Summary

• Class A shares underperformed the MSCI ACWI ex-US SMID Index and the Morningstar Foreign Small/Mid Growth peer group average during the quarter.
• Invesco International Small-Mid Company Fund continued to take advantage of buying opportunities in global leaders that the managers believe are well positioned in industries experiencing strong structural demand.
• Allegion is a global leader of security products such as locks and access control systems, which are often protected by regulation, leading to stable and recurring cash flow.
• DISCO reported record shipments and confidence in sustained AI-driven demand, supported by the company's more than 70% share in wafer slicing, dicing and polishing.
• ICON plc, an Ireland-based clinical research organization, disclosed that an audit committee review of revenue recognition was underway during the quarter.

Key takeaways

1 The fund underperformed its benchmark and peers for the quarter

Class A shares underperformed the MSCI ACWI ex-US SMID Index and the Morningstar Foreign Small/Mid Growth peer group average during the quarter.

3.35K Followers