# Invesco US Value Equity Fund
## E-Acc Shares

#### 31 December 2021
This marketing communication is for Professional investors in Continental European countries as defined in the important information section. Investors should read the legal documents prior to investing.

### Risk Warnings
For complete information on risks, refer to the legal documents. 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.

### Fund Strategy
The strategy aims to exploit market inefficiencies by investing in companies that appear undervalued relative to the market in general. Ultimately, we believe that the market will recognize the value in these companies and will sell them as their stock price begins to reflect their intrinsic value. We believe that stock picking, as compared to making sector bets, provides a more consistent path to success. The portfolio manages risk at the individual stock level. We narrow our universe to primarily US-listed, large-cap companies with sufficient liquidity. To determine which stocks are statistically cheap, we utilize the most applicable valuation metric based upon the cyclical or non-cyclical nature of the company. Highly cyclical earnings require more stable measures of value such as price-to-book and price-to-sales ratios. Companies that exhibit a history of relatively stable, above average earnings growth require valuation metrics such as price to earnings or price to cash flow ratios. We place heavy emphasis on financial analysis when assessing an investment opportunity and pay close attention to balance sheet, cash flow and income statements.
Past performance does not predict future returns. The performance period shown here starts on the last day of the first indicated month and ends on the last day of the last indicated month.
| Cumulative performance* in % | YTD | 1 month | 1 year | 3 years | 5 years |
| --- | --- | --- | --- | --- | --- |
| Fund | 40.11 | 4.06 | 40.11 | 53.42 | 40.56 |
| Benchmark | 33.50 | 5.89 | 33.50 | 64.14 | 56.67 |
| Calendar year performance* |
| in % | 2017 | 2018 | 2019 | 2020 | 2021 |
| Fund | 3.55 | -11.52 | 24.72 | -12.21 | 40.11 |
| Benchmark | 0.59 | -5.11 | 33.33 | -7.79 | 33.50 |

| ISIN code LU0607514394 |  | Standardis | ed rollin 12.11 | g 12 month perfor 12.12	12.13	12.14 | mance 12.15 | * 12.16 | 12.17 | 12.18 | 12.19 | 12.20 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Settlement date |  | in % | 12.12 | 12.13 | 12.14 | 12.15 | 12.16 | 12.17 | 12.18 | 12.19 | 12.20 | 12.21 |
| Trade Date + 3 Days |  | Fund | 11.38 | 26.87 | 22.40 | 2.05 | 17.66 | 3.55 | -11.52 | 24.72 | -12.21 | 40.11 |
| Morningstar Rating TM |  | Benchmark | 14.98 | 25.36 | 27.00 | 7.07 | 19.93 | 0.59 | -5.11 | 33.33 | -7.79 | 33.50 |

A
The performance data shown does not take account of the commissions and costs incurred on the issue and redemption of units. Returns may increase or decrease as a result of currency fluctuations. The investment concerns the acquisition of units in a fund and not in a given underlying asset.
*Source: © 2021 Morningstar. Indexed performance: Performance of an investment of 100 in share class currency. Gross income re-invested to 31 December 2021 unless otherwise stated. All performance data on this factsheet is in the currency of the share class. Reference Benchmark Source: RIMES. The benchmark index is shown for performance comparison purposes only. The Fund does not track the index.

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Invesco US Value Equity Fund
E-Acc Shares
31 December 2021
| Holdings and active weights* |  |  |  |  |  |  | (total holdings: 67) |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Top 10 holdings | % |  | Top 10 overweight | + |  | Top 10 underweight | - |
| Bank of America | 3.5 |  | Bank of America | 2.7 |  | Apple | 6.9 |
| Philip Morris | 3.0 |  | Philip Morris | 2.6 |  | Microsoft | 4.4 |
| Citigroup | 2.9 |  | Citigroup | 2.6 |  | Amazon | 3.6 |
| Wells Fargo | 2.5 |  | American International | 2.2 |  | Alphabet 'A' | 2.2 |
| Anthem | 2.5 |  | Anthem | 2.2 |  | Tesla | 2.1 |
| Cisco Systems | 2.4 |  | Wells Fargo | 2.1 |  | Alphabet 'C' | 2.0 |
| American International | 2.3 |  | Cognizant Technology Solutions 'A' | 2.1 |  | Meta Platforms 'A' | 2.0 |
| Cognizant Technology Solutions 'A' | 2.2 |  | Devon Energy | 1.9 |  | Nvidia | 1.8 |
| CVS Health | 2.1 |  | General Motors 'C' | 1.8 |  | Berkshire Hathaway 'B' | 1.4 |
| General Motors 'C' | 2.1 |  | Johnson Controls | 1.8 |  | Home Depot | 1.1 |


### Geographical weightings*
|  | Fund | mark |  |  | Fund | mark |
| --- | --- | --- | --- | --- | --- | --- |
| United States | 88.9 | 99.0 |  | Financials | 23.8 | 10.7 |
| Switzerland | 3.0 | 0.4 |  | Health Care | 15.8 | 13.3 |
| Canada | 2.3 | 0.0 |  | Information Technology | 12.9 | 29.2 |
| China | 1.9 | 0.2 |  | Industrials | 11.7 | 7.8 |
| France | 1.4 | 0.0 |  | Energy | 11.4 | 2.7 |
| United Kingdom | 0.0 | 0.4 |  | Consumer Staples | 8.7 | 5.9 |
| Cash | 2.5 | 0.0 |  | Consumer Discretionary | 4.6 | 12.5 |
|  |  |  |  | Materials | 4.5 | 2.6 |
|  |  |  |  | Others | 4.1 | 15.4 |
|  |  |  |  | Cash | 2.5 | 0.0 |

in %
Bench

### Sector weightings*
in %
Bench

### NAV and fees
Current NAV
EUR 30.53
12 month price high
EUR 30.77 (24/11/2021)
12 month price low
EUR 21.70 (05/01/2021)
Minimum investment 
2
EUR 500
Entry charge
Up to 3.00%
Annual management fee
2.0%
Ongoing charges 
3
2.42%

### Financial characteristics*
Average weighted market capitalisation	EUR 133.05 bn
Median market capitalisation	EUR 51.81 bn

### 3 year characteristics**
Alpha	-5.95
Beta1.21
Correlation0.95
Information ratio	-0.35
Sharpe ratio0.63
Tracking error in %8.50
Volatility in %22.64
For detailed information about the 3 year characteristics please see http://assets.invescohub.com/invesco-eu/glossary.pdf.
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Source: *Invesco. Costs may increase or decrease as result of currency and exchange rate fluctuations. Consult the legal documents for further information on costs. Portfolio weightings and allocations are subject to change. The weightings for each breakdown are rounded to the nearest tenth or hundredth of a percent; therefore, the aggregate weights for each breakdown may not equal 100%. The top 10 overweight and underweight positions represent the largest weighting differences between the fund and the benchmark. **Morningstar.

Translation (ENFR, 2021-12-31):
# Invesco US Value Equity Fund
## Part E-Cap.
31 décembre 2021
Cette communication publicitaire est destinée à être utilisée en France. Les investisseurs devraient lire les documents légaux avant d'investir.

### Avertissements concernant les risques
Pour une information complète sur les risques, veuillez vous référer aux documents légaux. La valeur des investissements et les revenus vont fluctuer, ce qui peut en partie être le résultat des fluctuations de taux de change et les investisseurs peuvent ne pas récupérer le montant total de leurs investissements initiaux.

### Stratégie du fonds
Cette stratégie vise à exploiter les inefficiences du marché en investissant dans des entreprises qui paraissent globalement sous-valorisées par rapport au marché. Nous estimons que le marché finira par reconnaître la valeur de ces entreprises et les vendra lorsque le cours de leurs actions commencera à refléter leur valeur intrinsèque. Nous sommes convaincus que la sélection des titres, plutôt que la prise de paris sectoriels, représente un moyen plus sûr d’obtenir de bonnes performances. Le portefeuille gère le risque au niveau de chaque action individuelle. Nous limitons notre univers à des sociétés de grande capitalisation cotées aux États-Unis et disposant de liquidités suffisantes. Pour déterminer quelles actions sont statistiquement bon marché, nous utilisons la mesure de valorisation la plus adaptée en fonction de la nature cyclique ou non de l'entreprise. Les bénéfices hautement cycliques nécessitent des mesures de valeur plus stables telles que les ratios cours/valeur comptable et cours/chiffre d’affaires. Les entreprises qui ont un historique de croissance des bénéfices relativement stable et supérieure à la moyenne nécessitent des mesures de valorisation telles que les ratios prix/bénéfices ou prix/flux de trésorerie. Nous accordons une grande importance à l'analyse financière lors de l'évaluation d'une opportunité d'investissement et portons une attention particulière au bilan, aux flux de trésorerie et aux comptes de résultats.
Les performances passées ne sauraient présager des performances futures. La période prise en compte pour le calcul de la performance présentée ci-dessus commence le dernier jour du premier mois indiqué et se termine le dernier jour du dernier mois indiqué.
| Evolution de la performance* Fonds	Indice 160 150 140 130 120 110 100 90 80 70 60 12/16	12/17	12/18	12/19	12/20	12/21 |
| --- |
| Performance cumulée* en % | 1 an | 3 ans | 5 ans |
| Fonds | 40,11 | 53,42 | 40,56 |
| Indice | 33,50 | 64,14 | 56,67 |
| Performance calendaire* en % | 2017 | 2018 | 2019 | 2020 | 2021 |
| Fonds | 3,55 | -11,52 | 24,72 | -12,21 | 40,11 |
| Indice | 0,59 | -5,11 | 33,33 | -7,79 | 33,50 |
| Performance sur 12 mois glissants* |
|  | 12.11 | 12.12 | 12.13 | 12.14 | 12.15 | 12.16 | 12.17 | 12.18 | 12.19 | 12.20 |
| en % | 12.12 | 12.13 | 12.14 | 12.15 | 12.16 | 12.17 | 12.18 | 12.19 | 12.20 | 12.21 |
| Fonds | 11,38 | 26,87 | 22,40 | 2,05 | 17,66 | 3,55 | -11,52 | 24,72 | -12,21 | 40,11 |
| Indice | 14,98 | 25,36 | 27,00 | 7,07 | 19,93 | 0,59 | -5,11 | 33,33 | -7,79 | 33,50 |

Les données sur les performances ne tiennent pas compte des commissions et frais perçus lors de l'émission et du rachat des parts. Les rendements peuvent augmenter ou diminuer en raison des fluctuations des devises. L'investissement concerne l'acquisition de parts d'un fonds et non dans un sous-jacent donné.
Performance indexée : performance d’un investissement de 100 dans la devise de la catégorie d’actions. Les performances sont calculées dans la devise de la part du fonds (source : © 2021 Morningstar). *Mid to Mid, coupons réinvestis au 31 décembre 2021. Indice de référence : source RIMES. L'indice de référence est présenté uniquement à des fins de comparaison des performances. Le Fonds ne reproduit pas l'indice.
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