This report looks at Invesco’s portfolio of funds. It examines each fund in terms of performance and demand. In doing so, it identifies the degree to which Invesco’s products are either undersold for the performance they have delivered or oversold for performance delivered.
Invescos FPCM Analysis – Nov 2010
In the map below, each point represents one of Invesco’s funds. Over the last year, those above the X-axis delivered above average performance within their asset class while those below delivered sub-average performance. In the last three months, funds to the right of the vertical axis gained market share based of gross sales share of wallet while those to the left lost market share.
Credo’s Financial Performance Correction Model indicates that Invesco’s funds, taken as a group, were UNDERsold by $231mn for the performance they delivered or about 47%. The market share losses of many of the company’s funds were substantially out of line with the performance they delivered.
Overall, in the last 3 months, Invesco’s gross sales were $263mn. Credo’s FPCM estimates that for the performance these products delivered, they should have garnered $494mn in gross sales. Accordingly, Invesco’s products were undersold in the market for the level of performance they have been delivering.
- Trimark Select Growth Fund with sale of $8.4mn was undersold for its performance by $19.7mn. Competing funds from this product’s asset class that were relatively oversold include products marketed by Hartford, McLean Budden and Dynamic funds.
- Trimark Global Endeavour Fund with sales of $3.9mn was undersold for its performance by $9.3mn. Competing funds from this product’s asset class that were relatively oversold include products marketed by Mackenzie’s (Cundill) and Dynamic funds.
- The Trimark Fund with sales of $32.5mn was undersold by $10.9mn.
- Trimark Income Growth Fund with sales of $26.9mn was undersold for its performance by $26.7mn .
The full analysis is available from Credo.