenses) 0.01
Total Annual Fund Operating Expenses 1.58
Contractual Waivers/Reimbursements -0.01
Net Expenses - PER PROSPECTUS 1.57
Additional Waivers/Reimbursements 0.00
Net Expenses - With Additional Fee Reduction 1.57
This information is updated per the most recent prospectus.

Historical Prices

From   to
No history records found for this date range


From   to
    Capital Gains Reinvestment
Price ($)
Ex-Date Income Short Term Long Term
12/14/2018 N/A N/A 0.9201 9.24
12/13/2017 0.9286 0.2942 0.6545 11.70
12/13/2016 N/A N/A 0.0737 11.80
12/11/2015 0.5532 N/A 0.0565 10.86
12/12/2014 N/A N/A 0.0029 10.98
as of 08/31/2019

Fund Characteristics

3-Year Alpha 0.27%
3-Year Beta -15.60
3-Year R-Squared 0.00
3-Year Sharpe Ratio -0.03
3-Year Standard Deviation 13.96
Number of Securities 67
Total Assets $54,546,603.00
Wghtd Med Mkt Cap MM$ $12,264.00

Source: RIMES Technologies Corp., StyleADVISOR

Benchmark:  FTSE US 3-Month Treasury Bill Index

as of 08/31/2019

Top Equity Holdings | View all

  % of Total net assets
CDW CORP 2.03%
MERCK & CO INC 2.00%

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

as of 08/31/2019

Portfolio Composition

  % of Total net assets
Percentage of net asset (long) 195.00
Percentage of net asset (short) 100.00
Gross exposure (long + short) 295.00
Net exposure (long - short) 95.00

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 08/31/2019

Top 5 Long Positions

  % of Total net assets
CDW CORP 2.03%

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

as of 08/31/2019

Top 5 Short Positions

  % of Total net assets

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

as of 08/31/2019

Equity Sector Breakdown

  % of Total net assets
Sector Long weight (%) Short weight (%)
Communication Services 9.32 -9.55
Consumer Discretionary 32.83 -12.40
Consumer Staples 10.38 -3.03
Energy 10.77 -6.37
Financials 21.26 -12.01
Health Care 39.35 -12.39
Industrials 16.84 -17.83
Information Technology 34.63 -14.51
Materials 6.41 -5.58
Real Estate 12.52 -10.71
Utilities 1.50 0.00

 About risk

Active Trading Risk. Active trading of portfolio securities may result in high brokerage costs, which may lower the Fund’s actual return. Active trading also may increase the proportion of the Fund’s gains that are short term, which are taxed at a higher rate than long term gains.

Derivatives Risk. A derivative is an instrument whose value 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, theuse of derivatives may include other, possibly greater, risks, which are described below. These risks are greater for the Fund than mutual funds that do not use derivative instruments or that use derivative instruments to alesser extent than the Fund to implement their investment strategies.

  • Counterparty Risk. Certain derivatives do not trade on an established exchange (referred to as over-the-counter (OTC) derivatives) and are simply financial contracts between the Fund and a counterparty. When the Fund is owed money on an OTC derivative, the Fund is dependent on the counterparty to pay or, in some cases, deliver the underlying asset, unless the Fund can otherwise sell its derivative contract to a third party prior to its expiration. Many counterparties are financial institutions such as banks and broker-dealers and their creditworthiness (and ability to pay or perform) may be negatively impacted by factors affecting financial institutions generally. In addition, in the event that a counterparty becomes bankrupt or insolvent, the Fund’s ability to recover the collateral that the Fund has on deposit with the counterparty could be delayed or impaired. For derivatives traded on a centralized exchange, the Fund generally is dependent upon the solvency of the relevant exchange clearing house (which acts as a guarantor for each contractual obligation under such derivatives) for payment on derivative instruments for which the Fund is owed money.
  • Leverage Risk. Many derivatives do not require a payment up front equal to the economic exposure created by owning the derivative, which creates a form of leverage. 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. Leverage may therefore make the Fund’s returns more volatile and increase the risk of loss. The Fund segregates or earmarks liquid assets with a value at least equal to the amount that the Fund owes the derivative counterparty each day, if any, or otherwise holds instruments that offset the Fund’s daily obligation under the derivatives instrument. This process is sometimes referred to as “cover.” The amount of liquid assets needed as cover will fluctuate over time as the value of the derivative instrument rises and falls. If the value of the Fund’s derivative positions or the value of the assets used as cover unexpectedly decreases, the Fund may be forced to segregate additional liquid assets as cover or sell assets ata disadvantageous time or price to meet its derivative obligations or to meet redemption requests, which could affect management of the Fund and the Fund’s returns. In certain market conditions, losses on derivative instruments can grow larger while the value of the Fund’s other assets fall, resulting in the Fund’s derivative positions becoming a larger percentage of the Fund’s investments.
  • Liquidity Risk. There is a smaller pool of buyers and sellers for certain derivatives, particularly OTC derivatives, than more traditional investments such as stocks. These buyers and sellers are often financial institutions that may be unable or unwilling to buy or sell derivatives during times of financial or market stress. Derivative instruments may therefore be less liquid than more traditional investments and the Fund may be unable to sell or exit 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. To the extent that the Fund is unable to exit a derivative position because of market illiquidity, the Fund may not be able to prevent further losses of value in its derivatives holdings and the liquidity of the Fund and its ability to meet redemption requests may be impaired to the extent that a substantial portion of the Fund’s otherwise liquid assets must be used as margin or cover. Another consequence of illiquidity is that the Fund may be required to hold a derivative instrument to maturity and take or make delivery of the underlying asset that the Adviser would otherwise have attempted to avoid.
  • Other Risks. Compared to other types of investments, derivatives maybe harder to value and may also be less tax efficient, as described under the “Taxes” section of the prospectus. In addition, changes in government regulation of derivative instruments could affect the character, timing and amount of the Fund’s taxable income or gains, and may limit or prevent the Fund from using certain types of derivative instruments as a part of its investment strategy, which could make the investment strategy more costly to implement orrequire the Fund to change its investment strategy. To the extent that the Fund uses derivatives for hedging or to gain or limit exposure to a particular market or market segment, there may be imperfectcorrelation between the value of the derivative instrument and the value of the instrument being hedged or the relevant market or market segment, in which case the Fund may not realize the intended benefits. There is also the risk that during adverse market conditions, an instrument which would usually operate as a hedge provides no hedging benefits at all. The Fund’s use of derivatives may be limited by the requirements for taxation of the Fund as a regulated investment company.

Management Risk. The Fund is actively managed and depends heavily on the Adviser’s judgment about markets, interest rates or the attractiveness, relative values, liquidity, or potential appreciation of particular investments made for the Fund’s portfolio. The Fund could experience losses if these judgments prove to be incorrect. There can be no guarantee that the Adviser’s investment techniques or investment decisions will produce the desired results. In particular, there is no guarantee that the Fund’s mixture of long and short positions or the portfolio manager’s stock selection process will produce a portfolio with reduced exposure to stock market risk. In addition, the Fund’s long/short investment strategy may cause the Fund to underperform the broader equity markets in which the Fund invests during market rallies. Such underperformance could be significant during sudden or significant market rallies. Additionally, legislative, regulatory, or tax developments may affect the investments or investment strategies available to the investment manager in connection with managing the Fund, which may also adversely affect the ability of the Fund to achieve its investment objective.

Market Risk. The market values of the Fund’s investments, and therefore the value of the Fund’s shares, will go up and down, sometimes rapidly or unpredictably. Market risk may affect a single issuer, industry or section of the economy, or it may affect the market as a whole. The value of the Fund’s investments may go up or down due to general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, or adverse investor sentiment generally. The value of the Fund’s investments may also go up or down due to factorsthat affect an individual issuer or a particular industry or sector, such as changes in production costs and competitive conditions within an industry. Individual stock prices tend to go up and down more dramatically than those of certain other types of investments, such as bonds. During a general downturn in the financial markets, multiple asset classes may decline invalue. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value.

Sector Focus Risk. The Fund may from time to time invest a significant amount of its assets (i.e. over 25%) in one market sector or group of related industries. In this event, the Fund’s performance will depend to a greater extent on the overall condition of the sector or group of industries and there is increased risk that the Fund will lose significant value if conditions adversely affect that sector or group of industries.

Short Position Risk. The Fund will incur a loss on a short position if the price of the asset sold short increases from the short sale price. Becausethe Fund’s potential loss on a short position arises from increases in the value of the asset sold short, the extent of such loss, like the price of the asset sold short, is theoretically unlimited. Short sales are speculative transactions and involve greater reliance on the investment adviser’s ability to accurately anticipate the future value of an asset or markets in general. Any gain on a short position is decreased, and any loss is increased, by the amount of any payment, dividend, interest or other transaction costs that the Fund may be required to pay with respect to the asset sold short. The counterparty to a short position or market factors, such as a sharp increase in prices, may prevent the Fund from closing out a short position at a desirable time or price and may reduce or eliminate any gain or result in aloss. In a rising market, the Fund’s short positions will cause the Fund to underperform the overall market and its peers that do not engage inshorting. If the Fund holds both long and short positions, both positions may decline simultaneously, in which case the short positions will not provide any buffer (hedge) from declines in value of the Fund’s long positions. Certain types of short positions involve leverage, which may exaggerate any losses, potentially more than the actual cost of the investment, and will increase the volatility of the Fund’s returns.

Small- and Mid-Capitalization Companies Risks. Investing in securities of small and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. Stocks of small- and mid-capitalization companies tend to bem ore vulnerable to changing market conditions, may have little or no operating history or track record of success, and may have more limited product lines and markets, less experienced management and fewer financial resources than larger companies. These companies’ securities maybe more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market.

as of 09/23/2019


NAV Change ($)
$8.59 0.02
N/As may appear until data is available. Data is usually updated between 3 and 6 p.m. CST.

Fund Details

  • Distribution Frequency Annually
  • WSJ Abrev. N/A
  • CUSIP 00888Y334
  • Fund Type Alternative
  • Geography Type Domestic
  • Inception Date 12/19/2013
  • Fiscal Year End 10/31
  • Min Initial Investment $1,000
  • Subsequent Investment $50
  • Min Initial IRA Investment $250
  • Fund Number 1652
  • Tax ID 46-3865341