Equity | International and Global Equity

Invesco International Small-Mid Company Fund

Class A

Class A

  • Class A
  • Class C
  • Class R
  • Class R5
  • Class R6
  • Class Y
Ticker: OSMAX

Objective & Strategy

The Fund seeks capital appreciation. This strategy typically invests in international small- and mid-company stocks.

as of 08/31/2022

Morningstar Rating

Overall Rating - Foreign Small/Mid Growth Category

As of 08/31/2022 the Fund had an overall rating of 4 stars out of 132 funds and was rated 3 stars out of 132 funds, 4 stars out of 119 funds and 5 stars out of 75 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. ©2022 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 08/31/2022

Top Equity Holdings | View all

  % of Total Assets
Partners Group 2.28
Obic 1.99
Nice ADR 1.86
Azbil 1.67
Croda 1.56
Carl Zeiss Meditec 1.53
Disco 1.39
Spirax-Sarco Engineering 1.35
IPH 1.30
Loomis 1.28

May not equal 100% due to rounding.

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

as of 08/31/2022 06/30/2022

Average Annual Returns (%)

  Incept.
Date
Max
Load (%)
Since
Incept. (%)
YTD (%) 1Y (%) 3Y (%) 5Y (%) 10Y (%)
NAV 11/17/1997 N/A 11.07 -32.63 -33.75 1.55 3.22 10.71
Load 11/17/1997 5.50 10.82 -36.33 -37.40 -0.34 2.06 10.09
NAV 11/17/1997 N/A 11.10 -33.44 -28.62 -0.24 3.83 11.01
Load 11/17/1997 5.50 10.84 -37.10 -32.54 -2.10 2.66 10.39

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 the result of a reorganization on May 24, 2019, the returns of the fund for periods on or prior to May 24, 2019 reflect performance of the Oppenheimer predecessor fund. Share class returns will differ from the predecessor fund due to a change in expenses and sales charges.

Please keep in mind that high, double-digit and/or triple-digit returns are highly unusual and cannot be sustained.
 
as of 08/31/2022 06/30/2022

Annualized Benchmark Returns


Index Name 1 Mo (%) 3 Mo (%) 1Y (%) 3Y (%) 5Y (%) 10Y (%)
MSCI ACWI exUS Small/Mid Cap Index-NR -2.95 -8.48 -22.75 3.41 1.46 5.42
MSCI ACWI exUS Small/Mid Cap Index-NR -2.95 -8.48 -22.75 3.41 1.46 5.42
MSCI ACWI exUS Small/Mid Cap Index-NR -10.30 -16.63 -22.41 1.44 1.95 5.57
MSCI ACWI exUS Small/Mid Cap Index-NR -10.30 -16.63 -22.41 1.44 1.95 5.57

An investment cannot be made directly in an index.

Expense Ratio per Prospectus

Management Fee 0.90
12b-1 Fee 0.24
Other Expenses 0.17
Interest/Dividend Exp N/A
Total Other Expenses 0.17
Acquired Fund Fees and Expenses (Underlying Fund Fees & Expenses) N/A
Total Annual Fund Operating Expenses 1.31
Contractual Waivers/Reimbursements N/A
Net Expenses - PER PROSPECTUS 1.31
Additional Waivers/Reimbursements N/A
Net Expenses - With Additional Fee Reduction 1.31
This information is updated per the most recent prospectus.

Historical Prices

 
No history records found for this date range
Date Net Asset Value ($) Public Offering Price ($)
{{histTableData.rateDate | date : 'MM/dd/yyyy'}} {{histTableData.netAssetValue | numberValue}} {{histTableData.offeringPrice | numberValue}}

Distributions

From   to
    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'}}
as of 08/31/2022

Sector Breakdown

Holdings % of Total Net Assets
CASH/OTHER 1.28
Communication Services 4.59
Consumer Discretionary 3.14
Consumer Staples 2.45
Energy 0.47
Financials 4.55
Health Care 17.55
Industrials 34.90
Information Technology 25.17
Materials 5.89
Real Estate 0.00
Utilities 0.00

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.

as of 08/31/2022

Fund Characteristics

3-Year Alpha -1.21%
3-Year Beta 0.95
3-Year R-Squared 0.76
3-Year Sharpe Ratio 0.04
3-Year Standard Deviation 22.38
Number of Securities 122
Total Assets $5,169,890,491.00
Wghtd Med Mkt Cap MM$ $3,251.00

Source: StyleADVISOR

Benchmark:  MSCI ACWI ex USA SMID Cap Net Return Index (USD)

as of 08/31/2022

Top Equity Holdings | View all

  % of Total Assets
Partners Group 2.28
Obic 1.99
Nice ADR 1.86
Azbil 1.67
Croda 1.56
Carl Zeiss Meditec 1.53
Disco 1.39
Spirax-Sarco Engineering 1.35
IPH 1.30
Loomis 1.28

May not equal 100% due to rounding.

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

as of 08/31/2022

Top Countries

  % of Total Assets
Japan 20.82
United Kingdom 15.45
Sweden 13.11
Switzerland 10.10
Germany 8.44
Australia 4.34
Italy 4.17
France 3.76
Denmark 2.79
Brazil 2.45

May not equal 100% due to rounding.

as of 08/31/2022

Top Industries

  % of Total Assets
Application Software 10.88
Industrial Machinery 10.42
Health Care Equipment 8.11
IT Consulting & Other Services 5.74
Research & Consulting Services 5.28
Life Sciences Tools & Services 5.13
Trading Companies & Distributors 4.97
Specialty Chemicals 4.56
Asset Management & Custody Banks 4.53
Electronic Equipment & Instruments 4.11

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.

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.