Invesco Global Investment Grade Corporate Bond Fund A-AD shares
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1 Invesco Global Investment Grade Corporate Bond Fund A-AD shares March 2017 This marketing document is exclusively for use by Professional Clients and Financial Advisers in Continental Europe (as defined in the important information) and Ireland, and Qualified Investors in Switzerland. This document may also be used by financial intermediaries in the United States as defined in the important information. This document is not for consumer use, please do not redistribute.
2 Contents Invesco Global Investment Grade Corporate Bond Fund Investment philosophy and process Portfolio performance and positioning 2
3 Invesco Global Investment Grade Corporate Bond Fund
4 Invesco Global Investment Grade Corporate Bond Fund Key fund features 1 Targets alpha through global thematic ideas The award winning 1 Invesco Global Investment Grade Corporate Bond Fund uses the flexibility of its guidelines to target alpha through global thematic ideas. These themes are implemented within a robust risk-disciplined framework with the intention of performing well in any market environment. The fund benefits from the broadest possible universe due to its global mandate. This allows it to make full use of Invesco Fixed Income s (IFI) global platform in order to uncover relative value opportunities across investment grade corporate bond markets 2 Experienced global team The IFI team has been actively investing in fixed income markets for more than 30 years and currently manages approximately US$270bn 2 of assets on behalf of institutional and private investors globally across a wide range of strategies. With the ability to leverage off the experience of our global team of over 160 investment professionals, the portfolio managers are able to target the most attractive risk adjusted returns within the investment universe 1 Lipper Fund Awards 2015 (which are awarded on an annual basis) recognised for 5 year performance. 2 Invesco, as at 30 September
5 Lyndon Man & Luke Greenwood Fund managers Lyndon Man Luke Greenwood I believe our thematic approach to investing will be key to delivering attractive risk adjusted returns going forward. Lyndon Man, Fund manager 5
6 Invesco Global Investment Grade Corporate Bond Fund Fund facts Fund name Fund objectives Invesco Global Investment Grade Corporate Bond Fund The Fund intends to achieve, in the medium to long term, a competitive overall investment return with relative security of capital in comparison to equities. The Fund will invest at least two thirds of its total assets in investment grade corporate bonds. Up to one third of the total assets of the Fund may be invested in cash, cash equivalent securities and other debt securities 1 Launch date 1 September 2009 Domicile Legal structure Base currency Unit type Reference index Luxembourg Luxembourg SICAV with UCITS status USD Accumulation and distribution Bloomberg Barclays Global Aggregate Corporate Index (Hedged USD) Share class Unit type Share class ccy Annual management fee Minimum investment ISIN codes A AD USD 0.75% USD 1,500 LU There may be additional share classes 2 registered for sale in individual jurisdictions. 1 For the full objectives and investment policy please consult the current prospectus. 2 For information on fund and fund s shares registrations, please refer to the appropriate internet site or your local Invesco office. Not all share classes are the same nor do they necessarily suit every investor. There may be differences in fee structures, in minimum investment amounts, etc. Please check the fund prospectus for additional information. 6
7 Investment philosophy and process
8 Invesco Fixed Income overview Global perspective, breadth of resources, and significant scale Global Investment Team footprint London Portland Chicago Toronto London Louisville New York Atlanta San Diego Palm Harbor Tokyo Shenzhen Mumbai Hong Kong Kong Scope of fixed income platform: US$269.8 billion AUM Depth of resources: 167 investment professionals 229 professionals Global footprint: 10 locations in key markets Rates 19 Currency 14 Credit 72 PM 77 Shenzhen and Mumbai represent Invesco subsidiaries Invesco Great Wall and Invesco Asset Management (India) Private Limited and are not included in the official location count. Source: Invesco, as of 30 September Subject to change without notice. Invesco Fixed Income does not include all the fixed income entities within Invesco Ltd., and is not limited to those fixed income assets within the GIPS -compliant firm Invesco Worldwide; therefore, the assets under management reported here for Invesco Fixed Income may not match the fixed income assets reported in the Invesco earnings statement. 8
9 Invesco Fixed Income overview We believe return opportunities arise from both market direction and fundamentally-based security selection Our philosophy ties opportunity to the economic cycle An economy s cycle of expansions and contractions matters for asset prices Successful long-term management requires skill in determining market direction and effective security selection Market Direction Themes Security Selection Integrating local knowledge into a global view strengthens our capabilities Multi-faceted risk management is critical for exceptional long term performance Economic Cycle We believe at different points in a market cycle, market direction and security selection differ in importance Source: Invesco as of September For illustrative purposes only. 9
10 Invesco Fixed Income Overview Disciplined process builds on our investment philosophy as we seek to drive strong results Macro Research Our investment process builds on key components Integrated Strategy Fundamentally based macro and credit research generate investable views, themes and input for strategy Credit Research Integrated strategy determines views on market direction, risk positioning, and asset allocation Platform Tool Kit Portfolio Management Portfolio managers utilize platform views (the tool kit) for client portfolios Risk management is integrated throughout our process Client Portfolio Source: Invesco, as of September For illustrative purposes only. 10
11 Invesco Global Investment Grade Corporate Bond Fund A truly global approach to corporate bond investing Strong Track Record Flexible Mandate Unique Strategy First quartile versus peers (1, 3 and 5yrs) 1 Lipper Fund Awards 2 Truly global team: Interconnected global team seeking relative-value opportunities Investment grade focus: with discretion to invest in rising star/fallen angel opportunities Derivatives used for risk mitigation (duration, currency & credit) and investment purposes Thematic investing targets strategic alpha Tactical positioning targets shorter term opportunities Security selection maximizes efficient portfolio positioning Source: Invesco, as of 30 September Morningstar as at 30 September Lipper Fund Awards 2015 (which are awarded on an annual basis) - recognised for 5 year performance. For illustrative purposes only. Past performance is no guarantee of future returns. Any references to awards and ratings provide no guarantee of future returns. 11
12 Portfolio Management Transparent, robust and repeatable Macro IST Credit Platform Tool Kit Portfolio Management Strategy Identify investment opportunities Implementation Market assessment Portfolio characteristics Position sizing Risk Management Diversification Stress testing Scenario analysis Back testing For illustrative purposes only. 12
13 Strategy Identify investment opportunities Strategic Tactical Market Direction Fundamental Valuation Technical Investment Themes Regional Capital structure Yield curve Sector Basis Market Direction Macro hedging Macro investment Investment Themes Rising star/fallen angel Primary market For illustrative purposes only. 13
14 Implementation Market assessment Timing is key Understanding market conditions Liquidity Assessment of market liquidity and implications for trading costs Flows Influence demand, resulting in: Short-term momentum Long-term mean reversion Issuance Makeup of supply pipeline Scarcity value or oversupply? Seasonality Asset allocation timing Positive & negative demand factors Sentiment Changes in investor sentiment typically leads to the market overshooting Creates value opportunities Positioning Data Herd mentality Consensus trades For illustrative purposes only. 14
15 Implementation Invesco Global Investment Grade Corporate Bond Fund Portfolio characteristics Core Investment grade credit (Minimum 70% 1 ) Country/sector exposure No internal limit positions sized using units of risk* High yield bonds Duration management Typically between 5 10% to capture rising star opportunities Duration is generally in line with the benchmark (+/- 1year) Objective Targeted Risk Adjusted Returns Currency Non-US dollar exposure predominantly hedged Derivatives Used for efficient portfolio management & investment purposes 1 Whilst the Prospectus allows for more flexibility with at least two thirds allocation in investment grade corporate bonds, historically allocation to sub-investment grade corporate bonds has been less than 30%, which allows the fund to be included in the Morningstar GIFS Global Corporate Bond (US$ hedged) sector. * One unit of risk is defined as 25bps of tracking error versus the benchmark. For illustrative purposes only. Please also refer to the important information slides. 15
16 Implementation Position sizing Strategy Key metrics Tracking error Market Assessment Price volatility Interest rate sensitivity measures Position Sizing Targeted Risk Adjusted Returns Return correlation Portfolio Characteristics For illustrative purposes only. 16
17 Risk Management Multi-layered approach Continuous Oversight & Review Fund Management Diversification Stress testing Scenario analysis Back testing Client Portfolio Senior Management Challenge and review Fund governance Independent Risk Function Independent risk analysis Independent risk challenge GPMR* Attribution Risk metrics For illustrative purposes only. * Global Performance Measurement & Risk. 17
18 Portfolio performance and positioning
19 Invesco Global Investment Grade Corporate Bond Fund Indexed performance Indexed performance /12 02/13 02/14 02/15 02/16 02/17 Fund Index² A AD shares. Past performance is not a guide to future returns. 1 (Source: 2016 Morningstar) Fund returns are inclusive of gross income re-invested and net of the ongoing charge and portfolio transaction costs, cumulativ The figures do not reflect the entry charge payable by individual investors. 2 Bloomberg Barclays Global Aggregate Corporate Index (Hedged USD). There is currently a discretionary cap of operating expenses at a maximum of 0.05% in place. This figure forms part of the ongoing charge and may positively impact the performance of the Share Class. 19
20 Invesco Global Investment Grade Corporate Bond Fund Cumulative and calendar year performance Cumulative performance 1 in % YTD 1 month 1 year 3 years 5 years Fund Index Quartile ranking Absolute ranking 3/51 4/51 6/49 1/33 1/25 Mstar GIF OS Sector: Offshore OE Global Corporate Bond USD Hedged Sec Calendar year performance 1 in % Fund Index A AD shares. Past performance is not a guide to future returns. 1 (Source: 2016 Morningstar) Fund returns are inclusive of gross income re-invested and net of the ongoing charge and portfolio transaction costs, cumulativ The figures do not reflect the entry charge payable by individual investors. 2 Bloomberg Barclays Global Aggregate Corporate Index (Hedged USD). There is currently a discretionary cap of operating expenses at a maximum of 0.05% in place. This figure forms part of the ongoing charge and may positively impact the performance of the Share Class. 20
21 Invesco Global Investment Grade Corporate Bond Fund Currency exposure and duration weight Currency exposure and duration weight 1 Fund in % Index 2 in % Hedge in % Currency in % WDR 3 (Fund) WDR (Index) USD GBP EUR AUD NZD CHF JPY SGD Other Total A AD shares. 1 Source: Invesco as at 28 February Bloomberg Barclays Global Aggregate Corporate Index (Hedged USD). 3 Weighted average duration. Portfolio weightings can change any time and without warning. There is currently a discretionary cap of operating expenses at a maximum of 0.05% in place. This figure forms part of the ongoing charge and may positively impact the performance of the Share Class. 21
22 Invesco Global Investment Grade Corporate Bond Fund Sector exposure Sector exposure 1 Fund in % Index 2 in % WDR (Fund) WDR (Index) Fund average rating Index average rating Corporate BBB BBB+ Quasi and Foreign Government BBB+ AA- Preferred Securities BBB+ US Tax-Exempt Municipals AAA Other Cash and FX A AD shares. 1 Source: Invesco as at 28 February Bloomberg Barclays Global Aggregate Corporate Index (Hedged USD). Portfolio weightings can change any time and without warning. There is currently a discretionary cap of operating expenses at a maximum of 0.05% in place. This figure forms part of the ongoing charge and may positively impact the performance of the Share Class. 22
23 Invesco Global Investment Grade Corporate Bond Fund Credit ratings Credit ratings 1 average rating: BBB Credit ratings of the fund in % 1 in % Fund Index 2 AAA AA A BBB BB Not rated AA A BBB BB Cash and FX Cash and FX A AD shares. 1 Source: Invesco as at 28 February Bloomberg Barclays Global Aggregate Corporate Index (Hedged USD). Portfolio weightings can change any time and without warning. There is currently a discretionary cap of operating expenses at a maximum of 0.05% in place. This figure forms part of the ongoing charge and may positively impact the performance of the Share Class. 23
24 Invesco Global Investment Grade Corporate Bond Fund Weighted average duration 1 in years Fund Index 2 Dollar Bloc Europe UK Japan Yield % 1 Gross current yield 4.77 Gross redemption yield year characteristics 3 Alpha 0.72 Beta 1.15 Correlation 0.91 Information ratio 0.71 Sharpe ratio 1.22 Tracking error in % 1.86 Volatility in % 4.34 For detailed information about the 3 year characteristics please see A AD shares. 1 Source: Invesco as at 28 February Bloomberg Barclays Global Aggregate Corporate Index (Hedged USD) 3 Source: Morningstar as at 28 February Portfolio weightings can change any time and without warning. Dollar = US$. There is currently a discretionary cap of operating expenses at a maximum of 0.05% in place. This figure forms part of the ongoing charge and may positively impact the performance of the Share Class. 24
25 Important information This marketing document is exclusively for use by Professional Clients and Financial Advisers in Continental Europe (as defined below) and Ireland, and Qualified Investors in Switzerland. This document may also be used by financial intermediaries in the United States as defined below. Data as at , unless otherwise stated. This document is not for consumer use, please do not redistribute. This document is not subject to regulatory requirements that ensure impartiality of investment recommendations and investment strategy recommendations. Therefore, the prohibition of trading before the release of investment recommendations and investment strategy recommendations does not apply. Past performance is not a guide to future returns. Where Invesco has expressed views and opinions, these may change and are not to be construed as investment advice. The value of investments and any income will fluctuate (this may partly be the result of exchange-rate fluctuations) and investors may not get back the full amount invested. Debt instruments are exposed to credit risk which is the ability of the borrower to repay the interest and capital on the redemption date. Changes in interest rates will result in fluctuations in the value of the fund. The fund will invest in derivatives (complex instruments) which will result in the fund being leveraged and may result in large fluctuations in the value of the fund. Where securities are mentioned in this document they do not necessarily represent a specific portfolio holding and do not constitute a recommendation to purchase, hold or sell. For more information on our funds, please refer to the most up to date relevant fund and share class-specific Key Investor Information Documents, the latest Annual or Interim Reports and the latest Prospectus, and constituent documents. This information is available using the contact details of the issuer and is without charge. Further information on our products is available using the contact details shown. Whilst great care has been taken to ensure that the information contained herein is accurate, no responsibility can be accepted for any errors, mistakes or omissions or for any action taken in reliance thereon. This marketing document is not an invitation to subscribe for shares in the fund and is by way of information only, it should not be considered financial advice. The performance data shown does not take account of the commissions and costs incurred on the issue and redemption of units. Any reference to a ranking, a rating or an award provides no guarantee for future performance results and is not constant over time. Persons interested in acquiring the fund should inform themselves as to (i) the legal requirements in the countries of their nationality, residence, ordinary residence or domicile; (ii) any foreign exchange controls and (iii) any relevant tax consequences. As with all investments, there are associated risks. This document is by way of information only. Asset management services are provided by Invesco in accordance with appropriate local legislation and regulations. The fund is available only in jurisdictions where its promotion and sale is permitted. Not all share classes of this fund may be available for public sale in all jurisdictions and not all share classes are the same nor do they necessarily suit every investor. Fee structure and minimum investment levels may vary dependent on share class chosen. Please check the most recent version of the fund prospectus in relation to the criteria for the individual share classes and contact your local Invesco office for full details of the fund registration status in your jurisdiction. Please be advised that the information provided in this document is referring to Class A (annual distribution - USD) exclusively. This fund is domiciled in Luxembourg. For the distribution of this document, Continental Europe is defined as Austria, Belgium, Finland, France, Germany, Italy, Liechtenstein, Luxembourg, Netherlands, Norway, Spain, Sweden and Switzerland. Germany, Austria, Switzerland and Liechtenstein: This document is issued in Germany by Invesco Asset Management Deutschland GmbH. This document is issued in Austria by Invesco Asset Management Österreich Zweigniederlassung der Invesco Asset Management Deutschland GmbH, and in Switzerland as well as Liechtenstein by Invesco Asset Management (Schweiz) AG. Subscriptions of shares are only accepted on the basis of the most up to date legal offering documents. The legal offering documents (fund & share class specific Key Investor Information Document, prospectus, annual & semi-annual reports, articles and trustee deed) are available free of charge at our website and in hardcopy and local language from the issuers: Invesco Asset Management Deutschland GmbH, An der Welle 5, D Frankfurt am Main, Invesco Asset Management Österreich Zweigniederlassung der Invesco Asset Management Deutschland GmbH, Rotenturmstrasse 16-18, A-1010 Wien, and Invesco Asset Management (Schweiz) AG, Talacker 34, CH-8001 Zurich, who acts as a representative for the funds distributed in Switzerland. In Liechtenstein the KIID and Prospectus are available in German and English on respectively. Paying agent in Switzerland: BNP PARIBAS SECURITIES SERVICES, Paris, succursale de Zurich, Selnaustrasse 16, CH-8002 Zürich. Paying agent in Liechtenstein: LGT Bank AG, Herrengasse 12, FL-9490 Vaduz. Ireland: Issued by Invesco Global Asset Management DAC, Central Quay, Riverside IV, Sir John Rogerson s Quay, Dublin 2, Ireland. Regulated in Ireland by the Central Bank of Ireland. Additional information for Financial Intermediaries in the United States: This material is intended for distributors, platforms, financial advisors and investment managers located in the United States in relation to their activities with offshore clients only. It must not be redistributed to end investors. This document is neither intended for US Persons, nor US residents. This fund must not be marketed on the US soil. This fund is registered for distribution in a limited number of countries, and should an activity create additional obligations (such as a local registration for sale or tax notification) for Invesco, you shall seek the prior formal approval of Invesco before undertaking such activity. Any marketing material you create on the fund for end investors shall also be expressly approved by Invesco. Issued in the US by Invesco Distributors, Inc., 11 Greenway Plaza, Suite 1000, Houston, Texas Invesco Distributors is the appointed US sub-distributor of the Invesco Funds SICAV and the Invesco Fund Series 1-6. CE2721/
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