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INVESCO Global Real Estate Fund
mutual fund
AGREX
Payout Change
Pending
Price as of:
$9.06
-0.01
-0.11%
primary theme
International Real Estate
share class
AGREX (Mutual Fund)
INVESCO Global Real Estate Fund
Payout Change
Pending
Price as of:
$9.06
-0.01
-0.11%
primary theme
International Real Estate
share class
AGREX (Mutual Fund)
INVESCO Global Real Estate Fund
Payout Change
Pending
Price as of:
$9.06
-0.01
-0.11%
primary theme
International Real Estate
share class
Name
As of 12/11/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
Vitals
YTD Return
1.6%
1 yr return
4.8%
3 Yr Avg Return
-5.1%
5 Yr Avg Return
0.5%
Net Assets
$160 M
Holdings in Top 10
48.0%
52 WEEK LOW AND HIGH
$9.1
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 1.42%
SALES FEES
Front Load 5.50%
Deferred Load N/A
TRADING FEES
Turnover 88.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$1,000
IRA
$250
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 12/11/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
AGREX - Profile
Distributions
- YTD Total Return 1.6%
- 3 Yr Annualized Total Return -5.1%
- 5 Yr Annualized Total Return 0.5%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 1.01%
- Dividend Yield 1.8%
- Dividend Distribution Frequency Quarterly
Fund Details
-
Legal NameINVESCO Global Real Estate Fund
-
Fund Family NameInvesco
-
Inception DateApr 29, 2005
-
Shares OutstandingN/A
-
Share ClassA
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerMark Blackburn
Fund Description
The Fund invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in securities of real estate and real estate-related issuers, and in derivatives and other instruments that have economic characteristics similar to such securities.The Fund invests primarily in real estate investment trusts (REITs) and equity securities (including common and preferred stock, and convertible securities) of domestic and foreign issuers. The Fund’s common stock investments may also include China A-shares (shares of companies based in mainland China that trade on the Shanghai Stock Exchange and the Shenzhen Stock Exchange).
The Fund concentrates its investments in the securities of domestic and foreign real estate and real estate-related companies. The Fund considers an issuer to be a real estate or real estate-related company if at least 50% of its assets, gross income or net profits are attributable to ownership, construction, management or sale of residential, commercial or industrial real estate. These issuers include (i) REITs or other real estate operating companies that (a) own property, (b) make or invest in short-term construction and development mortgage loans, or (c) invest in long-term mortgages or mortgage pools, and (ii) issuers whose products and services are related to the real estate industry, such as manufacturers and distributors of building supplies and financial institutions that issue or service mortgages.
The Fund may also invest in debt securities of domestic and foreign issuers (including corporate debt obligations and commercial mortgage-backed securities). The Fund may invest up to 10% of its net assets in non-investment grade debt securities (commonly known as “junk bonds”) of real estate and real estate-related issuers.
Under normal circumstances, the Fund will provide exposure to investments that are economically tied to at least three different countries, including the U.S. and at least 40%, unless market conditions are not deemed favorable, in which case at least 30% of the Fund’s net assets will provide exposure to investments that are economically tied to countries other than the U.S. The Fund may invest up to 20% of its net assets in securities of issuers located in emerging market countries, i.e., those that are generally in the early stages of their industrial cycles.
The Fund may invest in securities of issuers of all capitalization sizes. Real estate companies tend to have smaller asset bases compared with other market sectors, therefore, the Fund may hold a significant amount of securities of small- and mid-capitalization issuers.
The Fund may engage in short sales of securities. The Fund may engage in short sales with respect to securities it owns or securities it does not own. Generally, the Fund will sell a security short to (1) take advantage of an expected decline in the security price in anticipation of purchasing the
same security at a later date at a lower price, or (2) to protect a profit in a security that it owns. The Fund will not sell a security short if, as a result of such short sale, the aggregate market value of all securities sold short exceeds 10% of the Fund’s net assets.
The Fund can invest in derivative instruments including forward foreign currency contracts.
The Fund can use forward foreign currency contracts to hedge against adverse movements in the foreign currencies in which portfolio securities are denominated; though the Fund has not historically used these instruments.
When constructing the portfolio, the portfolio managers use a fundamentals-driven investment process, including an evaluation of factors such as property market cycle analysis, property evaluation and management and structure review to identify securities with characteristics including (i) quality underlying properties, (ii) solid management teams with the ability to effectively manage capital structure decisions and execute their stated strategic plan, and (iii) attractive valuations relative to peer investment alternatives.
The portfolio managers focus on equity REITs and real estate operating issuers. Each qualified security in the investment universe is analyzed using fundamental real estate analysis and valuation review to identify securities that appear to have relatively favorable long-term prospects and attractive values. Some of the fundamental real estate factors that are considered include: forecasted occupancy and rental rates of the various property markets in which a firm may operate, property locations, physical attributes, management depth and skill, insider ownership, overall debt levels, percentage of variable rate financing and fixed charge coverage ratios. The issuers that are believed to have the most attractive fundamental real estate attributes are then evaluated on the basis of relative value. Some of the valuation factors that are considered include: cash flow consistency and growth, dividend yield, dividend coverage and growth, and cash flow and assets to price multiples.
The portfolio managers seek to construct a portfolio with risk characteristics similar to the FTSE EPRA Nareit Developed Index. The Fund uses this index as a guide in structuring the portfolio, but the Fund is not an index fund.
The portfolio managers seek to limit risk through various controls, such as diversifying the portfolio property types and geographic areas as well as by considering the relative liquidity of each security and limiting the size of any one holding.
The portfolio managers will consider selling a security if they conclude (1) its relative valuation has fallen below desired levels, (2) its risk/return profile has changed significantly, (3) its fundamentals have changed, or (4) a more attractive investment opportunity is identified.
As part of the Fund’s investment process to implement its investment strategy in pursuit of its investment objective, the Fund’s portfolio managers may also consider both qualitative and quantitative environmental, social and governance (ESG) factors they believe to be material to understand an issuer’s fundamentals, assess whether any ESG factors pose a material financial risk or opportunity to the issuer and determine whether such risks are appropriately reflected in the issuer’s valuation. This analysis may involve the use of third-party research as well as proprietary research. Consideration of ESG factors is just one component of the portfolio managers' assessment of issuers eligible for investment and not necessarily determinative to an investment decision. Therefore, the Fund’s portfolio managers may still invest in securities of issuers that may be viewed as having a high ESG risk profile. The ESG factors considered by the Fund’s portfolio managers may change over time, one or more factors may not be relevant with respect to all issuers eligible for investment and ESG considerations may not be applied to each issuer or Fund investment.
AGREX - Performance
Return Ranking - Trailing
| Period | AGREX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 1.6% | -10.0% | 31.4% | 73.99% |
| 1 Yr | 4.8% | -8.6% | 35.1% | 75.72% |
| 3 Yr | -5.1%* | -17.7% | 16.8% | 76.05% |
| 5 Yr | 0.5%* | -10.5% | 14.8% | 85.89% |
| 10 Yr | 1.6%* | -2.8% | 10.6% | 85.22% |
* Annualized
Return Ranking - Calendar
| Period | AGREX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 6.5% | -16.8% | 16.7% | 74.27% |
| 2022 | -33.5% | -39.5% | 4.5% | 97.60% |
| 2021 | 22.1% | -0.9% | 30.7% | 38.04% |
| 2020 | -16.6% | -19.7% | 13.7% | 95.09% |
| 2019 | 9.8% | 1.0% | 26.5% | 80.25% |
Total Return Ranking - Trailing
| Period | AGREX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 1.6% | -10.0% | 31.4% | 73.99% |
| 1 Yr | 4.8% | -8.6% | 35.1% | 75.72% |
| 3 Yr | -5.1%* | -17.7% | 16.8% | 76.05% |
| 5 Yr | 0.5%* | -10.5% | 14.8% | 85.89% |
| 10 Yr | 1.6%* | -2.8% | 10.6% | 85.22% |
* Annualized
Total Return Ranking - Calendar
| Period | AGREX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 8.6% | -14.6% | 23.4% | 74.85% |
| 2022 | -25.2% | -39.5% | 10.1% | 35.93% |
| 2021 | 25.3% | 5.7% | 101.8% | 65.03% |
| 2020 | -12.4% | -17.8% | 14.7% | 98.16% |
| 2019 | 22.5% | 4.3% | 37.2% | 69.14% |
NAV & Total Return History
AGREX - Holdings
Concentration Analysis
| AGREX | Category Low | Category High | AGREX % Rank | |
|---|---|---|---|---|
| Net Assets | 160 M | 4.27 M | 7.48 B | 70.59% |
| Number of Holdings | 54 | 5 | 691 | 78.61% |
| Net Assets in Top 10 | 78.7 M | 2.13 M | 4.55 B | 63.01% |
| Weighting of Top 10 | 47.96% | 20.1% | 63.7% | 11.05% |
Top 10 Holdings
- Equinix, Inc. 8.90%
- Public Storage 5.46%
- Rexford Industrial Realty, Inc. 5.37%
- Invitation Homes Inc. 4.73%
- Realty Income Corp. 4.63%
- Prologis, Inc. 4.42%
- Camden Property Trust 4.18%
- Invesco Private Prime Fund 3.62%
- Alexandria Real Estate Equities, Inc. 3.48%
- Healthpeak Properties, Inc. 3.17%
Asset Allocation
| Weighting | Return Low | Return High | AGREX % Rank | |
|---|---|---|---|---|
| Stocks | 98.73% | 3.62% | 126.54% | 59.54% |
| Cash | 6.00% | 0.00% | 11.23% | 13.29% |
| Preferred Stocks | 0.00% | 0.00% | 7.25% | 47.40% |
| Other | 0.00% | -33.49% | 101.32% | 64.16% |
| Convertible Bonds | 0.00% | 0.00% | 0.07% | 43.93% |
| Bonds | 0.00% | 0.00% | 22.09% | 46.24% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | AGREX % Rank | |
|---|---|---|---|---|
| Real Estate | 96.84% | 72.53% | 100.00% | 59.17% |
| Communication Services | 1.43% | 0.00% | 10.08% | 26.63% |
| Consumer Cyclical | 1.18% | 0.00% | 13.03% | 21.30% |
| Technology | 0.56% | 0.00% | 4.92% | 30.77% |
| Utilities | 0.00% | 0.00% | 0.96% | 46.15% |
| Industrials | 0.00% | 0.00% | 4.91% | 55.03% |
| Healthcare | 0.00% | 0.00% | 1.54% | 51.48% |
| Financial Services | 0.00% | 0.00% | 9.53% | 55.03% |
| Energy | 0.00% | 0.00% | 0.11% | 43.79% |
| Consumer Defense | 0.00% | 0.00% | 0.18% | 45.56% |
| Basic Materials | 0.00% | 0.00% | 1.63% | 46.75% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | AGREX % Rank | |
|---|---|---|---|---|
| US | 63.84% | 0.00% | 102.76% | 36.42% |
| Non US | 34.89% | 0.00% | 99.07% | 61.27% |
AGREX - Expenses
Operational Fees
| AGREX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 1.42% | 0.10% | 36.96% | 42.77% |
| Management Fee | 0.75% | 0.09% | 1.50% | 38.37% |
| 12b-1 Fee | 0.25% | 0.00% | 1.00% | 28.00% |
| Administrative Fee | N/A | 0.01% | 0.25% | N/A |
Sales Fees
| AGREX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | 5.50% | 3.50% | 5.75% | 55.17% |
| Deferred Load | N/A | 1.00% | 4.00% | N/A |
Trading Fees
| AGREX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 0.25% | 2.00% | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
| AGREX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 88.00% | 1.00% | 165.00% | 77.98% |
AGREX - Distributions
Dividend Yield Analysis
| AGREX | Category Low | Category High | AGREX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 1.78% | 0.00% | 5.52% | 72.25% |
Dividend Distribution Analysis
| AGREX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Quarterly | Annual | Quarterly | Quarterly |
Net Income Ratio Analysis
| AGREX | Category Low | Category High | AGREX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 1.01% | -0.23% | 3.84% | 74.71% |
Capital Gain Distribution Analysis
| AGREX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Semi-Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Sep 26, 2024 | $0.040 | OrdinaryDividend |
| Mar 28, 2024 | $0.041 | OrdinaryDividend |
| Dec 13, 2023 | $0.040 | OrdinaryDividend |
| Sep 28, 2023 | $0.041 | OrdinaryDividend |
| Jun 22, 2023 | $0.041 | OrdinaryDividend |
| Mar 23, 2023 | $0.041 | OrdinaryDividend |
| Dec 14, 2022 | $0.924 | OrdinaryDividend |
| Sep 22, 2022 | $0.052 | OrdinaryDividend |
| Jun 23, 2022 | $0.060 | OrdinaryDividend |
| Mar 24, 2022 | $0.073 | OrdinaryDividend |
| Dec 14, 2021 | $0.083 | OrdinaryDividend |
| Sep 23, 2021 | $0.078 | OrdinaryDividend |
| Jun 24, 2021 | $0.077 | OrdinaryDividend |
| Mar 25, 2021 | $0.068 | OrdinaryDividend |
| Dec 11, 2020 | $0.343 | OrdinaryDividend |
| Sep 17, 2020 | $0.063 | OrdinaryDividend |
| Jun 18, 2020 | $0.036 | OrdinaryDividend |
| Mar 19, 2020 | $0.046 | OrdinaryDividend |
| Dec 13, 2019 | $0.323 | OrdinaryDividend |
| Dec 13, 2019 | $0.045 | CapitalGainShortTerm |
| Dec 13, 2019 | $0.818 | CapitalGainLongTerm |
| Sep 19, 2019 | $0.098 | OrdinaryDividend |
| Jun 20, 2019 | $0.072 | OrdinaryDividend |
| Mar 21, 2019 | $0.044 | OrdinaryDividend |
| Dec 14, 2018 | $0.401 | OrdinaryDividend |
| Dec 14, 2018 | $0.705 | CapitalGainLongTerm |
| Sep 13, 2018 | $0.101 | OrdinaryDividend |
| Jun 21, 2018 | $0.064 | OrdinaryDividend |
| Mar 22, 2018 | $0.035 | OrdinaryDividend |
| Dec 13, 2017 | $0.174 | OrdinaryDividend |
| Dec 13, 2017 | $0.081 | CapitalGainLongTerm |
| Sep 14, 2017 | $0.035 | OrdinaryDividend |
| Jun 15, 2017 | $0.035 | OrdinaryDividend |
| Mar 16, 2017 | $0.035 | OrdinaryDividend |
| Dec 13, 2016 | $0.336 | OrdinaryDividend |
| Sep 15, 2016 | $0.049 | OrdinaryDividend |
| Jun 16, 2016 | $0.049 | OrdinaryDividend |
| Mar 17, 2016 | $0.039 | OrdinaryDividend |
| Sep 17, 2015 | $0.039 | OrdinaryDividend |
| Jun 18, 2015 | $0.039 | OrdinaryDividend |
| Mar 19, 2015 | $0.038 | OrdinaryDividend |
| Dec 30, 2014 | $0.165 | ExtraDividend |
| Dec 12, 2014 | $0.039 | OrdinaryDividend |
| Sep 18, 2014 | $0.039 | OrdinaryDividend |
| Jun 19, 2014 | $0.039 | OrdinaryDividend |
| Mar 20, 2014 | $0.056 | OrdinaryDividend |
| Dec 13, 2013 | $0.097 | OrdinaryDividend |
| Sep 19, 2013 | $0.066 | OrdinaryDividend |
| Jun 20, 2013 | $0.056 | OrdinaryDividend |
| Mar 21, 2013 | $0.025 | OrdinaryDividend |
| Dec 07, 2012 | $0.308 | OrdinaryDividend |
| Sep 20, 2012 | $0.055 | OrdinaryDividend |
| Jun 14, 2012 | $0.055 | OrdinaryDividend |
| Mar 15, 2012 | $0.025 | OrdinaryDividend |
| Dec 09, 2011 | $0.041 | OrdinaryDividend |
| Sep 15, 2011 | $0.045 | OrdinaryDividend |
| Jun 16, 2011 | $0.048 | OrdinaryDividend |
| Mar 17, 2011 | $0.034 | OrdinaryDividend |
| Dec 03, 2010 | $0.357 | OrdinaryDividend |
| Sep 16, 2010 | $0.032 | OrdinaryDividend |
| Jun 17, 2010 | $0.034 | OrdinaryDividend |
| Mar 18, 2010 | $0.027 | OrdinaryDividend |
| Dec 11, 2009 | $0.207 | OrdinaryDividend |
| Sep 18, 2009 | $0.023 | OrdinaryDividend |
| Jun 19, 2009 | $0.015 | OrdinaryDividend |
| Mar 20, 2009 | $0.014 | OrdinaryDividend |
| Dec 12, 2008 | $0.030 | OrdinaryDividend |
| Dec 12, 2008 | $0.010 | CapitalGainLongTerm |
| Sep 18, 2008 | $0.035 | OrdinaryDividend |
| Jun 18, 2008 | $0.059 | OrdinaryDividend |
| Mar 18, 2008 | $0.048 | OrdinaryDividend |
| Dec 14, 2007 | $0.633 | OrdinaryDividend |
| Dec 14, 2007 | $0.119 | CapitalGainShortTerm |
| Dec 14, 2007 | $0.357 | CapitalGainLongTerm |
| Sep 20, 2007 | $0.161 | OrdinaryDividend |
| Jun 20, 2007 | $0.051 | OrdinaryDividend |
| Mar 20, 2007 | $0.026 | OrdinaryDividend |
| Dec 15, 2006 | $0.184 | OrdinaryDividend |
| Dec 15, 2006 | $0.062 | CapitalGainShortTerm |
| Dec 15, 2006 | $0.102 | CapitalGainLongTerm |
| Sep 20, 2006 | $0.203 | OrdinaryDividend |
| Jun 20, 2006 | $0.054 | OrdinaryDividend |
| Dec 16, 2005 | $0.074 | OrdinaryDividend |
| Dec 16, 2005 | $0.004 | CapitalGainShortTerm |
| Dec 16, 2005 | $0.004 | CapitalGainLongTerm |
| Sep 19, 2005 | $0.054 | OrdinaryDividend |
| Jun 20, 2005 | $0.024 | OrdinaryDividend |
AGREX - Fund Manager Analysis
Managers
Mark Blackburn
Start Date
Tenure
Tenure Rank
Apr 29, 2005
17.1
17.1%
Mr. Blackburn is an Invesco Managing Director and a member of the Real Estate Securities Portfolio Management and Research Teams. His current duties include work as Director of Securities Research and a Portfolio Manager. Prior to joining Invesco in 1998, he worked as an Associate Director of Research focusing on equity securities research and recommendations with a regional brokerage firm. He is a member of the National Association of Real Estate Investment Trusts (NAREIT).
Ping-Ying Wang
Start Date
Tenure
Tenure Rank
Nov 17, 2006
15.55
15.6%
Ms. Wang is an Invesco Senior Director and a Portfolio Manager on the Real Estate Securities Investment Team.Ms. Wang evaluates global real estate companies with a particular focus on Asian and North American countries while managing and performing portfolio risk analysis. In addition to these duties, Ms. Wang formulates investment strategies, spearheads thematic research projects and serves on the Real Estate Securities Management Executive Committee. She holds the Chartered Financial Analyst designation.
James Cowen
Start Date
Tenure
Tenure Rank
May 01, 2008
14.09
14.1%
Mr. Cowen is a Portfolio Manager with the Invesco Real Estate Global Securities Team. He has 18 years of experience in real estate and has worked for Invesco for 15 years. Prior to joining the team in 2004, he worked in a real estate corporate finance role for Invesco in Europe and as an analyst for a management consulting business based in London. He has a Bachelor and Masters Degree from the University of Manchester and a M.Phil degree from Cambridge University. He is a member of the UK Society of Investment Professionals, UK Securities & Investment Institute and is a UK FSA approved person.
Darin Turner
Start Date
Tenure
Tenure Rank
Apr 30, 2010
12.09
12.1%
Darin Turner is a portfolio manager and member of the Real Estate Securities Portfolio Management and Research Team with Invesco Real Estate. His current duties involve evaluating structured real estate securities with a focus on fi xed-income instruments such as commercial mortgage-backed securities, corporate debt and corporate preferred stock. Mr. Turner also provides tenant and credit quality analysis, capital structure analysis and debt pricing analysis for equity portfolios. Mr. Turner joined Invesco in 2005 as an acquisitions analyst.
Grant Jackson
Start Date
Tenure
Tenure Rank
Jun 28, 2018
3.93
3.9%
Grant Jackson is a senior director and portfolio manager with Invesco Real Estate’s Global Securities team. Mr. Jackson began his investment career in 2002 and joined Invesco in 2005. Prior to joining Invesco, he worked for PricewaterhouseCoopers Consulting where he was engaged in various technical roles involving data management, database coordination, and application development. Mr. Jackson earned a BS in Mechanical Engineering from the University of Texas at Austin and a MBA from Southern Methodist University’s Cox School of Business. Mr. Jackson is a CFA® charterholder.
Charles (Chip) McKinley
Start Date
Tenure
Tenure Rank
Jan 06, 2022
0.4
0.4%
Chip McKinley, Senior Vice President, is a portfolio manager for global real estate securities portfolios. Prior to joining Cohen & Steers in 2007, Mr. McKinley was a portfolio manager and REIT analyst at Franklin Templeton Real Estate Advisors. Previously, he was with Fidelity Investments. Mr. McKinley holds a BA from Southern Methodist University and an MBA from Cornell University. He is based in New York.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.09 | 20.42 | 7.12 | 10.42 |
