September, 2023
During the month of September, equity markets in Australia posted negative returns with the ASX Small Ordinaries Index declining as the higher for longer sentiment gained momentum. Despite this, the energy sector demonstrated resilience, while real estate and information technology stocks performed poorly. Towards the end of the month, fresh highs for the US 10-year yield and rising oil prices weighed on smaller companies share prices. The CPI figure announced in August rose to 5.2% in line with expectations, while core inflation fell to 5.5%. At the same time, retail sales increased slightly during the month of August and the unemployment rate remained steady.
In September, Momentum detracted slightly, while Quality and Value had a positive impact on performance over the month. Stock specific effects, which are not attributable to any proprietary factor, had a slight impact as well.
Impact from active sector weights, which are a by-product of the multi-factor optimisation process, was positive over the month. Here, our overweight in the Consumer Discretionary Sector had a negative impact, while an underweight in both the Financials and the Health Care Sectors contributed positively to active returns.
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/Invesco-Wholesale-Australian-Smaller-Companies-Fund-Class-A-Monthly-Report-2-1.pdfAugust, 2023
During the month of August, equity markets in Australia posted negative returns with the ASX Small Ordinaries declining due to weak sector performances from health care, real estate and financials. The Reserve Bank of Australia opted to hold interest rates at 4.1% citing the fact that past increases had shown signs of cooling demand. It is now forecasting inflation falling back to target in late 2025. In addition, Australia's unemployment rate rose by 20bps from 3.5% to 3.7%, while the Q2 year-on-year wage growth slowed to 3.6%, below estimates of 3.7%.
In August, Value stayed flat, while Momentum and Quality had a positive impact on performance over the month. Stock specific effects, which are not attributable to any proprietary factor, had a positive impact as well.
Impact from active sector weights, which are a by-product of the multi-factor optimisation process, was slightly positive over the month. Here, our overweight in the Consumer Discretionary Sector had a positive impact, while an underweight on both the Financials and the Health Care Sectors contributed positively to active returns.
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/Invesco-Wholesale-Australian-Smaller-Companies-Fund-Class-A-Monthly-Report-1-1.pdfJuly, 2023
Over July, the Australian multi-factor model posted moderately positive results, with Quality and Value ending the month in positive territory. Momentum had a weak start to the month but was able to manage a flat performance to end the month. Among the factors, Value was the strongest in the model, while Quality was close behind.
Within our Australian universe, the highest rated stocks identified by our multi-factor model were flat, while the least attractively rated stocks outperformed.
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/Invesco-Wholesale-Australian-Smaller-Companies-Fund-Class-A-Monthly-Report-9.pdfJune, 2023
Over June, the Australian multi-factor model moved back into positive territory, with Quality and Value posting
strong results. Momentum had a good start to the month but declined in the last few trading days to end the
month flat. Value was the strongest factor in the model with all underlying signals contributing positively.
Within our Australian universe, the highest rated stocks identified by our multi-factor model performed in line
with the broader market, while the least attractively rated stocks underperformed.
May, 2023
The Australian equity market had a negative month in May. This was mainly due to a surprise 25bps interest rate hike by the Reserve Bank of Australia (RBA) in response to the stronger than expected inflation data. Technology was the best performing sector, up 10.4%, as investors rotated into companies that may have a better chance of delivering growth in the face of a macro slowdown. Discretionary was the worst sector, down 6.2% on signs of a weaker consumer. Smaller capitalisation companies underperformed the broader market.
In May, Momentum and Quality had a negative impact on performance, whereas Value contribution was flat over the month. Stock specific effects, which are not attributable to any other factor, had a negative impact as well. Impact from active sector weights, which are a by-product of the multi-factor optimisation process, was negative over the month. Here, our marginal underweight in the Financials sector and the Information Technology sector both had a negative impact on active returns.
File:April, 2023
The Australian equity market had a positive month in April, supported by the upgraded growth outlook in Europe. Nearly every sector in the ASX 200 was in the green for the month, with technology and industrials leading the gains, and materials being the only sector in the red.
The March quarter inflation figures for Australia showed a headline rate of 7.0% and a core rate of 6.6%, with services inflation still being strong. March’s labour market data was better than expected, however there are indications that future job gains may be harder to achieve. With the mixed economic sentiments, the Reserve Bank of Australia (RBA) paused on rate hikes in April, but it is uncertain whether the hiking cycle is over. In April, Momentum had no contribution to performance, whereas Quality had a positive contribution and Value added negatively to active returns over the month.
Stock specific effects, which are not attributable to any other factor, had a positive impact on active returns. Impact from active sector weights, which are a by-product of the multi-factor optimisation process, was negative over the month. Here, our marginal underweight in the Communications sector and overweight in the Materials sector both had a negative impact on active returns.
File:March, 2023
Market review Australian equities eked out a small positive return in March, led by Gold stocks. The RBA raised its overnight cash rate target by 25 basis points to 3.6%, the tenth consecutive meeting with a rate rise announcement. Some bank failures in the US forced the Federal Reserve to introduce additional liquidity measures to support confidence and minimise the risk of contagion. Real Estate was the worst-performing sector as US banking issues and tight credit amplified existing concerns regarding Commercial Real Estate (CRE). Value outperformed Growth, largely due to strong returns for Resources, while Quality outperformed both as investors sought out lower risk equities in response to US banking concerns.
In March, Momentum and Value had no significant impact on performance, whereas Quality had a positive contribution to active returns over the month. Stock specific effects, which are not attributable to any other factor, had a negative impact on active returns.
Impact from active sector weights, which are a by-product of the multi-factor optimisation process, was positive over the month. Here, our underweight in the Financials sector had a positive impact on returns.
Over March, the Australian multi-factor model posted positive results with all factors contributing. Momentum performed the best with Price Momentum leading over Earnings Momentum, followed by Quality and then Value.
Within our Australian universe, the highest rated stocks identified by our multi-factor model outperformed the broader market, while the least attractively rated stocks underperformed.
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/Invesco-Wholesale-Australian-Smaller-Companies-Fund-Class-A-Monthly-Report-7.pdfFebruary, 2023
Australia's equity market declined during the month of February. Comments by US Federal Reserve officials, pointing towards a more prolonged restrictive monetary policy, led stocks to fall. Investors' concerns over falling spot prices caused prices of Material stocks to fall significantly, putting further downward pressure on the index. February coincides with interim and final reporting season for the majority of Australian companies and this led to significant dispersion in returns. Contribution from our multi-factor model was negative in February, despite moderately positive predictive power of the model.
Momentum and Quality both contributed negatively to performance, whereas Value had a positive contribution to active returns over the month. The Stock specific effects, which are not attributable to any other factor, had a positive impact on active returns. Impact from active sector weights, which are a by-product of the multi-factor optimisation process, was neutral over the month. Here, our overweight in the Information Technology sector had a positive impact on returns. An overweight in the Consumer Discretionary sector and an underweight in the Financials sector negatively affected performance.
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/Invesco-Wholesale-Australian-Smaller-Companies-Fund-Class-A-Monthly-Report-6.pdfJanuary, 2023
Australian equities rallied over the month of January. The strong start to the year was mostly driven by a positive flow of news that indicated US inflation may moderate and reduce the forecast peak of monetary policy target interest rates. Sentiment was further supported in Australia with optimism regarding China's reopening and somewhat lower than expected Australian employment numbers. Consumer Discretionary and Materials stocks led the market higher, while Utilities and Energy lagged. Contribution from our multi-factor model was negative in January. While Value and Quality added positively to performance, Momentum weighted negatively on returns over the month.
Additionally, stock specific returns, which are not attributable to any other factor, had a positive effect on active performance. Impact from active sector weights, which are a by-product of the multi-factor optimisation process, was neutral over the month. Hereby our overweight in the information technology sector and underweight in the consumer staples sector had a negative impact on performance, as had the overweight in the consumer discretionary sector.
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/Invesco-Wholesale-Australian-Smaller-Companies-Fund-Class-A-Monthly-Report-5.pdfDecember, 2022
Australia's equity market declined during December. It was once again challenged by the Federal Reserve's aggressive stance on inflation in December. Therefore, despite strength in the major iron ore players as prices increased, it gave back some of last month's gains. Contribution from our multi-factor model was positive in December. Value and Quality added positively to performance, Momentum weighted negatively on attributed returns over the month. Stock specific returns, which are not attributable to any other factor had a negative effect on active performance. Impact from active sector weights, which are a by-product of the multi-factor optimisation process, was slightly negative over the month. An overweight in the Information Technology sector had a positive impact on performance, while the overweight in the Consumer Discretionary sector weighted negatively on active performance.
Over December, the Australian multi-factor model posted positive results with Quality and Value contributing positively. Both factors performed very well throughout the month, while Momentum was flat. Value worked well with strong Earnings and Cashflow Yield. Within Momentum, price momentum performed better than earnings momentum. Within our Australian universe, the highest rated stocks as well as the least attractively rated stocks identified by our multi-factor model outperformed the broader market.
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/Invesco-Wholesale-Australian-Smaller-Companies-Fund-Class-A-Monthly-Report-4.pdfNovember, 2022
Australian stocks rose strongly over November, with all sectors finishing up. Gains were led by Utilities and Materials, largely as sentiment around iron ore turned positive on China's property support measures and potential reopening. Consumer Discretionary and Financials sector lagging behind, but still closing in positive territory.
Contribution from our multi-factor model was negative in November. Value and Quality added positively to performance, Momentum weighted negatively on attributed returns over the month. Stock specific returns, which are not attributable to any other factor had a negative effect on active performance. Impact from active sector weights, which are a by-product of the multi-factor optimisation process, was slightly positive over the month. An overweight in the Materials sector and underweight in the Telecommunication Services sector had a strong positive impact on performance, while the overweight in the Consumer Discretionary sector weighted negatively on active performance. Over November, the Australian multi-factor model posted positive results.
The Momentum factor recorded slightly positive returns, with price momentum outperforming earnings momentum. Quality and Value performed strongly throughout the month. Within our Australian universe, the highest rated stocks identified by our multi-factor model slightly outperformed the broader market, while the least attractively rated stocks underperformed strongly.
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/Invesco-Wholesale-Australian-Smaller-Companies-Fund-Class-A-Monthly-Report-3.pdfOctober, 2022
The Australian market soared over October, with the majority of sectors finishing the month higher. The Financials and Energy sectors showed the best performance while the Consumer Staples and Materials sectors were the laggards, being the only sectors ending the month in negative territory. Meanwhile Australian unemployment rate stabilised while CPI inflation continued to rise, reaching its highest level (7.3%) since 1990. Contribution from our multi-factor model was strongly positive in October. Momentum and Quality added positively to performance with Momentum as the largest weight.
Value weighted negatively on returns over the month. Additionally Stock specific returns, which are not attributable to any other factor had a positive effect on active performance. Impact from active sector weights, which are a by-product of the multi-factor optimisation process, was slightly negative over the month. Hereby our overweight in the Consumer Discretionary sector had a strong positive impact on performance, while the overweight in the Materials sector weighted strongly negatively on active performance.
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/Invesco-Wholesale-Australian-Smaller-Companies-Fund-Class-A-Monthly-Report-2.pdfSeptember, 2022
Over September, the Australian multi-factor model posted positive results with Momentum, Quality and Value contributing positively. Quality performed very well throughout the month, while the other factors did not perform until the second half of the month. Value worked well in the second half of the month with strong Earnings Yield. Momentum ended in positive territory, with price momentum performing better than earnings / fundamental momentum. Within our Australian universe, the highest rated stocks identified by our multi-factor model outperformed the broader market, while the least attractively rated stocks underperformed.
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/Invesco-Wholesale-Australian-Smaller-Companies-Fund-Class-A-Monthly-Report-1.pdfAugust, 2022
Australian equities gained slightly over August, mainly driven by strong gains in the Energy sector. The Materials and Telco sectors showed a positive performance over the last month, while the Real Estate and Consumer Staples sectors lagged the most. During the month the RBA (Reserve Bank of Australia) increased its cash rate by 50bps to 1.85% due to further increasing inflation. Data wise, Australian wage price data surprised to the downside, with the price index rising in the second quarter. In this environment, the portfolio performed 1.89% gross relative to a benchmark return of 0.58%. Contribution from our multi-factor model was positive in August.
Momentum and Quality weighted positively on the performance. Value had a negative impact on performance. Meanwhile Stock specific returns, which are not attributable to any other factor, had the largest positive effect on active performance over the period. Impact from active sector weights, which are a by-product of the multi-factor optimisation process, was slightly positive. Hereby our overweight in the Materials sector and underweight in the Financials sector had a positive impact on performance. Meanwhile the overweight in the Consumer Discretionary sector weighted negatively on active performance.
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/Invesco-Wholesale-Australian-Smaller-Companies-Fund-Class-A-Monthly-Report.pdfJuly, 2022
Australian equities rallied in July, driven by a surge in growth stocks that had heavily de-rated this year amid inflationary pressures and subsequent interest rate increases. Inflationary pressues worsened over the past quarter - the Australian CPI further increased from 5.1% year-on-year in March 2022 to 6.1% year-on-year in June 2022. The Australian share market registered a 5.74% gain over the month of July, however over a 1-year period the index remains negative with a -6.05% loss. Information Technology was the strongest performing sector for the month, closing up 15.23%, and Materials was the only sector to close July in the red, down -0.67%. In this environment, the portfolio performed 12.07% on a gross basis relative to a benchmark return of 11.43%. The contribution from our multi-factor model was negative in July. Momentum and Value weighted negatively on the performance while stock specific returns, which are not attributable to any other factor, and Quality had a positive impact on performance. The impact from active sector weights, which are a by-product of the multi-factor optimisation process, was slightly negative. Here our overweight in the Health Care and Information Technology sectors had a positive impact on performance, but our overweight in the Materials sector had a negative impact on performance.
Over July, our Australian multi-factor model posted negative results with Momentum turning into in negative territory while Quality and Value posted flat results. Within Value, our preference for defensive value measures was not rewarded. Momentum ended in flat territory with earnings momentum outperforming price momentum. Defensive segments of the market such as Quality, low risk and low beta stocks were negative with returns for low risk & low beta underperforming as the market rebounded. Within our Australian universe, the highest rated stocks identified by our multi-factor model performed in line with the broader market, while the least attractively rated stocks outperformed.
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/Invesco-Wholesale-Australian-Smaller-Companies-Fund-Class-A-Monthly-Report-DEC21.pdfMarch, 2022
Australian equities recorded their first positive month of the year with all sectors posting positive returns. The IT Sector performed the strongest at 13.2%, alongside the energy sector which benefited from an ongoing increase in commodity prices. Overall market developments can be attributed to better-than-expected economic numbers after reopening the borders to New Zealand. The unemployment rate recorded its lowest level since 2008 in March, falling 4 basis points, and retail sales rose 9.1% year-on-year.
In this environment, the portfolio performed 6.92% on a gross basis relative to a benchmark return of 5.26%.
Our multi-factor model added to active performance in March. Momentum contributed strongly positive to our active performance. Quality and Value detracted from relative return but to a significantly lesser degree. The impact from active sector weights, which are a by-product of the multi-factor optimisation process, was positive. Here, overweights in the Energy and Information Technology sectors were the largest contributors. Finally, other factors contributed slightly negatively to the active performance driven by our exposure to smaller capitalised stocks.
File:January, 2022
Australian equities faced challenges in January as looming monetary policy tightening hampered growth sectors around the world. After a strong start to the year, the ASX 200 index erased all gains following Fed meeting minutes which signalled the potential for earlier and faster rate hikes along with balance sheet reductions. Energy stocks were the best performers of the month, while tech stocks lagged the most. Macroeconomic data came in mixed: consumer prices rose year over year, but the labour market continued to recover as the unemployment rate fell to 4.2%, beating consensus. Despite this, it is predicted that the Reserve bank will resist pressures to hike interest rates for the remainder of the year.
In this environment, the portfolio performed -9.46% on a gross basis relative to a benchmark return of -9.00%.Our multi-factor model detracted to the active performance in January. Momentum and Quality underperformed, while Value contributed positively. Stock-specific effects, which are not attributable to any other factors, detracted.
File:December, 2021
The Australian equity market finished 2.65% higher in December as concerns eased over the impact of the Omicron variant on Australia s economic recovery, and as the RBA announced its decision to leave its official interest rate target on hold at 10bps.
Utilities stocks were the best performers of the month, while IT stocks were the biggest laggards following the Wall Street tech sell-off. The buy-now-pay-later (BNPL) sector was particularly hard hit, as the US Consumer Financial Protection Bureau launches an inquiry into the sector. On the bright side, a moderate decrease in unemployment was seen this month.
File:November, 2021
In this environment, the portfolio performed 0.90% on a gross basis relative to a benchmark return of 0.92%.
Our multi-factor model detracted from relative performance in October, with Value and Momentum the largest detractors from active performance. Quality slightly added to active performance despite negative model analytics. The impact from active sector weights, which are a by-product of the multi-factor optimisation process, was slightly negative. Here, overweights in the Energy and Materials sectors were the largest detractors. Finally, other factors added to active performance driven by our exposure to smaller capitalised stocks.
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/Invesco-Wholesale-Australian-Smaller-Companies-Fund-Class-A-Monthly-Report-NOV21-1.pdfSeptember, 2021
In this environment, the portfolio performed -2.56% on a gross basis relative to a benchmark return of -2.14%. Our multi-factor model slightly detracted from relative performance in September: Value stood out on the negative side with investors largely ignoring valuations. Quality slightly added to active performance alongside our Momentum factor. Both factors were, however, unable to compensate for the negative Value contribution.
In September, the Australian market posted its first monthly loss in a year. Throughout the month the energy sector performed best while materials stocks were the laggards. The favourable development of energy stocks was due to an expected stronger crude oil consumption stretching into 2022, despite OPEC’s announcement to continue increasing oil production. Meanwhile, falling iron ore prices were the main driver of the negative performance of the materials sector. Although, the trend showed a reversal towards the end of the month amid expectations of a support from China’s demand in autumn. At the same time, aluminium stocks fared well as the metal price surged on concerns about a potential supply squeeze in aluminium production due to military uprising in the West African nation of Guinea. The sentiment on the markets was further affected by the China’s property crisis. The RBA decided to persist with its tapering of bond purchases as it expects the Delta variant to delay, but not derail, the recovery . Meanwhile, Sydney’s lockdown restrictions were announced to ease. Amid all of this, Australia’s employment fell well below the expected rate.
File:August, 2021
The Australian market was up in August, marking its eleventh consecutive monthly increase. Despite various lockdowns across the country due to the spread of the Delta variant the market developed positively in the first half of the month. Meanwhile, the RBA persisted with its planned tapering, which is set to begin in September, even though the expectation was that the Bank would delay its tapering based on the negative impact on the labour market from the recent lockdowns. Eventually, the tightening COVID-19 restrictions, a rout in commodities and a possible tapering of the monthly bond purchase by the Fed drove the market into a reversal, which resulted in the greatest weekly loss since the end of January. Finally, as reporting season ramped up at the end of August the market reverted back to positive territory. Throughout the month, IT was the best performing sector, while materials and energy were the laggards. Australia’s unemployment rate dropped slightly, albeit with the underemployment and underutilisation rates increasing, and the Retail Sales Month-on-Month for Australia recorded its eleventh consecutive monthly gain.
In this environment, the portfolio performed 3.82% on a gross basis relative to a benchmark return of 4.98%. Our multi-factor model weighed on relative return in August. Value stood out on the negative side with investors largely ignoring valuations. Quality and Momentum slightly added to active performance but was unable to compensate the negative impact from Value.
File:July, 2021
Australian equity markets climbed higher in July, but performance varied on a week-by-week basis. COVID-19 was at the forefront of the index action at the start of the month with the market reacting poorly to news that Australia was at the back of the queue to receive the COVID-19 vaccines despite the widespread lockdowns. The ASX200 climbed to a weekly high on the back of an expanding service sector, only to reverse the gains as new restrictions were announced and the lockdown extended in New South Wales. Strong commodity prices and spot gold & US gold futures lifted demand for mining stocks mid-month, but gains were checked by extensions of the lockdown in Victoria. From a sector perspective, Materials lead the gains throughout the month of July with IT being the biggest laggard.
In this environment, the portfolio performed 1.71% on a gross basis relative to a benchmark return of 0.68%. Our multi-factor stock selection model added to relative return during the month with Momentum being the strongest contributor. Quality also contributed positively to active return, while our exposure to attractively valued stocks detracted from return.
File:June, 2021
Inflationary pressures and economic recovery remained the core narratives across markets in May. Strong price momentum continued, the ASX300 closed higher over the month. The Australian market posted moderate gains early in the month on commodity strength. As anticipated, the RBA maintained interest rates at record lows.
The ASX300 finished the first week of the month higher as the market followed the moves of those on Wall Street and on iron ore strength. The market was then led lower across the week on the back of heightened inflation fears following a strong CPI print in the US. In addition, the Federal Budget was announced on the 10th of May. As expected, the 2021 Budget has a focus on fiscal support to foster economic activity. Further, it stipulated a $15B infrastructure spend. Iron ore fell off following remarks from China's state planner that said the nation will ramp up domestic production and look to diversify its iron ore supply. As for economic data, monthly retail sales data printed stronger than anticipated at 1.1% (vs 0.5% consensus). The unemployment rate also fell to 5.5% mainly due to a drop in the participation rate. Australian equities closed marginally higher to end the month amid Victoria entering a "circuit breaker" lockdown.
In this environment, the portfolio performed 0.51% on a gross basis relative to a benchmark return of 0.27%.
File:April, 2021
The ASX Small Ordinaries ended the month of April in positive territory, with an especially strong start to the month. Despite ordering of 20 million more Pfizer doses, reports indicate that the nationwide vaccination program will extend into next year, well after the Morrison government target of October. Investor sentiment remained positive notwithstanding and the market continued its rally. Positive jobs data showed the unemployment rate fell further in March, even as labour force participation rose. The Aussie market followed US and EU equities, easing after a global surge in virus cases towards the second half of the month. In the final week, the Australian market was mixed amid weaker than expected CPI data and varied quarterly earnings. Overall, the bullish reopening theme continued throughout the month, especially as the trans-Tasman travel bubble commenced. Some may argue the pullback seen in equity markets during the middle of the month was warranted given valuations are sitting well above the decade average, despite continued uncertainty relating to vaccine rollouts across the nation.
In this environment, the portfolio performed 5.70% on a gross basis relative to a benchmark return of 4.98%.
File:December, 2020
It was a volatile month for Australian equities at the end of an equally volatile year. The local benchmark started December on a positive note but subsequently went flat, despite the finding that the economy grew by 3.3% in the September quarter and was officially out of recession. The recovery was led by a rebound in household consumption of services as lockdowns were partially lifted. At the same time, the UK became the first country to grant approval for Pfizer's vaccine, which made investors optimistic about the outlook for the global economy in 2021.
The index then had its worst session of the month, falling after news of a new coronavirus outbreak in Sydney fuelled investor caution. The passage of the USD $900 billion stimulus package in the US failed to mitigate the impact of the new coronavirus cluster and news of an unknown strain of the virus in the UK. The index recovered before the turn of the year and closed higher on 29 December, supported by broad gains in technology and consumer stocks and a last-minute Brexit agreement.
Nevertheless, the S&P/ASX 200 slipped into negative territory on New Year's Eve, influenced by lingering fears of the coronavirus both domestically and globally. During the month, materials, technology and consumer staples stocks were the most favoured and outperformed the broader market, while healthcare and utilities stocks ended the month with the biggest losses. In this environment, the portfolio performed 2.98% on a gross basis relative to a benchmark return of 2.76%. Our multi-factor stock selection model contributed to positive relative performance with both our Earnings Momentum adding most to active return.
Quality and Price Momentum delivered contributions which were approximately flat, while Value detracted slightly. Stock-specific effects, which cannot be attributed to any other factors, added slightly to return. Other factors had mixed contributions to value added this month. The contribution from active weights in sectors, which are a by-product of the multi-factor optimisation process, was negative, offset by the significant negative return to Market Sensitivity factor. Underweights in the materials sector drove most of the return attributable to sector selection, while other sectors had minimal impact.
File: https://commentary.quantreports.net/wp-content/uploads/2021/01/Invesco-Wholesale-Australian-Smaller-Companies-Fund-Class-A-Monthly-Report-DEC20.pdfticker: CNA0812AU
release_schedule: Monthly
commentary_block: Array
factsheet_url:
https://www.invesco.com/au/en/tool-and-resources/documents-and-forms.html
Under “Investor Report”
Select the related fund name ==> download the PDF
Note: in the PDF, use the Market Review
manager_contact_details: Array
asset_class: Domestic Equity
asset_category: Australian Small Cap
peer_benchmark: Domestic Equity - Small Cap Index
broad_market_index: ASX Index Small Ordinaries Index
structure: Managed Fund
fund_features:
Invesco Wholesale Australian Smaller Companies – Class A aims to provide long-term capital growth and distributions. The Fund invests primarily in shares of companies listed on the Australian Stock Exchange that fall outside of the S&P/ASX 100 list of companies.
- The Fund actively takes a position in Australian Smaller Companies shares with the aim of delivering consistent returns above its benchmark.
- It aims to add value through the systematic application of key financial indicators and behavioural concepts developed by the Invesco Quantitative Strategies team.
- The underlying portfolio generally holds between 60 and 120 stocks that generally have a market capitalization in excess of $40 million.
- The underlying investments are managed by our Frankfurt and Melbourne offices, with supervision and monitoring undertaken by our Melbourne office.
- Manager Address : Level 26 333 Collins St Melbourne VIC 3000 Australia
- Phone : +61 (0) 2 9006 3000
- Website : https://www.invesco.com.au/home
- Contact Email : info@au.invesco.com
- Contact Page : https://www.invesco.com.au/home/about-us/contact-us