Group 1 - Invesco is an independent investment management firm focused on enhancing the investment experience for individuals [1] - The firm emphasizes the importance of understanding investment objectives, risks, charges, and expenses before investing [1] - Invesco provides educational information but does not offer tax advice, highlighting the complexity and variability of federal and state tax laws [1] Group 2 - Invesco's investment advisory services are provided by affiliated investment advisers, and they do not sell securities [1] - The company operates various investment products, including Unit Investment Trusts, which are distributed by Invesco Capital Markets, Inc. [1] - PowerShares is a registered trademark of Invesco PowerShares Capital Management LLC, indicating the firm's branding in the investment management space [1]

Core Viewpoint - The Invesco S&P 500 Low Volatility ETF (SPLV) aims to provide investors with exposure to the U.S. equity market while maintaining a smoother return profile, challenging the traditional notion that higher risk equates to higher returns [1][2][22]. Group 1: Historical Performance and Anomalies - Historically, low-volatility stocks have been shown to potentially deliver greater average returns than higher volatility counterparts, as suggested by economists since 1972 [2][22]. - SPLV outperformed the S&P 500 from its inception in May 2011 until the onset of the pandemic in 2020, achieving slightly higher returns with significantly lower beta [4][22]. - Over the past five years, SPLV's return profile has become less favorable compared to the S&P 500, which has seen a marked acceleration in returns [5][7]. Group 2: Portfolio Construction and Sector Exposure - SPLV is constructed based on the S&P 500 Low Volatility Index, selecting the 100 companies with the lowest realized volatility over the past year [11][12]. - The fund has a larger exposure to sectors with steady earnings, such as utilities and consumer defensive, while having a significantly lower allocation to technology (6.7% in SPLV vs. 34.7% in S&P 500) [13][17]. - The index is rebalanced quarterly, ensuring that it maintains its focus on low-volatility stocks [12]. Group 3: Comparison with Peer Funds - SPLV's closest competitor is the iShares MSCI USA Min Vol Factor ETF (USMV), which has a broader exposure with 176 holdings and a higher allocation to technology (29.8%) [18][19]. - USMV has outperformed SPLV over the past decade, although SPLV performed better during the 2022 market drawdown [20]. - SPLV has a higher expense ratio (25 basis points) compared to USMV (15 basis points), which may affect investor preference [20]. Group 4: Future Outlook and Investment Considerations - Despite recent underperformance, the low-volatility strategy may regain favor, especially if the market experiences corrections or if technology stocks underperform [28][29]. - SPLV offers a higher dividend yield (1.8%) compared to the S&P 500 (1.1%) and Nasdaq 100 (0.5%), making it an attractive option for income-focused investors [27]. - The methodology of avoiding large drawdowns could provide a significant advantage in future market downturns, making SPLV a prudent allocation for risk-averse investors [26][25].

Group 1 - The Invesco NASDAQ Internet ETF (PNQI) has been operational since 2008 and is recognized as a long-standing thematic ETF in the U.S. growth stock sector, delivering excellent returns over its 17 years of operation [1] - The ETF is part of a broader investment group led by Ian, which includes features such as a Weekend Digest that covers new ideas, updates on current holdings, macro analysis, trade alerts, and direct access to Ian [1] Group 2 - Ian Bezek, a former hedge fund analyst, has extensive experience in Latin American markets, focusing on countries like Mexico, Colombia, and Chile, and specializes in high-quality compounders and growth stocks at reasonable prices in the U.S. and other developed markets [2]

Group 1 - Investor appetite has improved significantly since earlier in the year, following a period of volatility [2] - Invesco reported net positive flows of over $11 billion in August, marking one of the best months on record [2] - The positive trend in asset flows has continued since April, indicating strong market performance for the company [3]

Group 1 - Investor appetite has improved significantly since earlier in the year, following a period of volatility [2] - Invesco reported net positive flows of over $11 billion in August, marking one of the best months on record [2] - The positive trend in asset flows has continued since April, indicating strong market performance for the company [3]

Group 1 - Invesco is an independent investment management firm focused on enhancing the investment experience for individuals [1] - The firm emphasizes the importance of understanding investment objectives, risks, charges, and expenses before investing [1] - Invesco provides educational information but does not offer tax advice, highlighting the complexity and variability of federal and state tax laws [1] Group 2 - The opinions expressed by Invesco's authors are based on current market conditions and may change without notice [1] - Invesco's investment advisory services are provided by affiliated investment advisers, and they do not sell securities [1] - Invesco Unit Investment Trusts are distributed by Invesco Capital Markets, Inc. and other broker-dealers [1]

Company Overview - Invesco (IVZ) is headquartered in Atlanta and has experienced a price change of 25.86% this year [3] - The company currently pays a dividend of $0.21 per share, resulting in a dividend yield of 3.82%, which is higher than the Financial - Investment Management industry's yield of 3.31% and the S&P 500's yield of 1.5% [3] Dividend Performance - Invesco's current annualized dividend of $0.84 has increased by 3.1% from the previous year [4] - Over the past 5 years, Invesco has raised its dividend 5 times, achieving an average annual increase of 7.66% [4] - The company's current payout ratio is 48%, indicating that it pays out 48% of its trailing 12-month earnings per share as dividends [4] Earnings Growth Expectations - For the fiscal year, Invesco anticipates solid earnings growth, with the Zacks Consensus Estimate for 2025 at $1.81 per share, reflecting a year-over-year growth rate of 5.85% [5] Investment Considerations - Invesco is considered a compelling investment opportunity due to its strong dividend profile and current Zacks Rank of 3 (Hold) [6] - Income investors are attracted to dividends as they enhance stock investing profits, reduce overall portfolio risk, and offer tax advantages [5] - High-yielding stocks may face challenges during periods of rising interest rates, making Invesco's dividend offering particularly appealing in the current market context [6]

Summary of Invesco Conference Call Company Overview - **Company**: Invesco - **Event**: Barclays Global Financial Services Conference - **Key Speakers**: Andrew Schlossberg (President and CEO), Allison Dukes (CFO) Market Observations - **Investor Appetite**: Post-spring volatility, investor appetite has strengthened with net positive flows of over $11 billion in August, marking one of the best months on record for Invesco [5][6] - **AUM Growth**: Assets under management (AUM) have shown significant growth, with flows in Q3 surpassing the entirety of Q2 and nearing Q1 levels [5][6] Business Strategy and Value Creation - **Focus on High-Quality Outcomes**: Approximately 50% of active equity assets are now in the top quartile of peers, up from 25% a few years ago [7] - **Scaling Strategies**: Emphasis on scaling high-demand strategies such as ETFs, SMAs, and private wealth management [8] - **International Markets**: 40% of long-term assets are from international markets, contributing to 80% of record long-term flows, particularly from Asia and Europe [9] Financial Performance - **Operating Income**: Increased by 10% in the first half of the year, with operating margins up 200 basis points compared to the previous year [10] - **IntelliFlow Sale**: Sold to Carlyle for up to $200 million, with a loss on sale expected to be between $40 to $45 million, which will not impact taxable income [11][12][13] Capital Management - **Balanced Capital Priorities**: Focus on investing in business, maintaining a strong balance sheet, and returning capital to shareholders [14][15] - **Shareholder Returns**: $1 billion repurchase of preferred shares and a 2.5% increase in dividends announced [16][17] ETF Strategy - **Fee Structure Changes**: Filed to convert Invesco QQQ ETF to an open-end structure, expected to benefit investors with lower fees [19][20] - **Active ETFs**: Currently have 31 active ETFs, with plans to expand into equity strategies [22][24] Private Markets and Real Estate - **Increv Performance**: Launched two years ago, now at $4 billion AUM, showing strong demand for real estate credit [31] - **Private Markets Complex**: Approximately $130 billion in private markets, with a focus on wealth management [33] International Business - **Positive Flows**: 40% of long-term assets from outside North America, with 80% of net flows coming from international markets [39][40] - **China and Japan Growth**: Strong demand in China with high AUM and positive flows, while Japan has seen growth from $30 billion to $85 billion in assets over five years [44][46][47] Technology and Innovation - **Integration with State Street Alpha**: Transitioning equities platform expected to be completed by the end of 2026, aimed at simplifying operations [52][54] - **AI Utilization**: Investing in AI to improve efficiency across various departments [60][61] - **Blockchain and Tokenization**: Exploring opportunities in digital assets and tokenization for future product creation [63] Conclusion - Invesco is strategically positioned for growth with a focus on high-quality investment outcomes, international expansion, and innovative technology integration. The company is actively managing capital to enhance shareholder value while navigating market dynamics effectively.

Group 1: Company Performance - Invesco Ltd. reported preliminary month-end assets under management (AUM) of $2,063.6 billion, reflecting a 1.9% increase compared to the previous month-end [1] - The firm achieved net long-term inflows of $11.1 billion during the month, with non-management fee earning net inflows of $1.9 billion and money market net outflows of $7.4 billion [1] - AUM was positively influenced by favorable market returns, which contributed an increase of $27 billion, and foreign exchange (FX) effects added $6.1 billion to AUM [1] Group 2: AUM Breakdown - As of August 31, 2025, the total AUM was $2,063.6 billion, with specific categories including $580.0 billion in ETFs & Index Strategies, $304.1 billion in Fundamental Equities, and $291.3 billion in Fundamental Fixed Income [2] - The AUM figures for July 31, 2025, were $2,024.5 billion, indicating a growth of $39.1 billion month-over-month [2] - The preliminary average total AUM for the quarter through August 31 was $2,039.5 billion, while the preliminary average active AUM for the same period was $1,097.4 billion [1]

Group 1: Overview of Invesco QQQ Trust - The Invesco QQQ Trust tracks the Nasdaq 100 Index, which consists of the 100 largest non-financial stocks on the Nasdaq exchange [1][2] - The ETF has a relatively high expense ratio of 0.20%, compared to lower ratios for S&P 500 index-tracking ETFs [4] - The portfolio is heavily weighted towards technology, with tech stocks making up nearly 61% of the Invesco QQQ Trust's assets, compared to 34% in the S&P 500 [7] Group 2: Portfolio Composition and Performance - The top 10 holdings in the Invesco QQQ Trust account for nearly 53% of the portfolio, all being technology-related [8] - The Invesco QQQ Trust has outperformed the Vanguard S&P 500 ETF over the past decade, but with higher volatility [11] - The lack of diversification in the Invesco QQQ Trust can lead to increased volatility, as tech stocks can fluctuate significantly in investor favor [10] Group 3: Investment Considerations - The Invesco QQQ Trust may not be suitable as a core holding due to its lack of diversification [12] - It could serve as a complementary technology-focused ETF for investors looking to enhance their portfolio [12]