GLTFX — Invesco Global Targeted Returns Fund

Data updated: 2022-09-29

GLTFX — Invesco Global Targeted Returns Fund. Money Market · $12.64M AUM · 1.19% expense ratio. Holdings, fees, performance and SEC filings.

GLTFX Fund Overview

GLTFX — Invesco Global Targeted Returns Fund is a US mutual fund managed by Aim Investment Funds (invesco Investment Funds), categorised as Money Market. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

GLTFX Investment Objective and Strategy

Invesco Global Targeted Returns 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 to seek a positive total return over the long term in all market environments.

Principal investment strategy

Under normal market conditions, the Fund aims to achieve its objective through an unconstrained approach to generating investment ideas and through robust risk management. Ideas are generated from discussion around investment themes, fundamental economic analysis and valuation/qualitative modeling and may result in investments across a wide array of asset classes, geographies, sectors and currencies. Asset classes may include equities, debt securities (including investment grade and non-investment grade debt securities issued by companies, governments and/or supranational institutions without regard to maturity), commodities, currencies and money market instruments. The Funds exposure to these asset classes will be achieved through direct investments, including derivative instruments, as well as through affiliated and unaffiliated open-end mutual funds and exchange-traded funds.

In addition to investments in other funds and pooled investment vehicles, physical securities and currencies, the Funds investment strategies and techniques will make significant use of derivative instruments to obtain exposure to long and short positions. A long derivative position involves the Fund buying a derivative with the anticipation of a price increase of the underlying asset and a short derivative position involves the Fund writing (selling) a derivative with the anticipation of a price decrease of the underlying asset. The Fund may invest in derivatives either directly or, in certain instances, indirectly through Invesco Cayman Commodity Fund VII Ltd., a wholly owned subsidiary of the Fund organized under the laws of the Cayman Islands (Subsidiary). The Fund may purchase and sell (write) various types of derivatives including but not limited to derivatives on currencies, interest rates, volatility, inflation, variance and/or total return of reference assets, credit, commodity indices and equities, which may be traded on an exchange or over-the-counter (OTC).

Such derivative usage can be for the purposes of hedging, speculation or to allow the portfolio managers to implement the Funds investment strategies more efficiently than investing directly in reference assets. The Funds use of derivatives and the leveraged investment exposure created by the use of derivatives are expected to be significant and greater than for most mutual funds. 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 that create a leveraging effect. The Fund generally will maintain a portion of its total assets (including assets held by the Subsidiary) in cash and cash equivalent instruments, including affiliated money market funds, which could be used as margin or collateral for the Funds obligations under derivative transactions.

The larger the value of the Funds derivative positions the more the Fund will be required to maintain cash and cash equivalents as margin or collateral for such derivatives. The Funds exposure to physical commodities will be achieved through investments in exchange-traded funds, commodity futures and swaps, some or all of which will be owned through the Subsidiary. 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 and other derivatives and other securities that may provide leveraged and nonleveraged 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. The Funds investments may include issuers of small-, medium- or large-sized companies. 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 emerging markets countries, i.e., those that are in the early stages of their industrial cycles. The Fund targets a gross return of 5% per annum above the U.S. 3 month Treasury Bill over a rolling 3 year period and aims to achieve this with less than half the volatility of global equities, as represented by the MSCI World 100% Hedged to USD Index, over the same rolling 3 year period.

There is no guarantee that the Fund will achieve a positive return or its target return and an investor may lose money by investing in the Fund. Investment ideas are analyzed and selected for inclusion based on expected returns. Each idea is judged against its ability to outperform the U.S. 3 month Treasury Bill over a rolling 3 year period. Each idea is also reviewed based on the independent risk of the idea as well as the diversification benefit to the Fund as a whole. Ideas can result in long or short positions on a core market or market segment as well as positions that implement the portfolio managers view on the attractiveness of one market or market segment over another. In addition to the asset classes above, the Fund may make opportunistic investments in inflation-indexed and inflation-protected securities.

The Fund may invest in real estate investment trusts (REITs). The derivative instruments in which the Fund will principally invest will include but are not limited to futures contracts, options, forward foreign currency contracts, and swap agreements, such as total return swaps, volatility swaps, variance swaps, interest rate swaps, inflation swaps and credit default swaps. Futures contracts will primarily be used to gain or limit exposure to equity, debt, commodities or currencies. Options will principally be used to gain or limit exposure to equity, debt and currency markets and securities. Swap contracts will be used in a variety of different investment strategies, including to gain exposure to equity, debt, commodities and currencies and to seek to expand or limit the Funds volatility (and risk) to particular markets.

The Fund can use forward foreign currency contracts for speculative purposes or to hedge against adverse movements in the foreign currencies in which portfolio securities are denominated. The Funds portfolio managers consider selling a security or other investment, or covering a short position, (1) for risk control purposes or (2) when it no longer represents an attractive investment relative to other possible investments. In attempting to meet its investment objective, the Fund may engage in active and frequent trading of portfolio securities.

GLTFX Performance

Total returns for GLTFX (as of 2026-10-01), from SEC filings.

PeriodTotal return
1 year-3.7%
3 years (annualised)-1.2%

GLTFX Risk Information

Risk metrics for GLTFX, derived from monthly returns in SEC filings.

  • 1-year volatility (annualised): 5.2%

GLTFX Costs and Fees

GLTFX costs about $119 per $10,000 invested per year in fund expenses.

  • Net expense ratio: 1.19%
  • Gross expense ratio: 2.68%
  • Portfolio turnover: 74%
  • Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)

GLTFX Cashflows

Over the 12 months to 2022-07, Invesco Global Targeted Returns Fund had net outflows of $19.03M, from monthly SEC N-PORT filings.

MonthNet flow
2022-07−$1.02M
2022-06−$3.91M
2022-05−$228.05K
2022-04−$566.51K
2022-03−$768.41K
2022-02−$175.83K

GLTFX Debt Constituents

No individual debt constituents are reported in Invesco Global Targeted Returns Fund's latest SEC N-PORT filing.

GLTFX Prospectus and SEC Filings

Official Invesco Global Targeted Returns 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.