Objective & Strategy
The fund’s investment objective is long-term growth of capital. Investing primarily in common stocks of small-cap companies that management believes can generate sustainable growth in revenue, earnings and cash flow that is not fully reflected in investor expectations or equity valuations.
Navigating Uncharted Waters
A small-cap fund that targets high quality companies with sustainable, above average growth. The team's mission is to deliver the characteristics of the small-cap asset class, but their goal is to outperform the market and peers with less risk.
New opportunities
US small caps include entrepreneurial businesses, which innovate to create new markets or a new way to meet an old need.
Experienced leadership
Lead manager Juliet Ellis developed a well-defined investment process and has used it to successfully manage small-cap portfolios for two decades.
Research edge
Small-cap companies are less-followed by analysts, so experienced analysts, doing in-depth research, are more likely to gain an information advantage.
Morningstar Rating ™
Overall Rating - Small Blend CategoryAs of 03/31/2021 the Fund had an overall rating of 3 stars out of 609 funds and was rated 5 stars out of 609 funds, 3 stars out of 512 funds and 3 stars out of 361 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. ©2021 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
Top Equity Holdings | View all
| % of Total Assets | |
|---|---|
| Lattice Semiconductor | 1.88 |
| Ryman Hospitality Properties | 1.67 |
| NeoGenomics | 1.60 |
| Western Alliance Bancorp | 1.54 |
| Coherent | 1.53 |
| Penn National Gaming | 1.53 |
| OneMain | 1.46 |
| LPL Financial | 1.46 |
| Travel + Leisure | 1.43 |
| NV5 | 1.40 |
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 | 08/31/2000 | N/A | 8.41 | 11.29 | 61.28 | 15.02 | 15.53 | 10.24 |
| Load | 08/31/2000 | 5.50 | 8.11 | 5.18 | 52.39 | 12.87 | 14.23 | 9.62 |
| NAV | 08/31/2000 | N/A | 7.91 | 27.29 | 27.29 | 10.85 | 11.56 | 9.92 |
| Load | 08/31/2000 | 5.50 | 7.61 | 20.27 | 20.27 | 8.79 | 10.31 | 9.30 |
Annualized Benchmark Returns
| Index Name | 1 Mo (%) | 3 Mo (%) | 1Y (%) | 3Y (%) | 5Y (%) | 10Y (%) |
|---|---|---|---|---|---|---|
| Russell 2000 IX Tr | 1.00 | 12.70 | 94.85 | 14.76 | 16.35 | 11.68 |
| S&P 500 Reinvested IX | 4.38 | 6.17 | 56.35 | 16.78 | 16.29 | 13.91 |
| Russell 2000 IX Tr | 1.00 | 12.70 | 94.85 | 14.76 | 16.35 | 11.68 |
| S&P 500 Reinvested IX | 4.38 | 6.17 | 56.35 | 16.78 | 16.29 | 13.91 |
Source: RIMES Technologies Corp.
Source: RIMES Technologies Corp.
An investment cannot be made directly in an index.
Expense Ratio per Prospectus
| Management Fee | 0.72 |
| 12b-1 Fee | 0.25 |
| Other Expenses | 0.31 |
| Interest/Dividend Exp | 0.00 |
| Total Other Expenses | 0.31 |
| Acquired Fund Fees and Expenses (Underlying Fund Fees & Expenses) | 0.00 |
| Total Annual Fund Operating Expenses | 1.28 |
| Contractual Waivers/Reimbursements | N/A |
| Net Expenses - PER PROSPECTUS | 1.28 |
| Additional Waivers/Reimbursements | 0.00 |
| Net Expenses - With Additional Fee Reduction | 1.28 |
Historical Prices
| Date | Net Asset Value ($) | Public Offering Price ($) |
|---|---|---|
| {{histTableData.rateDate | date : 'MM/dd/yyyy'}} | {{histTableData.netAssetValue | numberValue}} | {{histTableData.offeringPrice | numberValue}} |
Distributions
| Capital Gains | Reinvestment Price ($) |
|||
|---|---|---|---|---|
| Ex-Date | Income | Short Term | Long Term | |
| {{distribution.rateDate | date : 'MM/dd/yyyy'}} | {{distribution.dividendFactor | numberValue:4:'N/A'}} | {{distribution.capGainsFactorShort | numberValue:4:'N/A'}} | {{distribution.capGainsFactorLong | numberValue:4:'N/A'}} | {{distribution.reinvestmentPrice | numberValue:3:'N/A'}} |
Sector Breakdown
| Holdings | % of Total Net Assets |
|---|---|
| CASH/OTHER | 0.60 |
| Communication Services | 1.80 |
| Consumer Discretionary | 14.40 |
| Consumer Staples | 1.30 |
| Financials | 16.90 |
| Health Care | 15.40 |
| Industrials | 17.60 |
| Information Technology | 19.60 |
| Materials | 6.80 |
| Real Estate | 4.80 |
| Utilities | 0.90 |
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 | 0.73% |
| 3-Year Beta | 0.95 |
| 3-Year R-Squared | 0.96 |
| 3-Year Sharpe Ratio | 0.55 |
| 3-Year Standard Deviation | 24.78 |
| Number of Securities | 102 |
| Total Assets | $1,095,108,153.00 |
| Wghtd Med Mkt Cap MM$ | $5,056.00 |
Source: RIMES Technologies Corp.,StyleADVISOR
Benchmark: Russell 2000 IX Tr
Top Equity Holdings | View all
| % of Total Assets | |
|---|---|
| Lattice Semiconductor | 1.88 |
| Ryman Hospitality Properties | 1.67 |
| NeoGenomics | 1.60 |
| Western Alliance Bancorp | 1.54 |
| Coherent | 1.53 |
| Penn National Gaming | 1.53 |
| OneMain | 1.46 |
| LPL Financial | 1.46 |
| Travel + Leisure | 1.43 |
| NV5 | 1.40 |
May not equal 100% due to rounding.
Holdings are subject to change and are not buy/sell recommendations.
Top Industries
| % of Total Assets | |
|---|---|
| Regional Banks | 7.97 |
| Application Software | 6.80 |
| Semiconductors | 5.66 |
| Industrial Machinery | 4.73 |
| Health Care Equipment | 3.63 |
| Building Products | 2.86 |
| Electronic Equipment & Instruments | 2.83 |
| Life Sciences Tools & Services | 2.80 |
| Biotechnology | 2.79 |
| Investment Banking & Brokerage | 2.69 |
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
Foreign Securities Risk. The Fund's foreign investments may be affected by changes in a foreign country's exchange rates, political and social instability, changes in economic or taxation policies, difficulties when enforcing obligations, decreased liquidity, and increased volatility. Foreign companies may be subject to less regulation resulting in less publicly available information about the companies.
Management Risk. The investment techniques and risk analysis used by the Fund's portfolio managers may not produce the desired results.
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.
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.
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Dubai
Invesco Small Cap Equity Fund commentary
26 Jan 2021
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