GBZFX — Invesco Global Infrastructure Fund
Data updated: 2025-03-28
GBZFX — Invesco Global Infrastructure Fund. Global (incl. US) Mid Cap Blend / Core Industrials Equity. Holdings, fees, performance and SEC filings.
GBZFX Fund Overview
GBZFX — Invesco Global Infrastructure Fund is a US mutual fund managed by Aim Investment Funds (invesco Investment Funds), categorised as Global (incl. US) Mid Cap Blend / Core Industrials Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Aim Investment Funds (invesco Investment Funds)
- Category: Global (incl. US) Mid Cap Blend / Core Industrials Equity
- Assets under management: $88.14M
- 1-year return: 13.5%
- Ticker: GBZFX
- SEC CIK: 0000826644
- SEC series ID: S000045037
- Share class ID: C000139754
GBZFX Investment Objective and Strategy
Invesco Global Infrastructure Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Aim Investment Funds (invesco Investment Funds).
Investment objective
The Fund's investment objective is total return through growth of capital and current income.
Principal investment strategy
Under normal circumstances, the Fund seeks to achieve its investment objective by investing at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of U.S. and non-U.S. infrastructure-related companies and in derivatives and other instruments that have economic characteristics similar to such securities. The Fund considers a company to be an infrastructure-related company if it derives at least 50% of its revenue or profits from the ownership or operation of infrastructure assets, which include the physical structures, networks and systems of transportation, energy, water and sewage, and communication. Examples of infrastructure assets include transportation assets (such as toll roads, bridges, airports and seaports), utility assets (such as generating stations, gas and electric lines, water and sewer facilities, and communications networks) and social assets (such as hospitals, schools, and subsidized housing).
The principal type of equity security in which the Fund invests is common stock. The Fund may also invest in infrastructure-related companies organized as master limited partnerships (MLPs), including up to 20% of its net assets in MLPs that are not taxed as regular corporations for U.S. federal income tax purposes. The MLPs in which the Fund invests are publicly traded partnerships or limited liability companies engaged, among other things, in the transportation, storage, processing, refining, marketing, exploration, production and mining of minerals and natural resources. Under normal circumstances, the Fund will provide exposure to investments that are economically tied to at least three different countries, including the U.S. Under normal circumstances, at least 40% of the Funds net assets will provide exposure to investments that are economically tied to countries other than the U.S, including depositary receipts.
The Fund may invest up to 25% of its net assets in securities of 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 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; although the Fund has not historically used these instruments. The Fund can use futures contracts, including currency futures, to hedge against adverse movements in the foreign currencies in which portfolio securities are denominated. The Fund is non-diversified, which means that it can invest a greater percentage of its assets in a small group of issuers or in any one issuer than a diversified fund can.
The portfolio managers investment process incorporates both fundamental and securities analysis. The investment process includes a bottom-up stock selection methodology that evaluates and ranks potential investments according to relative value using earnings data and other fundamental variables. This analysis generally favors those companies with characteristics such as more consistent cash flow growth, positive earnings revisions, relatively attractive multiples to cash flow and assets to price, sustainable dividends, and favorable investor reception relative to peers. The investment process also incorporates macro level risk control and attempts to predict the potential effects that variables such as country/currency exposure, regional economic expectations, population growth, and demand trends have on the asset holdings of each individual company.
This macro component seeks to identify infrastructure-related companies offering the best expected relative fundamentals. Individual stocks are then selected based upon expected excess return within defined risk constraints that include beta, tracking error to the benchmark, geographic region, asset type and liquidity. The portfolio managers seek to limit risk through various controls, such as diversifying the portfolio sectors 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, among other things, (1) relative valuation falls below the desired levels; (2) a change in fundamentals occurs, either company specific or industry wide; (3) the risk-return relationship changes significantly; or (4) a more attractive investment opportunity is identified.
GBZFX Holdings
Top 10 holdings of Invesco Global Infrastructure Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Enbridge Inc. | 7.63% |
| Vinci S.A. | 7.03% |
| American Tower Corp. | 5.10% |
| Cheniere Energy, Inc. | 4.85% |
| ONEOK, Inc. | 4.65% |
| Sempra | 4.57% |
| National Grid PLC | 3.69% |
| Williams Cos., Inc. (The) | 3.18% |
| Cellnex Telecom, S.A. | 3.10% |
| TC Energy Corp. | 2.96% |
GBZFX Portfolio Allocation
Asset-class allocation of Invesco Global Infrastructure Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Equity | 99.7% |
| Cash & Equivalents | 3.9% |
GBZFX Performance
Total returns for GBZFX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 13.5% |
| 3 years (annualised) | 2.1% |
| 5 years (annualised) | 2.8% |
GBZFX Risk Information
Risk metrics for GBZFX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 14.3%
GBZFX Costs and Fees
GBZFX costs about $100 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.00%
- Gross expense ratio: 1.17%
- Portfolio turnover: 193%
- Brokerage commissions: 22.74 bps of average net assets (SEC N-CEN)
GBZFX Cashflows
Over the 12 months to 2025-01, Invesco Global Infrastructure Fund had net outflows of $19.35M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2025-01 | −$6.87M |
| 2024-12 | $383.66K |
| 2024-11 | $27.21K |
| 2024-10 | −$527.88K |
| 2024-09 | −$2.05M |
| 2024-08 | −$3.91M |
GBZFX Debt Constituents
No individual debt constituents are reported in Invesco Global Infrastructure Fund's latest SEC N-PORT filing.
GBZFX Prospectus and SEC Filings
Official Invesco Global Infrastructure Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2025-02-28
- Prospectus (485BPOS) — filed 2024-02-27
- Prospectus (485BPOS) — filed 2023-02-28
- Portfolio holdings (N-PORT) — filed 2025-03-28
- Portfolio holdings (N-PORT) — filed 2024-12-27
- Portfolio holdings (N-PORT) — filed 2024-09-30
- Annual census (N-CEN) — filed 2025-01-14
- Annual census (N-CEN) — filed 2024-01-16
Related Funds
Other Global (incl. US) Mid Cap Blend / Core Industrials Equity 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.