Mutual Funds

Invesco Global Infrastructure Fund

Alternatives | Infrastructure

Objective & Strategy

The Fund’s investment objective is total return through growth of capital and current income. Actively managed liquid alternative strategy that uses a top-down and bottom-up investment process to identify high quality infrastructure companies around the world trading at attractive relative values.

Style Map

Invesco Global Infrastructure Fund

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

as of 06/30/2016

Morningstar Rating

Overall Rating - Infrastructure Category

As of 06/30/2016 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. ©2016 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 06/30/2016

Top Equity Holdings | View all

% of Total Assets
NATIONAL GRID PLC 7.74
AMERICAN TOWER CORP CL A 7.20
ENBRIDGE INC 6.12
CROWN CASTLE INTERNATIONAL CORP 4.54
P G & E CORP 4.29
TRANSCANADA CORP 4.23
SEMPRA ENERGY 3.89
KINDER MORGAN INC 3.63
SPECTRA ENERGY CORP 2.95
FERROVIAL SA 2.62

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

as of 06/30/2016 06/30/2016

Average Annual Returns (%)

  Incept.
Date
Max
Load (%)
Since
Incept. (%)
YTD (%) 1Y (%) 3Y (%) 5Y (%) 10Y (%)
NAV 05/02/2014 N/A 1.12 14.63 -0.29 N/A N/A N/A
Load 05/02/2014 5.50 -1.48 8.36 -5.74 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 06/30/2016 06/30/2016

Annualized Benchmark Returns


Index Name 1 Mo (%) 3 Mo (%) 1Y (%) 3Y (%) 5Y (%) 10Y (%)
Dow Jones Brookfield Global Infrastructure Index-NR 5.11 7.44 3.22 8.45 9.61 9.12
MSCI World IX ND -1.12 1.01 -2.78 6.95 6.63 4.43
Dow Jones Brookfield Global Infrastructure Index-NR 5.11 7.44 3.22 8.45 9.61 9.12
MSCI World IX ND -1.12 1.01 -2.78 6.95 6.63 4.43

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 0.84
12b-1 Fee 0.25
Other Expenses 5.27
Interest/Dividend Exp 0.00
Total Other Expenses 5.27
Acquired Fund Fees and Expenses (Underlying Fund Fees & Expenses) 0.00
Total Annual Fund Operating Expenses 6.36
Contractual Waivers/Reimbursements -4.96
Net Expenses - PER PROSPECTUS 1.40
Additional Waivers/Reimbursements 0.00
Net Expenses - With Additional Fee Reduction 1.40
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
06/16/2016 0.0326 N/A N/A 9.39
03/17/2016 0.0277 N/A N/A 9.09
12/11/2015 0.0533 N/A N/A 8.42
09/17/2015 0.0316 N/A N/A 9.25
06/18/2015 0.0385 N/A N/A 10.28
03/19/2015 0.0385 N/A N/A 10.23
12/12/2014 0.1060 0.0112 N/A 10.00
09/18/2014 0.0521 N/A N/A 10.72
as of 06/30/2016

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 06/30/2016

Asset Mix

as of 06/30/2016

Fund Characteristics

3-Year Alpha N/A
3-Year Beta N/A
3-Year R-Squared N/A
Number of Securities 64
Total Assets $9,014,114.00
Wghtd Med Mkt Cap MM$ $20,839.00

Source: FactSet Research Systems Inc., StyleADVISOR

as of 06/30/2016

Top Equity Holdings | View all

% of Total Assets
NATIONAL GRID PLC 7.74
AMERICAN TOWER CORP CL A 7.20
ENBRIDGE INC 6.12
CROWN CASTLE INTERNATIONAL CORP 4.54
P G & E CORP 4.29
TRANSCANADA CORP 4.23
SEMPRA ENERGY 3.89
KINDER MORGAN INC 3.63
SPECTRA ENERGY CORP 2.95
FERROVIAL SA 2.62

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

as of 06/30/2016

Top Industries

  % of Total Assets
Oil & Gas Storage & Transportation 26.35
Multi-Utilities 14.44
Electric Utilities 13.51
Specialized REITs 11.73
Gas Utilities 9.57
Highways & Railtracks 5.99
Water Utilities 5.58
Airport Services 4.36
Construction & Engineering 2.62
Cable & Satellite 1.19

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 06/30/2016

Top Countries

  % of Total Assets
United States 48.79
Canada 13.15
United Kingdom 10.09
Australia 5.28
Italy 5.03
Spain 4.89
Hong Kong 2.79
Japan 1.64
China 1.63
Luxembourg 1.06

 About risk

Debt Securities Risk. The prices of debt securities held by the Fund will be affected by changes in interest rates, the creditworthiness of the issuer and other factors. An increase in prevailing interest rates typically causes the value of existing debt securities to fall and often has a greater impact on longer-duration debt securities and higher quality debt securities. Falling interest rates will cause the Fund to reinvest the proceeds of debt securities that have been repaid by the issuer at lower interest rates. Falling interest rates may also reduce the Fund's distributable income because interest payments on floating rate debt instruments held by the Fund will decline. The Fund could lose money on investments in debt securities if the issuer or borrower fails to meet its obligations to make interest payments and/or to repay principal in a timely manner. Changes in an issuer's financial strength, the market's perception of such strength or in the credit rating of the issuer or the security may affect the value of debt securities. The Adviser's credit analysis may fail to anticipate such changes, which could result in buying a debt security at an inopportune time or failing to sell a debt security in advance of a price decline or other credit event.

Depositary Receipts Risk. Investing in depositary receipts involves the same risks as direct investments in foreign securities. In addition, the underlying issuers of certain depositary receipts are under no obligation to distribute shareholder communications or pass through any voting rights with respect to the deposited securities to the holders of such receipts. The Fund may therefore receive less timely information or have less control than if it invested directly in the foreign issuer.

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.

Emerging Markets Securities Risk. Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets. In addition, emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably. In addition, investments in emerging markets securities may also be subject to additional transaction costs, delays in settlement procedures, and lack of timely information.

Foreign Securities Risk. The Fund's foreign investments may be adversely affected by political and social instability, changes in economic or taxation policies, difficulty in enforcing obligations, decreased liquidity or increased volatility. Foreign investments also involve the risk of the possible seizure, nationalization or expropriation of the issuer or foreign deposits (in which the Fund could lose its entire investments in a certain market) and the possible adoption of foreign governmental restrictions such as exchange controls. Unless the Fund has hedged its foreign securities risk, foreign securities risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, are not always successful.

Geographic Focus Risk. The Fund may from time to time invest a substantial amount of its assets in securities of issuers located in a single country or a limited number of countries. Adverse economic, political or social conditions in those countries may therefore have a significant negative impact on the Fund's investment performance.

High Yield Debt Securities (Junk Bond) Risk. Investments in high yield debt securities ("junk bonds") and other lower-rated securities will subject the Fund to substantial risk of loss. These securities are considered to be speculative with respect to the issuer's ability to pay interest and principal when due, are more susceptible to default or decline in market value and are less liquid than investment grade debt securities. Prices of high yield debt securities tend to be very volatile.

Infrastructure-Related Companies Risk. The Fund will concentrate its investments in the infrastructure industry. Infrastructure-related companies are subject to a variety of risk factors, including costs associated with environmental, governmental and other regulations, high interest costs for capital construction programs, high leverage, the effects of economic slowdowns, surplus capacity, increased competition, fluctuations of fuel prices, the effects of energy conservation policies, unfavorable tax laws or accounting policies, environmental damage, difficulty in raising capital, increased susceptibility to terrorist acts or political actions, and general changes in market sentiment towards infrastructure assets.

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. Additionally, legislative, regulatory, or tax developments may adversely affect management of the Fund and, therefore, 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. 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 in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value.

MLP Risk. The Fund invests in securities of MLPs, which are subject to the following risks:
  • Limited Partner Risk. An MLP is a public limited partnership or limited liability company taxed as a partnership under the Code. Although the characteristics of MLPs closely resemble a traditional limited partnership, a major difference is that MLPs may trade on a public exchange or in the over-the-counter market. The risks of investing in an MLP are similar to those of investing in a partnership, including more flexible governance structures, which could result in less protection for investors than investments in a corporation. Investors in an MLP normally would not be liable for the debts of the MLP beyond the amount that the investor has contributed but investors may not be shielded to the same extent that a shareholder of a corporation would be. In certain circumstances, creditors of an MLP would have the right to seek return of capital distributed to a limited partner, which right would continue after an investor sold its investment in the MLP.
  • Liquidity Risk. The ability to trade on a public exchange or in the over-the-counter market provides a certain amount of liquidity not found in many limited partnership investments. However, MLP interests may be less liquid than conventional publicly traded securities and, therefore, more difficult to trade at desirable times and/or prices.
  • Interest Rate Risk. In addition, MLP distributions may be reduced by fees and other expenses incurred by the MLP. MLPs generally are considered interest-rate sensitive investments. During periods of interest rate volatility, these investments may not provide attractive returns.
  • General Partner Risk. The holder of the general partner or managing member interest can be liable in certain circumstances for amounts greater than the amount of the holder's investment in the general partner or managing member. Additionally, if the Fund were to invest more than 25% of its total assets in MLPs that are taxed as partnerships this could cause the Fund to lose its status as regulated investment company under Subchapter M of the Internal Revenue Code.
MLP Tax Risk. MLPs taxed as partnerships do not pay U.S. federal income tax at the partnership level. A change in current tax law, or a change in the underlying business mix of a given MLP, however, could result in an MLP being classified as a corporation for U.S. federal income tax purposes, which would have the effect of reducing the amount of cash available for distribution by the MLP and, as a result, could cause a reduction of the value of the Fund's investment, and consequently your investment in the Fund and lower income. Each year, the Fund will send you an annual tax statement (Form 1099) to assist you in completing your federal, state and local tax returns. If an MLP in which the Fund invests amends its partnership tax return, the Fund will, when necessary, send you a corrected Form 1099, which could, in turn, require you to amend your federal, state or local tax returns.

Non-Diversification Risk. The Fund is non-diversified and can invest a greater portion of its assets in the obligations or securities of a small number of issuers or any single issuer than a diversified fund can. A change in the value of one or a few issuers' securities will therefore affect the value of the Fund more than if it was a diversified fund.

Small- and Mid-Capitalization Companies Risks. Small- and mid-capitalization companies tend to be more 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 may be more volatile and less liquid than those of more established companies, and their returns may vary, sometimes significantly, from the overall securities market.

as of 07/22/2016

GIZAX

NAV Change ($)
$9.91 0.02
N/As may appear until data is available. Data is usually updated between 3 and 6 p.m. CST.
as of 07/22/2016

Yield 

  • Distribution Yield
    with Sales Charge 1.24%
  • Distribution Yield
    without Sales Charge 1.32%
  • SEC 30-Day Yield 2.14%
  • Unsub. 30-Day Yield -2.82%

Fund Details

  • Distribution Frequency Quarterly
  • NASDAQ GIZAX
  • WSJ Abrev. N/A
  • CUSIP 00888Y268
  • Fund Type Alternative
  • Geography Type Global
  • Inception Date 05/02/2014
  • Fiscal Year End 10/31
  • Min Initial Investment $1,000
  • Subsequent Investment $50
  • Min Initial IRA Investment $250
  • Fund Number 1658
  • Tax ID 46-4808222