Summary

• Invesco Charter Fund Class A shares at net asset value returned -6.61% for the quarter, underperforming the Russell 1000 Index, which returned -4.18%.
• Underperformance mainly resulted from stock selection in health care, industrials, and consumer staples, while stronger selection in consumer discretionary and real estate partially offset these results.
• ASML Holding NV shares were supported by a notably strong outlook as customer orders exceeded expectations, providing clear evidence that leading foundry and memory customers have been committing to additional capacity.
• Microsoft Corporation shares fell as ongoing supply constraints appeared to weigh on the acceleration of Azure growth, while cloud customer demand continued to outstrip available capacity.
• Salesforce was sold as competitive pressures and a rapidly evolving landscape for enterprise software have increased uncertainty about the durability of the company's growth.

Key takeaways

1 The fund underperformed its benchmark

Underperformance mainly resulted from stock selection in the health care, industrials and consumer staples sectors. Stronger stock selection in the consumer discretionary and real estate sectors partially offset these

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