Summary

• The Invesco Discovery Mid Cap Growth Fund outperformed its benchmark in the first quarter, driven by strong stock selection in information technology and industrials.
• The Invesco US Growth Team prioritized risk management pending resolution of Middle East conflicts, anticipating a resilient economy and solid corporate profit progress once stability returns.
• The Fund added Ametek, a global industrial technology platform, believing the company stands out as a potential beneficiary of a rebound as the shallow industrial contraction appears to be easing.
• The Fund sold its position in Insulet due to increasing competition in the insulin pump industry, which management believes makes the company's outlook beyond 2026 more risky.
• Lumentum shares benefited from a strong earnings report and rising AI-related demand for high-speed optical connectivity solutions used in cloud and AI-driven data center networks.

Key takeaways

1 The fund outperformed its benchmark in the first quarterStrong stock selection in information technology (IT) and industrials added to relative return. Weakness in energy and health care partially offset the favorable results.

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