IBVAX — Invesco International Core Equity Fund

Data updated: 2023-04-03

IBVAX — Invesco International Core Equity Fund. China Blend / Core Equity · $68.60M AUM · 1.12% expense ratio. Holdings, fees, performance and SEC filings.

IBVAX Fund Overview

IBVAX — Invesco International Core Equity Fund is a US mutual fund managed by Aim International Mutual Funds (invesco International Mutual Funds), categorised as China Blend / Core Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

IBVAX Investment Objective and Strategy

Invesco International Core Equity Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Aim International Mutual Funds (invesco International Mutual Funds).

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, and in derivatives and other instruments that have economic characteristics similar to such securities. The Fund invests primarily in equity securities and depositary receipts of foreign issuers. The principal types of equity securities in which the Fund invests are common and preferred stock. The Funds common stock investments also include China A-shares (shares of companies based in mainland China that trade on the Shanghai Stock Exchange and the Shenzhen Stock Exchange). Under normal circumstances, the Fund will provide exposure to investments that are economically tied to at least three different countries outside of the U.S. The Fund may invest up to 100% of its net assets in foreign securities.

The Fund may invest up to 20% 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 can invest in derivative instruments, including forward foreign currency 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 portfolio management team seeks to construct a portfolio of issuers that have high or improving return on invested capital, quality management, a strong competitive position and that are trading at compelling valuations. The Fund may invest in the securities of issuers of all capitalization sizes; however, a substantial number of the issuers in which the Fund invests are large-capitalization issuers.

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. 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 return on invested capital, 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 return on invested capital, quality management, 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.

IBVAX Performance

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

PeriodTotal return
1 year0.3%
3 years (annualised)7.7%

IBVAX Risk Information

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

  • 1-year volatility (annualised): 26.0%

IBVAX Costs and Fees

IBVAX costs about $112 per $10,000 invested per year in fund expenses.

  • Net expense ratio: 1.12%
  • Gross expense ratio: 1.58%
  • Portfolio turnover: 81%
  • Brokerage commissions: 7.92 bps of average net assets (SEC N-CEN)

IBVAX Cashflows

Over the 12 months to 2023-01, Invesco International Core Equity Fund had net outflows of $3.76M, from monthly SEC N-PORT filings.

MonthNet flow
2023-01$42.21K
2022-12$1.90M
2022-11−$643.77K
2022-10−$279.38K
2022-09−$385.97K
2022-08−$18.85K

IBVAX Debt Constituents

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

IBVAX Prospectus and SEC Filings

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

Related Funds

Other China Blend / Core 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.