Summary

• Invesco Main Street Mid Cap Fund’s Class A shares at net asset value returned -1.98% for the quarter, underperforming the Russell Midcap Index, which returned 1.29%.
• The Invesco Main Street Mid Cap Fund’s underperformance mainly resulted from stock selection in the information technology (IT), health care and consumer staples sectors.
• US mid-caps outperformed the broader market as leadership rotated away from mega cap stocks during the first quarter of 2026.
• There was no significant change to the Invesco Main Street Mid Cap Fund's overall positioning during the quarter as the managers sought to keep exposures similar to the index.
• Lumentum stands in our view to benefit from AI tailwinds that we expect to drive above-average earnings growth over the next several years.

Key takeaways

1 The fund underperformed its benchmark

Underperformance mainly resulted from stock selection in the information technology (IT), health care and consumer staples sectors. Stronger stock selection in the financials, consumer discretionary and real

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