Objective & Strategy
The Fund seeks capital appreciation. This strategy typically invests in international small- and mid-company stocks.
Management team
Top Equity Holdings | View all
% of Total Assets | |
---|---|
Obic | 2.79 |
Carl Zeiss Meditec | 2.33 |
Partners Group | 1.76 |
DiaSorin | 1.70 |
Azbil | 1.49 |
Nice ADR | 1.46 |
VZ | 1.45 |
Descartes Systems | 1.44 |
CCL 'B' | 1.41 |
Chemometec | 1.35 |
May not equal 100% due to rounding.
Holdings are subject to change and are not buy/sell recommendations.
Average Annual Returns (%)
Incept. Date |
Max Load (%) |
Since Incept. (%) |
YTD (%) | 1Y (%) | 3Y (%) | 5Y (%) | 10Y (%) | |
---|---|---|---|---|---|---|---|---|
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.
Annualized Benchmark Returns
Index Name | 1 Mo (%) | 3 Mo (%) | 1Y (%) | 3Y (%) | 5Y (%) | 10Y (%) |
---|---|---|---|---|---|---|
MSCI ACWI ex USA SMID Cap Net Return Index (USD) | -0.13 | -2.48 | 12.11 | 0.83 | 4.90 | 5.12 |
MSCI ACWI ex USA Net Return Index (USD) | -0.91 | -3.23 | 13.03 | 2.86 | 5.40 | 4.62 |
MSCI ACWI ex USA SMID Cap Net Return Index (USD) | 3.16 | 9.32 | 23.01 | 1.63 | 7.26 | 5.57 |
MSCI ACWI ex USA Net Return Index (USD) | 2.69 | 8.06 | 25.35 | 4.14 | 7.59 | 5.22 |
Source: RIMES Technologies Corp.
An investment cannot be made directly in an index.
Expense Ratio per Prospectus
Management Fee | 0.92 |
12b-1 Fee | 0.24 |
Other Expenses | 0.19 |
Interest/Dividend Exp | N/A |
Total Other Expenses | 0.19 |
Acquired Fund Fees and Expenses (Underlying Fund Fees & Expenses) | N/A |
Total Annual Fund Operating Expenses | 1.35 |
Contractual Waivers/Reimbursements | N/A |
Net Expenses - PER PROSPECTUS | 1.35 |
Additional Waivers/Reimbursements | N/A |
Net Expenses - With Additional Fee Reduction | 1.35 |
Distributions
Capital Gains | Reinvestment Price ($) |
|||
---|---|---|---|---|
Ex-Date | Income | Short Term | Long Term | |
Sector Breakdown
May not equal 100% due to rounding.
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.
Fund Characteristics
3-Year Alpha | -6.55% |
3-Year Beta | 1.26 |
3-Year R-Squared | 0.87 |
3-Year Sharpe Ratio | -0.55 |
3-Year Standard Deviation | 23.31 |
Number of Securities | 111 |
Total Assets | $4,180,768,956.00 |
Source: RIMES Technologies Corp.,StyleADVISOR
Top Equity Holdings | View all
% of Total Assets | |
---|---|
Obic | 2.79 |
Carl Zeiss Meditec | 2.33 |
Partners Group | 1.76 |
DiaSorin | 1.70 |
Azbil | 1.49 |
Nice ADR | 1.46 |
VZ | 1.45 |
Descartes Systems | 1.44 |
CCL 'B' | 1.41 |
Chemometec | 1.35 |
May not equal 100% due to rounding.
Holdings are subject to change and are not buy/sell recommendations.
Top Countries
% of Total Assets | |
---|---|
Japan | 22.43 |
United Kingdom | 12.30 |
Sweden | 9.78 |
Switzerland | 8.19 |
Germany | 8.04 |
United States | 4.58 |
France | 4.33 |
Italy | 4.17 |
Canada | 3.05 |
India | 2.99 |
May not equal 100% due to rounding.
Top Industries
% of Total Assets | |
---|---|
Industrial Machinery & Supplies & Components | 7.50 |
IT Consulting & Other Services | 7.29 |
Application Software | 7.16 |
Trading Companies & Distributors | 6.59 |
Health Care Equipment | 6.37 |
Asset Management & Custody Banks | 5.24 |
Electronic Equipment & Instruments | 5.21 |
Life Sciences Tools & Services | 3.65 |
Research & Consulting Services | 3.38 |
Human Resource & Employment Services | 3.25 |
May not equal 100% due to rounding.
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.
Fund Documents
About risk
As with any mutual fund investment, loss of money is a risk of investing. An
investment in the Fund is not a deposit in a bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other
governmental agency. The risks associated with an investment in the Fund
can increase during times of significant market volatility. The principal risks
of investing in the Fund are:
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 that 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, natural or environmental disasters,
widespread disease or other public health issues, war, military conflict, acts
of terrorism, economic crisis or adverse investor sentiment generally.
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.
Investing in Stocks Risk. The value of the Fund’s portfolio may be
affected by changes in the stock markets. Stock markets may experience
significant short-term volatility and may fall or rise sharply at times. Adverse
events in any part of the equity or fixed-income markets may have
unexpected negative effects on other market segments. Different stock
markets may behave differently from each other and U.S. stock markets
may move in the opposite direction from one or more foreign stock markets.
The prices of individual stocks generally do not all move in the same
direction at the same time. However, individual stock prices tend to go up
and down more dramatically than those of certain other types of
investments, such as bonds. A variety of factors can negatively affect the
price of a particular company’s stock. These factors may include, but are not
limited to: poor earnings reports, a loss of customers, litigation against the
company, general unfavorable performance of the company’s sector or
industry, or changes in government regulations affecting the company or its
industry. To the extent that securities of a particular type are emphasized (for
example foreign stocks, stocks of small- or mid-cap companies, growth or
value stocks, or stocks of companies in a particular industry), fund share
values may fluctuate more in response to events affecting the market for
those types of securities.
Small- and Mid-Capitalization Companies Risk. 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 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.
They may be more sensitive to changes in a company’s earnings
expectations and may experience more abrupt and erratic price movements.
Smaller companies’ securities often trade in lower volumes and in many
instances, are traded over-the-counter or on a regional securities exchange,
where the frequency and volume of trading is substantially less than is
typical for securities of larger companies traded on national securities
exchanges. Therefore, the securities of smaller companies may be subject
to wider price fluctuations and it might be harder for the Fund to dispose of
its holdings at an acceptable price when it wants to sell them. Since small-
and mid-cap companies typically reinvest a high proportion of their earnings
in their business, they may not pay dividends for some time, particularly if
they are newer companies. It may take a substantial period of time to realize
a gain on an investment in a small- or mid-cap company, if any gain is
realized at all.
Sector Focus Risk. The Fund may from time to time have a significant
amount of its assets invested 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.
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. Foreign companies generally may be subject to less stringent
regulations than U.S. companies, including financial reporting requirements
and auditing and accounting controls, and may therefore be more
susceptible to fraud or corruption. There may be less public information
available about foreign companies than U.S. companies, making it difficult
to evaluate those foreign companies. Unless the Fund has hedged its
foreign currency exposure, 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 have a
substantial amount of its assets invested 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.
Japan Investment Risk. The Fund may invest a significant portion of
its total assets in securities of issuers from Japan. The growth of Japan’s
economy has recently lagged that of its Asian neighbors and other major
developed economies. The Japanese economy is heavily dependent on
international trade and has been adversely affected by trade tariffs, other
protectionist measures, competition from emerging economies and the
economic conditions of its trading partners. The Japanese economy has
experienced the effects of the global economic slowdown similar to the
United States and Europe, and downturns in the economies of Japan’s key
trading partners, such as the United States, China and/or countries in
Southeast Asia, could also have a negative impact on the Japanese
economy as a whole. The Japanese economy also faces several other
concerns, including a financial system with large levels of nonperforming
loans, over-leveraged corporate balance sheets, extensive cross-ownership
by major corporations, a changing corporate governance structure, and
large government deficits. These issues may cause a continued slowdown of
the Japanese economy.
European Investment Risk. The Economic and Monetary Union of
the European Union (the “EU”) requires compliance with restrictions on
inflation rates, deficits, interest rates, debt levels and fiscal and monetary
controls, each of which may significantly affect every country in Europe.
Decreasing imports or exports, changes in governmental or EU regulations
on trade, changes in the exchange rate of the euro, the default or threat of
default by an EU member country on its sovereign debt, and recessions in
an EU member country may have a significant adverse effect on the
economies of EU member countries. Responses to financial problems by EU
countries may not produce the desired results, may limit future growth and
economic recovery, or may result in social unrest or have other unintended
consequences. Further defaults or restructurings by governments and other
entities of their debt could have additional adverse effects on economies,
financial markets, and asset valuations around the world. A number of
countries in Eastern Europe remain relatively undeveloped and can be
particularly sensitive to political and economic developments. Separately, the
EU faces issues involving its membership, structure, procedures and
policies. The exit of one or more member states from the EU, such as the
recent departure of the United Kingdom (known as “Brexit”), would place its
currency and banking system in jeopardy. The exit by the United Kingdom or
other member states will likely result in increased volatility, illiquidity and
potentially lower economic growth in the affected markets, which will
adversely affect the Fund’s investments.
Emerging Market 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, companies operating in emerging markets may be
subject to lower trading volume and greater price fluctuations than
companies in more developed markets. Such countries’ economies may be
more dependent on relatively few industries or investors that may be highly
vulnerable to local and global changes. Companies in emerging market
countries generally may be subject to less stringent regulatory, disclosure,
financial reporting, accounting, auditing and recordkeeping standards than
companies in more developed countries. As a result, information, including
financial information, about such companies may be less available and
reliable, which can impede the Fund’s ability to evaluate such companies.
Securities law and the enforcement of systems of taxation in many
emerging market countries may change quickly and unpredictably, and the
ability to bring and enforce actions (including bankruptcy, confiscatory
taxation, expropriation, nationalization of a company’s assets, restrictions on
foreign ownership of local companies, restrictions on withdrawing assets
from the country, protectionist measures and practices such as share
blocking), or to obtain information needed to pursue or enforce such
actions, may be limited. In addition, the ability of foreign entities to
participate in privatization programs of certain developing or emerging
market countries may be limited by local law. Investments in emerging
market securities may be subject to additional transaction costs, delays in
settlement procedures, unexpected market closures, and lack of timely
information.
Growth Investing Risk. If a growth company’s earnings or stock price
fails to increase as anticipated, or if its business plans do not produce the
expected results, the value of its securities may decline sharply. Growth
companies may be newer or smaller companies that may experience
greater stock price fluctuations and risks of loss than larger, more
established companies. Newer growth companies tend to retain a large part
of their earnings for research, development or investments in capital assets.
Therefore, they may not pay any dividends for some time. Growth investing
has gone in and out of favor during past market cycles and is likely to
continue to do so. During periods when growth investing is out of favor or
when markets are unstable, it may be more difficult to sell growth company
securities at an acceptable price and the securities of growth companies
may underperform the securities of value companies or the overall stock
market. Growth stocks may also be more volatile than other securities
because of investor speculation.
The Fund may invest in companies that have no current cash flow and,
although it is anticipated that such companies will generate cash flow in the
future, there is the risk that such companies will go bankrupt or otherwise
cease operations.
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 holding a
position in 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 or the
anticipated value of the underlying asset, 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. Derivatives strategies may not always be
successful. For example, 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.
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.
Invesco International Small-Mid Company Fund commentary
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