Summary

• Invesco International Diversified Fund offers investors broad-based exposure to non-US equities by combining six portfolios that have varied individual mandates regarding region, style and company size.
• Invesco International Diversified Fund Class A shares at net asset value underperformed the MSCI ACWI ex USA Index during the quarter.
• Last year, the fund repositioned from a growth-oriented bias to a more balanced core strategy, with exposure to value and growth styles.
• The new positioning was beneficial during the quarter as investors appeared to rotate into non-US cyclical and defensive stocks.

Manager perspective and outlook

Global equities experienced a volatile first quarter as renewed tariff measures, concerns about technology spending and geopolitical escalation in the Middle East shifted investor focus from growth to inflation risks. Energy supply

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