Invesco V.I. Global Real Estate Fund
Data updated: 2026-08-25
C000000421 — Invesco V.I. Global Real Estate Fund. United States Real Estate · $97.40M AUM · 1.27% expense ratio. Holdings, fees, performance and SEC filings.
C000000421 Fund Overview
Invesco V.I. Global Real Estate Fund is a US mutual fund managed by AIM Variable Insurance Funds (Invesco Variable Insurance Funds), categorised as United States Real Estate. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: AIM Variable Insurance Funds (Invesco Variable Insurance Funds)
- Category: United States Real Estate
- Assets under management: $97.40M
- 1-year return: 12.1%
- SEC CIK: 0000896435
- SEC series ID: S000000187
- Share class ID: C000000421
C000000421 Investment Objective and Strategy
Invesco V.I. Global Real Estate Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by AIM Variable Insurance Funds (Invesco Variable Insurance Funds).
Investment objective
The Funds investment objective is total return through growth of capital and current income.
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 real estate and real estate-related issuers, and in derivatives and other instruments that have economic characteristics similar to such securities. The Fund invests primarily in real estate investment trusts (REITs) and equity securities (including common and preferred stock, and convertible securities) of domestic and foreign issuers. The Funds common stock investments may also include China A-shares (shares of companies based in mainland China that trade on the Shanghai Stock Exchange and the Shenzhen Stock Exchange). The Fund concentrates its investments in the securities of domestic and foreign real estate and real estate-related companies. The Fund considers an issuer to be a real estate or real estate-related company if at least 50% of its assets, gross income or net profits are attributable to ownership, construction, management or sale of residential, commercial or industrial real estate.
These issuers include (i) REITs or other real estate operating companies that (a) own property, (b) make or invest in short-term construction and development mortgage loans, or (c) invest in long-term mortgages or mortgage pools, and (ii) issuers whose products and services are related to the real estate industry, such as manufacturers and distributors of building supplies and financial institutions that issue or service mortgages. The Fund may also invest in debt securities of domestic and foreign issuers (including corporate debt obligations and commercial mortgage-backed securities). The Fund may invest up to 10% of its net assets in non-investment grade debt securities (commonly known as junk bonds) of real estate and real estate-related issuers. Under normal circumstances, the Fund will provide exposure to investments that are economically tied to at least three different countries, including the U.S and at least 40%, unless market conditions are not deemed favorable, in which case at least 30% of the Funds net assets will provide exposure to investments that are economically tied to countries other than the U.S.
The Fund may invest up to 20% of its net assets in securities of issuers located in emerging market countries, i.e., those that are generally in the early stages of their industrial cycles. The Fund may invest in securities of issuers of all capitalization sizes. Real estate companies tend to have smaller asset bases compared with other market sectors, therefore, the Fund may hold a significant amount of securities of small- and mid-capitalization issuers. The Fund may engage in short sales of securities. The Fund may engage in short sales with respect to securities it owns or securities it does not own. Generally, the Fund will sell a security short to (1) take advantage of an expected decline in the security price in anticipation of purchasing the same security at a later date at a lower price, or (2) to protect a profit in a security that it owns.
The Fund will not sell a security short if, as a result of such short sale, the aggregate market value of all securities sold short exceeds 10% of the Funds net assets. The Fund can invest in derivative instruments including forward foreign currency contracts. The Fund can use forward foreign currency contracts to seek to hedge against adverse movements in the foreign currencies in which portfolio securities are denominated; though the Fund has not historically used these instruments. When constructing the portfolio, the portfolio managers use a fundamentals-driven investment process, including an evaluation of factors such as property market cycle analysis, property evaluation and management and structure review to identify securities with characteristics including (i) quality underlying properties, (ii) solid management teams with the ability to effectively manage capital structure decisions and execute their stated strategic plan, and (iii) attractive valuations relative to peer investment alternatives.
The portfolio managers focus on equity REITs and real estate operating issuers. Each qualified security in the investment universe is analyzed using fundamental real estate analysis and valuation review to identify securities that appear to have relatively favorable long-term prospects and attractive values. Some of the fundamental real estate factors that are considered include: forecasted occupancy and rental rates of the various property markets in which a firm may operate, property locations, physical attributes, management depth and skill, insider ownership, overall debt levels, percentage of variable rate financing and fixed charge coverage ratios. The issuers that are believed to have the most attractive fundamental real estate attributes are then evaluated on the basis of relative value.
Some of the valuation factors that are considered include: cash flow consistency and growth, dividend yield, dividend coverage and growth, and cash flow and assets to price multiples. The portfolio managers seek to construct a portfolio with risk characteristics similar to the FTSE EPRA Nareit Developed Index. The Fund uses this index as a guide in structuring the portfolio, but the Fund is not an index fund. The portfolio managers seek to limit risk through various controls, such as diversifying the portfolio property types and geographic areas as well as by considering the relative liquidity of each security and limiting the size of any one holding. The portfolio managers will consider selling a security if they conclude (1) its relative valuation has fallen below desired levels, (2) its risk/return profile has changed significantly, (3) its fundamentals have changed, or (4) a more attractive investment opportunity is identified.
C000000421 Holdings
Top 10 holdings of Invesco V.I. Global Real Estate Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Invesco Private Prime Fund | 14.73% |
| Welltower Inc. | 8.61% |
| Prologis, Inc. | 5.88% |
| Invesco Private Government Fund | 5.68% |
| Public Storage | 5.36% |
| Equinix, Inc. | 4.83% |
| Digital Realty Trust, Inc. | 4.33% |
| Simon Property Group, Inc. | 4.19% |
| Goodman Group | 3.07% |
| UDR, Inc. | 2.71% |
C000000421 Portfolio Allocation
Asset-class allocation of Invesco V.I. Global Real Estate Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Equity | 99.4% |
| Cash & Equivalents | 20.4% |
C000000421 Performance
Total returns for C000000421 (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| YTD | 10.0% |
| 1 year | 12.1% |
| 3 years (annualised) | 7.6% |
| 5 years (annualised) | 0.7% |
C000000421 Risk Information
Risk metrics for C000000421, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 15.9%
C000000421 Costs and Fees
C000000421 costs about $127 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.27%
- Gross expense ratio: 1.27%
- Portfolio turnover: 77%
- Brokerage commissions: 9.06 bps of average net assets (SEC N-CEN)
C000000421 Cashflows
Over the 12 months to 2026-06, Invesco V.I. Global Real Estate Fund had net outflows of $8.30M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-06 | −$1.29M |
| 2026-05 | −$2.55M |
| 2026-04 | −$263.73K |
| 2026-03 | −$2.05M |
| 2026-02 | −$766.77K |
| 2026-01 | −$926.12K |
C000000421 Debt Constituents
No individual debt constituents are reported in Invesco V.I. Global Real Estate Fund's latest SEC N-PORT filing.
C000000421 Prospectus and SEC Filings
Official Invesco V.I. Global Real Estate Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2026-04-29
- Prospectus (485BPOS) — filed 2025-04-29
- Prospectus (485BPOS) — filed 2024-04-25
- Portfolio holdings (N-PORT) — filed 2026-08-25
- Portfolio holdings (N-PORT) — filed 2026-05-28
- Portfolio holdings (N-PORT) — filed 2026-02-27
- Annual census (N-CEN) — filed 2026-03-16
- Annual census (N-CEN) — filed 2025-03-17
Related Funds
Other United States Real Estate 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.