Invesco Global Consumer Trends Fund
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Invesco Global Consumer Trends Fund
July 2019 This marketing document is exclusively for use by Professional Clients and
Financial Advisers in Continental Europe (as defined in the important
information). This document is not for consumer use, please do not redistribute.
Greg Holland
Client Portfolio Manager
Invesco Growth Equities
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 Active Retail
Media Lifestyle 2%
Juan Hartsfield, CFA Content & 4%
Advertising
Assets2 US$1.78 billion 6%
Vehicles/Auto
Benchmark MSCI World Consumer Disc Index-ND mated Driving
6% E-Commerce
19%
Team Average 21 years of experience
Holdings Target 60-75 U.S. Durables
& Durable
Approach Rigorous, bottom-up fundamental analysis Retail
10%
Entertainment
Target Holding Period 2-3 Years Software
Internet & 19%
Portfolio Construction At least 70% focused on discretionary Social Media
10%
consumer needs of individuals Experiences:
Media Restaurants,
Investment Process Distribution Hotels &
▪ Focus research on our best ideas 11%
Overview 3 ▪ Surround the company to become an Casinos
13%
expert on the stock
▪ Collaborate on the investment thesis
▪ Diversify by security and by industry
Investment themes as at 31/07/2019
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 31/07/2019, unless otherwise noted.
2
Invesco Global Consumer Trends Fund Investment Team
May 2011
Lead Portfolio
Manager Inception
Ido Cohen Juan Hartsfield, CFA
Lead Portfolio Manager Co-Portfolio Manager
Industry Since: 1997 Industry Since: 2000
With Invesco Since: 2010 With Invesco Since: 2004
Education: Education:
University of Pennsylvania, B.S. University of Texas, B.S.
University of Michigan, M.B.A.
Key areas of coverage: Large-cap Key areas of coverage: Small-cap
consumer, internet, media, consumer, homebuilders, hotels,
telecommunications restaurants, retail
They are assisted by the Fundamental U.S. Equities Growth Team.
As at 31/05/2019. Subject to change without notice.
3
Our longer term positioning
The inflection in consumer connectivity is changing behavior
Global Households with Fixed-Broadband Connected PCs vs. Global Smartphones/Person
80%
60% We are here
40%
20%
0%
2018E
2019E
2020E
2021E
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
Global Households w/ a Fixed Broadband Connected PC Global Smartphone Penetration
Source: ITU, BofA Estimates, Invesco Estimates, as at 31/12/2018. Most recent data available. For illustrative purposes only. Estimates are based on current market conditions and are subject to change without notice.
5 FOR INSTITUTIONAL INVESTOR USE ONLY – NOT FOR USE WITH THE PUBLIC
E-commerce continues to take share
U.S. E-Commerce as a % of Retail Spending (ex-Auto)
14.0%
12.0%
10.0%
8.0%
6.0%
4.0%
2.0%
0.0%
CY05 CY06 CY07 CY08 CY09 CY10 CY11 CY12 CY13 CY14 CY15 CY16 CY17 CY18 CY19E
Desktop Desktop + Mobile
Source: Bank of America, as at 15/04/2019. For illustrative purposes only.
6
While U.S. store traffic trends in consistent decline since 2013
US Retail Traffic Index (January 2013 – March 2019)
Year-over-year % change 15
10
5
0
50 week
moving average
-3.4%
-5
-10
-15
2013 2014 2015 2016 2017 2018 2019
Past performance is not a guide to future returns.
Source: Bloomberg L.P., as at 03/23/2019. For illustrative purposes only. An investments cannot be made directly into an index. Used with permission of Bloomberg L.P.
7Mobile is changing media consumption
Share of Time Spent Per Day with Major Media by U.S. Adults
45%
40%
35% 33%
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 2018E
TV PC/Laptop Mobile Radio Print*
Source: eMarketer, Invesco estimates. Data available as at April 2018. 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.
8Advertisers still playing catch up on mobile
% of Time Spent on Media vs. % of Ad Spend Across U.S. Media in 2018
40%
35% 34%
33%
30% 29%
27%
25% 23%
20%
20%
15%
12%
11%
10%
7%
5% 3%
0%
Print Radio TV PC/Laptop Mobile
Time Spent Ad Spend
Source: eMarketer, Zenith, MoffettNathanson Research, as at March 2019. Most recent data available. For illustrative purposes only.
9Video 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
Global Games market to
Gaming market ($bn)
200
grow to over $150B by 15 15 16
17 15
17 16 14 +42%
2020 17 18 39 40
150 18 39 39 39
17 39 39 39 XBOX 360
17 38 39 +30%
17 37
GFLOPs
16 37
36 78
100 15 34 74 75 76 77 +27%
16 33 71 72 73
67 69
16 31 65
16 27 56 61
15 13 23 52 +72%
50 19 17 22 43
18
16 19 26 35 35 38 40 44 47 46 48 51 +16%
11 9 12 14
9 12 18 21 32 33
7 7 3 3
2 4
2 5
3 3 3 4 6 7 9 12 15
6
0 0 1
2 4
+71%
16 17 22 24 22 22 20 22 23 23 21 20 20 22 20 19 18 18 20 19 18 17 17 17 16 16
0 +167%
+41% +250%
2010
2014
2005
2006
2007
2008
2009
2011
2012
2013
2015
2016
2017
2018E
2019E
2020E
2021E
2022E
2023E
2024E
2025E
2026E
2027E
2028E
2029E
2030E
+72%
iPhone 3G 3GS 4 4s 5 5s 6 6s 7 8/X Xs
Package Console Digital Mobile game PC Software Console hardware
Annual viewership (2017E) Traditional Pro Sports vs. eSports (2017E)
Traditional Pro Sports vs. eSports 11.2
12
400
326 9.0
viewership (m)
Unique annual
300 8
($bn)
191 5.0
200
118 133 3.7
4
79
100
0.7
0 0
NHL MLB NBA NFL NHL MLB NBA NFL
Source: Game market size – Company data, Goldman Sachs Global Investment Research, as at March 2019. iPhone GPU – Apple, Microsoft, as at 20/9/2018. For illustrative purposes
only. eSports graphs – Newzoo, Activison. 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).
10Subscriptions are returning music to growth
Millennials listen to more music
Hours spent listening to music per day
55+ 80 18 2
35-54 67 28 5 Millennials prefer to subscribe for music
Streaming revenue and Y/Y growth 2012-2018
10000
+33%
9000
16-34 47 46 7
8000
+43%
7000
0 20 40 60 80 100
$US millions
6000
% of Generation +62%
0-2 hours (%) 3-6 hours (%) 7+ hours (%) 5000
4000
+53%
Global recorded music industry revenues 1999-2018 (US$ billions) 3000
+27%
2000 +50%
+56%
25.0 1000
20.0 0
2012 2013 2014 2015 2016 2017 2018
15.0
10.0
5.0
Music industry returned to growth in
0.0
2016 after 15+ years in decline!
2006
2007
2018
1999
2000
2001
2002
2003
2004
2005
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
Physical Digital (ex-streaming) Streaming Performance Rights Synchronization
Source: ERA, IFPI. For illustrative purposes only. Data available as at 1/4/2019.
11Online dating: The new match maker
Total addressable market grows as more singles expected to go online
360mn
600 Million+
singles online
2011 8mn
2mn
Online dating is benefitting from:
• Increased acceptance
511mn
2017 59mn • Urbanization
7mn
• Millennial spending power
672mn • Rising subscription pricing
2019E ?
power
?
0 100 200 300 400 500 600 700 800
Total Singles Online Match Monthly Active Users Match Paid Subscribers
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.
12New smart phone world changing capacity needs
Old world:
Two-Way symmetrical voice traffic
1:1 Down: Up ratio
New world:
Asymmetrical data traffic
9:1 Down: Up ratio
Source: Company Reports and Citi Research. For illustrative purposes only. Data available as at 30/09/2014.
13Active lifestyle, and athletic apparel, gaining share
Penetration of athletic apparel & footwear
35% 31%
of all North America
30% apparel & footwear
sales are in the
25% athletic category
20%
18%
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
North America Europe Asia Pacific World
Source for both charts: Euromonitor, Bernstein Analysis as at December 2018.
14Our cyclical positioning
U.S. durable spending remains depressed
Private Fixed Residential Investment (PFRI) as a % of GDP remains well below its historical average
Source: U.S. Bureau of Economic Analysis, Haver Analytics, UBS Research. For illustrative purposes only. Data available as at 09/05/2019.
16The value of the U.S. housing stock is rising
Home Improvement spending as a % of total housing stock Average price of a single family home
remains below average
Source: National Association of Realtors, Census Bureau, Haver Analytics, UBS Research. For illustrative purposes only. Data available as at 09/05/2019.
17Demographic shifts
US Births 1910–2017
US Births 1910–2017
61 years
5 28 years 11 years
old today 18 years
old today old today
old today
38 years
72 years
4 old today
old today
Births (Millions)
3
2
Greatest Silent Generation Y Generation Z
Baby Boom Gen X
Generation Generation Millennials/Echo Homeland/Net
1
0
1910
1915
1920
1925
1930
1935
1940
1945
1950
1955
1960
1965
1970
1975
1980
1985
1990
1995
2000
2005
2010
2015
Source: Centers for Disease Control and Prevention, National Center for Health Statistics. Latest available data as at 31/12/2017. Baby boomers are people born during the demographic Post–World War II baby boom between the years 1946 and
1964. An echo boomer is a member of Generation Y, born in the 1980s or 1990s; a Millennial. So called because many are children (‘echos’) of baby boomers, and the birthrate also increased in the 1980s and 1990s.
18Cruise: Entering a new market
Outbound Travelers vs. Cruise Passengers in Each Major Cruise Market – 2017, in (000)’s
250,000 2017 2021
210,000
All Outbound
200,000 All Outbound Spend/
Spend/ person/trip =
person/trip = $1,950
Number in 000’s
$1,575
150,000 140,000
120,374
100,000
50,000
12,820 14,615 15,388
1,930 2,190 7,987 2,400 4,301
1,340
0
North America UK (ex-Europe) Germany (ex-Europe) Australia China 2017 China 2021
Cruise
Passengers/ 11% 13% 14% 17% 1.7% 2.0%
% Outbound
Outbound Travelers Cruise Passengers
Source: ITA, China National Tourism Administration, China State Administration of Foreign Exchange, UK Office for National Statistics, Tourism Research Australia, Eurostat, Bernstein Analysis. Data as at 15/01/ 2018. Most recent data available. For
illustrative purposes only. Estimates are based on current market conditions and are subject to change without notice.
19Autonomous driving: It’s early but has a large addressable
market longer term
Expected autonomous vehicle sales (in millions)
35
30
25
20
15
10
5
0
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040
Americas EMEA APAC
Expected revenue, by category ($USD in billions)
600
500
400
300
200
100
0
2015 2020 2025 2030 2035 2040
Software Telecom Camera Radar Ultrasonic LiDAR Central Computer
20 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.Investment performance & characteristics
Invesco Global Consumer Trends Fund
Class A shares annualised total returns
As at 31 July 2019
25
21.15
Annualised returns (%)
18.97
20
15.14
15 13.83 13.77
12.23 11.38
10.66 9.73
10 7.53
4.80
5
0
-0.36
-5
YTD* 1 Year 2 Years 3 Years 5 Years 10 Years
Invesco Global Consumer Trends Fund Class A shares MSCI World Consumer Discretionary Index
Rolling 5 year 1 year as of 1 year as of 1 year as of 1 year as of 1 year as of Total Return Fund Rank and Percentile Versus
period net 31/07/19 31/07/18 31/07/17 31/07/16 31/07/15 Morningstar Sector Equity Consumer Goods Category
performance Class A Shares
Invesco Global -0.36% 16.05% 27.57% 3.35% 12.43% 1 Year 46 out of 71 funds
Consumer 64%
Trends Fund 3 Years 8 out of 65 funds
MSCI World 4.80% 16.85% 15.44% -2.90% 15.87% 11%
Consumer 5 Years 3 out of 55 funds
Discretionary 4%
10 Years 3 out of 36 funds
6%
Fund percentage rankings are based on total returns, excluding
sales charges and including fees and expenses, and are versus all
consumer goods funds tracked by Morningstar.
Past performance is not a guide to future returns. The performance shown does not take account of the commissions and costs incurred on the issue and redemption of units
Sources: Invesco, Morningstar, Lipper Inc. as at 31/07/2019. *Cumulative return. Returns one year and greater are annualised. An investment cannot be made directly in an index. Performance reflects reinvestment of dividends. Performance figures
are shown in USD on a mid-to-mid basis, inclusive of gross reinvested income and gross of the annual management charge and all other fund expenses for share class A. The figures do not reflect the entry charge paid by individual investors. Ongoing
charges: 1.86% as at 31/08/2018 (This figure is based on annualized cost for the period ended August 2018. The figure may vary from year to year and excludes portfolio transaction costs, except in the case of an entry or exit charge paid by the
Fund when buying or selling shares/units in another fund).
22Invesco Global Consumer Trends Fund
Performance awards Lipper Fund Awards2 – Equity Sector Consumer Discretionary
Invesco Global Consumer Trends Fund Class A Acc USD
Award Year Country/Region Time Period(s)
2019 Austria 3- and 5-years
Europe 3- and 5-years
France 3- and 5-years
Germany 3- and 5-years
Switzerland 5-years
2018 Europe 3 years
Austria 3 years
France 3- and 5-years
Germany 3- and 5-years
2017 Austria 3- and 5-years
Europe 3- and 5-years
France 3- and 5-years
Germany 3- and 5-years
Switzerland 3 Years
2016 Austria 3- and 5-years
Invesco Global Consumer Trends Fund Europe 3- and 5-years
was awarded the France 3- and 5-years
BENCHMARK Best-in-Class Fund Award1 in Hong Kong Germany 3- and 5-years
Netherlands 3- and 5-years
for 2013, 2016, 2017 and 2018
Nordic 3- and 5-years
Switzerland 3- and 5-years
Any reference to a ranking, rating or award is not a guarantee of future performance
2015 Austria 3 years
and it may change without notice Europe 3 years
1 Published since 1996, BENCHMARK provides professional advice on investment,
France 3 years
managing money and wealth management. In order to qualify, Top Funds 100 must be
open-ended onshore and offshore fund, and have: a minimum fund size of $100 million Germany 3 years
USD, a minimum 3 year track record, a positive Sortino ratio over a 3 year period, as well Netherlands 3 years
as be ranked top 5 among peers under one year absolute ranking ended 30 September
2013, 30 September 2016 and 30 September 2017. Nordic 3 years
2 Lipper Fund Awards take place in 23 countries and are awarded for funds that have Switzerland 3 years
demonstrated consistently strong risk-adjusted returns compared with peers over 36-, 60-
and 120 months. The fund was awarded in the category "Equities - cyclical consumer UK 3 years
goods".
23Invesco Global Consumer Trends Fund
Geographic diversification as at 31 July 2019
Geographic Breakdown by Domicile (%) Geographic Allocation by Revenue (%)
15.18%
25.67%
14.16%
51.64%
69.79%
21.98%
Emerging/Frontier/Other Developed Markets ex-US US Emerging/Frontier/Other Developed Markets ex-US 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.
24Invesco Global Consumer Trends Fund
Geographical weightings (%) as at 31 July 2019
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)
7.99 China 10.23 5.43 4.80
United States 69.79 61.80
1.98
6.75 United States 51.64 49.66
China 6.75 0.00
1.20
2.98 Russia 2.05 0.85
Poland 2.98 0.00
0.50
2.55 Thailand 0.81 0.31
Thailand 2.55 0.00
0.35
1.36 Brazil 1.46 1.11
Russia 1.36 0.00
0.24
0.99 Argentina 0.47 0.34
Brazil 0.99 0.00
0.13
Poland 0.41 0.32
0.14
Macau 0.87 0.73 0.09
France 1.98 2.07
Argentina 0.34 0.61 -0.27
-0.09
Macau 1.04 1.44
United Kingdom 1.51 3.35 -1.84 -0.40
Others 19.02 18.78
-18.42 France 3.55 6.75 -3.20 -0.64
Netherlands 1.34 1.98
Germany 0.00 5.09 -5.09 -1.60
Germany 2.79 4.39
Others 0.00 5.60 -5.60 -2.25
United Kingdom 2.30 4.55
-6.13 -4.29
Japan 7.96 14.09 Japan 4.06 8.35
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.
25Invesco Global Consumer Trends Fund
Industry weightings (%) as at 31 July 2019
Industry Invesco Global Underweight/Overweight MSCI World Consumer
Consumer Trends Fund exposure Discretionary Index
(% of total net assets) (%)
Entertainment 26.95 26.95 0.00
Interactive Media & Services 9.49 9.49 0.00
Diversified Telecommunication Services 4.55 4.55 0.00
Media 3.26 3.26 0.00
Road & Rail 1.62 1.62 0.00
Leisure Equipment & Products 1.77 0.58 1.19
Building Products 0.35 0.35 0.00
Software 0.18 0.18 0.00
Food Products 0.01 0.01 0.00
Computers & Peripherals 0.01 0.01 0.00
Diversified Consumer Services 0.00 -0.17 0.17
Distributors 0.05 -0.53 0.58
Household Durables 5.02 -0.74 5.75
Auto Components 2.58 -1.81 4.39
Multiline Retail 0.88 -3.96 4.83
Hotels, Restaurants & Leisure 12.81 -4.87 17.68
Internet & Catalog Retail 17.97 -4.95 22.93
Specialty Retail 8.31 -8.12 16.43
Textiles, Apparel & Luxury Goods 3.69 -9.50 13.19
Automobiles 0.28 -12.57 12.85
Weights reflect stock-level and thematic analysis.
Sources: Invesco. Data may not equal 100% due to rounding. The fund holdings are organized according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and
Standard & Poor’s. Subject to change without notice. The information provided on the investments and investment strategy (including 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.
26Invesco Global Consumer Trends Fund
Portfolio composition as at 31 July 2019
A conviction portfolio of attractive top- and bottom-line growth relative to valuations.
Invesco MSCI World Top 10 Holdings % of
Global Consumer Consumer Assets
Trends Discretionary
Fund Index
Amazon 9.5
Stocks 68 206
Alibaba 5.4
Market Capitalization (Weighted Avg.) $169.4 B $225.0 B
Lowe’s 5.1
Market Capitalization (Weighted Median) $24.3 B $64.2 B
Intelsat 4.3
Revenue Growth Nintendo 4.2
3-Yr Sales-Per-Share Growth (Weighted Avg.) 16.1% 11.4% CD Projekt 2.9
3-Yr Sales Growth Estimate (Weighted Avg.) 12.1% 7.8% Norwegian Cruise Line 2.7
Earnings Growth Facebook 2.6
Hist. 3-Year Earning-Per-Share Growth (Weighted Avg.) 32.1% 28.6% Netflix 2.6
Est. Long-Term Growth Rate (Weighted Avg.) 17.8% 15.6% SEA 2.5
% of portfolio in top 10 holdings
41.8%
Valuation
PEG (Price to Earnings to Growth Ratio)* 1.25 1.05
Alpha (5 Year) 0.27
Forward Price to Earnings (FY2 Weighted Harmonic Avg.) 22.4 16.4
Beta (5 Year) 1.18
Price to Cash Flow (Weighted Avg.) 20.2 17.8 Turnover (12 month trailing) 59.6%
Sources: Invesco, Morningstar. The information provided on the investments and investment strategy (including 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. There is no guarantee that securities are currently held or will be held by any funds that are managed by Invesco in the future nor a recommendation to buy/sell/hold the securities. It must not be seen as an
investment advice. An investment cannot be made directly in an index. *Calculated by using the Forward PE / Est Long-Term Growth Rate.
27The Invesco Global Consumer Trends Fund focuses on consumer themes
opportunistically across sectors
100%
Major GICS changes in 2018 shifted sectors
90%
80%
70%
60% Technology innovations prompted
Defensive posture allowed for more exposure
opportunities for consumer trends
to Consumer Staples in 2007-2008
50% outside of traditional consumer sectors
40%
30%
20%
10%
0%
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Communication Services Consumer Discretionary Consumer Staples Information Technology Other
Sources: Invesco, FactSet Research Systems, Inc. Percentages are a percent of total net assets and may not equal 100% due to rounding.
28Risk 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.
Technology innovations prompted
Defensive posture allowed for more exposure
opportunities for consumer trends
to Consumer Staples in 2007-2008
outside of traditional consumer sectors
29Important Information
This marketing document is exclusively for use by Professional Clients and Financial Advisers in Continental Europe (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 31.07.2019, 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. This information is available using the contact details of the issuer and is without charge. Further information on our products is
available in English using the contact details shown. 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 Class
A ( accumulation - USD) exclusively. This fund is domiciled in Luxembourg.
For the distribution of this document, Continental Europe is defined as Belgium and Luxembourg.
Issued in Belgium by Invesco Asset Management S.A Belgian Branch (France), Avenue Louise 235, B-1050 Bruxelles, Belgium. Issued in Luxembourg, by Invesco Asset Management S.A. 18,
rue de Londres, 75009 Paris. Authorised and regulated by the Autorité des marchés financiers in France.
Technology innovations prompted
Defensive posture allowed for more exposure
opportunities for consumer trends
to Consumer Staples in 2007-2008
outside of traditional consumer sectors
30Thank you
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