ATLANTA, Dec. 13, 2019 /PRNewswire/ -- Invesco (NYSE: IVZ), one of the world's leading global investment managers, today announced changes to its US exchange-traded fund (ETF) and mutual fund product lines.
The fund rationalization is intended to integrate the fund ranges of Invesco and OppenheimerFunds (OFI), which are now operating as a single global firm. The firm has completed an in-depth analysis and today is announcing details regarding a final key element of the combination: the integration of our comprehensive range of investment capabilities.
A key benefit of bringing the two firms together was an opportunity to take the best products of both firms to create a highly differentiated set of capabilities that helps clients achieve their investment objectives. The fund rationalization addresses certain overlapping offerings in our fund range arising from the combination, which will enable our investment teams to focus on a more cohesive, client-centric set of capabilities and provide the opportunity to achieve scale for the benefit of our clients and our business.
The fund rationalization began on Oct. 30, 2019, with the liquidation of 11 mutual funds. The final portion of the fund rationalization comprises 38 mutual funds and 42 ETFs (not including changes to fund names), affecting a fraction (approximately 4%) of Invesco's $589 billion in US assets under management. 1
Specifically, the following ETFs will be closed and liquidated (see below for the timeline and other details):
Additionally, the following mutual funds will be merged or experience strategy changes or name changes (see below for the timeline and other details):
Merged funds
Target Fund | Acquiring Fund |
US Equity | |
Invesco Exchange Fund | Invesco S&P 500 Index Fund |
Invesco Mid Cap Core Equity Fund | Invesco Oppenheimer Main Street Mid Cap Fund |
Invesco Mid Cap Growth Fund | Invesco Oppenheimer Discovery Mid Cap Growth Fund |
Invesco Small Cap Discovery Fund | Invesco Small Cap Growth Fund |
Invesco Oppenheimer Dividend Opportunity Fund | Invesco Dividend Income Fund |
Invesco Oppenheimer Equity Income Fund | Invesco Dividend Income Fund |
Invesco Oppenheimer Mid Cap Value Fund | Invesco American Value Fund |
Invesco Oppenheimer Small Cap Value Fund | Invesco Small Cap Value Fund |
Global/International Equity | |
Invesco Global Small & Mid Cap Growth Fund | Invesco Global Growth Fund |
Invesco International Allocation Fund | Invesco Oppenheimer International Diversified Fund |
Alternatives | |
Invesco Oppenheimer Real Estate Fund | Invesco Real Estate Fund |
Invesco Oppenheimer Global Infrastructure Fund | Invesco Global Infrastructure Fund |
Sector | |
Invesco Gold & Precious Metals Fund | Invesco Oppenheimer Gold & Special Minerals Fund |
Invesco Technology Sector Fund | Invesco Technology Fund |
Balanced (Global) | |
Invesco Oppenheimer Capital Income Fund | Invesco Multi-Asset Income Fund |
Invesco Oppenheimer Global Multi-Asset Income Fund | Invesco Multi-Asset Income Fund |
Balanced (Target Risk) | |
Invesco Moderate Allocation Fund | Invesco Oppenheimer Portfolio Series: Moderate Investor Fund |
Taxable Fixed Income | |
Invesco Oppenheimer Limited Term Bond Fund | Invesco Short Term Bond Fund |
Invesco Oppenheimer Limited-Term Government Fund | Invesco Quality Income Fund |
Invesco Oppenheimer Ultra-Short Duration Fund | Invesco Conservative Income Fund |
Tax-Free Fixed Income | |
Invesco California Tax-Free Income Fund | Invesco Oppenheimer Rochester California Municipal Fund |
Invesco New York Tax Free Income Fund | Invesco Oppenheimer Rochester® Municipals Fund |
Invesco Pennsylvania Tax Free Income Fund | Invesco Oppenheimer Rochester® Pennsylvania Municipals Fund |
Invesco Oppenheimer Intermediate Term Municipal Fund | Invesco Intermediate Term Municipal Income Fund |
Invesco Oppenheimer Rochester Short Duration High Yield Municipal Fund | Invesco Short Duration High Yield Municipal Fund |
Global Liquidity | |
Invesco Oppenheimer Government Cash Reserves Fund | Invesco Government Money Market Fund |
VI Funds | |
Invesco VI Mid Cap Growth Fund | Invesco Oppenheimer VI Discovery Mid Cap Growth Fund |
Investment Strategy changes
Current Strategy | Proposed Strategy |
Invesco Oppenheimer Global High Yield Fund | Invesco High Yield Bond Factor Fund |
Invesco Oppenheimer Global Multi-Asset Growth Fund | Invesco Advantage International Fund |
Invesco Oppenheimer Intermediate Income Fund | Invesco Intermediate Bond Factor Fund |
Invesco World Bond Fund | Invesco World Bond Factor Fund |
Name changes
Current Name | Proposed Name |
Invesco Oppenheimer Value Fund | Invesco Comstock Select Fund |
Invesco Oppenheimer Portfolio Series: Conservative Investor Fund | Invesco Select Risk: Conservative Investor Fund |
Invesco Conservative Allocation Fund | Invesco Select Risk: Moderately Conservative Investor Fund |
Invesco Oppenheimer Portfolio Series: Moderate Investor Fund | Invesco Select Risk: Moderate Investor Fund |
Invesco Growth Allocation Fund | Invesco Select Risk: Growth Investor Fund |
Invesco Oppenheimer Portfolio Series: Growth Investor | Invesco Select Risk: High Growth Investor Fund |
Invesco Oppenheimer Portfolio Series: Active Allocation Fund | Invesco Active Allocation Fund |
Details regarding ETFs
For additional information, shareholders of the ETFs which are scheduled for changes may call Invesco at 800-983-0903.
Details regarding mutual funds
We expect that the mutual fund mergers will be completed by the end of May 2020, subject to certain regulatory requirements and, in the case of some funds, receipt of required fund shareholder approvals. The name changes, and any related strategy changes, will be completed no later than the end of May 2020.
1 Invesco data as of November 30, 2019, excluding money market funds.
About Invesco Ltd.
Invesco is a global independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. Our distinctive investment teams deliver a comprehensive range of active, passive and alternative investment capabilities. With offices in 25 countries, Invesco managed $1.2 trillion in assets on behalf of clients worldwide as of November 30, 2019. For more information, visit Invesco.com.
Important Risk Information
There are risks involved with investing in ETFs, including possible loss of money. Index-based ETFs are not actively managed and Fund returns may not match the returns of its index. Actively managed ETFs do not necessarily seek to replicate the performance of a specified index. Both index-based and actively managed ETFs are subject to risks similar to stocks, including those related to short selling and margin maintenance. Ordinary brokerage commissions apply. The Funds are subject to certain other risks. Please see the current prospectus for more information regarding the risk associated with an investment in the Funds.
Shares are not individually redeemable and owners of the Shares may acquire those Shares from the Fund and tender those Shares for redemption to the Fund in Creation Unit aggregations only, typically consisting of 10,000, 50,000, 75,000, 80,000, 100,000, 150,000 or 200,000 Shares.
For complete details about the risks associated with the funds, see the fund's prospectus.
Shares are not FDIC insured, may lose value and have no bank guarantee.
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.
Before investing, investors should carefully read the prospectus/summary prospectus and carefully consider the investment objectives, risks, charges and expenses. For this and more complete information about the funds, call investors should ask their advisors for a prospectus/summary prospectus or visit invesco.com/fundprospectus.
Invesco CurrencyShares Trusts:
CurrencyShares are subject to risks similar to those of stocks and may not be suitable for all investors. The value of the Shares relates directly to the value of the respective currency held by the Trust. Fluctuations in the price of the respective currency could materially and adversely affect the value of the Shares.
The Invesco CurrencyShares Trusts are not mutual funds or any other type of Investment Company within the meaning of the Investment Company Act of 1940, as amended, and are not subject to regulation thereunder.
This material must be accompanied or preceded by a FXCH, FXSG and FXS prospectus. Please read the prospectus carefully before investing.
Invesco Distributors, Inc., is the US distributor for Invesco's retail products. It is an indirect, wholly owned subsidiary of Invesco Ltd.
Invesco Distributors, Inc. | 12/19 |
NA12211 |
Media Contact: Jeaneen Terrio, 212-278-9205
SOURCE Invesco Ltd.
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