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 content 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, indicating a dynamic approach to investment management [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, highlighting the firm's extensive distribution network [1]

Core Insights - The Invesco QQQ Trust ETF (QQQ) has recently reached a new high, indicating strong market performance and investor interest [1]. Group 1 - The article references a previous analysis written five months ago, suggesting a continuous evaluation of the ETF's performance [1]. - The author manages portfolios and emphasizes a macro strategy focused on long-term signals rather than short-term noise [1].

Financial Performance - Invesco reported operating revenues of $1,640.4 million for Q3 2025, up from $1,515.4 million in Q3 2024, representing an increase of 8.3%[96] - The company achieved net long-term inflows of $28.9 billion in Q3 2025, resulting in total Assets Under Management (AUM) of $2.1 trillion, with an annualized organic growth rate of 7.9%[87] - Invesco's operating income for Q3 2025 was $270.9 million, significantly higher than $100.5 million in Q3 2024, reflecting a 169.5% increase[96] - The adjusted operating margin improved to 34.2% in Q3 2025, compared to 31.6% in Q3 2024[96] - The company reported a net income attributable to Invesco Ltd. of $301.3 million in Q3 2025, compared to $55.0 million in Q3 2024, marking a 447.0% increase[96] - The average AUM for the nine months ended September 30, 2025, was $1,946.2 billion, up from $1,674.8 billion in the same period of 2024[96] - Invesco's adjusted diluted EPS rose to $0.61 in Q3 2025, compared to $0.44 in Q3 2024, reflecting a 38.6% increase[96] - Total operating revenues for Q3 2025 were $1,640.4 million, an increase of $125.0 million or 8.2% compared to Q3 2024[136] - Net revenues for the nine months ended September 30, 2025, were $3,399.6 million, up from $3,243.3 million in 2024, reflecting a growth of 4.8%[183] - Adjusted operating income for the three months ended September 30, 2025, was $406.1 million, compared to $348.8 million in 2024, indicating a year-over-year increase of 16.4%[184] Assets Under Management (AUM) - Total AUM increased to $2,124.8 billion as of September 30, 2025, up from $1,795.6 billion a year earlier, reflecting a growth of approximately 18.3%[105] - Long-term inflows for the three months ended September 30, 2025, were $138.4 billion, compared to $107.2 billion in the same period of 2024, representing a year-over-year increase of 29.1%[105] - Net long-term flows for the three months ended September 30, 2025, were $28.9 billion, a significant increase from $16.5 billion in the prior year, marking a growth of 74.5%[105] - Market gains for the three months ended September 30, 2025, contributed $99.0 billion to AUM, compared to $49.8 billion in the same period of 2024, indicating an increase of 99.6%[105] - Average long-term AUM for the three months ended September 30, 2025, was $1,462.0 billion, up from $1,257.2 billion in 2024, reflecting a growth of 16.2%[106] - Total net flows for the nine months ended September 30, 2025, were $73.9 billion, compared to $57.4 billion in the same period of 2024, representing a year-over-year increase of 28.8%[106] - Total Assets Under Management (AUM) increased to $2,124.8 billion as of September 30, 2025, up from $1,715.8 billion a year earlier, representing a growth of 23.9%[112] - Long-term inflows for the three months ended September 30, 2025, were $138.4 billion, compared to $107.2 billion for the same period in 2024, reflecting a year-over-year increase of 29.1%[116] - Net long-term flows for the three months ended September 30, 2025, were $26.1 billion, a significant increase from $12.7 billion in the same period of 2024, marking a growth of 105.5%[116] Expenses and Cost Management - Total operating expenses for Q3 2025 were $1,369.5 million, a decrease of $45.4 million or 3.2% from Q3 2024[153] - Employee compensation expenses for Q3 2025 were $521.6 million, a decrease of $103.8 million or 16.6% compared to Q3 2024[153] - Third-party distribution, service, and advisory expenses increased to $558.3 million for the three months ended September 30, 2025, from $499.6 million in the same period of 2024, driven by higher average AUM[1] - General and administrative expenses rose to $151.3 million for the three months ended September 30, 2025, compared to $140.8 million in the same period of 2024, mainly due to costs related to a newly launched CIP[1] - Total operating expenses for the three months ended September 30, 2025, decreased by $45.4 million to $1,369.5 million compared to $1,414.9 million for the same period in 2024[1] Shareholder Returns and Capital Management - The company repurchased 1.2 million common shares for $25 million during Q3 2025 and paid a dividend of $0.21 per common share[88] - The company repurchased $1.0 billion of its outstanding Series A Preferred Stock in the second quarter of 2025[199] - The company declared a cash dividend of $0.21 per common share for Q3 2025, payable on December 2, 2025[227] - The preferred dividend declared was $14.75 per preferred share for the period from September 1, 2025, to November 30, 2025, payable on December 1, 2025[228] - The company repurchased 4.4 million common shares for $75 million during the nine months ended September 30, 2025[230] Market Performance and Gains - The company experienced a market gain of $29.4 billion during the quarter, contributing positively to the overall AUM[121] - The total market gains and losses for the nine months ended September 30, 2025, amounted to $58.7 billion, highlighting strong performance in the market[123] - Market gains contributed $69.6 billion to the total AUM during the same period, indicating strong market performance[126] - The company reported a total of $124.5 billion in market gains for the nine months ended September 30, 2025, highlighting robust investment performance[129] Foreign Exchange and Other Impacts - The company experienced a foreign exchange impact of $2.7 billion decrease in AUM for the three months ended September 30, 2025, compared to an increase of $16.3 billion in the same period of 2024[111] - The company experienced a foreign currency translation impact of $18.7 billion for the nine months ended September 30, 2025, compared to $4.2 billion in the same period of 2024, indicating a substantial increase in currency effects[119] - The company reported a foreign currency translation impact of $(2.8) billion for the quarter, which affected the overall AUM[121] Tax and Regulatory Matters - The effective tax rate decreased to 15.0% for the nine months ended September 30, 2025, down from 25.3% for the same period in 2024, primarily due to favorable tax resolutions[180] - The company believes that non-GAAP measures provide valuable insight into ongoing operational performance and assist in comparisons to competitors[181] - No changes to critical accounting policies disclosed in the most recent Form 10-K for the year ended December 31, 2024[242] - Critical accounting policies require management's most difficult, subjective, or complex judgments, critical for understanding results of operations and financial condition[242]

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 investing [1] - The firm provides educational information but does not offer tax advice, highlighting the complexity and variability of federal and state tax laws [1] - Invesco's opinions are based on current market conditions and may differ from those of other investment professionals within the firm [1]

Group 1 - Multiple foreign institutions have raised their expectations for China's annual economic growth, showing optimism towards China's economic outlook driven by technology development and export growth [1] - Goldman Sachs forecasts that China's export volume will grow by 5% to 6% annually over the next few years, contributing to overall economic expansion [1] - Deutsche Bank has revised its GDP growth forecast for China in Q4 2025 to 4.6% (quarter-on-quarter 1.2%) and raised the annual growth expectation to 5.0%, indicating that achieving the annual growth target is feasible [1] Group 2 - Goldman Sachs believes that the internationalization of the RMB has become an important policy direction for the Chinese government and may accelerate significantly in the coming years [2] - The rise of Chinese brands is reshaping global perceptions of "Made in China," particularly in the electric vehicle sector, where local supply chains are fully established [2] - In light of improving fundamentals, Chinese stocks are expected to have further upside potential, with sectors like electronics, industrials, new energy vehicles, AI supply chains, gaming, and e-commerce seeing increasing overseas revenue shares [2]

Core Viewpoint - Invesco is an independent investment management firm focused on enhancing the investment experience for individuals, aiming to help them achieve more in life [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 constitute a recommendation for any specific investment strategy [1] - Invesco advises investors to consult their own legal or tax professionals due to 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 are subject to 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]

Group 1: Automotive Industry Performance - Improved consumer sentiment in India, driven by GST 2.0 reforms, discounts, OEM offerings, and financing schemes, led to decent sales by Indian auto makers in October [1] - Maruti Suzuki India reported a double-digit increase in domestic wholesales to 176,318 units in October, compared to 159,591 units in the same month last year [1] - Mahindra & Mahindra reported domestic wholesales of 71,624 units, a 31% year-on-year increase from 54,504 units [2] - Tata Motors saw a 27% year-on-year growth to 61,134 units in October, attributed to record electric vehicle wholesales, which increased by 73% year-on-year to 9,286 units [2] - Hyundai Motor India Ltd reported total sales of 69,894 units in October, including domestic sales of 53,792 units and exports of 16,102 units [2] - TVS Motor Company achieved total sales of 543,000 units, an 11% year-on-year increase from 489,000 units [2] - Escorts Kubota Ltd reported a 3.8% rise in total tractor sales to 18,798 units in October compared to the same month last year [2] Group 2: Corporate Developments - IndusInd International Holdings Ltd and Invesco Ltd completed the formation of their asset management joint venture, with IIHL acquiring a 60% stake in Invesco Asset Management India [3] - Hindustan Unilever received a tax notice for ₹1,986.25 crore from the Income Tax Department, disputing the valuation of certain related-party transactions [4] - BEML Ltd and Dredging Corporation of India Ltd signed three MoUs worth approximately ₹350 crore to enhance India's maritime and dredging capabilities [5] - Responsive Industries successfully executed the first phase of the Kaiga Generating Station Power Plant, using in-house manufactured waterproofing membranes [6] - CFF Fluid Control received a contract for procurement of equipment for the P75 Project from the Indian Navy, totaling approximately ₹10.95 crore [7] - Titagarh Rail Systems Ltd secured a ₹2,481-crore contract from MMRDA for the design and supply of metro coaches for Mumbai Metro Line 5 [8] - RailTel Corporation of India Ltd received a Letter of Acceptance from Rajasthan Council of School Education for ₹32,431,600 [9] - Lemon Tree Hotels launched a new property in Motihari, Bihar, marking its expansion in Eastern India [13]

Core Insights - The comparison between Invesco Food & Beverage ETF (PBJ) and First Trust Nasdaq Food & Beverage ETF (FTXG) highlights differences in cost, returns, risk, and portfolio composition, appealing to various investor preferences [1] Cost & Size - FTXG has an expense ratio of 0.60% while PBJ has a slightly higher expense ratio of 0.61% [2] - As of October 28, 2025, FTXG has a one-year return of -13.3% compared to PBJ's -5.1% [2] - FTXG offers a dividend yield of 2.9%, higher than PBJ's 2.0% [2] - Assets under management (AUM) for FTXG is $18.3 million, significantly lower than PBJ's $101.2 million [2][3] Performance & Risk Comparison - Over the past five years, FTXG experienced a maximum drawdown of -21.68%, while PBJ had a lower maximum drawdown of -15.82% [4] - A $1,000 investment in FTXG would have grown to $1,016 over five years, whereas the same investment in PBJ would have grown to $1,365 [4] Portfolio Composition - PBJ tracks a rules-based index focusing on U.S. food and beverage companies, with 32 holdings primarily in Consumer Defensive (78%) and some exposure to Consumer Cyclical (16%) [5] - Top holdings in PBJ include DoorDash, Monster Beverage, and Hershey [5] - FTXG is more concentrated in Consumer Defensive stocks (95%) and has minimal exposure to Basic Materials, with top holdings including PepsiCo, Archer-Daniels-Midland, and Mondelez International [6] Historical Performance - FTXG has declined by 28% from its peak in 2022, while PBJ is down 11.9% from its peak [7] - Total returns over the past five years for FTXG, including dividends, are 11.5%, while PBJ's total return is 45% [8] - Both ETFs have underperformed compared to the S&P 500, which has increased by 109% over the same period [8] Dividend Growth - The latest quarterly dividend from PBJ has increased by 72.6% compared to five years ago, while FTXG's latest quarterly dividend is up by 52.5% over the same period [9]

Core Viewpoint - Invesco is an independent investment management firm focused on enhancing the investment experience for individuals [1] Group 1: Company Overview - Invesco aims to help people get more out of life through its investment services [1] - The firm provides a range of investment products and advisory services [1] Group 2: Services and Offerings - Invesco offers educational resources and expert investment views through its US Blog [1] - The company emphasizes the importance of understanding investment objectives, risks, charges, and expenses before investing [1] Group 3: Regulatory and Compliance Information - Invesco advises investors to consult legal or tax professionals for personalized advice due to the complexity of tax laws [1] - The firm clarifies that the opinions expressed are based on current market conditions and may change without notice [1]

Core Viewpoint - Invesco is an independent investment management firm focused on enhancing the investment experience for individuals, aiming to help them achieve more in life [1] Group 1: Company Overview - Invesco provides a range of investment advisory services and does not sell securities, operating through various affiliated investment advisers [1] - The firm emphasizes the importance of understanding investment objectives, risks, charges, and expenses before making investment decisions [1] Group 2: Services and Offerings - Invesco offers educational resources and expert investment views through its US Blog, encouraging individuals to stay informed about market conditions [1] - The company distributes its retail products and collective trust funds through Invesco Distributors, Inc., which is the US distributor for Invesco Ltd. [1] Group 3: Regulatory and Compliance Information - Invesco highlights that the tax information provided is general and not exhaustive, advising investors to consult their own legal or tax professionals for personalized advice [1] - The firm notes that opinions expressed are based on current market conditions and may change without notice, indicating a dynamic investment environment [1]