黄金价格已突破历史性的每盎司4000美元大关，这一里程碑使黄金成为2025年表现最佳的主要资产之 一。然而，一些市场参与者对此持谨慎态度，强调在当前宏观经济与政策背景下，市场对美元的稳定性 有担忧。 赵耀庭称，金价飙升不仅反映其强劲的表现，也可能是对美国政策动荡的警号。随着白宫推行非常规改 革、美国经济增长动力放缓，以及美国政府质疑联储局独立性，投资者或许有理由将金价的上涨视为系 统性风险上升的指针。 美元走弱与长期收益率下降这些传统宏观驱动因素并未出现，所以金价(作为一种实物而且无收益资产) 的上涨尤为引人注目。以美元指数(DXY)衡量的美元兑一篮子货币自年中以来窄幅徘徊，30年期美国国 债收益率亦是如此。黄金需求上升的主要动力来自各国央行将黄金纳入官方储备。事实上，黄金储备已 超越欧元，央行购买黄金可能是因为他们认为美元之外没有其他法定货币替代品。 智通财经APP获悉，景顺亚太区环球市场策略师赵耀庭指，即使黄金已达历史高点，而且脱离了美元与 实际利率等传统估值驱动因素，加上价格看似偏高，但其价格升势仍有延续的可能。黄金或是唯一能对 冲美国风险的工具，并预期央行将持续购买黄金。鉴于黄金历来未能提供股票的实际 ...

Invesco is an independent investment management firm dedicated to delivering an investment experience that helps people get more out of life.Be the first to know! Sign up for Invesco US Blog and get expert investment views as they post.Disclosure for all Invesco US articles: Before investing, carefully read the prospectus and/or summary prospectus and carefully consider the investment objectives, risks, charges and expenses. The information provided is for educational purposes only and does not constitute a ...

Invesco is an independent investment management firm dedicated to delivering an investment experience that helps people get more out of life.Be the first to know! Sign up for Invesco US Blog and get expert investment views as they post.Disclosure for all Invesco US articles: Before investing, carefully read the prospectus and/or summary prospectus and carefully consider the investment objectives, risks, charges and expenses. The information provided is for educational purposes only and does not constitute a ...

Core Insights - Invesco Ltd. reported preliminary month-end assets under management (AUM) of $2,124.8 billion, reflecting a 3.0% increase compared to the previous month-end [1][2] - The firm experienced net long-term inflows of $11.9 billion during the month, with non-management fee earning net inflows of $1.1 billion and money market net outflows of $2.0 billion [1] - Favorable market returns contributed an increase of $49 billion to AUM, while foreign exchange movements reduced AUM by $0.3 billion, offset by reinvested distributions of $1.0 billion [1] AUM Breakdown - Total AUM as of September 30, 2025, was $2,124.8 billion, with specific categories as follows: - ETFs & Index Strategies: $605.7 billion - Fundamental Fixed Income: $308.8 billion - Fundamental Equities: $299.6 billion - Private Markets: $130.9 billion - China JV: $136.8 billion - Multi-Asset/Other: $67.1 billion - Global Liquidity: $190.1 billion - QQQ: $385.8 billion [2] Quarterly Averages - Preliminary average total AUM for the quarter ending September 30 was $2,060.4 billion, while preliminary average active AUM for the same quarter was $1,102.5 billion [1]

Core Insights - The article discusses the common investor misperception regarding the significance of an ETF's expense ratio, emphasizing that it should not be viewed solely as a cost but rather in the context of value received for that cost [1][2]. Group 1: Expense Ratio Insights - The Invesco QQQ Trust ETF (QQQ) is reducing its expense ratio from 0.20% to 0.18%, which represents a 10% decrease in the cost of holding the investment for large shareholders [3][4]. - The long-standing expense ratio of 0.20% for QQQ can be attributed to its dominant market position and lack of urgency from the issuer, as there has not been significant asset withdrawal in protest [5]. - Investors often overlook the importance of factors beyond cost, such as the level of options activity associated with QQQ, which enhances its attractiveness despite potentially higher expense ratios [6]. Group 2: Investment Strategy Considerations - The article suggests that focusing solely on expense ratios can lead to poor investment decisions, as more money is often lost chasing past performance than by investing in well-constructed ETFs with higher fees that align with investment objectives [7].

Core Viewpoint - Invesco Ltd. is set to announce its fiscal third-quarter earnings for 2025, with analysts projecting a profit increase compared to the previous year [1][2]. Financial Performance - Analysts expect Invesco to report earnings per share (EPS) of $0.46, reflecting a 4.6% increase from $0.44 in the same quarter last year [2]. - For the full fiscal year, EPS is anticipated to be $1.82, which is a 6.4% rise from $1.71 in fiscal 2024, and projected to increase by 30.2% to $2.37 in fiscal 2026 [3]. Stock Performance - Invesco's stock has outperformed the S&P 500 Index, gaining 38.3% over the past 52 weeks compared to the index's 17.4% increase [4]. - The stock also surpassed the Financial Select Sector SPDR Fund's 18% gains during the same period [4]. Recent Earnings Report - Following the Q2 earnings report on July 22, Invesco shares rose by 5.2%, with net revenue increasing by 1.7% year-over-year to $1.1 billion, attributed to higher investment management fees [5]. - Assets under management (AUM) reached a record $2 trillion, marking a 16.6% increase from the previous year due to strong net inflows [5]. - However, adjusted EPS fell by 16.3% to $0.36, missing estimates by 12.2% [5]. Analyst Ratings - The consensus opinion on Invesco stock is cautious, with a "Hold" rating from 16 analysts, of which three recommend a "Strong Buy" and 13 suggest a "Hold" [6]. - The average analyst price target for Invesco is $24.34, indicating a potential upside of 1.4% from current levels [6].

Jennifer Krevitt has stepped into the role of Chief Human Resources Officer at Hightower Advisors, where she is tasked with leading enterprise-wide talent strategy, leadership development, and organizational transformation across the firm’s corporate team and advisor practices nationwide.Jennifer KrevittKrevitt brings a powerful blend of legal acumen and global financial services expertise to the role. She recently spent a year running a private consulting business, counseling senior leaders on organization ...

Core Insights - The Invesco QQQ Trust ETF (QQQ) is highlighted as a popular growth ETF with an Assets Under Management (AUM) of approximately $387 billion, indicating strong investor confidence in this vehicle [1]. Group 1: Company Overview - QQQ is recognized as a go-to investment option for growth-focused investors, reflecting its established reputation in the market [1]. Group 2: Analyst Background - The analyst has over 20 years of experience in quantitative research, financial modeling, and risk management, with a focus on equity valuation and market trends [1]. - Previous experience includes a role as Vice President at Barclays, leading teams in model validation and stress testing, showcasing a deep expertise in both fundamental and technical analysis [1]. - The analyst collaborates with a research partner to produce high-quality, data-driven investment insights, emphasizing a blend of rigorous risk management and long-term value creation [1].

Core Viewpoint - Invesco is an independent investment management firm focused on enhancing the investment experience for individuals [1] Group 1 - Invesco emphasizes the importance of understanding investment objectives, risks, charges, and expenses before making investment decisions [1] - The firm provides educational information but does not offer specific investment recommendations or tax advice [1] - Invesco's opinions are based on current market conditions and may change without notice, differing from other investment professionals within the firm [1] Group 2 - Invesco Distributors, Inc. serves as the US distributor for Invesco Ltd.'s retail products and collective trust funds [1] - The company operates through various affiliated investment advisers that provide advisory services without selling securities [1] - Invesco Unit Investment Trusts are distributed by Invesco Capital Markets, Inc. and other broker-dealers [1]

Shares of Invesco Ltd. (NYSE: IVZ ) has delivered a total return of 106% since my previous piece, Invesco Performance Has Stabilized: Time To Buy , was published on October 26, 2023. Comparably, over the same time period, theAnalyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in IVZ over the next 72 hours. I wrote th ...