Summary

• We sold OBIC Business Consultants and Rightmove due to concerns about AI-driven disruption for these established platforms.
• BAE Systems is a UK-based defense contractor supplying mainly NATO clients. We believe BAE is well-placed to benefit from increased defense spending.
• Expanding regulatory access has continued to grow Flutter Entertainment's addressable market, but shares appeared pressured by concerns about near-term margins, regulation and competition.
• Universal Music shares appeared pressured by near-term valuation concerns. We sold the position during the quarter.

The following segment was excerpted from the Invesco International Growth Fund Q1 2026 Commentary.

Portfolio positioning

We initiated five positions during the quarter, all of which we will discuss in the future.

We exited eight

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