Summary

• Invesco Real Estate Fund delivered a positive absolute return but underperformed its benchmark.
• The fund's underperformance was primarily due to stock selection, particularly within the free-standing sector, where an underweight also detracted from relative return.
• Stock selection in office and self-storage REITs also detracted from relative return.

Key takeaways

1 The fund (IARCX) delivered a positive absolute return but underperformed its benchmark

Underperformance stemmed from a combination of stock selection and sector allocation but was led by stock selection in the