Invesco Mid Cap Core Equity Fund

Data updated: 2020-06-01

C000023024 — Invesco Mid Cap Core Equity Fund. Money Market · $636.13M AUM · 0.87% expense ratio. Holdings, fees, performance and SEC filings.

C000023024 Fund Overview

Invesco Mid Cap Core Equity Fund is a US mutual fund managed by Aim Growth Series (invesco Growth Series), categorised as Money Market. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

C000023024 Investment Objective and Strategy

Invesco Mid Cap Core Equity Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Aim Growth Series (invesco Growth Series).

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 equity securities of mid-capitalization companies, and in derivatives and other instruments that have economic characteristics similar to such securities. The principal type of equity security in which the Fund invests is common stock. The Fund considers an issuer to be a mid-capitalization issuer if it has a market capitalization, at the time of purchase, within the range of the largest and smallest capitalized issuers included in the Russell Midcap Index during the most recent 11-month period (based on month-end data) plus the most recent data during the current month. As of December 31, 2017, the capitalization of issuers in the Russell Midcap Index ranged from $568 million to $36.7 billion.

The Fund may invest up to 25% of its net assets in securities of foreign issuers, which may include securities of issuers located in emerging markets countries; i.e., those that are in the early stages of their industrial cycles. The Fund can invest in derivative instruments including forward foreign currency contracts and futures contracts. The Fund can use forward foreign currency contracts to hedge against adverse movements in the foreign currencies in which portfolio securities are denominated. The Fund can use futures contracts, including index futures, to gain exposure to the broad market by equitizing cash and as a hedge against downside risk. In selecting securities for the Fund, the portfolio managers conduct fundamental research of issuers to gain a thorough understanding of their business prospects, appreciation potential and return on invested capital (ROIC).

The process they use to identify potential investments for the Fund includes three phases: financial analysis, business analysis and valuation analysis. Financial analysis evaluates an issuers capital allocation, and provides vital insight into historical and potential ROIC which is a key indicator of business quality and caliber of management. Business analysis allows the team to determine an issuers competitive positioning by identifying key drivers of the issuer, understanding industry challenges and evaluating the sustainability of competitive advantages. Both the financial and business analyses serve as a basis to construct valuation models that help estimate an issuers value. The portfolio managers use three primary valuation techniques: discounted cash flow, traditional valuation multiples and net asset value.

At the conclusion of their research process, the portfolio managers will generally invest in an issuer when they have determined it potentially has high or improving ROIC, quality management with a long-term perspective, a strong competitive position and is trading at an attractive valuation. The portfolio managers consider selling a security when it exceeds the target price, has not shown a demonstrable improvement in fundamentals or a more compelling investment opportunity exists. The Fund employs a risk management strategy to help minimize loss of capital and reduce excessive volatility. Pursuant to this strategy, the Fund generally invests a substantial amount of its assets in cash and cash equivalents, including money market funds. As a result, the Fund may not achieve its investment objective.

C000023024 Costs and Fees

C000023024 costs about $87 per $10,000 invested per year in fund expenses.

  • Net expense ratio: 0.87%
  • Gross expense ratio: 0.88%
  • Portfolio turnover: 116%
  • Brokerage commissions: 10.43 bps of average net assets (SEC N-CEN)

C000023024 Cashflows

Over the 12 months to 2020-03, Invesco Mid Cap Core Equity Fund had net inflows of $20.76M, from monthly SEC N-PORT filings.

MonthNet flow
2020-03−$12.68M
2020-02−$22.80M
2020-01−$17.78M
2019-12$140.54M
2019-11−$13.93M
2019-10−$14.39M

C000023024 Debt Constituents

No individual debt constituents are reported in Invesco Mid Cap Core Equity Fund's latest SEC N-PORT filing.

C000023024 Prospectus and SEC Filings

Official Invesco Mid Cap Core Equity Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

Related Funds

Other Money Market 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.