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Trending ETFs

Invesco Macro Allocation Strategy Fund

mutual fund
GMSEX
Payout Change
Pending
Price as of:
$7.45 +0.0 +0.0%
primary theme
N/A
GMSEX (Mutual Fund)

Invesco Macro Allocation Strategy Fund

Payout Change
Pending
Price as of:
$7.45 +0.0 +0.0%
primary theme
N/A
GMSEX (Mutual Fund)

Invesco Macro Allocation Strategy Fund

Payout Change
Pending
Price as of:
$7.45 +0.0 +0.0%
primary theme
N/A

Name

As of 12/03/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$7.45

$158 M

0.61%

$0.04

2.50%

Vitals

YTD Return

1.6%

1 yr return

2.1%

3 Yr Avg Return

-3.8%

5 Yr Avg Return

-1.3%

Net Assets

$158 M

Holdings in Top 10

91.3%

52 WEEK LOW AND HIGH

$7.5
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 2.50%

SALES FEES

Front Load N/A

Deferred Load 1.00%

TRADING FEES

Turnover N/A

Redemption Fee N/A


Min Investment

Standard (Taxable)

$1,000

IRA

$250


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 12/03/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$7.45

$158 M

0.61%

$0.04

2.50%

GMSEX - Profile

Distributions

  • YTD Total Return 1.6%
  • 3 Yr Annualized Total Return -3.8%
  • 5 Yr Annualized Total Return -1.3%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio -2.11%
DIVIDENDS
  • Dividend Yield 0.6%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    Invesco Macro Allocation Strategy Fund
  • Fund Family Name
    INVESCOFDS
  • Inception Date
    Aug 28, 2013
  • Shares Outstanding
    N/A
  • Share Class
    C
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Mark Ahnrud

Fund Description

The Fund’s investment strategy is designed to seek to provide capital loss protection during down markets. Under normal market conditions, the Fund’s portfolio management team allocates across three macro factors: growth, defensive and real return, such that no one macro factor drives the Fund’s performance. The Fund’s exposure to these three macro factors will be achieved primarily through investments in derivative instruments (generally having aggregate notional exposure exceeding 65% of the Fund’s net assets), including but not limited to futures, options, currency forward contracts and swap agreements.
The portfolio managers implement their investment decisions primarily through the use of derivatives and other investments that create leverage. The Fund uses derivatives and other leveraged instruments to create and adjust exposures to the three macro factors. The portfolio managers make these adjustments when they believe it will benefit the Fund. Using derivatives often allows the portfolio managers to implement their views more efficiently and to gain more exposure to the macro factors than investing in more traditional assets such as stocks and bonds would allow. The Fund holds long and short positions in derivatives. The Fund’s use of derivatives and the leveraged investment exposure created by the use of derivatives are expected to be significant and typically greater than most mutual funds. The Fund may use quantitative models as part of the investment selection process. In addition, the Fund may invest directly in common stock.
The Fund’s net asset value over a short to intermediate term is expected to be volatile because of the significant use of derivatives and
other instruments that provide leverage including futures contracts, options, swaps and commodity-linked notes. Volatility measures the range of returns of a security, fund, index or other investment, as indicated by the annualized standard deviation of its returns. Higher volatility generally indicates higher risk and is often reflected by frequent and sometimes significant movements up and down in value. The Fund’s investment strategy seeks to achieve a positive absolute return over a complete economic and market cycle, notwithstanding the expected short and intermediate term volatility in the net asset value of the Fund.
The Fund will have the potential for greater gains, as well as the potential for greater losses, than if the Fund did not use derivatives or other instruments that have a leveraging effect. Leveraging tends to magnify, sometimes significantly depending on the amount of leverage used, the effect of any increase or decrease in the Fund’s exposure to a macro factor and may cause the Fund’s net asset value to be more volatile than a fund that does not use leverage. For example, if the Fund gains exposure to a specific macro factor through an instrument that provides leveraged exposure to the class, and that leveraged instrument increases in value, the gain to the Fund will be magnified; however, if the leveraged instrument decreases in value, the loss to the Fund will be magnified.
The Fund seeks to implement its strategy through the combination of two components – an adaptive positioning component and a diversified defensive component – using a process that has three steps. The first step is adaptive positioning, which involves selecting representative investments for each macro factor from a large universe of potential investments. The portfolio managers seek to construct the portfolio so that an approximately equal amount of risk comes from growth, defensive and real return allocations. Tactical adjustments to the Fund’s portfolio are then made periodically to try to take advantage of shorter-term market dynamics. The adaptive positioning component is based on the premise that over the long term, macro factors typically generate an excess return over cash. This component seeks to capitalize on the long-term characteristics of macro factors by capturing market trends by taking both long and short positions across global equity, government bond and commodity markets.
The second step of the process is diversified defensive positioning, in which the portfolio managers seek to invest in instruments and use strategies that are expected to have defensive properties during market turbulence. These assets and strategies may include the use of high quality sovereign debt, long equity put options, defensive equity factor premia (e.g., momentum, low volatility and quality) and select commodities. The diversified defensive component is designed to exhibit low correlation to broad capital markets and thereby seeks to provide a level of defense to the Fund’s overall strategy.
In the third step of the process, the final portfolio is compiled to seek to achieve a long-term correlation to equities of zero. From a risk-contribution perspective, the adaptive positioning is designed to generally contribute approximately 80% of the portfolio’s aggregate risk, while the diversified defensive positioning is designed to generally contribute 20% of the portfolio’s aggregate risk.
The size and number of short derivative positions held by the Fund will vary with the market environment. In some cases there will be no short derivative positions in the Fund. In other cases the net short derivative exposure of the Fund (the amount by which short positions exceed long positions) could be 50% of net asset value or higher. The Fund’s long positions in derivative instruments generally will benefit from an increase in the price of the underlying investment. The Fund’s short positions in derivative instruments generally will benefit from a decrease in the price of the underlying investment.
The Fund’s growth exposure will be achieved primarily through investments in derivatives that track equity indices comprised of shares of companies in developed and/or emerging market countries, including equity indices that emphasize exposure to companies associated with certain characteristics, known as style factors, including high dividend, quality, value, growth, low volatility, size (large-, mid- or small-cap) and momentum.
In addition, the Fund may invest directly in shares of such companies and in ETFs that provide equity exposure, including ETFs that track factor-based indices that emphasize the style factors noted above. The Fund may also buy and write (sell) put and call options on equities, equity indices and ETFs, including in combination, to adjust the Fund’s equity exposure or to generate income. Additionally, the Fund can use currency forward contracts to hedge against the risk that the value of the foreign currencies in which its equity investments are denominated will depreciate against the U.S. dollar.
The Fund’s defensive exposure will be achieved primarily through derivatives that offer exposure to the debt or credit of issuers in developed and/or emerging markets that are rated investment grade or are unrated but deemed to be investment grade quality by the Adviser, including U.S. and foreign government debt securities having intermediate (5 – 10 years) and long (10 plus years) term maturity.
The Fund’s real return exposure will be achieved primarily through investments in commodity-related ETFs, commodity futures and swaps, ETNs and commodity-linked notes, some or all of which will be owned through Invesco Cayman Commodity Fund V Ltd., a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (Subsidiary). The commodity investments will be focused in four sectors of the commodities market: energy, precious metals, industrial metals and agriculture/livestock.
The Fund will invest in the Subsidiary to gain exposure to commodities markets. The Subsidiary, in turn, will invest in commodity futures and swaps, commodity-linked notes, commodity-related ETFs and ETNs. The Subsidiary is advised by the Adviser, has the same investment objective as the Fund and generally employs the same investment strategy. Unlike the Fund, however, the Subsidiary may invest without limitation in commodity-linked derivatives and other investments that may provide leveraged and non-leveraged exposure to commodities. The Subsidiary holds cash and can invest in cash equivalent instruments, including affiliated money market funds, some or all of which may serve as margin or collateral for the Subsidiary’s derivative positions. Because the Subsidiary is wholly-owned by the Fund, the Fund will be subject to the risks associated with any investment by the Subsidiary.
The Fund generally will maintain a substantial portion of its net assets (including assets held by the Subsidiary) in cash and cash equivalent instruments, including affiliated money market funds, as margin or collateral for the Fund’s obligations under derivative transactions, or for cash management purposes. The larger the value of the Fund’s derivative positions, as opposed to positions held in non-derivative instruments, the more the Fund will be required to maintain cash and cash equivalents as margin or collateral for such derivatives.
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GMSEX - Performance

Return Ranking - Trailing

Period GMSEX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.6% -8.0% 37.2% 92.06%
1 Yr 2.1% 0.1% 89.4% 86.35%
3 Yr -3.8%* -0.3% 24.1% 98.44%
5 Yr -1.3%* 1.6% 24.2% 95.28%
10 Yr 0.2%* -1.2% 12.4% N/A

* Annualized

Return Ranking - Calendar

Period GMSEX Return Category Return Low Category Return High Rank in Category (%)
2023 -0.1% -17.2% 52.8% 63.02%
2022 -12.7% -11.4% 27.3% 93.44%
2021 -5.6% -29.6% 1.6% 6.67%
2020 2.5% -11.6% 29.4% 92.41%
2019 -3.2% -14.9% 16.0% 91.79%

Total Return Ranking - Trailing

Period GMSEX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.6% -8.0% 37.2% 92.06%
1 Yr 2.1% -5.0% 89.4% 83.76%
3 Yr -3.8%* -1.9% 24.1% 97.67%
5 Yr -1.3%* 0.9% 24.2% 94.42%
10 Yr 0.2%* -1.2% 12.4% N/A

* Annualized

Total Return Ranking - Calendar

Period GMSEX Return Category Return Low Category Return High Rank in Category (%)
2023 0.5% -17.2% 52.8% 63.02%
2022 -12.7% -11.4% 27.3% 93.44%
2021 1.9% -29.6% 1.6% 13.75%
2020 2.5% -5.4% 29.4% 83.48%
2019 2.6% -14.9% 19.7% 30.92%

NAV & Total Return History


GMSEX - Holdings

Concentration Analysis

GMSEX Category Low Category High GMSEX % Rank
Net Assets 158 M 2.04 M 17.1 B 36.92%
Number of Holdings 68 2 1820 42.29%
Net Assets in Top 10 146 M -33.2 M 10.3 B 73.12%
Weighting of Top 10 91.28% 11.4% 100.0% 3.97%

Top 10 Holdings

  1. Invesco Government Agency Portfolio, Institutional Class 22.99%
  2. Invesco Treasury Portfolio, Institutional Class 22.55%
  3. U.S. Treasury Floating Rate Notes 15.00%
  4. U.S. Treasury Floating Rate Notes 14.41%
  5. Invesco US Dollar Liquidity Portfolio, Institutional Class 11.43%
  6. Invesco Short Term Treasury ETF 4.05%
  7. SP/TSX 60 Index Future 0.24%
  8. E-Mini Russell 2000 Index Future 0.22%
  9. Royal Bank of Canada 0.21%
  10. SPI 200 Index Future 0.17%

Asset Allocation

Weighting Return Low Return High GMSEX % Rank
Cash
65.29% -332.35% 82.30% 13.98%
Bonds
29.41% 0.00% 357.85% 43.73%
Stocks
4.05% -26.36% 199.17% 99.64%
Other
1.24% -32.27% 82.70% 1.79%
Preferred Stocks
0.00% 0.00% 18.26% 98.21%
Convertible Bonds
0.00% 0.00% 11.80% 97.13%

Stock Sector Breakdown

Weighting Return Low Return High GMSEX % Rank
Utilities
0.00% 0.00% 91.92% 28.24%
Technology
0.00% 0.00% 54.93% 88.17%
Real Estate
0.00% 0.00% 79.35% 73.28%
Industrials
0.00% 0.00% 27.29% 27.10%
Healthcare
0.00% 0.00% 35.31% 73.28%
Financial Services
0.00% 0.00% 95.02% 10.31%
Energy
0.00% 0.00% 26.38% 4.58%
Communication Services
0.00% 0.00% 21.86% 83.59%
Consumer Defense
0.00% 0.00% 22.63% 16.03%
Consumer Cyclical
0.00% 0.00% 32.32% 73.66%
Basic Materials
0.00% 0.00% 50.63% 12.21%

Stock Geographic Breakdown

Weighting Return Low Return High GMSEX % Rank
US
4.05% -11.00% 197.79% 99.64%
Non US
0.00% -15.36% 64.94% 99.64%

Bond Sector Breakdown

Weighting Return Low Return High GMSEX % Rank
Cash & Equivalents
56.97% 0.00% 100.00% 34.05%
Government
49.16% 0.00% 96.28% 28.32%
Derivative
1.24% 0.00% 67.35% 97.13%
Corporate
0.01% 0.00% 100.00% 70.97%
Securitized
0.00% 0.00% 62.46% 97.13%
Municipal
0.00% 0.00% 12.89% 97.13%

Bond Geographic Breakdown

Weighting Return Low Return High GMSEX % Rank
US
29.41% -40.90% 206.07% 25.81%
Non US
0.00% -20.95% 151.78% 97.13%

GMSEX - Expenses

Operational Fees

GMSEX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 2.50% 0.42% 4.19% 17.09%
Management Fee 1.10% 0.00% 1.50% 92.06%
12b-1 Fee 1.00% 0.00% 1.00% 98.84%
Administrative Fee N/A 0.05% 0.70% N/A

Sales Fees

GMSEX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.50% 5.75% N/A
Deferred Load 1.00% 1.00% 5.00% 96.15%

Trading Fees

GMSEX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.50% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

GMSEX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 465.00% 2.19%

GMSEX - Distributions

Dividend Yield Analysis

GMSEX Category Low Category High GMSEX % Rank
Dividend Yield 0.61% 0.00% 1.76% 97.13%

Dividend Distribution Analysis

GMSEX Category Low Category High Category Mod
Dividend Distribution Frequency Annual Annually Quarterly Annually

Net Income Ratio Analysis

GMSEX Category Low Category High GMSEX % Rank
Net Income Ratio -2.11% -73.00% 9.24% 97.41%

Capital Gain Distribution Analysis

GMSEX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

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GMSEX - Fund Manager Analysis

Managers

Mark Ahnrud


Start Date

Tenure

Tenure Rank

Sep 26, 2012

9.68

9.7%

Mark Ahnrud currently serves as a Portfolio Manager for Invesco's Global Asset Allocation team. Mark joined Invesco in 2000 and the Global Asset Allocation team in 2002. Mark began his investment career in 1985 and was a fixed income portfolio manager with Bank of America prior to joining Invesco. Mark received his BS in Finance and Investments from Babson College. He received his MBA from the Fuqua School of Business at Duke University with a concentration in Finance and Real Estate Investment. Mark holds the Chartered Financial Analyst designation.

Scott Wolle


Start Date

Tenure

Tenure Rank

Sep 26, 2012

9.68

9.7%

Scott Wolle is a portfolio manager and chief investment officer (CIO) of Invesco Global Asset Allocation. Mr. Wolle joined Invesco in 1999 and became affiliated with the Global Asset Allocation team in 2000. He began his investment management career in 1991 and was with Bank of America prior to joining Invesco. Mr. Wolle earned a Bachelor of Science in finance from Virginia Polytechnic Institute and State University, graduating magna cum laude. He earned a MBA from the Fuqua School of Business at Duke University where he earned the distinction of Fuqua Scholar. He is a CFA charterholder.

Chris Devine


Start Date

Tenure

Tenure Rank

Sep 26, 2012

9.68

9.7%

Chris Devine joined Invesco in 1998 and became affiliated with the Global Asset Allocation team in January 2003. He is responsible for portfolio construction, risk management, trading and derivative management. He began his investment management career in 1996 and was with The Robinson-Humphrey Co. prior to joining Invesco. Mr. Devine earned a Bachelor of Arts degree in economics from Wake Forest University and a Master of Business Administration degree from the University of Georgia. He is a CFA charterholder.

Christian Ulrich


Start Date

Tenure

Tenure Rank

Sep 26, 2012

9.68

9.7%

Christian Ulrich currently serves as a Portfolio Manager for the IGAA team. Christian joined Invesco in 2000 and the Global Asset Allocation team in 2009. Prior to affiliating as a Portfolio manager with IGAA team, Christian served as a client portfolio manager for Invesco Global Asset Management. Christian began his investment career in 1987 and was with Credit Suisse Group AG where he had assignments in Zurich, New York and London.Christian graduated from the KV Zurich Business School in Zurich, Switzerland, and holds the CFA designation.

Scott Hixon


Start Date

Tenure

Tenure Rank

Sep 26, 2012

9.68

9.7%

Scott Hixon joined Invesco in 1994 and became affiliated with the Global Asset Allocation team in 1997. He is responsible for the fundamental research, quantitative modeling and portfolio investment decisions for asset classes and currencies. Mr. Hixon began his investment management career in 1992 and was with SunTrust Bank prior to joining Invesco. He earned a Bachelor of Business Administration in finance, graduating magna cum aude from Georgia Southern University. He earned an M.B.A. in finance from Georgia State University. Mr. Hixon is a CFA charterholder.

John Burrello


Start Date

Tenure

Tenure Rank

Feb 28, 2022

0.25

0.3%

Tenure Analysis

Category Low Category High Category Average Category Mode
0.02 32.83 5.54 8.68