Objective & Strategy
The fund seeks total return through growth of capital and current income by investing primarily in real estate securities throughout the world.
Management team
Top Equity Holdings | View all
% of Total Assets | |
---|---|
Prologis | 6.80 |
UDR | 4.91 |
AvalonBay Communities | 4.19 |
Healthpeak Properties | 3.58 |
Sun Communities | 3.40 |
VICI Properties | 3.22 |
Rexford Industrial Realty | 3.00 |
Digital Realty Trust | 2.88 |
Realty Income | 2.61 |
Host Hotels & Resorts | 2.36 |
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 | 03/31/1998 | N/A | 6.27 | 3.99 | -14.32 | -2.51 | 1.02 | 2.63 |
NAV | 03/31/1998 | N/A | 6.15 | -24.94 | -24.94 | -6.12 | -0.91 | 2.48 |
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 (%) |
---|---|---|---|---|---|---|
Custom Global Real Estate Index | -4.41 | 1.27 | -15.11 | -1.76 | 1.19 | 2.97 |
MSCI World Net Return Index (USD) | -2.40 | 0.06 | -7.33 | 9.90 | 6.88 | 8.77 |
Custom Global Real Estate Index | -2.79 | 6.85 | -25.09 | -5.72 | -0.79 | 2.94 |
MSCI World Net Return Index (USD) | -4.25 | 9.77 | -18.14 | 4.94 | 6.14 | 8.85 |
Source: RIMES Technologies Corp.
An investment cannot be made directly in an index.
Expense Ratio per Prospectus
Management Fee | 0.75 |
12b-1 Fee | N/A |
Other Expenses | 0.22 |
Interest/Dividend Exp | N/A |
Total Other Expenses | 0.22 |
Acquired Fund Fees and Expenses (Underlying Fund Fees & Expenses) | N/A |
Total Annual Fund Operating Expenses | 0.97 |
Contractual Waivers/Reimbursements | N/A |
Net Expenses - PER PROSPECTUS | 0.97 |
Additional Waivers/Reimbursements | N/A |
Net Expenses - With Additional Fee Reduction | 0.97 |
Historical Prices
Date | Net Asset Value ($) | Public Offering Price ($) |
---|---|---|
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Distributions
Capital Gains | Reinvestment Price ($) |
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---|---|---|---|---|
Ex-Date | Income | Short Term | Long Term | |
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Sector Breakdown
Holdings | % of Total Net Assets |
---|---|
CASH/OTHER | 2.40 |
Communication Services | 1.40 |
Consumer Discretionary | 1.10 |
Financials | 0.00 |
Health Care | 1.10 |
Information Technology | 0.50 |
Real Estate | 93.60 |
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 | -0.97% |
3-Year Beta | 0.95 |
3-Year R-Squared | 0.98 |
3-Year Sharpe Ratio | -0.16 |
3-Year Standard Deviation | 22.18 |
Total Assets | $111,405,153.00 |
Active Shares
|
N/A |
Source: RIMES Technologies Corp.,StyleADVISOR
Benchmark: Custom Global Real Estate Index
Top Equity Holdings | View all
% of Total Assets | |
---|---|
Prologis | 6.80 |
UDR | 4.91 |
AvalonBay Communities | 4.19 |
Healthpeak Properties | 3.58 |
Sun Communities | 3.40 |
VICI Properties | 3.22 |
Rexford Industrial Realty | 3.00 |
Digital Realty Trust | 2.88 |
Realty Income | 2.61 |
Host Hotels & Resorts | 2.36 |
May not equal 100% due to rounding.
Holdings are subject to change and are not buy/sell recommendations.
Top Industries
% of Total Assets | |
---|---|
Residential REITs (Discontinued) | 17.66 |
Specialized REITs (Discontinued) | 14.30 |
Industrial REITs (Discontinued) | 13.35 |
Retail REITs (Discontinued) | 11.20 |
Health Care REITs (Discontinued) | 8.44 |
Real Estate Operating Companies (Discontinued) | 8.06 |
Diversified Real Estate Activities (Discontinued) | 6.05 |
Diversified REITs | 5.10 |
Office REITs (Discontinued) | 4.65 |
Hotel & Resort REITs (Discontinued) | 3.51 |
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 or adverse investor sentiment generally. 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.
REIT Risk/Real Estate Risk. Investments in real estate related
instruments may be adversely affected by economic, legal, cultural,
environmental or technological factors that affect property values, rents or
occupancies. Shares of real estate related companies, which tend to be
small- and mid-cap companies, may be more volatile and less liquid than
larger companies. If a real estate related company defaults on certain types
of debt obligations held by the Fund, the Fund may acquire real estate
directly, which involves additional risks such as environmental liabilities;
difficulty in valuing and selling the real estate; and economic or regulatory
changes.
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.
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.
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.
The Fund’s investments in China A-shares are subject to trading
restrictions, quota limitations and clearing and settlement risks.
Preferred Securities Risk. Preferred securities are subject to
issuer-specific and market risks applicable generally to equity securities.
Preferred securities also may be subordinated to bonds or other debt
instruments, subjecting them to a greater risk of non-payment, may be less
liquid than many other securities, such as common stocks, and generally
offer no voting rights with respect to the issuer.
Convertible Securities Risk. The market values of convertible securities
are affected by market interest rates, the risk of actual issuer default on
interest or principal payments and the value of the underlying common
stock into which the convertible security may be converted. Additionally, a
convertible security is subject to the same types of market and issuer risks
as apply to the underlying common stock. In addition, certain convertible
securities are subject to involuntary conversions and may undergo principal
write-downs upon the occurrence of certain triggering events, and, as a
result, are subject to an increased risk of loss. Convertible securities may be
rated below investment grade.
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.
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.
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.
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.
Mortgage- and Asset-Backed Securities Risk. Mortgage- and
asset-backed securities, including collateralized debt obligations and
collateralized mortgage obligations, are subject to prepayment or call risk,
which is the risk that a borrower’s payments may be received earlier or later
than expected due to changes in prepayment rates on underlying loans. This
could result in the Fund reinvesting these early payments at lower interest
rates, thereby reducing the Fund’s income. Mortgage- and asset-backed
securities also are subject to extension risk, which is the risk that an
unexpected rise in interest rates could reduce the rate of prepayments,
causing the price of the mortgage- and asset-backed securities and the
Fund’s share price to fall. An unexpectedly high rate of defaults on the
mortgages held by a mortgage pool may adversely affect the value of
mortgage-backed securities and could result in losses to the Fund.
Privately-issued mortgage-backed securities and asset-backed securities
may be less liquid than other types of securities and the Fund may be
unable to sell these securities at the time or price it desires. During periods
of market stress or high redemptions, the Fund may be forced to sell these
securities at significantly reduced prices, resulting in losses. Liquid
privately-issued mortgage-backed securities and asset-backed securities
can become illiquid during periods of market stress. Privately-issued
mortgage-related securities are not subject to the same underwriting
requirements as those with government or government-sponsored entity
guarantees and, therefore, mortgage loans underlying privately-issued
mortgage-related securities may have less favorable collateral, credit risk,
liquidity risk or other underwriting characteristics, and wider variances in
interest rate, term, size, purpose and borrower characteristics. The Fund
may invest in mortgage pools that include subprime mortgages, which are
loans made to borrowers with weakened credit histories or with lower
capacity to make timely payments on their mortgages. Liquidity risk is even
greater for mortgage pools that include subprime mortgages.
Environmental, Social and Governance (ESG) Considerations Risk. The
ESG considerations assessed as part of the investment process to
implement the Fund’s investment strategy in pursuit of its investment
objective may vary across types of eligible investments and issuers, and not
every ESG factor may be identified or evaluated for every investment. The
Fund’s portfolio will not be solely based on ESG considerations, and
therefore the issuers in which the Fund invests may not be considered
ESG-focused issuers. The incorporation of ESG factors may affect the
Fund’s exposure to certain issuers or industries and may not work as
intended. The Fund may underperform other funds that do not assess an
issuer’s ESG factors or that use a different methodology to identify and/or
incorporate ESG factors. Information used by the Fund to evaluate such
factors may not be readily available, complete or accurate, and may vary
across providers and issuers as ESG is not a uniformly defined
characteristic. There is no guarantee that the evaluation of ESG
considerations will be additive to the Fund’s performance.
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.
Short Position Risk. Because the Fund’s potential loss on a short
position arises from increases in the value of the asset sold short, the Fund
will incur a loss on a short position, which is theoretically unlimited, if the
price of the asset sold short increases from the short sale price. The
counterparty to a short position or other market factors may prevent the
Fund from closing out a short position at a desirable time or price and may
reduce or eliminate any gain or result in a loss. In a rising market, the
Fund’s short positions will cause the Fund to underperform the overall
market and its peers that do not engage in shorting. If the Fund holds both
long and short positions, and both positions decline simultaneously, the
short positions will not provide any buffer (hedge) from declines in value of
the Fund’s long positions. Certain types of short positions involve leverage,
which may exaggerate any losses, potentially more than the actual cost of
the investment, and will increase the volatility of the Fund’s returns.
Active Trading Risk. Active trading of portfolio securities may result in
added expenses and a lower return and increased tax liability.
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.
Important information about Variable Products
This content is provided for informational and/or educational purposes only and does not constitute a recommendation of the suitability of any investment strategy for a particular investor. Investors should consult a financial and/or tax professional before making any investment decisions if they are uncertain whether an investment is suitable for them.
Invesco Variable Insurance Funds are available solely as underlying investment options for variable life insurance and variable annuity products issued or administered by life insurance companies. This information is provided to help investors consider the objectives, risks, charges, and expenses associated with these underlying investment option(s). Investors should contact their investment or insurance professional for important information about the variable life insurance and variable annuity products that hold these investment options. Invesco Distributors, Inc. does not offer any variable products.
Shares of Invesco Variable Insurance Funds have no sales charge and are offered at net asset value (“NAV”). These Funds are available solely as an underlying investment option for variable life insurance and variable annuity products issued or administered by life insurance companies. The insurance company actually owns the Shares of the Funds. Investors do not buy, sell or exchange Shares of the Funds directly, but choose investment options through a variable annuity contract or variable life insurance policy. The insurance company then invests in, sells or exchanges the Shares of the Fund according to the investment options chosen by the investor. Fund returns do not reflect fees and expenses of any variable annuity contract or variable life insurance policy and would be lower if they did. Those expenses and fees are determined by the offering insurance company and will vary. Please refer to specific performance reporting from the issuing insurance company for returns that reflect such charges.
Withdrawals of taxable amounts from variable annuity contracts prior to age 59½ may be subject to an additional 10% federal tax penalty as well as income tax. Amounts withdrawn from a variable insurance contract will reduce the death benefit and withdrawals of earnings will be subject to income tax.
Fund performance reflects any applicable fee waivers and/or expense reimbursements. Had the adviser not waived fees and/or reimbursed expenses currently or in the past, returns would have been lower. See the current prospectus for more information.
The returns for the Series shown do not reflect the deduction of fees and expenses associated with variable products, such as mortality and expense risk charges, separate account charges, and sales charges imposed by insurance company separate accounts. Such fees and expenses would reduce the overall returns shown and vary by insurance companies. Please refer to the variable product's annual report for performance that reflects the deduction of the fees, expenses and other charges imposed by insurance company separate accounts.
No representation is made, and no assurance can be given, that any investment's results will be comparable to the investment results of any other product with similar investment objectives and policies, including products with the same investment professional or manager. Differences in portfolio size, investments held, contract and portfolio expenses, and other factors, can be expected to affect performance.
About Variable Products
Issued by insurance companies, variable annuity and variable life insurance contracts allow investors to accumulate money on a tax deferred basis for long-term financial goals. Mortality and expense risk charges (which compensate the insurance company for insurance risks it assumes under the contract), surrender charges (typically levied if a contract holder cancels the contract within a certain period following initial purchase), and an annual maintenance charge are among the fees and expenses typically associated with these types of variable products.
Please keep in mind that any income guarantees are subject to the claims-paying ability of the issuing insurance company, and that contract owners have options when a contract's payout phase begins. Generally, investors may take their money in a lump sum, make discretionary or systematic distributions, or they can annuitize.
Before investing, investors should carefully read their variable annuity or life insurance contract and the associated variable product prospectus, as well as the underlying fund prospectus(es), and carefully consider the investment objectives, risks, charges, and expenses. For this and more complete information about the underlying funds, investors should ask the offering insurance company.