The Invesco Small Cap Value Fund outperformed its benchmark in the first quarter, driven by stock selection in information technology and industrials.
Management took advantage of market volatility during the quarter to purchase several new holdings across various sectors while eliminating positions with less upside potential.
At quarter end, the Fund was positioned with greater exposure to economically sensitive stocks compared to its peers.
Fund managers believe Concentra has a solid growth profile and ability to generate free cash flow that has been underappreciated by the market.
The Fund sold the position in Ero Copper to fund more attractive opportunities after the shares appreciated materially following strong earnings performance.
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Key takeaways
1 The fund outperformed its benchmark
Stock selection in information technology (IT) and industrials drove outperformance in the first quarter. Conversely, stock selection in health care, energy and financials detracted from relative performance.
