|Bid||0.00 x 1400|
|Ask||20.40 x 4000|
|Day's Range||20.07 - 20.43|
|52 Week Range||15.38 - 27.59|
|Beta (3Y Monthly)||1.40|
|PE Ratio (TTM)||10.25|
|Earnings Date||Jul 25, 2019|
|Forward Dividend & Yield||1.24 (6.16%)|
|1y Target Est||22.75|
Several women leaders with Atlanta ties were part of a presidential delegation attending the final match of the FIFA 2019 Women’s World Cup in Lyon, France, on July 7.
ATLANTA , July 11, 2019 /PRNewswire/ -- Invesco Ltd. (NYSE: IVZ) will announce its second quarter 2019 results on Thursday, July 25 , at 6:55 a.m. ET . A conference call will be held at 9 a.m. ET to discuss ...
Rise in Victory Capital's (VCTR) assets under management in the three months ended June 2019 will aid in revenue growth to some extent.
Invesco's (IVZ) preliminary assets under management (AUM) of $1,197.8 billion for June up 3.3% from the prior month, driven by favorable market returns and foreign exchange movements.
Neil Woodford has cut ties with his second longtime associate in a week, as Britain’s best-known fund manager remodels his business to serve a significantly shrunken client base. Will Deer, who is responsible for institutional sales at Woodford Investment Management, has been made redundant, according to two people familiar with the matter. Both men joined Woodford IM when it launched five years ago, having earlier worked with Mr Woodford and Craig Newman, his business partner, at Invesco.
ATLANTA , July 10, 2019 /PRNewswire/ -- Invesco Ltd. (NYSE: IVZ) today reported preliminary month-end assets under management (AUM) of $1,197.8 billion , an increase of 3.3%. The increase was driven by ...
(Bloomberg) -- Invesco Ltd. has a lot riding on U.S. growth.The Atlanta-based money manager has re-positioned a $1 billion exchange-traded fund after its proprietary signals indicated that the economy was returning to an expansionary environment, as renewed appetite for risk ended a six-month slowdown. The ETF has shed holdings in more defensive sectors such as health care and consumer staples, and added more growth-sensitive sectors, such as industrials.Surprisingly, it wasn’t better data that prompted the change but investor demand for higher-yielding assets. Stocks have touched a record high. Credit spreads are tighter. And the greenback is having its best month since October. The markets seem to be setting aside trade concerns and uncertainty about U.S. monetary policy, and stronger-than-expected data such as last week’s jobs report is only adding to bullish sentiment.“There’s still a risk-on inclination for investors,” said Todd Rosenbluth, director of ETF research at CFRA Research. “We are going to see continued economic growth and an improvement in the fundamentals,” he said, although “the summer does tend to be more volatile.”The Invesco Russell 1000 Dynamic Multifactor ETF pivots between stocks with different characteristics -- such as momentum, value or quality -- depending on whether the economy is in expansion, slowdown, contraction or recovery. To determine this, a unit of the asset manager evaluates risk appetite and economic indicators every month, using a predetermined methodology.The fund now tilts toward momentum stocks, smaller companies and those with attractive valuations, where it had once favored the low volatility and quality factors, according to Nick Kalivas, a senior equity ETF analyst at Invesco.Manufacturing companies now comprise almost 15% of the portfolio, up from 11%, while consumer-staples exposure has dropped to about 6% from 14% a month ago, data compiled by Bloomberg show.To facilitate the shift, more than $700 million flowed into the fund, almost doubling its assets, before a similar-sized outflow a few days later, the data show.The fund has returned more than 21% this year, beating the S&P 500’s gain by 0.5 percentage point. Invesco took over the ETF when it bought OppenheimerFunds in May.To contact the reporter on this story: Olivia Rinaldi in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Jeremy Herron at email@example.com, Rachel Evans, Brendan WalshFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Franklin Resources' (BEN) preliminary assets under management (AUM) of $715.2 billion for June up 2.9% from the prior month, impacted by market gains.
(Bloomberg) -- With the U.S. economic expansion getting longer and longer, nervous investors are pouring money into funds tracking the investment factor known as “quality.” It’s a category whose composition has changed.Gone are the days when having a rock-solid balance-sheet meant you made food, sold clothes or built industrial infrastructure. Now, technology firms are king, with chip manufacturers overrunning the list. The rules are the same -- quality denotes a high return on equity, low debt and lots of free cash flow. But the businesses that qualify have evolved.“These tech companies have kind of grown up and they meet the criteria,” said Nick Kalivas, senior equity product strategist for Invesco Ltd.’s ETF business. “They’re still more cyclical than kind of the old-school quality, so that’s a really interesting dynamic that has surfaced.”For bubble-watchers, it’s another example of how much the market has changed since the dot-com days. Agents of volatility back then, computer and software makers now are some of the oldest and most profitable firms around. Their contribution to the S&P 500’s overall earnings has quadrupled in two decades.Smart-beta ETFs that focus on quality stocks have taken in $3 billion in 2019, the best half-year period on record. As investors question the staying power of the bull run and economic cycle, finding companies with sound finances and profitability has become a priority.The $1.5 billion Invesco S&P 500 Quality ETF, which trades under the ticker SPHQ, devotes more of its cash to technology stocks than any other sector. A Bloomberg Portfolio analysis shows the fund’s tech allocation has steadily risen over the past decade, and now the ETF holds just about double the amount of tech stocks it did at the end of 2009.While much of that is in software and services, semiconductor stocks also have a bigger role. For years, Linear Technology Corp. was the lone semiconductor company that met the criteria for inclusion in the Invesco quality fund. Now there are seven, with popular names such as Applied Materials Inc., Intel Corp., Qualcomm Inc. and Texas Instruments Inc. making the cut. Linear was acquired three years ago and no longer exists.But the inclusion of more cyclical stocks also means the quality factor is experiencing a “step up” in risk, Kalivas said. Tech stocks are by nature higher-beta than their predecessors and that could amplify volatility going up and coming down. At the same time, “it’s hard to get fired for having something that returns a lot on equity, has low debt, and generates a lot of cash,” he said.Volatility has been friendly to quality owners in 2019. The Invesco S&P 500 Quality ETF is up 20% year-to-date, outperforming the broader S&P 500 Index, juiced by the 29% gain in technology stocks. Data compiled by Bloomberg shows that among the five stocks with the most influence on SPHQ, three were tech companies.Whether or not the makeover provides support when the stock market is falling is yet to be seen.“If the academic research plays out, that’s exactly what should happen,” Kalivas said. “They should not have that big downside, their ability to generate cash should support them.”To contact the reporter on this story: Sarah Ponczek in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Jeremy Herron at email@example.com, Chris NagiFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg Opinion) -- Sovereign investors command an astounding amount of assets, yet traders typically have only a vague sense of what these behemoths are doing with all that money. Invesco Ltd. has at least one answer: They’re buying bonds.For the first time since 2015, sovereign wealth funds owned more fixed-income assets than equities, according to Invesco’s annual report released Monday. The survey(1)of 68 sovereign funds and 71 central banks, which oversee more than $20 trillion combined, revealed a 33% allocation to bonds among sovereigns, up from 30% in 2018, while the share of equities dropped to 30% from 33%. So far in 2019, both investments have turned a tidy profit — U.S. investment-grade corporate securities, for instance, have gained almost 10%, while the S&P 500 is up more than 18%. Even U.S. Treasuries have earned 5%. Yet the reason these large sophisticated investors are shifting to fixed income is disappointingly simple. According to Invesco, 89% of those surveyed expect the current economic expansion to end within two years. “Late cycle concerns — both volatility and the prospect of negative returns from equities — have pushed sovereigns towards a more defensive position — supported by improved yields in some fixed-income markets on the back of an increase in U.S. interest rates,” the report said.To say there are “improved yields” in this bond market is generous. Benchmark 10-year Treasuries entered 2019 at 2.68%, still well below any sort of historical average, and they’re now hovering close to 2%. U.S. investment-grade credit spreads widened toward the end of the year, but only to the typical level since the recession ended. The only way these interest rates could appeal to long-term investors is if they’re convinced that the U.S. market will soon go the way of Japan’s and Europe’s. The pile of negative-yielding debt across the globe is $13 trillion, more than double the total in October, and spans 10-year government debt in Austria, Denmark, Finland, France, Germany and Sweden, among others. To be blunt, it’s a bad time to be looking for value in bonds. The rationale among sovereign wealth funds goes to show that the appeal of fixed-income assets now is less about actual fixed income and more about an insurance buffer against a sharp economic decline.My Bloomberg Opinion colleague Marcus Ashworth demonstrated this “unseemly” yield grab by pointing out that 10-year Greek bonds, which are rated junk, yield about the same as 10-year U.S. Treasuries. “Where does it stop?” he asked. No one really knows, but Invesco’s findings suggest that seemingly permanent low yields aren’t scaring off these big asset managers, which have an average time horizon of 8.5 years.(2)To be clear, the shift from equities to bonds is relatively minor on a percentage basis. But it’s nonetheless surprising that return-focused managers with long-term mandates aren’t more willing to stick with stocks (or, frankly, anything but low-yielding fixed income) in turbulent times. As I wrote last month, it’s getting hard to take end-of-cycle concerns too seriously when central banks have shown they’ll ride to the rescue time and again.Without any sort of reasonable yield on bonds, what exactly is the reason for investors to buy them? The fixed payments, after all, have been the chief source of total return over the years. Sure, they have insurance-like properties. And there’s always the “greater fool” theory that someone else will take them at a higher price. The other rationale is that the world is headed toward a deflationary spiral, in which case near-zero yields would provide positive real returns. But that’s a troubling outcome that the Federal Reserve and other central bankers would fight with every available option.Bloomberg News’s Richard K. Breslow, a former foreign-exchange trader and fund manager, perfectly captured the conundrum in markets today:The Fed and its peers need to combat the notion that they have no choice but to continue on with business as usual. The perception that we have dug such a toxic hole for ourselves that there is no escape is a real one. The whole world is a “bad bank.” And, ironically, it contributes to the fearlessness with which investors continue to pile into risky assets of all stripes.I agree, the Fed should push back on demands for a rate cut from the markets (and President Donald Trump). As I wrote last week, thanks to the stronger-than-expected jobs report on July 5, officials now have some cover to keep interest rates steady this month rather than capitulate.As is often the case, though, there’s a difference between what the Fed should do and what it will do. Mark Grant, chief global strategist for fixed income at B. Riley FBR Inc., predicts it will have little choice but to follow the European Central Bank and Bank of Japan. Grant, who often uses quotes from “Alice in Wonderland” to capture what it’s like investing in a central bank-dominated market, expects yields to fall further, buoying stocks and real estate. “So much money will get forced into them, as so much money gets forced out of bonds,” he wrote.At least coming into 2019, sovereign wealth funds and their trillions of dollars resisted the temptation to abandon fixed income, preferring to stay “defensive.” But that was before central banks reversed all expectations for raising interest rates and normalizing policy. Janet Yellen once said “I don’t think expansions just die of old age,” with Ben S. Bernanke quipping a few minutes later that “I like to say they get murdered.” The current Fed chair, Jerome Powell, has reiterated that he has an overarching goal of sustaining the current economic expansion, the longest in U.S. history.Reading between the lines, that means at any hint of serious economic trouble, the Fed will cut interest rates. Time and again, that sort of reassurance has been enough to send risky asset prices higher and bond yields lower. And with every basis-point drop, the case for making money in fixed income gets weaker. (1) Interviews took place between January and March 2019.(2) This average excludes central banks.To contact the author of this story: Brian Chappatta at firstname.lastname@example.orgTo contact the editor responsible for this story: Daniel Niemi at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Brian Chappatta is a Bloomberg Opinion columnist covering debt markets. He previously covered bonds for Bloomberg News. He is also a CFA charterholder.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Invesco Ltd NYSE:IVZView full report here! Summary * Bearish sentiment is moderate and increasing * Economic output for the sector is expanding but at a slower rate Bearish sentimentShort interest | NeutralShort interest is moderate for IVZ with between 5 and 10% of shares outstanding currently on loan. This represents an increase in short interest as investors who seek to profit from falling equity prices added to their short positions on June 25. Money flowETF/Index ownership | NeutralETF activity is neutral. The net inflows of $4.45 billion over the last one-month into ETFs that hold IVZ are not among the highest of the last year and have been slowing. Economic sentimentPMI by IHS Markit | NegativeAccording to the latest IHS Markit Purchasing Managers' Index (PMI) data, output in the Financials sector is rising. The rate of growth is weak relative to the trend shown over the past year, however, and is easing. Credit worthinessCredit default swapCDS data is not available for this security.Please send all inquiries related to the report to firstname.lastname@example.org.Charts and report PDFs will only be available for 30 days after publishing.This document has been produced for information purposes only and is not to be relied upon or as construed as investment advice. To the fullest extent permitted by law, IHS Markit disclaims any responsibility or liability, whether in contract, tort (including, without limitation, negligence), equity or otherwise, for any loss or damage arising from any reliance on or the use of this material in any way. Please view the full legal disclaimer and methodology information on pages 2-3 of the full report.
This year's study was conducted face-to-face amongst 139 individual sovereign investors and central bank reserve managers across the globe representing $20.3 trillion** of assets, of which 71 are central banks (62 in 2018), reflecting their growing status as sovereign investors. "Our authoritative annual study of the global sovereign segment shows sovereigns and central banks preparing for an end to the current economic cycle seen within two years, leading them to be more defensive and diversified in their portfolios. Sovereigns have reduced equity exposure in favor of fixed income, but continue to blaze a trail with rising long term commitments to private markets, which for larger sovereigns now include direct investments in China and the technology sector," said Alex Millar, Head of EMEA Institutional, Invesco.
Nearly three times as many sovereign investors plan to raise exposure to emerging markets rather than Europe this year as the continent's attraction wanes due to slowing economic growth and rising political risk, a study by asset manager Invesco showed. Europe is falling out of favour with sovereign wealth funds and central banks, with nearly one third of such investors dropping the amount of funding they set aside for Europe in 2018 and a similar number planning further decreases in 2019, the survey found. "A large chunk of Europe has negative bond yields and growth forecasts are relatively low compared to emerging markets, so from an investment perspective its less attractive.
ATLANTA , July 1, 2019 /PRNewswire/ -- The Board of Trustees of each of the Invesco closed-end funds listed below today declared the following dividends. EX-DATE 7/16/19 RECORD DATE 7/17/19 REINVEST DATE ...
Effective August 1, 2018, the Board of Trustees (the "Board") of Invesco High Income Trust II (the "Trust") (NYSE:VLT) approved a Managed Distribution Plan (the "Plan") for the Trust, whereby the Trust increased its monthly dividend to common shareholders to a stated fixed monthly distribution amount based on a distribution rate of 8.5 percent of the market price per share as of August 1, 2018, the date the Plan became effective. The Plan is intended to provide shareholders with a consistent, but not guaranteed, periodic cash payment from the Trust, regardless of when or whether income is earned or capital gains are realized. The Plan is intended to narrow the discount between the Trust's market price and the net asset value ("NAV") of the Trust's common shares, but there is no assurance that the Plan will be effective in this regard.
(Bloomberg Opinion) -- Exchange-traded funds have never quite been a perfect fit for the bond market. In fact, some of the main selling points of ETFs — real-time pricing, instant liquidity and the ability to trade at a low cost — run counter to some of the core tenets of traditional fixed-income investing. The buy-and-hold types don’t need to know precisely where their portfolio is trading at any given time, nor do they have much reason to liquidate or trade frequently.And yet money is pouring into the funds at an unprecedented pace. Perhaps it’s fast-money traders, or maybe it’s just so much easier to click a button and buy one than to purchase bonds individually. According to data compiled by Bloomberg Intelligence, fixed-income ETFs have experienced about $74 billion in inflows so far this year, on track for the biggest first half on record. In total, the funds have assets of almost $743 billion, with some standouts including the iShares 20+ Year Treasury Bond ETF, or TLT, and the iShares 7-10 Year Treasury Bond ETF, or IEF. Prices of both have climbed as benchmark U.S. yields have tumbled — TLT is up more than 11% in 2019.For those who owned TLT around the turn of the calendar year, it has clearly been a great ride. The question going forward, though, especially for those aforementioned buy-and-hold investors, is how it will hold up given that Treasury bond yields are within 50 basis points of their all-time lows. If interest rates rise sharply, investors could face a trillion-dollar wipeout. But even if they continue to fall, as most market watchers now expect, that can end up distorting the yield on an ETF in the future relative to the prevailing market level. Here’s a chart of IEF versus 7-year and 10-year Treasury yields (note the gap from roughly late 2016 up until recently):Surely some investors might have wanted to lock in those elevated yields toward the end of the year but didn’t know how. Again, it’s far easier to push a button on a brokerage website or mobile app then it is to apply separately for a TreasuryDirect account or purchase a basket of diverse over-the-counter corporate securities.It turns out there’s a happy medium, in a niche segment of the ETF universe that’s steadily raking in cash. Invesco Ltd.’s BulletShares and BlackRock Inc.’s iBonds are both suites of fixed-income ETFs that actually look and act like bonds.The pitch is so straightforward it’s a bit surprising that the funds still remain relative unknowns. Invesco and BlackRock each have investment-grade corporate-bond ETFs with maturities from 2019 through 2028 — and in each of those funds, they buy only bonds with matching due dates. The idea is mainly that investors will construct a “ladder” by spreading their money across each of the funds, which will pay steady interest and ultimately return the net asset value. This is one of the most classic bond-buying strategies because individuals can reinvest principal in longer-dated debt if interest rates increase or pocket the funds and go elsewhere if yields dip too low. Invesco also offers high-yield and emerging-markets ETFs, while BlackRock has high-yield and municipal-bond funds.“In an environment like this, where the perceived uncertainty is so high, clients take comfort in knowing that I can just forget about trying to figure out where rates are going,” said Jason Bloom, Invesco’s director of global macro ETF strategy. BulletShares, with about $11.2 billion in assets, “is solving a lot of the logistical problems that investors face today,” most notably the amount of time and transaction costs needed to amass a diversified portfolio of bonds one at a time.Karen Schenone, a fixed-income product strategist at BlackRock, says she talks to new potential users of iBonds almost every day. The suite has grown to about $8 billion in assets, with $1.2 billion entering through the first five months of 2019. About $195 million came from direct platforms, she said, signaling growing acceptance among individual investors. Financial advisers were the early adopters as they sought to cut down on expenses and the headaches associated with buying small pieces of debt offerings.“It’s an elegant solution and a more known investment result,” she said. “The estimated yield at the beginning is the total return you get at the end of it.”(1)This strikes at the core of what long-term, fixed-income investing is all about. In a world in which $13 trillion of debt has negative yields, it’s easy to forget that plenty of individuals look to buy bonds to align with life events and goals, like sending a child to college or purchasing a home. ETFs have revolutionized the ease with which people can invest in the equity markets, but passive ETFs with perpetual duration that are exposed to the most-indebted borrowers can’t quite mimic that traditional role of fixed income.Of course, it’s becoming more difficult to make bonds work this way, given that global yields are so low. As I wrote last week, central banks are creating a horde of zombie investors who feel they have little choice but to plow into riskier and riskier assets to meet their return objectives. That’s partly how you end up with a situation like H2O Asset Management.As long as interest rates remain positive in the U.S. — the iBonds Dec 2028 Term Corporate ETF yields more than 3% — these defined-maturity bond ETFs should continue to gain traction among the cohort of fixed-income traditionalists. It’s no secret that the bond market is evolving; high-yield ETFs might actually help with liquidity, there’s now a muni ETF that invests in other muni ETFs, and, crucially, electronic marketplaces are gaining more widespread acceptance. If an investor wants to allocate some money to fixed-income markets, there’s no shortage of options.But “exposure” to bonds is not quite the same as investing in them. Defined-maturity ETFs are a useful way to bridge that divide. With markets and the Federal Reserve at a crossroads, laddering up could prove a way to stay balanced amid all the crosscurrents that Jerome Powell has warned about. (1) BlackRock has a case study to back this up. "The total return for iBonds ETFs that have matured was within +13 to -21 basis points (“bps”)* from the initial yield less fund expenses at inception." Most were within 5 basis points.To contact the author of this story: Brian Chappatta at email@example.comTo contact the editor responsible for this story: Daniel Niemi at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Brian Chappatta is a Bloomberg Opinion columnist covering debt markets. He previously covered bonds for Bloomberg News. He is also a CFA charterholder.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Matthew Brill, Portfolio Manager, who has been associated with Invesco and/or its affiliates since 2013. Chuck Burge, Portfolio Manager, who has been associated with Invesco and/or its affiliates since 2002.
On August 1, 2018, Invesco Advisers, Inc. ("Invesco") announced that the Board of Trustees of the Trust approved a managed distribution plan (the "Plan") for the Trust, whereby the Trust will pay common shareholders a stable monthly distribution. Under the Plan, the Trust increased its dividend to a stated fixed monthly amount based on a distribution rate of 8.5% of the closing market price per share as of August 1, 2018, which is the date the Plan became effective. The Trust's distributions may include net investment income, long-term capital gains, short-term capital gains and/or return of capital.