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Trending ETFs

Name

As of 06/11/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$6.92

$722 M

3.09%

$0.21

1.27%

Vitals

YTD Return

5.8%

1 yr return

8.1%

3 Yr Avg Return

3.4%

5 Yr Avg Return

8.3%

Net Assets

$722 M

Holdings in Top 10

93.8%

52 WEEK LOW AND HIGH

$6.9
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.27%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A


Min Investment

Standard (Taxable)

$1,000,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 06/11/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$6.92

$722 M

3.09%

$0.21

1.27%

BRCNX - Profile

Distributions

  • YTD Total Return 5.8%
  • 3 Yr Annualized Total Return 3.4%
  • 5 Yr Annualized Total Return 8.3%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio -1.04%
DIVIDENDS
  • Dividend Yield 3.1%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    Invesco Balanced-Risk Commodity Strategy Fund
  • Fund Family Name
    INVESCOFDS
  • Inception Date
    Nov 30, 2010
  • Shares Outstanding
    N/A
  • Share Class
    R5
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Scott Hixon

Fund Description

The Fund invests, under normal conditions, in derivatives and other commodity-linked instruments whose performance is expected to correspond to the performance of the underlying commodity, without investing directly in physical commodities. Commodities are assets that have tangible properties, such as oil, metals, and agricultural products. The Fund seeks to achieve its investment objective by investing in derivatives and other commodity-linked instruments that provide exposure to the following four sectors of the commodities markets: agricultural/livestock, energy, industrial metals and precious metals, although, in normal market conditions, the Fund seeks to never have absolute short exposure to any of the four commodities sectors.
The portfolio managers manage the Fund’s portfolio using two different processes. One is strategic asset allocation, which the portfolio managers use to express their long term views of the commodities market. The portfolio managers apply their strategic process to, on average, approximately 80% of the Fund’s portfolio risk, as determined by the portfolio managers’ proprietary risk analysis, and this portion of the Fund holds only long positions in derivatives. The other process is tactical asset allocation, which is used by the portfolio managers to reflect their shorter term views of the commodities market. The tactical asset allocation process will result in the Fund having long and short positions within the four sectors of the commodities markets in which the Fund invests. The strategic and tactical processes are intended to adjust portfolio risk in a variety of market conditions.
The portfolio managers will implement their investment decisions primarily through the use of derivatives and other investments that create
economic leverage. The Fund uses derivatives and other leveraged instruments to create and adjust exposure to commodities. The portfolio managers make these adjustments to balance risk exposure (as part of the strategic process) and to add long or short exposure to commodities (as part of the tactical process) when they believe it will benefit the Fund. Using derivatives allows the portfolio managers to implement their views more efficiently and to gain more exposure to commodities than investing in more traditional assets such as stocks and bonds would allow. The Fund holds long and short positions in derivatives. The Fund’s use of derivatives and the leveraged investment exposure created by the use of derivatives are expected to be significant and greater than most mutual funds.
The Fund’s net asset value is expected to be volatile because of the significant use of derivatives and other instruments that provide economic leverage including commodity-linked notes, exchange-traded funds (ETFs) and exchange-traded notes (ETNs). Higher volatility generally indicates higher risk and is often reflected by frequent and sometimes significant movements up and down in value.
The Fund will have the potential for greater gains, as well as the potential for greater losses, than if the Fund did not use derivatives or other instruments that have an economic leveraging effect. Economic leveraging tends to magnify, sometimes significantly depending on the amount of leverage used, the effect of any increase or decrease in the Fund’s exposure to commodities and may cause the Fund’s net asset value to be more volatile than a fund that does not use leverage. For example, if Invesco Advisers, Inc. (Invesco or the Adviser) gains exposure to commodities through an instrument that provides leveraged exposure to commodities, and that leveraged instrument increases in value, the gain to the Fund will be magnified; however, if the leveraged instrument decreases in value, the loss to the Fund will be magnified.
The Adviser’s investment process has three steps. The first step involves asset selection within four commodity sectors (agricultural/livestock, energy, industrial metals and precious metals). The portfolio managers select investments to represent each of the four commodity sectors from a universe of investments in over twenty separate commodities. The selection process (1) evaluates a particular investment’s theoretical case for long-term excess returns relative to cash; (2) screens the identified investments against minimum liquidity criteria; and (3) reviews the expected correlation among the investments, meaning the likelihood that the value of the investments will move in the same direction at the same time, and the expected risk and term structure of each investment to determine whether the selected investments are likely to improve the expected risk adjusted return of the Fund.
The second step in the investment process involves portfolio construction. The portfolio managers use their own estimates for risk and correlation to weight the investments to construct a portfolio that they believe is both risk-balanced and offers attractive term structure characteristics. Periodically, the management team re-estimates the risk contributed by each investment and rebalances the portfolio; the portfolio also may be rebalanced when the Fund makes new investments. Taken together, the first two steps in the process result in the strategic allocation.
In the third step of the investment process, using a systematic approach based on fundamental principles, the portfolio management team analyzes the investments, considering the following factors: valuation, economic environment and historic price movements. Regarding valuation, the portfolio managers evaluate whether investments are attractively priced relative to fundamentals. Next, the portfolio managers assess the economic environment and consider the effect that monetary policy and other determinants of economic growth, inflation and market volatility will have on the investments. Lastly, the portfolio managers assess the impact of historic price movements for the investments on likely future returns.
Utilizing the results from the analysis described above, the portfolio managers determine tactical short-term over-weight (buying additional investments relative to the strategic allocation) and under-weight (selling
investments relative to the strategic allocation) positions for investments across and within the four commodity sectors.
When the tactical position is negative for an investment and its size is larger than the strategic position for that investment, the result is a short derivative position. The size and number of short derivative positions held by the Fund will vary with the market environment. In some cases there will be no short derivative positions in the Fund. The Fund’s long positions in derivative instruments generally will benefit from an increase in the price of the underlying investment. The Fund’s short positions in derivative instruments generally will benefit from a decrease in the price of the underlying investment.
The Fund’s commodity exposure will be achieved through investments in ETFs, commodity futures and swaps, ETNs and commodity-linked notes, some or all of which will be owned through Invesco Cayman Commodity Fund III Ltd., a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (Subsidiary).
The Fund will invest in the Subsidiary to gain exposure to commodities markets. The Subsidiary, in turn, will invest in futures, swaps, commodity-linked notes, ETFs and ETNs. The Subsidiary is advised by the Adviser, has the same investment objective as the Fund and generally employs the same investment strategy. Unlike the Fund, however, the Subsidiary may invest without limitation in commodity-linked derivatives and other securities that may provide leveraged and non-leveraged exposure to commodities. The Subsidiary holds cash and can invest in cash equivalent instruments, including affiliated money market funds, some or all of which may serve as margin or collateral for the Subsidiary’s derivative positions. Because the Subsidiary is wholly-owned by the Fund, the Fund will be subject to the risks associated with any investment by the Subsidiary.
The Fund generally will maintain asubstantial portion of its net assets (including assets held by the Subsidiary) in cash and cash equivalent instruments, including affiliated money market funds and U.S. governmentsecurities, as margin or collateral for the Fund’s obligations under derivative transactions, or for cash management purposes. The larger the value of the Fund’s derivative positions, as opposed to positions held in non-derivative instruments, the more the Fund will be required to maintain cash and cash equivalents as margin or collateral for such derivatives.
The derivative instruments in which the Fund principally invests include but are not limited to futures, options and swap agreements.
The Fund may invest in Rule 144A and other exempt securities.
Read More

BRCNX - Performance

Return Ranking - Trailing

Period BRCNX Return Category Return Low Category Return High Rank in Category (%)
YTD 5.8% -19.2% 22.7% 62.12%
1 Yr 8.1% -34.7% 26.4% 47.73%
3 Yr 3.4%* -32.0% 288.9% 80.00%
5 Yr 8.3%* -23.4% 136.3% 56.35%
10 Yr 0.7%* -25.7% 45.7% 41.67%

* Annualized

Return Ranking - Calendar

Period BRCNX Return Category Return Low Category Return High Rank in Category (%)
2023 -6.6% -64.0% 30.1% 30.30%
2022 -2.0% -40.8% 2475.6% 54.96%
2021 2.0% -23.3% 106.7% 59.23%
2020 8.0% -71.9% 295.5% 22.83%
2019 3.5% -31.8% 53.9% 77.78%

Total Return Ranking - Trailing

Period BRCNX Return Category Return Low Category Return High Rank in Category (%)
YTD 5.8% -19.2% 22.7% 62.12%
1 Yr 8.1% -34.7% 26.4% 47.73%
3 Yr 3.4%* -32.0% 288.9% 80.00%
5 Yr 8.3%* -23.4% 136.3% 56.35%
10 Yr 0.7%* -25.7% 45.7% 41.67%

* Annualized

Total Return Ranking - Calendar

Period BRCNX Return Category Return Low Category Return High Rank in Category (%)
2023 -3.1% -64.0% 41.1% 30.30%
2022 8.0% -15.1% 5648.8% 80.92%
2021 19.3% -23.3% 188.1% 77.69%
2020 8.0% -67.8% 296.1% 24.41%
2019 4.5% -31.8% 53.9% 80.16%

NAV & Total Return History


BRCNX - Holdings

Concentration Analysis

BRCNX Category Low Category High BRCNX % Rank
Net Assets 722 M 2.34 M 62.8 B 39.13%
Number of Holdings 41 1 1056 58.33%
Net Assets in Top 10 689 M 2.66 M 63.2 B 30.30%
Weighting of Top 10 93.77% 21.1% 160.7% 35.94%

Top 10 Holdings

  1. Invesco US Dollar Liquidity Portfolio, Institutional Class 18.88%
  2. Invesco Treasury Portfolio, Institutional Class 16.23%
  3. Invesco Government Agency Portfolio, Institutional Class 14.20%
  4. U.S. Treasury Floating Rate Notes 10.14%
  5. Invesco Liquid Assets Portfolio 10.02%
  6. U.S. Treasury Floating Rate Notes 8.06%
  7. U.S. Treasury Floating Rate Notes 6.62%
  8. Bank of Montreal 4.45%
  9. Societe Generale 3.13%
  10. Royal Bank of Canada 2.05%

Asset Allocation

Weighting Return Low Return High BRCNX % Rank
Cash
61.12% 0.00% 100.00% 22.31%
Bonds
36.37% 0.00% 114.44% 46.21%
Other
2.51% -3.38% 100.00% 69.23%
Stocks
0.00% 0.00% 49.98% 68.94%
Preferred Stocks
0.00% 0.00% 0.07% 58.46%
Convertible Bonds
0.00% 0.00% 3.89% 68.99%

Bond Sector Breakdown

Weighting Return Low Return High BRCNX % Rank
Cash & Equivalents
59.32% 0.00% 100.00% 37.61%
Government
21.75% 0.00% 100.00% 43.97%
Corporate
8.96% 0.00% 42.72% 25.86%
Derivative
2.51% -3.38% 100.00% 29.91%
Securitized
0.00% 0.00% 36.61% 70.69%
Municipal
0.00% 0.00% 1.45% 60.34%

Bond Geographic Breakdown

Weighting Return Low Return High BRCNX % Rank
US
36.37% 0.00% 102.17% 43.08%
Non US
0.00% 0.00% 16.01% 60.77%

BRCNX - Expenses

Operational Fees

BRCNX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.27% 0.21% 4.07% 36.89%
Management Fee 1.02% 0.00% 1.75% 96.27%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.02% 0.45% N/A

Sales Fees

BRCNX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 4.50% 5.75% N/A
Deferred Load N/A 1.00% 4.00% N/A

Trading Fees

BRCNX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A N/A N/A N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

BRCNX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 162.00% 88.73%

BRCNX - Distributions

Dividend Yield Analysis

BRCNX Category Low Category High BRCNX % Rank
Dividend Yield 3.09% 0.00% 19.94% 82.61%

Dividend Distribution Analysis

BRCNX Category Low Category High Category Mod
Dividend Distribution Frequency Annual Annually Monthly Annually

Net Income Ratio Analysis

BRCNX Category Low Category High BRCNX % Rank
Net Income Ratio -1.04% -55.71% 52.26% 82.95%

Capital Gain Distribution Analysis

BRCNX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually

Distributions History

View More +

BRCNX - Fund Manager Analysis

Managers

Scott Hixon


Start Date

Tenure

Tenure Rank

Nov 30, 2010

11.51

11.5%

Scott Hixon joined Invesco in 1994 and became affiliated with the Global Asset Allocation team in 1997. He is responsible for the fundamental research, quantitative modeling and portfolio investment decisions for asset classes and currencies. Mr. Hixon began his investment management career in 1992 and was with SunTrust Bank prior to joining Invesco. He earned a Bachelor of Business Administration in finance, graduating magna cum aude from Georgia Southern University. He earned an M.B.A. in finance from Georgia State University. Mr. Hixon is a CFA charterholder.

Chris Devine


Start Date

Tenure

Tenure Rank

Nov 30, 2010

11.51

11.5%

Chris Devine joined Invesco in 1998 and became affiliated with the Global Asset Allocation team in January 2003. He is responsible for portfolio construction, risk management, trading and derivative management. He began his investment management career in 1996 and was with The Robinson-Humphrey Co. prior to joining Invesco. Mr. Devine earned a Bachelor of Arts degree in economics from Wake Forest University and a Master of Business Administration degree from the University of Georgia. He is a CFA charterholder.

Mark Ahnrud


Start Date

Tenure

Tenure Rank

Nov 30, 2010

11.51

11.5%

Mark Ahnrud currently serves as a Portfolio Manager for Invesco's Global Asset Allocation team. Mark joined Invesco in 2000 and the Global Asset Allocation team in 2002. Mark began his investment career in 1985 and was a fixed income portfolio manager with Bank of America prior to joining Invesco. Mark received his BS in Finance and Investments from Babson College. He received his MBA from the Fuqua School of Business at Duke University with a concentration in Finance and Real Estate Investment. Mark holds the Chartered Financial Analyst designation.

Scott Wolle


Start Date

Tenure

Tenure Rank

Nov 30, 2010

11.51

11.5%

Scott Wolle is a portfolio manager and chief investment officer (CIO) of Invesco Global Asset Allocation. Mr. Wolle joined Invesco in 1999 and became affiliated with the Global Asset Allocation team in 2000. He began his investment management career in 1991 and was with Bank of America prior to joining Invesco. Mr. Wolle earned a Bachelor of Science in finance from Virginia Polytechnic Institute and State University, graduating magna cum laude. He earned a MBA from the Fuqua School of Business at Duke University where he earned the distinction of Fuqua Scholar. He is a CFA charterholder.

Christian Ulrich


Start Date

Tenure

Tenure Rank

Nov 30, 2010

11.51

11.5%

Christian Ulrich currently serves as a Portfolio Manager for the IGAA team. Christian joined Invesco in 2000 and the Global Asset Allocation team in 2009. Prior to affiliating as a Portfolio manager with IGAA team, Christian served as a client portfolio manager for Invesco Global Asset Management. Christian began his investment career in 1987 and was with Credit Suisse Group AG where he had assignments in Zurich, New York and London.Christian graduated from the KV Zurich Business School in Zurich, Switzerland, and holds the CFA designation.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.33 17.03 6.1 11.51