Core Viewpoint - Invesco reported a decline in assets under management (AUM) for April 2025, influenced by net outflows and weak market returns, despite some positive contributions from foreign exchange [1][2][6]. AUM Performance - Invesco's month-end AUM for April 2025 was $1.84 trillion, a decrease of 0.3% from the previous month [1]. - The preliminary average total AUM for the quarter through April 30 was $1.82 trillion, with average active AUM at $1.03 trillion [3]. Net Inflows and Outflows - The company experienced net long-term inflows of $1.3 billion in April, but faced non-management fee-earning net outflows of $2 billion and money market net outflows of $12.1 billion [2]. - Weak market returns led to a $1 billion decline in AUM, while foreign exchange positively impacted AUM by $9.2 billion [2]. Breakdown by Asset Class - AUM under ETFs & Index Strategies was $492.4 billion, showing a slight increase from the previous month [4]. - Fundamental Fixed Income AUM grew by 2.4% to $298.9 billion, while China JV & India AUM rose by 1% to $112.1 billion [4]. - Multi-Asset/Other AUM increased by 2.9% to $61.1 billion, and QQQs AUM rose by 0.6% to $299.1 billion [4]. - Conversely, Private Markets AUM declined by 3% to $127.4 billion, Fundamental Equities AUM decreased by 0.6% to $261.1 billion, and Global Liquidity AUM fell by 6.1% to $187.9 billion [5]. Market Context - The company faces macroeconomic headwinds leading to volatility in asset flows, which may impact its top line in the near term [6]. - In the past three months, Invesco's shares have decreased by 15.4%, compared to a 7.4% decline in the industry [6]. Peer Comparison - Franklin Resources reported a preliminary AUM of $1.53 trillion, showing a slight decrease, attributed to long-term net outflows of $10 billion [9][10]. - T. Rowe Price announced a preliminary AUM of $1.56 trillion, reflecting a marginal decrease with net outflows of $3.5 billion [10].

Core Viewpoint - Invesco Ltd. (NYSE: IVZ) is rated as a Buy for growth and income-focused investors seeking long-term investments, despite experiencing a decline after reaching a high in January [1]. Group 1 - The stock of Invesco Ltd. reached a peak in January but faced a downturn similar to many of its peers [1]. - The recommendation is aimed at investors looking for long-term buy and hold opportunities [1]. Group 2 - The article is authored by David A. Johnson, who has over 30 years of investment experience and holds advanced degrees in finance and business administration [1].

Core Viewpoint - Invesco Mortgage Capital Inc. reported its financial results for Q1 2025, highlighting a challenging market environment with a modest economic return of 2.6% despite negative market sentiment and increased interest rate volatility [2][4][11]. Financial Performance - The company achieved a net income attributable to common stockholders of $16.3 million, translating to earnings per common share of $0.26, compared to a net loss of $5.5 million in Q4 2024 [11][30]. - Earnings available for distribution per common share increased to $0.64 from $0.53 in the previous quarter [11][44]. - The economic return for the quarter was 2.6%, consisting of a $0.34 dividend and a $0.11 decline in book value per common share [2][7]. Portfolio Composition - As of March 31, 2025, the investment portfolio totaled $5.9 billion, primarily composed of $5.0 billion in Agency RMBS and $0.9 billion in Agency CMBS [3][31]. - The debt-to-equity ratio increased to 7.1x from 6.7x at the end of 2024 [3][12]. Market Conditions - The performance of Agency RMBS was consistent with Treasuries, but there was a notable underperformance in April due to heightened interest rate volatility and deteriorating risk sentiment [4][5]. - The company remains cautious about the near-term market outlook due to elevated policy uncertainty [4]. Dividends and Capital Activities - A common stock dividend of $0.34 per share was declared, payable on April 25, 2025 [22]. - The company sold 4,212,057 shares of common stock for net proceeds of $36 million during the quarter [23]. Key Financial Metrics - Total interest income for Q1 2025 was $73.8 million, while total interest expense was $55.0 million, resulting in a net interest income of $18.8 million [10][32]. - The average net interest rate margin improved to 0.99% from 0.47% in the previous quarter [10][12].

Core Viewpoint - Invesco Ltd. has launched three new active ETFs that leverage the expertise of its in-house active managers, aiming to meet investor demand for high-quality active strategies through the ETF vehicle [2][3]. Group 1: New ETF Strategies - The three newly launched ETFs are: Invesco QQQ Hedged Advantage ETF (QQHG), Invesco Comstock Contrarian Equity ETF (CSTK), and Invesco Managed Futures Strategy ETF (IMF) [2][3]. - QQHG aims to track the performance of the Nasdaq 100 Index while implementing an option overlay strategy to manage downside risk [9]. - CSTK focuses on total return through capital growth and income by identifying discrepancies between stock prices and company values [9]. - IMF employs a futures strategy that takes both long and short positions across various global markets, seeking long-term capital appreciation with low correlation to traditional markets [9]. Group 2: Market Position and Strategy Evolution - The launch of these ETFs reflects Invesco's commitment to evolving its ETF lineup to align with investor preferences and demands [3][4]. - The new active ETFs represent a continuation of Invesco's focus on rules-based ETF development, combining human judgment with established rules-based strategies [4]. - Invesco aims to educate investors on how these active ETFs can fit into their portfolios as the market for such products evolves [4]. Group 3: Company Overview - Invesco Ltd. is a global independent investment management firm managing approximately US$1.8 trillion in assets as of March 31, 2024 [5]. - The firm operates in over 20 countries and offers a comprehensive range of active, passive, and alternative investment capabilities [5].

Core Viewpoint - The current bear market in the Nasdaq-100, driven by economic and political uncertainties, may present a buying opportunity for long-term investors, particularly in the Invesco QQQ Trust, which tracks the performance of the Nasdaq-100 [2][10][13]. Group 1: Nasdaq-100 Overview - The Nasdaq-100 includes 100 of the largest non-financial companies listed on the Nasdaq stock exchange, serving as a proxy for technology and technology-adjacent industries [1]. - The index has experienced a decline of up to 23% from its record high in April, entering a technical bear market [2]. Group 2: The Magnificent Seven - The Magnificent Seven, a group of seven major U.S. stocks, represent 41.3% of the total value of the Invesco QQQ Trust, significantly influencing its performance [5]. - These stocks have averaged a decline of 15% this year, with Tesla leading the drop at 29% due to soft demand for electric vehicles [6]. - Alphabet reported a 46% year-over-year increase in net income, indicating strong earnings potential for the Magnificent Seven [6]. Group 3: AI and Future Growth - Companies like Alphabet, Amazon, and Microsoft are expected to benefit from the growing demand for AI services through their cloud platforms [7]. - Nvidia's data center revenue surged by 142% to $115.2 billion in fiscal year 2025, highlighting its strong position in the AI chip market [8]. Group 4: Invesco QQQ Trust Performance - The Invesco QQQ Trust has historically weathered multiple bear markets since its inception in 1999, delivering a compound annual return of 10% from 1999 to 2024 [10]. - The current bear market is not expected to derail this long-term trend, as historical patterns suggest potential recovery following economic shocks [11]. Group 5: Tariff Impact - Recent tariff adjustments by President Trump may alleviate some economic pressures, with negotiations for new trade deals underway [11]. - The tariffs primarily affect physical imports, leaving digital goods and services, crucial for companies like Alphabet, Microsoft, and Amazon, largely unaffected [12]. - Semiconductors are exempt from aggressive tariffs, benefiting companies like Nvidia, Broadcom, AMD, and Micron Technology [12].

Group 1 - Invesco Dynamic Leisure and Entertainment (NYSEARCA: PEJ) is an ETF that allows investors to participate in the success of stocks within the leisure and entertainment sectors [1] - The ETF appeals to investors interested in businesses that provide products and services related to leisure and entertainment [1] - The focus is on identifying companies with durable competitive advantages and strong balance sheets, aiming to purchase shares when they are undervalued by the market [1]

Financial Performance - Operating revenues for Q1 2025 were $1,529.2 million, an increase from $1,475.3 million in Q1 2024, representing a growth of 3.7%[94] - Net income attributable to Invesco Ltd. for Q1 2025 was $171.1 million, compared to $141.5 million in Q1 2024, reflecting a year-over-year increase of 20.9%[94] - Adjusted operating income for Q1 2025 was $349.5 million, compared to $296.5 million in Q1 2024, marking an increase of 17.9%[94] - The adjusted diluted EPS for Q1 2025 was $0.44, up from $0.33 in Q1 2024, representing a growth of 33.3%[94] - Net revenues increased to $1,108.7 million for the three months ended March 31, 2025, compared to $1,053.2 million for the same period in 2024[157] - Net income attributable to Invesco increased to $171.1 million from $141.5 million, with adjusted net income rising to $200.5 million from $148.4 million[159] Assets Under Management (AUM) - Assets Under Management (AUM) reached $1,844.8 billion at the end of Q1 2025, up from $1,662.7 billion in Q1 2024, indicating a growth of 10.9%[94] - Total AUM as of March 31, 2025, was $1,844.8 billion, a slight decrease from $1,846.0 billion at the beginning of the year[103] - Active AUM as of March 31, 2025, was $1,041.3 billion, up from $995.7 billion at the end of March 2024, reflecting a 4.6% increase[103] - Passive AUM as of March 31, 2025, was $803.5 billion, compared to $667.0 billion at the end of March 2024, indicating a 20.4% increase[103] - The average long-term AUM for the three months ended March 31, 2025, was $1,326.8 billion, compared to $1,164.1 billion in the same period of 2024, representing a 14% increase[103] Cash Flow and Dividends - The company approved an increase in its quarterly dividend from $0.205 to $0.21 per share, effective for the second quarter of 2025[85] - The company declared a cash dividend of $0.21 per common share for Q1 2025, payable on June 3, 2025[192] - Financing cash outflows for the three months ended March 31, 2025, included $92.5 million in common dividend payments, $59.2 million in preferred dividend payments, and $25.2 million in common share repurchases[190] Share Repurchase and Capital Management - During Q1 2025, the company repurchased 1.5 million common shares for $25 million in the open market[85] - The company entered into an agreement to repurchase $1 billion of Series A Preferred Stock, enhancing its leverage profile and balance sheet flexibility[86] - The company repurchased 1.5 million common shares for $25 million during the three months ended March 31, 2025[178] Market Performance and Flows - Long-term inflows for the three months ended March 31, 2025, were $122.0 billion, compared to $80.3 billion in the same period of 2024, representing a 52.1% increase[109] - Total net flows for the three months ended March 31, 2025, were $32.6 billion, up from $16.5 billion in the same period of 2024[109] - The company reported net flows in money market funds of $10.0 billion for the three months ended March 31, 2025, compared to $0.7 billion in the same period of 2024[109] Expenses and Cost Management - Total operating expenses decreased by $10.3 million, or 0.8%, to $1,251.9 million for the three months ended March 31, 2025, compared to $1,262.2 million in 2024[138] - Employee compensation decreased to $464.6 million from $472.7 million, primarily due to a reduction in common share-based awards[141] - Service and distribution fees decreased by $6.1 million, or 1.6%, to $370.9 million for the three months ended March 31, 2025, compared to $377.0 million in 2024[131] Tax and Interest - The effective tax rate decreased to 22.5% from 24.3%, primarily due to favorable tax resolutions[154] - Interest expense decreased to $13.1 million from $15.9 million, reflecting a 17.6% reduction[149] Strategic Initiatives - A new strategic product and distribution partnership was announced with Barings, involving an initial investment of $650 million to expand private markets business[87] - The company's joint venture, Invesco Great Wall, reported net revenues of $78.2 million and average AUM of $96.5 billion for the three months ended March 31, 2025, compared to $74.7 million and $83.7 billion in 2024[135] Market Conditions - Market losses for the three months ended March 31, 2025, amounted to $(42.2) billion, contrasting with market gains of $68.0 billion in the same period of 2024[109] - Inflationary pressures may increase the company's cost structure, potentially impacting net income if not recoverable through pricing increases[205]

Company Overview - Invesco Mortgage Capital Inc. is a real estate investment trust focused on investing in, financing, and managing mortgage-backed securities and other mortgage-related assets [3] - The company is externally managed and advised by Invesco Advisers, Inc., a wholly-owned subsidiary of Invesco Ltd., a leading independent global investment management firm [3] Upcoming Financial Results - Invesco Mortgage Capital Inc. will announce its first quarter 2025 results on May 7, 2025, after market close [1] - A conference call and audio webcast to review these results will take place on May 8, 2025, at 9:00 a.m. ET, featuring key executives including the CEO, CIO, President, COO, and CFO [1] Participation Details - A presentation will be available on the company's website prior to the call [2] - Participants can join the call using the North America Toll-Free number 888-982-7409 or the International Toll number 1-212-287-1625, with the passcode "Invesco" [2] - An audio replay of the call will be available until May 22, 2025 [2]

Financial Data and Key Metrics Changes - Invesco Ltd. reported total assets under management (AUM) of $1.84 trillion, nearly flat compared to the end of Q4 2024, but $182 billion or 11% higher than Q1 2024 [47] - Adjusted diluted earnings per share increased by 33% to $0.44 for Q1 compared to $0.33 in the prior year [50] - Adjusted operating income rose by 18%, with operating margins expanding over 330 basis points to 31.5% [61] Business Line Data and Key Metrics Changes - The company generated $17.6 billion in long-term net asset inflows, representing a 5.3% annualized growth rate [9] - The global ETF and index platform recorded 13% annualized organic growth in Q1 [16] - Fundamental fixed income contributed $8 billion in net inflows, while the China JV and India added $2.2 billion [49][24] Market Data and Key Metrics Changes - The Asia Pacific and EMEA regions each accounted for $276 billion in AUM, generating $15 billion in net long-term inflows in Q1 [13] - Money market funds topped $7 trillion in the industry, indicating a shift in client sentiment towards caution [14] - The company observed strong client activity despite market volatility, with significant growth across channels and asset classes [15] Company Strategy and Development Direction - Invesco Ltd. aims to expand its footprint in private markets, particularly in the US wealth management sector, through partnerships with MassMutual and Barings [31] - The company is focused on delivering differentiated private credit-oriented income solutions and product structures [32] - The strategic partnership with MassMutual includes a $1 billion repurchase of preferred stock, enhancing balance sheet flexibility [35] Management's Comments on Operating Environment and Future Outlook - Management noted that investors are adopting a more defensive stance in capital deployment amid market volatility [108] - The diversified nature of Invesco's business is expected to help navigate the current operating environment and capture flows as clarity returns [110] - Positive organic flow growth was observed in China, despite heightened trade tensions impacting the domestic economy [25] Other Important Information - The company plans to continue share repurchases and has increased its quarterly common stock dividend from $0.205 to $0.21 per share [65] - The partnership with MassMutual is expected to facilitate discussions regarding future repurchases of the remaining $3 billion of preferred stock [42] Q&A Session Summary Question: Strategic update on product and distribution opportunities with Barings and MassMutual - Management indicated that the initial phases will focus on private credit opportunities, with a few capabilities set to launch soon [70] Question: Comments on the preferred stock repurchase agreement - Management highlighted the strength of the partnership with MassMutual and the potential for future repurchases based on cash flow and market conditions [76] Question: Economic participation in the partnership with Barings - The partnership will involve shared management fee revenues, with Invesco as the distributor and product operator [120] Question: Differences in local regions due to global tariff negotiations - Management noted that the local profile in Asia Pacific and EMEA has been beneficial, with better asset flow resilience compared to the US [127] Question: Positioning in the retirement market for alternatives - Invesco is focused on creating products for the retirement market, leveraging existing relationships with plan sponsors and consultants [135]

Invesco Asset Management (India) For quarter ending March 2025 Invesco overview 2 We are a leading independent global investment management firm At Invesco, we drive sustainable growth by delivering capabilities that build enduring partnerships and create better outcomes for our clients. Established in 1935, we have: UK & Ireland Continental Europe US & Canada Middle East Asia Australia Invesco Ltd. AUM of $1,846.0 billion as of December 31, 2024. Locations shown indicate offices hosting Portfolio Manager, ...