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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 28, 2026
Invesco International Bond Fund underperformed its benchmark during the third quarter of 2026. The fund's Class A shares posted a net-of-fees return of -2.94% for the quarter and -4.80% net of fees year-to-date, trailing its custom benchmark returns of -2.07% and -1.37%, respectively. Portfolio effective duration was positioned at 5.61 years with a weighted average maturity of 5.34 years and a 30-day SEC yield of 6.42%. Cash and cash equivalents stood at 4.9%, while derivatives and FX represented 11.5%. Asset allocation across investment categories closed the quarter at 40.2% in emerging market debt, 24.0% in non-US debt, and 16.3% in securitized mortgage TBAs and other instruments. The investment team operates under the macroeconomic framework that the global economy is navigating a structural regime shift where policy responses are no longer synchronized, with US fiscal and monetary policy acting as primary sources of instability. Broad fixed income yields climbed to multi-decade highs during the quarter amid persistent inflation anxiety and resilient economic growth. Meanwhile, geopolitical fragmentation and the prioritization of supply chain and technological resilience over pure efficiency are driving elevated sovereign and corporate capital expenditures, establishing a floor under global growth and commodity prices. From a positioning perspective, the managers increased foreign currency exposure by accumulating emerging market currencies, while extending duration via developed market sovereign bonds and marginally raising credit risk through asset-backed securities. Performance attribution reflected positive contributions from yield curve positioning, Brazilian interest rate exposure, and South Korean won positioning. Detractors included interest rate positioning across the European Union and Australia, alongside exposure to the Brazilian real. The management team remains cautious on expensive US credit while identifying favorable total return asymmetric upside in unhedged non-US fixed income.
Global macroeconomic divergence and an overvalued US dollar create compelling total return and diversification opportunities in non-US sovereign debt, corporate credit, and emerging market currencies through active duration and foreign exchange management.
The team expects a stable-to-weaker US dollar over the medium term and anticipates that many priced-in central bank rate hikes will not materialize, creating meaningful capital gain opportunities as interest rate expectations moderate across developed and emerging markets.
Neutral / Balanced
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