Invesco Gold & Precious Metals Fund

Data updated: 2020-07-14

C000000349 — Invesco Gold & Precious Metals Fund. Commodity · $238.44M AUM · 2.24% expense ratio. Holdings, fees, performance and SEC filings.

C000000349 Fund Overview

Invesco Gold & Precious Metals Fund is a US mutual fund managed by Aim Sector Funds (invesco Sector Funds), categorised as Commodity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

C000000349 Investment Objective and Strategy

Invesco Gold & Precious Metals Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Aim Sector Funds (invesco Sector Funds).

Investment objective

The Fund’s investment objective is long-term growth of capital.

Principal investment strategy

The Fund invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in securities of issuers engaged in exploring for, mining, processing, or dealing and investing in gold and other precious metals such as silver, platinum and palladium, as well as diamonds (the gold and precious metals sector), and in derivatives and other instruments that have economic characteristics similar to such securities. The Fund invests primarily in equity securities. The principal type of equity security in which the Fund invests is common stock. The Fund invests directly or indirectly up to 10% of its net assets in gold bullion, which is counted toward the 80% investment requirement. The Fund considers an issuer to be doing business in the gold and precious metals sector if it meets at least one of the following tests: (1) at least 50% of its gross income or its net sales come from activities in the gold and precious metals sector; (2) at least 50% of its total assets are devoted to producing revenues in the gold and precious metals sector; or (3) based on other available information, the portfolio manager determines that its primary business is within the gold and precious metals sector.

The Fund may invest up to 100% of its net assets in securities of foreign issuers doing business in the gold and precious metals sector, which may include issuers located in emerging markets countries, i.e., those that are in the early stages of their industrial cycles. The Fund may invest in securities of issuers of all capitalization sizes. The Fund can invest in derivative instruments, including forward foreign currency contracts. The Fund can use forward foreign currency contracts to hedge against adverse movements in the foreign currencies in which portfolio securities are denominated; though the Fund has not typically used these instruments. The investment team primarily uses a fundamental bottom-up analysis to seek to identify investments with quality management teams with quality assets trading at attractive valuations.

The investment strategy places emphasis on valuation and risk/reward profiles of potential investments. In valuing companies, the investment team takes a long-term view on commodity prices and uses a constant marginal cost of production commodity price. The commodity price does not change unless a persistent structural change in the commodity occurs. Price-to-cash flow (P/CF), price-to-net asset value (P/NAV) and price-to-earnings (P/E) are the valuation metrics the investment team uses to assess the attractiveness of a security. Top-down macroeconomic research, including an assessment of factors such as worldwide economic activity, government policy, employment, inflation, supply/demand dynamics, currency market dynamics, international trade, technological advances, as well as business, equity and credit market cycle analysis, is also considered as a check and balance to sub-industry allocation that results from bottom-up analysis.

The portfolio manager will consider selling a security of an issuer if, among other things, (1) a security reaches its target price; (2) a change in fundamentals occurs-either company specific or industry wide; (3) a change in corporate focus and/or management occurs; or (4) a more attractive investment opportunity is identified.

C000000349 Costs and Fees

C000000349 costs about $224 per $10,000 invested per year in fund expenses.

  • Net expense ratio: 2.24%
  • Gross expense ratio: 2.24%
  • Portfolio turnover: 16%
  • Brokerage commissions: 13.82 bps of average net assets (SEC N-CEN)

C000000349 Cashflows

Over the 12 months to 2020-04, Invesco Gold & Precious Metals Fund had net outflows of $13.11M, from monthly SEC N-PORT filings.

MonthNet flow
2020-04−$2.69M
2020-03−$3.10M
2020-02$796.82K
2020-01−$2.03M
2019-12−$2.46M
2019-11−$2.30M

C000000349 Debt Constituents

No individual debt constituents are reported in Invesco Gold & Precious Metals Fund's latest SEC N-PORT filing.

C000000349 Prospectus and SEC Filings

Official Invesco Gold & Precious Metals Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

Related Funds

Other Commodity funds tracked on ABC INVEST:

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.