Invesco V.I. Balanced-Risk Allocation Fund
Data updated: 2026-08-31
C000095034 — Invesco V.I. Balanced-Risk Allocation Fund. Alternative · $441.64M AUM · 0.88% expense ratio. Holdings, fees, performance and SEC filings.
C000095034 Fund Overview
Invesco V.I. Balanced-Risk Allocation Fund is a US mutual fund managed by AIM Variable Insurance Funds (Invesco Variable Insurance Funds), categorised as Alternative. 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: Alternative
- Assets under management: $441.64M
- 1-year return: 24.3%
- SEC CIK: 0000896435
- SEC series ID: S000030663
- Share class ID: C000095034
C000095034 Investment Objective and Strategy
Invesco V.I. Balanced-Risk Allocation 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 with a low to moderate correlation to traditional financial market indices.
Principal investment strategy
The Funds investment strategy is designed to provide capital loss protection during down markets by investing across multiple macro factors. Under normal market conditions, the Funds portfolio management team allocates across three macro factors: growth, defensive and real return, such that no one macro factor drives the Funds performance. The Funds exposure to these three macro factors will be achieved primarily through investments in derivative instruments (generally having aggregate notional exposure exceeding 65% of the Funds net assets), including but not limited to futures, options, currency forward contracts and swap agreements. The Fund may also achieve exposure to these three macro factors by investing directly in shares of exchange-traded funds (ETFs). The portfolio managers manage the Funds portfolio using two different processes.
One is strategic asset allocation, which the portfolio managers use to express their long-term views of the market. The portfolio managers apply their strategic process to, on average, approximately 80% of the Funds portfolio risk, as determined by the portfolio managers proprietary risk analysis. The other process is tactical asset allocation, which is used by the portfolio managers to reflect their shorter-term views of the market. The strategic and tactical processes are intended to adjust the Funds portfolio risk in a variety of market conditions. 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 to balance risk exposure 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 may hold long and short positions in derivatives and in investments in each of the three macro factors; however, the Fund will typically maintain net long exposure to each macro factor, such that the Fund is expected to benefit from general price appreciation of investments in that macro factor. The Funds use of derivatives and the leveraged investment exposure created by its use of derivatives are expected to be significant and greater than most mutual funds.
The Fund may use quantitative models as part of the investment selection process. The Funds 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 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 Funds exposure to a macro factor and may cause the Funds 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 Advisers investment process has three steps. The first step involves investment selection within the three macro factors. The portfolio managers select investments to represent each of the three macro factors from a universe of over fifty investments.
The selection process (1) evaluates a particular investments theoretical case for long-term excess returns relative to cash; (2) screens the identified investments against minimum liquidity criteria; and (3) reviews the expected correlation among the investments, meaning the likelihood that the value of the investments will move in the same direction at the same time, and the expected risk of each investment to determine whether the selected investments are likely to improve the expected risk adjusted return of the Fund. The second step in the investment process involves portfolio construction. The portfolio managers use their own estimates for risk and correlation to weight each macro factor and the investments within each macro factor selected in the first step to construct a portfolio that they believe is risk-balanced across the three macro factors.
Periodically, the management team re-estimates the risk contributed by each macro factor and investment and re-balances the portfolio; the portfolio also may be rebalanced when the Fund makes new investments. Taken together, the first two steps in the process result in the strategic allocation. In the third step of the investment process, using a systematic approach based on fundamental principles, the portfolio management team analyzes the macro factors and investments, considering the following factors: valuation, economic environment and historic price movements. Regarding valuation, the portfolio managers evaluate whether a macro factor and investments in that macro factor are attractively priced relative to fundamentals. Next, the portfolio managers assess the economic environment and consider the effect that monetary policy and other determinants of economic growth, inflation and market volatility will have on a macro factor and related investments.
Lastly, the portfolio managers assess the impact of historic price movements for each macro factor and related investments on likely future returns. Utilizing the results from the analysis described above, the portfolio managers determine tactical short-term over-weight positions (incurring additional exposure relative to the strategic allocation) and under-weight positions (incurring less exposure relative to the strategic allocation) for the macro factors and investments. The management team actively adjusts portfolio positions to reflect the near-term market environment, while remaining consistent with the balanced-risk long-term portfolio structure described in step two above. The Funds 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 Funds 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 Funds 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 Funds real return exposure will be achieved primarily through investments in commodity futures and swaps, commodity related ETFs and exchange-traded notes (ETNs) and commodity-linked notes, some or all of which will be owned through Invesco Cayman Commodity Fund IV 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 related ETFs and ETNs and commodity-linked notes.
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 Subsidiarys 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. A commodity-linked note is a debt security issued by a bank or other sponsor that pays a return linked to the performance of a commodities index or basket of commodity futures contracts.
In some cases, the return will be based on a multiple of the performance of the index or basket and this embedded leverage will magnify the positive return or losses the Fund earns from these notes as compared to the performance of the index or basket. 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 Funds obligations under derivative transactions, or for cash management purposes. The larger the value of the Funds 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.
C000095034 Holdings
Top 9 holdings of Invesco V.I. Balanced-Risk Allocation Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Invesco Government & Agency Portfolio | 23.34% |
| Invesco Premier U.S. Government Money Portfolio | 13.94% |
| Invesco Government Money Market Fund | 13.09% |
| Invesco Treasury Obligations Portfolio | 12.55% |
| Invesco Liquidity Funds PLC, Invesco US Dollar Liquidity Portfolio | 9.77% |
| Invesco Treasury Portfolio | 8.83% |
| iShares Core MSCI Emerging Markets ETF | 7.18% |
| Invesco V.I. Government Money Market Fund | 2.09% |
| U.S. Treasury Floating Rate Notes | 2.03% |
C000095034 Portfolio Allocation
Asset-class allocation of Invesco V.I. Balanced-Risk Allocation Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Cash & Equivalents | 83.6% |
| Equity | 7.2% |
| Fixed Income | 2.0% |
| Real Estate | 1.1% |
C000095034 Performance
Total returns for C000095034 (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| YTD | 17.4% |
| 1 year | 24.3% |
| 3 years (annualised) | 11.6% |
| 5 years (annualised) | 4.4% |
C000095034 Risk Information
Risk metrics for C000095034, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 9.7%
C000095034 Costs and Fees
C000095034 costs about $88 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.88%
- Gross expense ratio: 1.35%
- Portfolio turnover: 19%
- Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)
C000095034 Cashflows
Over the 12 months to 2026-06, Invesco V.I. Balanced-Risk Allocation Fund had net outflows of $34.42M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-06 | −$4.76M |
| 2026-05 | $414.52K |
| 2026-04 | $2.64M |
| 2026-03 | $2.83M |
| 2026-02 | −$6.47M |
| 2026-01 | −$3.38M |
C000095034 Debt Constituents
Largest debt holdings of Invesco V.I. Balanced-Risk Allocation Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| U.S. Treasury Floating Rate Notes | 2.03% |
C000095034 Prospectus and SEC Filings
Official Invesco V.I. Balanced-Risk Allocation 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 2026-08-31
- Portfolio holdings (N-PORT) — filed 2026-06-01
- Portfolio holdings (N-PORT) — filed 2026-03-02
- Annual census (N-CEN) — filed 2026-03-16
- Annual census (N-CEN) — filed 2025-03-17
Related Funds
Other Alternative 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.