Invesco Global Consumer Trends Fund - A-Acc shares January 2021

Invesco Global Consumer Trends Fund
 A-Acc shares
 January 2021

 This marketing document is exclusively for use by Professional Clients, Financial Advisers, Qualified Investors and
 Qualified Clients/Sophisticated Investors. This is not for consumer use, please do not redistribute.

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 EMEA 5570/2020

Contents

Overview - Invesco Global Consumer
Trends Fund
Investment philosophy and process

Portfolio performance and positioning

Quarterly risk-return analysis

2

Invesco Global Consumer Trends Fund

Invesco Global Consumer Trends Fund
Reasons to consider

 1 Flexible
 approach
  Flexible fund with a concentration towards companies that are expected to
 profit from changing consumer discretionary trends: currently eCommerce,
 digital media consumption, demographic shifts towards experiences over
 material goods or towards healthier lifestyles, and other global consumer
 durable and non-durable goods cycles

 2 Rigorous
 investment
  The team’s investment approach is a bottom-up, research-driven process
 aimed at building a mosaic by collecting information from filed documents,
 approach meetings with management, customers, suppliers, distributors, competitors
 and industry analysts to refine inputs for comprehensive financial modelling
 and valuation analysis. This process enables the team to narrow the field of
 stocks to identify those companies best able to capitalise on key themes
 driving consumer spending

 3 Experienced
 team
  The fund managers, Ido Cohen (lead) and Juan Hartsfield offer clients an
 average of over 22 years’ fund management experience

Source: Invesco, as at 30/06/2020.

4

Ido Cohen and Juan Hartsfield
Fund managers

 Ido Cohen Juan Hartsfield

“We think it’s a very compelling time to invest in discretionary spending. Right now the
choices consumers are making with their discretionary money are changing rapidly because
of technology, rising standards of living, demographics and a shift to healthier lifestyles –
among many other factors. Our team is sifting through all of the trends to find companies
that we think the market is underappreciating in terms of their ability to gain a share of this
discretionary demand and profit.”
 Ido Cohen, Fund manager

5

Invesco Global Consumer Trends Fund
Fund facts

 Fund name Invesco Global Consumer Trends Fund

 The Fund aims to provide long-term capital growth from an international portfolio of investments in
 Fund objectives1 companies predominantly engaged in the design, production or distribution of products and services
 related to the leisure time activities of individuals

 Launch date 3 October 1994

 Domicile Luxembourg

 Legal structure Luxembourg SICAV with UCITS status

 Base currency USD

 Unit type Accumulation

 Reference index MSCI World Consumer Discretionary Index (Net Total Return)

 Share class Unit type Share class ccy Annual Minimum ISIN code
 management fee investment
 A Acc USD 1.50% USD 1,500 LU0052864419

There may be additional share classes2 registered for sale in individual jurisdictions.

1 For the full objectives and investment policy please consult the current prospectus.
2 For information on fund and fund’s shares registrations, please refer to the appropriate internet site or your local Invesco office. Not all share classes are the same nor do they
 necessarily suit every investor. There may be differences in fee structures, in minimum investment amounts, etc. Please check the fund prospectus for additional information.

6

Fund profile: Research driven, consumer trend focused

We believe bottom-up stock selection adds value, and deep research produces unique insights.
Additionally, we believe we can determine those companies best able to capitalize on key themes driving
consumer spending, and thus provide shareholders with compelling long-term performance by applying
in-depth fundamental research and paying close attention to valuations and management quality.
Portfolio Managers1 Ido Cohen – Lead PM since May 2011 Media Active Retail
 Juan Hartsfield, CFA Content & Lifestyle 2%
 Media Advertising 2%
 Distribution 4%
Assets2 US$2.14 billion 5%
 Vehicles/Auto
Benchmark MSCI World Consumer Disc Index-ND mated Driving
 5% E-Commerce
Team Average 22 years of experience /Internet &
 U.S. Durables Direct Retail
Holdings Target & Durable 28%
 60-75 Retail
 6%
Approach Rigorous, bottom-up fundamental analysis Internet &
 Social Media
Target Holding Period 2-3 Years 8%
 Experiences:
Portfolio Construction At least 70% focused on discretionary Restaurants,
 consumer needs of individuals Hotels &
 Entertainment Casinos
Investment Process Software 21%
  Focus research on our best ideas 20%
Overview3  Surround the company to become an
 expert on the stock
  Collaborate on the investment thesis
  Diversify by security and by industry
 Please see slide 48 for GICS Industry breakdown.

1 Subject to change without notice.
2 Includes all share classes.
3 The investment techniques and risk analysis used by the Fund’s portfolio managers may not produce the desired results.
Data as at 30 June 2020, unless otherwise noted.

7

Investment philosophy and process

Security selection
A four step investment process

 Distilling the Focused Security Analysis Development of Selected Stocks
 Universe Investment Thesis

 A holistic process of Build a Mosaic: Disciplined, company- Is the Risk/Reward
 evaluating investments:  Review company 10Ks, 10Qs, level conclusions, more attractive than
  Fundamentals transcripts including: another position
  Valuation  Company meetings  Outlook for company currently in the portfolio
  Timeliness  Discussions with competition, and stock within the context of our
 distributors, suppliers, customers, etc.  Risk/reward portfolio diversification
  Forecast revenues, margins, earnings assessment objectives?
  Valuation  Drivers of growth
  Price target

 Result: Result: Result:
 Identifies attractive Confirms attractiveness and Articulates the basis
 candidates captures deeper understanding for investing

 Bottom-up, rigorous fundamental analysis is designed to produce unique insights.

For illustrative purposes only. The investment techniques and risk analysis used by the Fund’s portfolio managers may not produce the desired results. Information is based on views of
Invesco, which may change. Please note there is no guarantee the targets will be achieved.
*10-K = Yearly; 10-Q = Quarterly.

9

Focused security analysis
Surrounding the company to build a mosaic

 Middle
 Customers Competitors
 Management

 Potential Investment
 10Ks Transcripts Sr. Management

 Distributors Wall Street
 Suppliers
 Analysis

For illustrative purposes only.

10

Delineating the investment thesis

 What is the outlook for the company and stock?

 What are the critical drivers of growth?

 Articulates the basis for
 investing and provides
 What are the risks — macro, industry, stock specific? parameters for continuous
 monitoring of portfolio
 positions

 What is the upside?

 When is the buy point?

 Stock selection, the primary driver of investment returns, results from thorough bottom-up analysis.

For illustrative purposes only. The investment techniques and risk analysis used by the Fund's portfolio managers may not produce the desired results. Please note there is no guarantee
the targets will be achieved.

11

Portfolio architecture defined

 Selected Diversification Diversification Sell Discipline Portfolio
 Stocks by Security by Industry
 Attractive on Portfolio constructed With regard to industry Positions sold Discipline pursues
 basis of: with: weights: due to: diversification with
  Fundamentals  60-75 holdings  Remain diversified  Investment thesis no Selected
 no unintendedStocks
  Valuation  30-50% make up the across multiple longer valid
 concentrations
 top ten holdings industries  Price target reached
  Timeliness  Purposefully change  Timeliness profile
  Outlook weights based on deteriorates
  Risks secular themes  Deterioration in
  Actively monitor fundamentals
 industry over- &
 under-weights

 Result: Result: Result:
 Limits single-stock Helps manage non- Focuses capital on
 risk stock-specific risk high-conviction
 holdings

 Disciplined construction practices balance structural stability with flexibility to find attractive opportunities.

For illustrative purposes only.

12

The inflection in consumer connectivity is changing behavior

Global Households with Fixed-Broadband Connected PCs vs. Global Smartphones/Person
 100%

 80%
 We are here

 60%

 40%

 20%

 0%
 1995

 1996

 1997

 1998

 1999

 2000

 2001

 2002

 2003

 2004

 2005

 2006

 2007

 2008

 2009

 2010

 2011

 2012

 2013

 2014

 2015

 2016

 2017

 2018

 2019

 2020E

 2021E

 2022E

 2023E
 Global Households w/ a Fixed Broadband Connected PC Global Smartphone Penetration

Source: ITU, Ericsson, BofA Estimates, Invesco Estimates, as at June 2020. Most recent data available. For illustrative purposes only. Estimates are based on current market conditions
and are subject to change without notice.

13

E-commerce continues to take share

U.S. E-Commerce as a % of Retail Spending (ex-Auto)
 20%

 18%

 16%

 14%

 12%
 Social distancing
 10% spurring accelerated
 8% adoption

 6%

 4%

 2%

 0%
 CY05 CY06 CY07 CY08 CY09 CY10 CY11 CY12 CY13 CY14 CY15 CY16 CY17 CY18 CY19 CY20E CY21E

Source: Bank of America Research and Invesco estimates, as at 22/06/2020. For illustrative purposes only.

14

While U.S. store traffic trends have been in decline since 2013

US Retail Traffic Index (January 2013 – June 2020)

 15

 10
 Social distancing
 Year-over-year % change

 5 spurring accelerated
 traffic declines for stores
 0

 -5
 Traffic bottomed at
 -10 -97% on 5/2/20, and
 has recovered to
 -15 -66% at 6/13/20

 -20
 50 week
 -25 moving average
 -25%
 -30
 2013 2014 2015 2016 2017 2018 2019 2020

Past performance is not a guide to future returns.
Source: Bloomberg L.P., as at 13/06/2020. For illustrative purposes only. An investments cannot be made directly into an index. Used with permission of Bloomberg L.P.

15

Mobile is changing media consumption

Share of Time Spent Per Day with Major Media by U.S. Adults
 45%

 40% 37%
 35%
 35% 32%
 31%
 30% 28%
 26%
 25% 23%

 20% 18%

 15% 12%

 10% 8%
 5%
 5% 3%

 0%
 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020E
 TV PC/Laptop Mobile Radio Print*

Source: eMarketer, Invesco estimates. Data available as at June 2020. For illustrative purposes only.
Estimates are based on current market conditions and are subject to change without notice.
Note: Time spent with each medium includes all time spent with that medium, regardless of multitasking; for example, 1 hour of multitasking on a PC while watching TV is counted as 1
hour for TV and 1 hour online. * Offline print reading only.

16

Advertisers still playing catch up on mobile

% of Time Spent on Media vs. % of Ad Spend Across U.S. Media in 2019E
 40%
 35%
 35% 34%
 32%

 30% 29%

 25%
 22%

 20% 19%

 15%
 11%
 10%
 10%
 6%
 5% 3%

 0%
 Print Radio TV PC/Laptop Mobile
 Time Spent Ad Spend

Source: eMarketer, Zenith, MoffettNathanson Research, as at Dec 2019. Most recent data available. For illustrative purposes only.

17

Video game software/hardware:
mobile, VR, China & eSports expand the market

Estimated size of console, PC, and mobile game global industries iPhone GPU performance catching up to consoles
 250
 16 15
 14 16
 Global games market to 15 15 14
 200 17 16 36 36
 Gaming market ($bn)

 grow to over $235B by 18 36 36 +20%
 36 36
 16 36 36
 2030 15 36
 36
 150 18 35
 18 35 +42%
 35 115
 111 113 114 XBOX 360

 GFLOPs
 16
 33 109 110
 15 106 108
 100 17 32 97 102
 +30%
 90
 15 31 82
 29 72
 16 61 +27%
 13 26 47
 50 19 17 15 22 34
 18 19 25
 14 16 18 49 51 54 56 59 +72%
 11 9 12
 3 5 49 13 17 19 22 33 35 38 41 44
 7 7
 6 02 1 2
 3 4 3
 2 3 4 6 9 11 15
 0 22 24 22 22 20 22 23 23 22 20 18 21 21 20 15 15 14 13 13 12 11 11 +16%
 16 17 10 10
 0 +71%
 +167%
 2005
 2006
 2007
 2008
 2009
 2010
 2011
 2012
 2013
 2014
 2015
 2016
 2017
 2018
 2019E
 2020E
 2021E
 2022E
 2023E
 2024E
 2025E
 2026E
 2027E
 2028E
 2029E
 2030E
 +72% +41% +250%

 iPhone 3G 3GS 4 4s 5 5s 6 6s 7 8/X Xs 11
 Package Console digital Mobile game PC software Console hardware

 Annual viewership (2019E) Traditional Pro Sports vs. eSports (2019E)
 Traditional Pro Sports vs. eSports
 20
 500 454 16.0
 16
viewership (m)
Unique annual

 400 365
 12 10.7
 300 ($bn)
 8.8
 200 8
 134 5.1
 114
 100 72 4
 1.1
 0 0
 NHL NBA MLB NFL NHL NBA MLB NFL

Source: Game market size – Company data, Goldman Sachs Global Investment Research, as at March 2020. iPhone GPU – Apple, Microsoft, as at September 2019. For illustrative
purposes only. eSports graphs – Newzoo, Activison, NFL, Forbes, Statista, Invesco estimates. The graphs referencing the annual viewership and dollars earned for eSports vs
traditional Pro Sports are a global representation. Estimates are based on current market conditions and are subject to change without notice. Total addressable market (TAM);
Graphics processing unit (GPU); Gigaflops or One Billion Floating Point Operations per Second (GFLOPS).

18

Subscriptions are driving strong growth for the Music industry

 Millennials prefer to subscribe for Music industry returned to growth in
 Millennials listen to more music
 music 2016 after 15+ years in decline!

 Streaming revenue and Y/Y growth Global recorded music industry
 Hours spent listening to music per day
 2012-2018 revenues 1999-2019

 12000

 11000 +24%
 55+ 80 18 2 10000 25.0

 9000
 +42% 20.0
 8000
 $US millions

 $US billions
 7000 15.0
 Age

 35-54 67 28 5
 6000 +41%
 10.0
 5000

 4000 +64% 5.0

 3000
 16-34 47 46 7
 +47% 0.0
 2000

 1999
 2000
 2001
 2002
 2003
 2004
 2005
 2006
 2007
 2008
 2009
 2010
 2011
 2012
 2013
 2014
 2015
 2016
 2017
 2018
 2019
 +27%
 1000 +50%
 0 20 40 60 80 100
 +56% Physical Digital (ex-streaming)
 0
 % of Generation 2012 2013 2014 2015 2016 2017 2018 2019 Streaming Performance Rights

 0-2 hours (%) 3-6 hours (%) 7+ hours (%) Synchronization

Source: ERA, IFPI. For illustrative purposes only. Data available as at 01/05/2020.

Online dating: The new match maker

Total addressable market grows as more singles expected to go online

 800
 600 Million+
 700 672mm singles online

 600
 Online dating is benefitting from:
Total addressable market

 511mm
 500
 • Increased acceptance
 400 360mm • Urbanisation
 300
 • Millennial spending power

 200
 • Rising subscription pricing
 ? power
 100 59mm

 2mm 8mm 7mm ?
 0
 2011 2017 2019E
 Match Paid Subscribers Match Monthly Active Users Total Singles Online

 Sources: Company filings, Research Now, United Nations, World Bank, EIU. As at April 2017. Note: 2019E assumes single population grows inline with total population growth Bank of
 America Estimates were used for the 2019E data. Most recent data available.
 20

Active lifestyle, and athletic apparel, gaining share

 Penetration of athletic apparel & footwear

 35% 33%
 of all North America
 30% apparel & footwear
 sales are in the
 25% athletic category

 20%

 19%
 15%
 of the global market is
 in the athletic
 10% category and growing

 5%

 0%
 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

 North America Europe Asia Pacific World

Source: Euromonitor, Bernstein Analysis as at April 2020.

21

Autonomous driving: It’s early but has a large addressable
 market longer term
 Expected autonomous vehicle sales (in millions)
 35
 30
 25
 20
 15
 10
 5
 0
 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040
 Americas EMEA APAC

 Expected revenue, by category ($USD in billions)
 600

 500

 400

 300

 200

 100

 0
 2015 2020 2025 2030 2035 2040
 Software Telecom Camera Radar Ultrasonic LiDAR Central Computer

 Source: Top chart HIS Markit as at September 2018, BofA Merrill Lynch Global Research. Bottom Chart: Company Data Morgan Stanley Research as at October 2018. Most recent data
 available.
22

Process in practice: Amazon (AMZN)

Team Thesis:
 Our view is that Internet commerce (eCommerce) will continue to take share from traditional brick and mortar retail, and
 that the magnitude of that share shift is still underappreciated.
 eCommerce has numerous tailwinds including multiple new large retail and service segments to attack, improving user
 interfaces (mobility and AI-artificial intelligence), and rapidly evolving fulfillment networks.
 AMZN is well positioned to become the leading aggregator of merchandise, content and services – an “everything on
 demand” platform.

eCommerce Penetration by Vertical 2000–2024E
 As eCommerce
 100%
 continues to grow we
 90%
 believe Amazon will be
 80%
 the primary online
 70%
 shopping destination.
 60%

 50%

 40%

 30%

 20%

 10%

 0%
 2000

 2001

 2002

 2003

 2004

 2005

 2006

 2007

 2008

 2009

 2010

 2011

 2012

 2013

 2014

 2015

 2016

 2017E

 2018E

 2019E

 2020E

 2021E

 2022E

 2023E

 2024E
 Clothing & Accessories Electronics Consumables Food & Bev
 Home Furnishings Media Office Equipment Sporting Goods
 Toys Auto & Parts

Source: Cowen and Company; U.S. Census Bureau. Data as at February 2020. For illustrative purposes only. It should not be deemed as a recommendation to invest in the
securities/sectors/region shown above.
23

Process in practice: Alphabet (GOOGL)
Team Thesis:
 Our view is that Internet/Mobile based media distribution (search, social media, OTT video, apps and Internet publishing)
 will continue to take share from traditional media distribution.
 GOOGL is the number one search engine globally (outside of China, Russia and Japan) and search has a self-
 reinforcing moat as, “more queries drives more relevant results drives more queries.” Search activity remains on a
 positive secular trend as smartphones rise in penetration, and more information, commerce and services move online.
 We believe GOOGL has numerous new monetization opportunities including improved search driven by AI, new types of
 search including voice/visual/book/dataset, and continued innovation for YouTube, Android/Chrome/Play, Cloud/ML,
 Maps/Waze, payments/messaging, Nest and Waymo among other initiatives.

U.S. Advertising Share Shifting From Traditional to Digital/Mobile
 As Advertisers
 70%
 continue to spend
 60%
 61% more on Internet &
 Mobile ads we believe
 50%
 45% Alphabet will be a
 41%
 40%
 large beneficiary.
Share

 38%
 37%
 30%

 17% 26%
 20%
 11%
 8%
 10%
 11%
 0%
 5%
 0%
 1996
 1997
 1998
 1999
 2000
 2001
 2002
 2003
 2004
 2005
 2006
 2007
 2008
 2009
 2010
 2011
 2012
 2013
 2014
 2015
 2016
 2017
 2108
 2019E
 2020E
 2021E
 2022E
 TV (traditional component) Print (traditional component) Internet & Digital Other (traditional component)

Source: Company reports, MoffettNathanson estimates and analysis. Data as at 06/06/2019. It should not be deemed as a recommendation to invest in the securities/sectors/region shown
above.
24

Process in practice: Take Two Interactive (TTWO)

Team Thesis:
 We are constructive on the video game software industry due to several themes: a strong console cycle, the shift from
 physical to digital distribution, increasing mobile phones processing power driving a larger addressable audience, rising
 audience sizes for eSports, and the potential for new markets through new peripherals using VR & AR.
 TTWO is well positioned for this transition with multiple key franchises including the best selling first-person shooter franchise
 of all time: Grand Theft Auto, popular sports franchises in NB2K & WWE, and strong strategy assets in Civilization & XCOM.
 TTWO also stands to gain from geographic expansion into historically PC-dominated markets such as China, as Take Two’s
 IP resonates globally, but has faced a headwind from the lack of console gaming in such markets.

iPhone GPU Catching up to Consoles
 The high-end video
 game market
 opportunity is set for a
 +20% paradigm shift as
 addressable hardware
 shifts from 400-500M
 +42%
 console/gaming PC
GFLOPs

 XBOX 360
 market to 3B+
 +30%
 smartphone market.
 +27%

 +72%
 +16%
 +71%
 +167%
 +72% +41% +250%

 iPhone 3G 3GS 4 4s 5 5s 6 6s 7 8/X Xs 11

Source: Company reports, Geekbench. iPhone GPU – Apple, Microsoft, as at September 2019. For illustrative purposes only. Holdings are subject to change and are not buy/sell
recommendations.
25

Invesco Global Consumer Trends Fund
Geographic diversification as at 30 June 2020

Geographic Breakdown by Domicile (%) Geographic Allocation by Revenue (%)

 13.49%
 18.58%

 21.36%
 54.68%
 65.15%
 26.74%

 US Emerging/Frontier/Other Developed Markets ex-US US Emerging/Frontier/Other Developed Markets ex-US

Sources: Invesco, FactSet Research Systems, Inc. Percentages are a percent of total net assets and may not equal 100% due to rounding. There is no guarantee that securities of the
countries/regions mentioned above are currently held or will be held by Invesco funds in the future. It does not represent a recommendation to buy/hold/sell the securities. It must not be
seen as investment advice.

26

Invesco Global Consumer Trends Fund
 Geographical weightings (%) as at 30 June 2020

 Country by Invesco Global MSCI World Overweight/ Country by Invesco Global MSCI World Overweight/
 Domicile Consumer Trends Consumer Underweight Revenue Consumer Trends Consumer Underweight
 Fund Discretionary Fund Discretionary
 (% of total net Index (% of total net Index
 assets) assets)

 10.93
 9.65 China 13.69 5.21 8.48
 China 10.93 0.00
 3.64 3.18
 Taiwan 3.64 0.00 United States 54.68 51.50
 1.51
 3.55 Russia 2.39 0.88
 Poland 3.55 0.00
 0.32
 1.74 Thailand 0.64 0.32
 Russia 1.74 0.00
 0.03
 0.39 Brazil 0.31 0.28
 Brazil 0.39 0.00
 0.02
 Poland 1.36 1.34
 Macau 0.64 0.63 0.01
 0.00
 Argentina 0.35 0.35
 United Kingdom 2.44 2.59 -0.15
 -0.41
 Macau 0.68 1.09
 -0.21
 Argentina 0.75 0.96 -0.63
 France 1.16 1.79
 -0.44
 United States 65.15 65.59 -0.81
 Netherlands 1.05 1.86
 -2.73
-18.42 Germany 1.44 4.17 -0.87
 Others 16.98 17.85
 -4.65 -2.28
 Others 1.24 5.89 Germany 2.32 4.60
 -4.68 -2.68
 France 1.51 6.19 United Kingdom 2.00 4.68
 -5.99 -4.03
 Japan 6.86 12.85 Japan 3.99 8.02

 Weights reflect stock-level and thematic analysis.

 Sources: Invesco. Data may not equal 100% due to rounding. The information provided on the investments and investment strategy (including current investment themes, the research and
 investment process, and portfolio characteristics, weightings, and allocation) represents the views of the portfolio manager at the time this material was completed and is subject to change
 without notice. An investment cannot be made directly in an index. Portfolio weightings and allocation is subject to change.

 27

Our Commitment to ESG
A Trusted Partner in Responsible Investment
Invesco is committed to being a responsible investor through four key approaches
 PRI A+ for Strategy and Governance for  Investment approaches vary from ESG
 four consecutive years integration, exclusionary focus, sustainability
 Lead investor in Climate Action 100+; focus, positive focus, thematic focus,
 largest investor to sign COVID-19 ICCR inclusionary focus and impact investing
 open letter; Stewardship Code Signatories  Leveraging a host of tools and vendors
 in UK (Tier 1 status) and Japan providing ESG research to global investors
 Investor partners of CDP, SASB, IIGCC,  Pilot Scenarios: 1.5 & 4 degree climate
 Climate Bond Initiative, FAIIR, Transition scenarios by Vivid Economics on a pool of
 Pathway Initiative, One Planet Asset global Eq and FI instruments
 Manager Initiative Industry Investment
 Members of ACGA (Asia), UKSIF, CII (US), Advocacy Integration
 RIA (Canada), Italian SIF

 Client Active
  Engaged with 2200+ companies on ESG
 Global ESG team of 13 people & external Focus Ownership topics in 2020 –through core investment
 dedicated resources
 teams and targeted by Global ESG team
 Invesco diversity means investment
 strategies will vary in their approaches to  Operate a proprietary global proxy voting
 implementation of ESG platform called Fund Manager Portal Echo-
 voting applied for ETFs
 Capability to manage ESG solutions tailored
 to client through customized portfolios and  Vote on 10,000 companies per year
 products  Individual and collective ESG engagements
 Knowledge transfer and thought leadership

 We aim to develop industry-leading ESG investing practices fully aligned to our purpose of helping
 people get more out of life

 Source: Invesco, 31 December 2020. The ESG information has been provided for illustrative purposes only. The fund does not have an ESG objective and can invest across the ESG
 spectrum from best to worst in class.
28

The Global ESG Team
Global center of excellence
 SMD, Investments
 Greg McGreevey
 Head of Investment Specialized Services
 Lance DiLorio
 Global Head of ESG
 Cathrine De Coninck-Lopez

 Client Research Proxy Analytics
 Global Proxy Governance & Voting
 Head of ESG Client Strategy, NA Director of ESG Research Senior ESG Specialist
 Manager
 Glen Yelton, Atlanta Nikki Gwilliam-Beeharee, Henley Ankur Gupta, Hyderabad
 Zoje Vataj, New York

 ESG Client Strategy Specialist Senior ESG Analyst, Senior Governance Analyst ESG Specialist
 Dana Ginsberg, New York Mariela Vargova, New York Shane Keenaghan, Henley Vinayaka Muppana, Hyderabad

 Proxy Governance and Voting
 Head of ESG Client Strategy, EMEA Junior ESG Analyst,
 Specialist
 Maria Lombardo, London Jonny Salvage, Henley
 Andres Del Gallego, New York

 ESG & Impact Investment Analyst
 Bailey Buckner, Seattle

 Other ESG Resources

 Head of ESG, AP Responsible Investment Capital Structure ESG Portfolio Manager Management Associate Global Proxy Administration All Invesco Fixed
 ex-Japan Officer Analyst, UK IQS Clive Ye Team (Eight Individuals) Income Research
 Hiko Kawashima Kaoru Kobu Matthew Brazier Manuela von Ditfurth Retesh Kooparam Analysts
 Asia (exJapan) Investment Japan Equity Value Team, Quantitative Strategies, Invesco Asia Pacific, Hong Sudhir Kumar Multiple global locations
 Team, Taipei UK Equities Team, Henley
 Tokyo Frankfurt Kong Enterprise Services
 Hyderabad
 Source: Invesco, 31 December 2020. The ESG information has been provided for illustrative purposes only. The fund does not have an ESG objective and can invest across the ESG
 spectrum from best to worst in class.
29

Invesco ESGintel
A proprietary ESG research platform

 ESG
• A proprietary view on ESG risks and opportunities Operations
 related to our investment companies ESG
 ESG Input
 Output
• Scalable model covering Invesco universe of
 companies, with increasing coverage over time ESG
 Value
 Chain
• A range of sources and inputs with ability to
 continually improve according to our investor needs

 ESG Input ESG Operations ESG Outputs

 • Business ethics • Energy Management • Low Carbon transition/
 • Board composition • Environmental Climate Change strategy
 • Capital allocation Management System • Product quality and safety
 • Compensation and • Circular Business Model
 alignment • Toxic Emissions
 • Audit and shareholder • Water Management
 rights • Human Capital
 • Social Supply Chain Management
 Management • Data Privacy Security
 • Health and Safety
Source: Invesco, 31 December 2020. The ESG information has been provided for illustrative purposes only. The fund does not have an ESG objective and can invest across the ESG
spectrum from best to worst in class.
30

Invesco ESG Investing Spectrum

 Process Product

 Sustainability Focused Solutions Impact
 ESG Exclusionary Investing
 Integration Focus One or more of:
 inclusionary focus, positive focus, thematic focus

 Investments
 that generate
 Broad and
 systematic Industry Positive Thematic Inclusionary an intentional,
 sectors or Focus Focus measurable,
 ESG Focus and beneficial
 integration companies
 excluded to social or
 taking place at environmental
 strategy level avoid risk or
 Target ESG Intentionally impact
 and across the better align Target themes (e.g. select
 process with values companies or clean energy, companies or
 industries with gender industries
 better ESG balance, low based on ESG
 performance carbon) characteristics

Source: Invesco, 31 December 2020. The ESG information has been provided for illustrative purposes only. The fund does not have an ESG objective and can invest across the ESG
spectrum from best to worst in class. The ESG Investing Spectrum refers to Invesco global ESG capabilities and not all of them could be available for all products/investment solutions
provided in different countries.
31

Invesco capabilities
Summary overview

 ESG integration Exclusions Sustainability Impact
 and engagement Focus Investment

Equities

Fixed Income

Real Estate

Quantitative
Strategies

Alternatives

ETFs

Source: Invesco, 31 December 2020. The ESG information has been provided for illustrative purposes only. The fund does not have an ESG objective and can invest across the ESG
spectrum from best to worst in class. Not all Invesco global ESG capabilities could be available for all products/investment solutions provided in different countries.

32

Portfolio performance and positioning

Invesco Global Consumer Trends Fund
Indexed performance

Indexed performance1
 280

 260

 240

 220

 200

 180

 160

 140

 120

 100

 80
 12/15 06/16 12/16 06/17 12/17 06/18 12/18 06/19 12/19 06/20 12/20

 Fund Benchmark

 The performance data shown relates to a past period. Past performance is not a guide to future returns.
1 (Source: © 2020 Morningstar as at 31 December 2020) Fund returns are inclusive of gross income re-invested and net of the ongoing charge and portfolio transaction costs, cumulative,
 in fund currency. The figures do not reflect the entry charge payable by individual investors. The performance data shown does not take account of the commissions and costs incurred
 on the issue and redemption of units. Share class: A-Acc. Share class currency: USD. The benchmark index is shown for performance comparison purposes only. The Fund does not
 track the index.
Source Index: Factset.
34

Invesco Global Consumer Trends Fund
Net cumulative and calendar year performance
Cumulative performance1
 in % YTD 1 month 1 year 3 years 5 years
 Fund 60.85 6.12 60.85 79.43 162.83
 Index2 36.62 5.50 36.62 63.40 108.46
 Quartile ranking 1 1 1 1 1
 Absolute ranking 1/62 10/66 1/62 3/51 2/47
EAA Fund Equity Consumer Goods & Services

Calendar year performance1

 LU0052864419
 in % 2016 2017 2018 2019 2020
 Fund 9.09 34.28 -11.12 25.51 60.85

 Index2 3.14 23.69 -5.51 26.57 36.62

Rolling 12 month performance to end of 1
 in % Dec 2016 Dec 2017 Dec 2018 Dec 2019 Dec 2020
 Fund 9.09 34.28 -11.12 25.51 60.85
 Index2 3.14 23.69 -5.51 26.57 36.62

The performance data shown relates to a past period. Past performance is not a guide to future returns
1 (Source: © 2020 Morningstar as at 31 December 2020) Fund returns are inclusive of gross income re-invested and net of the ongoing charge and portfolio transaction costs, cumulative,
 in fund currency. The figures do not reflect the entry charge payable by individual investors. The performance data shown does not take account of the commissions and costs incurred
 on the issue and redemption of units. Share Class: A-Acc. Share class currency: USD. Any reference to a ranking, a rating or an award provides no guarantee for future performance
 results and is not constant over time. The benchmark index is shown for performance comparison purposes only. The Fund does not track the index.
2 MSCI World Consumer Discretionary Index (Net Total Return)
35

Invesco Global Consumer Trends Fund
Issuers and active weights
Issuers and active weights1
(total holdings: 69)
 Top 10 Holdings % Top 10 overweight + Top 10 underweight –
 Amazon 9.9 Penn National Gaming 6.5 Amazon 12.3

 Penn National Gaming 6.5 Caesars Entertainment 4.6 Tesla 8.4

 Caesars Entertainment 4.6 Farfetch 'A' 4.4 Home Depot 4.6

 Farfetch 'A' 4.4 Alibaba ADR NIKE 'B' 2.8
 4.3

 Alibaba ADR LVMH Moet Hennessy Louis Vuitton 2.8
 4.3 JD.com ADR 2.9

 JD.com ADR 2.9 Sea ADR 2.9 Toyota Motor 2.6

 Sea ADR 2.9 Nintendo 2.8
 McDonalds 2.6

 Nintendo 2.8 EPR Properties 2.5 Starbucks 2.0

 EPR Properties 2.5 Activision Blizzard 2.3 Target 1.4

 Lowes 2.4 Wyndham Destinations 2.1 TJX 1.3

1 Source: Invesco as at 31 December 2020.
Portfolio weightings can change any time and without warning. This is not financial advice and not a recommendation to buy/hold/sell these securities. There is no guarantee that Invesco
will hold these securities within its funds in the future.

36

Invesco Global Consumer Trends Fund
Geographical weightings

Geographical weightings1 Geographical weightings of the fund in %1
in % Fund Index
United States 67.1 66.0 United States

China 9.6 0.0 China
Japan 6.8 11.8
 Japan
United Kingdom 4.5 2.7
 United Kingdom
Taiwan 2.9 0.0
 Taiwan
Germany 2.0 4.9
Russia 1.8 0.0 Germany

Poland 1.0 0.0 Russia

Others 3.5 14.7 Poland
Cash 0.8 0.0
 Others

 Cash

1 Source: Invesco as at 31 December 2020.
Portfolio weightings can change any time and without warning.
Index: MSCI World Consumer Discretionary Index (Net Total Return)

37

Invesco Global Consumer Trends Fund
Sector weightings

Sector weightings1 Sector weightings of the fund in %1
in % Fund Index Internet & Direct Marketing
 Retail
Internet & Direct Marketing Retail 27.1 28.7 Entertainment

Entertainment 20.2 0.0
 Hotels, Restaurants &
 Leisure
Hotels, Restaurants & Leisure 18.5 12.8
 Interactive Media &
 Services
Interactive Media & Services 7.6 0.0
 Specialty Retail
Specialty Retail 6.2 14.0
 Household Durables
Household Durables 3.5 5.6
 Food & Staples Retailing
Food & Staples Retailing 3.2 0.0

Road & Rail 3.0 0.0 Road & Rail

Others 10.1 39.0 Others

Cash 0.8 0.0 Cash

1 Source: Invesco as at 31 December 2020.
Portfolio weightings can change any time and without warning.
Index: MSCI World Consumer Discretionary Index (Net Total Return)

38

Invesco Global Consumer Trends Fund

Financial characteristics1 USD bn
Average weighted market capitalisation 246.3

Median market capitalisation 13.4

3 year characteristics2
 Alpha 0.9
 Beta 1.2
 Correlation 1.0
 Information Ratio 0.4
 Sharpe Ratio 0.7
 Tracking Error 8.1
 Volatility in % 27.3

1 Source: Invesco as at 31 December 2020.
2 Source: Morningstar as at 31 December 2020.
Portfolio weightings can change any time and without warning.

39

Quarterly risk-return analysis

Key Messages

 Global equity portfolio focusing on thematic alpha that provided
 Thematic
1 Approach
 return enhancing features through a consumer based investment
 approach
 Theme-based stock selection approach outperformed the peer
2 Performance group average by 81% over 5 years which resulted in a 2nd
 rank within the peer group
 Well positioned for post-Corona markets with largest sector
3 Positioning exposures to e-commerce, online gaming and online
 entertainment
 Fund management proved highly successful –
4 Manager skills outperformance YTD can be solely attributed to selection
 effect of 14.9% (especially in the cyclical sector)

Source: Invesco, Morningstar as of 30th of September, 2020. The performance data shown relates to a past period. Past performance is not a guide to future returns. Any reference
to a ranking provides no guarantee for future performance results and is not constant over time. Performance displayed in this document is net of fees and does not reflect the
entry charge payable by individual investors.

High conviction investments in well selected investment ideas
has led to strong outperformance

 81%
 5 year investment growth Cumulative
 260 Return: 129.6%

 240 Cumulative
 Cumulative indexed performance

 Return: 88.9% Outperformance of the peer
 220
 Cumulative
 group average
 200
 Return: 48.2%
 180 and
 160
 140
 120
 41%
 100 Outperformance of the
 80
 benchmark

 60 over 5 years on a cumulative
 09/2015 04/2016 11/2016 06/2017 01/2018 08/2018 03/2019 10/2019 05/2020 basis…
 95th Percentile 4th quartile
 3rd quartile 2nd quartile
 Invesco Global Consumer Trends A USD Acc
 EAA Sector Eq Con Goods & Services

 Peer group
 MSCI World/Consumer Disc NR USD

 Peer group Peer group
 2nd
Returns (% p.a.) 3 years decile 5 years decile 10 years decile
Invesco Global Consumer Trends A USD Acc 1 1 1
 …which resulted in a 2nd
 16.20 18.08 16.54
MSCI World/Consumer Disc NR USD 2 2 1
 peer group rank
 14.80 13.56 13.66
EAA Sector Eq Con Goods & Services 6.04 6 8.18 5 7.56 5

Source: Invesco, Morningstar as of 30th of September, 2020; daily total returns in USD. Time period: 30/09/2015 to 30/09/2020, Peer group (5–95%): Sector Equity Consumer Goods &
Services. The performance data shown relates to a past period. Past performance is not a guide to future returns. Any reference to a ranking provides no guarantee for future
performance results and is not constant over time. Performance displayed in this document is net of fees and does not reflect the entry charge payable by individual investors. The
performance data shown relates to a past period.

42

Consistent outperformance of the benchmark

 3 year rolling out-/underperformance vs. benchmark
 25.0 68%
 Invesco Global Consumer Trends A USD Acc Return p.a. in %

 Outperformance
 Excess return: 5.8% Outperformed the
 20.0 benchmark in 68% of all 3
 year periods over the last 5
 years
 15.0

 10.0

 5.0

 Underperformance Zero Excess Return Line
 0.0
 0.0 5.0 10.0 15.0 20.0 25.0 Dots on the zero excess return
 MSCI World/Consumer Disc NR USD Return p.a. in % line represent equal returns
 between the fund and the
 Invesco Global Consumer Trends A USD Acc outperforms 17 times benchmark. Dots above/below
 MSCI World/Consumer Disc NR USD outperforms 8 times represent an out-
 /underperformance of the
 benchmark

Source: Invesco, Morningstar as of 30th of September, 2020; monthly total returns in USD. Time period: 30/09/2018 to 30/09/2020. Rolling window: 3 years 1 month shift; calculation
benchmark: MSCI World/Consumer Disc NR USD. The performance data shown relates to a past period. Past performance is not a guide to future returns. Any reference to a
ranking provides no guarantee for future performance results and is not constant over time. Performance displayed in this document is net of fees and does not reflect the entry
charge payable by individual investors.
43

Delivered consistently attractive and positive calendar
year returns

 Calendar year returns
 60.0
 50.0
 8
 Outperformed the peer
 40.0
 group average over the past
Return in %

 30.0 8 calendar years (since
 20.0 manager change)
 10.0
 0.0
 -10.0
 -20.0
 2012 2013 2014 2015 2016 2017 2018 2019
 Invesco Global Consumer Trends A USD Acc MSCI World/Consumer Disc NR USD
 MSCI World NR USD EAA Fund Sector Equity Consumer Goods & Services

 Peer Peer Peer Peer Peer Peer Peer Peer
 group group group group group group group group
Returns per year (%) 2012 decile 2013 decile 2014 decile 2015 decile 2016 decile 2017 decile 2018 decile 2019 decile

Invesco Global Consumer Trends A USD Acc 22.51 5 52.79 1 7.63 2 1.83 6 9.09 1 34.28 3 -11.12 5 41.32 1

MSCI World/Consumer Disc NR USD 24.31 3 39.24 2 3.93 3 5.48 4 3.14 3 23.69 7 -5.51 2 25.60 2

MSCI World NR USD 15.83 9 26.68 3 4.94 3 -0.87 6 7.51 1 22.40 7 -8.71 3 10.41 5

EAA Sector Eq Con Goods & Services 20.29 7 20.99 6 -1.51 5 -2.03 6 -1.21 5 28.99 4 -13.30 7 10.61 5

Source: Invesco, Morningstar, Bloomberg, as of 30th of September, 2020; monthly total returns in USD. Peer group: Sector Equity Consumer Goods & Services. The performance data
shown relates to a past period. Past performance is not a guide to future returns. Any reference to a ranking provides no guarantee for future performance results and is not
constant over time. Performance displayed in this document is net of fees and does not reflect the entry charge payable by individual investors.
44

Consistently high excess returns have lead to a best in
class information ratio

 3 Year rolling information ratio
 2.0 1st
 1.0 Highest Information ratio
 within peergroup over 5
 0.0 years while…

 …consistently achieving higher
 Information ratio

 -1.0
 information ratio than the peer
 -2.0
 group average since inception

 -3.0

 -4.0

 -5.0 Information Ratio
 04/2014 01/2015 10/2015 07/2016 04/2017 01/2018 10/2018 07/2019 04/2020
 Measures the ability of a
 95th Percentile Bottom quartile manager to consistently
 3rd quartile 2nd quartile generate excess returns on a
 Invesco Global Consumer Trnds A USD Acc EAA Sector Eq Con Goods & Services risk adjusted basis.

 IR

Source: Invesco, Morningstar as of 30th of September, 2020; monthly total returns in USD. Time period: 30/04/2014 to 30/09/2020. Rolling window: 3 years 1 month shift; calculation
benchmark: MSCI World/Consumer Disc NR USD. The performance data shown relates to a past period. Past performance is not a guide to future returns. Any reference to a
ranking provides no guarantee for future performance results and is not constant over time. Performance displayed in this document is net of fees and does not reflect the entry
charge payable by individual investors.
45

The fund outperformed the MSCI World as well as the
benchmark …

 5 year investment growth

 175 65%
 Cumulative
 Return: 129.6% Outperformance of MSCI
 Cumulative indexed performance

 World over 5 years
 150 Cumulative
 Return: 88.9%
 41%
 Cumulative
 125 Return: 64.4% Outperformance of MSCI
 World Consumer
 Discretionary over 5 years

 100

 75
 09/2015 09/2016 09/2017 09/2018 09/2019

 Invesco Global Consumer Trends A USD Acc MSCI World/Consumer Disc NR USD
 MSCI World NR USD

Source: Invesco, Morningstar, Bloomberg, as of 30th of September, 2020; daily total returns in USD. Time period: 30/09/2015 to 30/09/2020. The performance data shown relates to a past
period. Past performance is not a guide to future returns. Performance displayed in this document is net of fees and does not reflect the entry charge payable by individual investors.
46

Asymmetric risk/return profile: High up-capture ratio
combined with low down-capture ratio

 3 year rolling up/down capture ratio vs. MSCI World/Consumer Disc NR USD Investments in consumer
 150 themes exhibited a high up-
 Rolling up/ down capture

 and a moderate down-
 125 capture ratio
 ratio in %

 100

 75

 50
 03/2014 03/2015 03/2016 03/2017 03/2018 03/2019 03/2020
 Up capture vs. MSCI World/Consumer Disc NR USD
 Down capture vs. MSCI World/Consumer Disc NR USD

 3 year rolling up/down capture ratio vs. MSCI World NR USD
 Rolling up/ down capture

 175
 150
 Up/ down & overall capture
 ratio in %

 125
 ratio
 100
 Up and down capture ratios
 75 measure the funds ability to
 capture upward/ downward
 50 market movements, while
 03/2014 03/2015 03/2016 03/2017 03/2018 03/2019 03/2020 overall capture ratio is the
 Up capture vs. MSCI World NR USD quotient of the two.
 Down capture vs. MSCI World NR USD

Source: Invesco, Morningstar, as of 30th of September, 2020; monthly total returns in USD. Time period: 31/03/2014 to 30/09/2020. The performance data shown relates to a past period.
Past performance is not a guide to future returns. Performance displayed in this document is net of fees and does not reflect the entry charge payable by individual investors.
47

Penn National Gaming: off to the races with 2018 Supreme
 Court ruling
 Strong 12-month relative performance with additional Online gambling forecasted to grow to $18bn by 2025
 value added through risk-managed position sizing. (+52% CAGR) and $34bn by 2030 (+33% CAGR)

 Penn National Gaming Performance¹
  Penn National Gaming is a regional casino
 450 operator with locations throughout the U.S.
 400 reaching many different local markets that
 350 have “reopened” at different paces.
 300
 Decreased Added to
 position… position…
 250  Penn Gaming also purchased a 36% stake in
 200 Barstool Sports earlier this year in a
 150 transformative deal which will facilitate online
 100 sports gambling.
 50
 0  Barstool Sports whose sports betting app,
 09/19 10/19 11/19 12/19 01/20 02/20 03/20 04/20 05/20 06/20 07/20 08/20 09/20
 PENN MSCI World MSCI World Consumer Discretionary
 Barstool Sportsbook, rocketed to become the
 iGaming & Sports betting forecasted market growth ($m)²
 most downloaded sports betting application
 in Apple’s app store shortly after its September
 20000
 $18012 soft launch.
 15000
 $13493  Motivated by significant budget deficits and lower
 $9615 tax revenues, an increasing number of states
 10000
 $6694
 are accelerating online gambling and sports
 5000 $4345 betting approvals.
 $2751
 $1436 Penn Gaming is benefitting from strong gaming activity
 $735
 0 and improved profitability. The recent Supreme Court
 2018 2019 2020E 2021E 2022E 2023E 2024E 2025E
 ruling expanding sports betting is also expected to benefit
 iGaming Sports Betting
 Past performance is not a guide to future returns.
 Penn through the Barstool Sportsbook app.
 Any reference to a ranking provides no guarantee for future performance results and is not constant over time.
 Portfolio weightings can change any time and without warning. This is no financial advice and no recommendation to buy/hold/sell these securities. There is no guarantee that Invesco will
48 hold this security within its funds in the future. Period 10/09/2019 – 30/09/2020, ¹Source: Invesco, Bloomberg as of 30/09/2020. Source²: State Gaming Boards, Macquarie Capital (USA).
 For illustrative purposes only. Data available as at 29/09/2020.

In summary: Outstanding performance and risk- adjusted
return ratios

 Invesco Global Consumer Trends A USD Acc Very strong performance
 and risk-adjusted returns
 3 Years 5 Years
 over 5 years
 Sharpe ratio 0.57 0.78

 Rank 3rd decile 1st decile

 Sortino ratio 0.89 1.25

 Rank 3rd decile 2nd decile

 Information ratio 0.18 0.64

 Rank 2nd decile 1st decile

 Overall Capture Ratio 0.96 1.08

 Rank 4th decile 2nd decile

 Max Drawdown (%) -24.90 -24.90

 Rank 8th decile 7th decile

 Peer Group Count 52 47

Source: Invesco, Morningstar as of 30th of September, 2020; monthly total returns in USD. Time period: 30/09/2015 to 30/09/2020. Peer group (5–95%): Sector Equity Consumer Goods
& Services.; calculation benchmark: MSCI World/Consumer Disc NR USD. The performance data shown relates to a past period. Past performance is not a guide to future returns.
Any reference to a ranking provides no guarantee for future performance results and is not constant over time. Performance displayed in this document is net of fees and does
not reflect the entry charge payable by individual investors.
49

Executive Summary

 The fund produced outstanding returns vs. MSCI World
1 Performance Consumer Discretionary Index, outperforming by cumulative
 41% over 5 years
 The fund outperformed its benchmark in 68% of all 3 year
2 Consistency
 rolling periods over the last 5 years

 Within a consumer theme driven peer group the fund delivered
3 Risk/Return
 the best information ratio over 5 years

 Asymmetric
4 Profile
 The fund provided an asymmetric risk/return profile

 Well positioned for post-Corona markets with largest sector
5 Positioning exposures to e-commerce, online gaming and online
 entertainment

Source: Invesco, Morningstar as of 30th of September, 2020. The performance data shown relates to a past period. Past performance is not a guide to future returns. Any reference
to a ranking provides no guarantee for future performance results and is not constant over time. Performance displayed in this document is net of fees and does not reflect the
entry charge payable by individual investors.

50

Appendix
Definitions

 The excess return of a portfolio With a beta of 1, investment return of
 ∝
 adjusted for it‘s market risk measured 12% and benchmark return of 10%,
 Alpha by beta. A positive alpha indicates that an alpha of 2% indicates a fund
 the fund generated returns from other performance 2% excess of the
 sources than taking market risk. benchmark with full market exposure.

 A beta of 1.2 means that an
 Beta is a measure of systematic risk investments perfectly correlated with
 Beta arising from exposure to the market , 
 
 the market ( , =1) returns/looses
 represented by a benchmark. 20% more in up/down markets
 respectively.

 The tracking error measures the
 A tracking error of 4.0 indicates that
 standard deviation of active returns of the active returns of investment
 Tracking error a portfolio. It is a measure to express
 relative to the benchmark have
 how much risk a manager takes by 
 exhibited a volatility of 4%.
 deviating from the benchmark.

 Comparing a hypothetical portfolio
 Active share measures the
 and benchmark, both consisting of
 Active percentage of holdings in an separate single stocks, would yield an
 investment fund which differ from the 
 share , , active share of 100%:
 fund’s benchmark. 
 ½(|100%-0%|+|0%-100%|)=100%

 The percentage value an investor
 Maximum would lose if they invested for the max 
 Maximum
 drawdown
 drawdown most unfavorable period possible. max
 ∈ , 
 ∈ , max 
 ∈ , 

Source: Invesco, Morningstar as of 30th of September, 2019. Subscripts i, b and rf stand for investment (e.g. fund), benchmark and risk-free rate respectively.

51

Appendix
Definitions

 With a Sharpe ratio of 1.2, a fund has
 The Sharpe ratio is the average return
 Sharpe in excess of the risk free rate per unit
 returned 1.2% p.a. over the risk-free
 rate per unit of volatility of the fund’s
 ratio of risk measured by volatility. returns.

 The Sortino ratio measures the
 portfolio returns per unit of downside A Sortino ratio of 1.2, indicates a fund
 deviation (below-target semi- that has returned 1.2% p.a. over the
 Sortino ratio deviation). Therefore this ratio only risk-free rate per unit of volatility of
 penalizes „bad“ volatility; the volatility the fund’s negative returns.
 of negative returns.

 The information ratio is a measure of
 risk-adjusted returns which relates With an information ratio of 0.6 a fund
 Information excess returns to a portfolios has returned excess returns of 0.6%
 
 ratio deviation from the benchmark, p.a. per unit of tracking error.
 measured through the tracking error.

 The up/down capture ratio measure / An up capture ratio of 120% indicates
 Up/down how much of upward/ downward a fund performance of 1.2 times the
 market movements a portfolio has benchmark return in up market
 capture ratio 
 
 captured. phases.

 If a fund exhibited an overall capture
 The overall capture ratio is the
 Overall quotient of the up and down capture
 ratio above 1, its up market
 participation was higher than its down
 capture ratio ratio. market participation.

Source: Invesco, Morningstar as of 30th of September, 2019. Subscripts i, b, rf and (up/down) stand for investment (e.g. fund), benchmark, risk-free rate and up/down markets respectively.

52

Risk Warnings
The value of investments and any income will fluctuate (this may partly be the result of exchange-rate fluctuations) and
investors may not get back the full amount invested.

As this fund is invested in a particular sector, you should be prepared to accept greater fluctuations in the value of the
fund than for a fund with a broader investment mandate.

49
53

Important Information
This marketing document is exclusively for use by Professional Clients and Financial Advisers in Continental Europe (as defined below), Qualified Investors in Switzerland,
Qualified Clients/Sophisticated Investors in Israel and Professional Clients in Cyprus, Dubai, Jersey, Guernsey, Ireland, Isle of Man, Malta and the UK. This document may also be
used by financial intermediaries in the United States as defined below. By accepting this document, you consent to communicate with us in English, unless you inform us
otherwise. This document is not for consumer use, please do not redistribute. Data as at 31.12.2020, unless otherwise stated. This document is marketing material and is not
intended as a recommendation to invest in any particular asset class, security or strategy. Regulatory requirements that require impartiality of investment/investment strategy
recommendations are therefore not applicable nor are any prohibitions to trade before publication. The information provided is for illustrative purposes only, it should not be relied
upon as recommendations to buy or sell securities.

Where individuals or the business have expressed opinions, they are based on current market conditions, they may differ from those of other investment professionals and are subject to change
without notice. For more information on our funds, please refer to the most up to date relevant fund and share class-specific Key Investor Information Documents, the latest Annual or Interim
Reports and the latest Prospectus, and constituent documents. Subscriptions of shares are only accepted on the basis of the most up to date legal offering documents. These documents are
available from our website www.invesco.eu and are without charge. The Key Investor Documents are available in local language. This marketing document is not an invitation to subscribe for
shares in the fund and is by way of information only, it should not be considered financial advice.This does not constitute an offer or solicitation by anyone in any jurisdiction in which such an offer
is not authorised or to any person to whom it is unlawful to make such an offer or solicitation. Persons interested in acquiring the fund should inform themselves as to (i) the legal requirements in
the countries of their nationality, residence, ordinary residence or domicile; (ii) any foreign exchange controls and (iii) any relevant tax consequences. As with all investments, there are associated
risks. This document is by way of information only. Asset management services are provided by Invesco in accordance with appropriate local legislation and regulations. The fund is available only
in jurisdictions where its promotion and sale is permitted. Not all share classes of this fund may be available for public sale in all jurisdictions and not all share classes are the same nor do they
necessarily suit every investor. Fee structure and minimum investment levels may vary dependent on share class chosen. Please check the most recent version of the fund prospectus in relation
to the criteria for the individual share classes and contact your local Invesco office for full details of the fund registration status in your jurisdiction. Please be advised that the information provided
in this document is referring to Invesco Global Consumer Trends Fund Class A ( accumulation - USD) exclusively. This fund is domiciled in Luxembourg.

For the distribution of this document, Continental Europe is defined as Austria, Belgium, Croatia, Czech Republic, Finland, France, Germany, Greece, Italy, Luxembourg,
Netherlands, Norway, Portugal, Slovakia, Spain and Sweden

Issued by Invesco Management S.A., President Building, 37A Avenue JF Kennedy, L-1855 Luxembourg, regulated by the Commission de Surveillance du Secteur Financier,
Luxembourg.

Cyprus: Any scheme provided by the Cyprus regulatory system, for the protection of retail clients, does not apply to offshore investments. Compensation under any such scheme will not be
available. The fund is subject to the provisions of the European Directive 2009/65/EC. Dubai: Issued by Invesco Asset Management Limited, Po Box 506599, DIFC Precinct Building No 4, Level
3, Office 305, Dubai, United Arab Emirates. Regulated by the Dubai Financial Services Authority. Guernsey: The fund can only be promoted to Professional Clients. Isle of Man: The fund is an
unregulated scheme that cannot be promoted to retail clients in the Isle of Man. The participants in the scheme will not be protected by any statutory compensation scheme. Israel: Issued by
Invesco Asset Management Limited, Perpetual Park, Perpetual Park Drive, Henley-on-Thames, Oxfordshire RG9 1HH, UK. Authorised and regulated by the Financial Conduct Authority. No action
has been taken or will be taken in Israel that would permit a public offering of the Fund or distribution of this document to the public in Israel. This Fund has not been approved by the Israel
Securities Authority (the ISA). Accordingly, the Fund shall only be sold in Israel to an investor of the type listed in the First Schedule to the Israeli Securities Law, 1968, which has confirmed in
writing that it falls within one of the categories listed therein (accompanied by external confirmation where this is required under ISA guidelines), that it is aware of the implications of being
considered such an investor and consents thereto, and further that the Fund is being purchased for its own account and not for the purpose of re-sale or distribution. This document may not be
reproduced or used for any other purpose, nor be furnished to any other person other than those to whom copies have been sent. Nothing in this document should be considered investment
advice or investment marketing as defined in the Regulation of Investment Advice, Investment Marketing and Portfolio Management Law, 1995 (“the Investment Advice Law”). Investors are
encouraged to seek competent investment advice from a locally licensed investment advisor prior to making any investment. Neither Invesco Ltd. Nor its subsidiaries are licensed under the
Investment Advice Law, nor does it carry the insurance as required of a licensee thereunder. This document does not constitute an offer to sell or solicitation of an offer to buy any securities or
fund units other than the fund offered hereby, nor does it constitute an offer to sell to or solicitation of an offer to buy from any person or persons in any state or other jurisdiction in which such offer
or solicitation would be unlawful, or in which the person making such offer or solicitation is not qualified to do so, or to a person or persons to whom it is unlawful to make such offer or solicitation.
Switzerland: This document is issued in Switzerland by Invesco Asset Management (Schweiz) AG, Talacker 34, CH-8001 Zurich, who acts as a representative for the funds distributed in
Switzerland. Paying agent for the fund distributed in Switzerland: BNP PARIBAS SECURITIES SERVICES, Paris, succursale de Zurich, Selnaustrasse 16, CH-8002 Zürich. UK: For the purposes
of UK law, the fund/(s) is/are a recognised scheme/(s) under section 264 of the Financial Services & Markets Act 2000. The protections provided by the UK regulatory system, for the protection of
Retail Clients, do not apply to offshore investments. Additional information for financial intermediaries in the United States: This document is intended for distribution to US financial
intermediaries for informational purposes and in relation to their activities with offshore clients only. The Funds are not registered under any US securities law, and may not be offered or sold
directly or indirectly in the US, its territories or possessions, nor to any US persons, citizens or residents. The Fund must not be marketed on US soil. This does not constitute a recommendation of
any investment strategy or product for a particular investor. Investors should consult a financial professional before making any investment decisions. Issued in the US by Invesco Distributors, Inc.,
11 Greenway Plaza, Suite 1000, Houston, Texas 77046, USA. Invesco Distributors, Inc. is the appointed US sub-distributor of the Invesco Funds SICAV. All entities are indirect, wholly owned
subsidiaries of Invesco Ltd.

50
54