Objective & Strategy
The Fund seeks capital appreciation. This strategy typically invests in international small- and mid-company stocks.
Morningstar Rating ™
Overall Rating - Foreign Small/Mid Growth CategoryAs of 02/28/2023 the Fund had an overall rating of 4 stars out of 132 funds and was rated 3 stars out of 132 funds, 3 stars out of 119 funds and 5 stars out of 84 funds for the 3-, 5- and 10- year periods, respectively.
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. ©2023 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
-
David Nadel
Senior Portfolio Manager
Top Equity Holdings | View all
% of Total Assets | |
---|---|
Partners Group | 2.04 |
Obic | 1.76 |
Nice ADR | 1.67 |
Azbil | 1.55 |
Carl Zeiss Meditec | 1.55 |
Disco | 1.54 |
Croda | 1.37 |
Spirax-Sarco Engineering | 1.36 |
Bruker | 1.34 |
Ariake Japan | 1.22 |
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 (%) | |
---|---|---|---|---|---|---|---|---|
NAV | 11/17/1997 | N/A | 11.12 | 4.41 | -13.23 | 5.01 | 2.35 | 9.40 |
Load | 11/17/1997 | 5.50 | 10.88 | -1.33 | -18.00 | 3.06 | 1.20 | 8.79 |
NAV | 11/17/1997 | N/A | 11.01 | -31.19 | -31.19 | -0.75 | 2.01 | 9.71 |
Load | 11/17/1997 | 5.50 | 10.76 | -34.97 | -34.97 | -2.61 | 0.86 | 9.09 |
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) | -2.48 | 4.74 | -9.00 | 5.69 | 1.01 | 4.65 |
MSCI ACWI ex USA SMID Cap Net Return Index (USD) | -2.48 | 4.74 | -9.00 | 5.69 | 1.01 | 4.65 |
MSCI ACWI ex USA SMID Cap Net Return Index (USD) | -0.11 | 13.85 | -19.49 | -0.22 | 0.16 | 4.56 |
MSCI ACWI ex USA SMID Cap Net Return Index (USD) | -0.11 | 13.85 | -19.49 | -0.22 | 0.16 | 4.56 |
An investment cannot be made directly in an index.
Expense Ratio per Prospectus
Management Fee | 0.91 |
12b-1 Fee | 0.24 |
Other Expenses | 0.18 |
Interest/Dividend Exp | N/A |
Total Other Expenses | 0.18 |
Acquired Fund Fees and Expenses (Underlying Fund Fees & Expenses) | N/A |
Total Annual Fund Operating Expenses | 1.33 |
Contractual Waivers/Reimbursements | N/A |
Net Expenses - PER PROSPECTUS | 1.33 |
Additional Waivers/Reimbursements | N/A |
Net Expenses - With Additional Fee Reduction | 1.33 |
Historical Prices
Date | Net Asset Value ($) | Public Offering Price ($) |
---|---|---|
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Distributions
Capital Gains | Reinvestment Price ($) |
|||
---|---|---|---|---|
Ex-Date | Income | Short Term | Long Term | |
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Sector Breakdown
Holdings | % of Total Net Assets |
---|---|
CASH/OTHER | 1.24 |
Communication Services | 3.79 |
Consumer Discretionary | 3.41 |
Consumer Staples | 2.92 |
Financials | 4.63 |
Health Care | 15.87 |
Industrials | 37.11 |
Information Technology | 25.80 |
Materials | 5.22 |
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 | -0.05% |
3-Year Beta | 0.99 |
3-Year R-Squared | 0.79 |
3-Year Sharpe Ratio | 0.17 |
3-Year Standard Deviation | 24.32 |
Number of Securities | 125 |
Total Assets | $4,848,740,338.00 |
Source: StyleADVISOR
Top Equity Holdings | View all
% of Total Assets | |
---|---|
Partners Group | 2.04 |
Obic | 1.76 |
Nice ADR | 1.67 |
Azbil | 1.55 |
Carl Zeiss Meditec | 1.55 |
Disco | 1.54 |
Croda | 1.37 |
Spirax-Sarco Engineering | 1.36 |
Bruker | 1.34 |
Ariake Japan | 1.22 |
May not equal 100% due to rounding.
Holdings are subject to change and are not buy/sell recommendations.
Top Countries
% of Total Assets | |
---|---|
Japan | 21.38 |
United Kingdom | 15.51 |
Sweden | 12.86 |
Switzerland | 9.43 |
Germany | 8.95 |
France | 4.24 |
Italy | 3.97 |
India | 2.97 |
United States | 2.86 |
Australia | 2.82 |
May not equal 100% due to rounding.
Top Industries
% of Total Assets | |
---|---|
Industrial Machinery | 11.01 |
Application Software | 10.65 |
Health Care Equipment | 6.68 |
IT Consulting & Other Services | 6.55 |
Life Sciences Tools & Services | 6.18 |
Trading Companies & Distributors | 6.02 |
Research & Consulting Services | 4.69 |
Asset Management & Custody Banks | 4.61 |
Electronic Equipment & Instruments | 4.22 |
Human Resource & Employment Services | 3.72 |
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, acts of terrorism 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 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. A variety of factors can 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-Cap Companies Risk. Small-cap companies may be either established or newer companies, including “unseasoned” companies that have typically been in operation for less than three years. Mid-cap companies are generally companies that have completed their initial startup cycle, and in many cases have established markets and developed seasoned market teams. While smaller companies might offer greater opportunities for gain than larger companies, they also may involve greater risk of loss. They may be more sensitive to changes in a company’s earnings expectations and may experience more abrupt and erratic price movements. Small- and mid-cap companies’ securities may trade in lower volumes and it might be harder for the Fund to dispose of its holdings at an acceptable price when it wants to sell them. Small- and mid-cap companies may not have established markets for their products or services and may have fewer customers and product lines. They may have more limited access to financial resources and may not have the financial strength to sustain them through business downturns or adverse market conditions. 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. Small- and mid-cap companies may have unseasoned management or less depth in management skill than larger, more established companies. They may be more reliant on the efforts of particular members of their management team and management changes may pose a greater risk to the success of the business. It may take a substantial period of time before the Fund realizes a gain on an investment in a small- or mid-cap company, if it realizes any gain at all.
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, 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. 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.
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.
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.
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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