| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 12.91% | 22.67% | 34.69% |
The Invesco Small Cap Value Fund delivered strong outperformance in Q2 2026, returning 22.75% versus 17.19% for the Russell 2000 Value Index. Stock selection in information technology drove outperformance, with AI infrastructure and semiconductor holdings delivering exceptional returns. Penguin Solutions surged 332% as AI infrastructure demand accelerated, while Coherent and MKS benefited from sustained AI-related data center spending. The managers capitalized on market volatility to add new positions including Teleflex, Esab, and James Hardie Industries, while exiting Sealed Air, MSC Industrial Direct, and Orion to fund higher-conviction opportunities. Energy was the largest detractor as falling oil prices pressured exploration and production holdings. The managers maintain their intrinsic value approach with a long-term horizon, seeing compelling opportunities in small-cap value stocks given their historical valuation discount to the S&P 500. At quarter end, the gap between market prices and estimated intrinsic values remained attractive, indicating significant long-term capital appreciation potential. The fund is positioned with greater exposure to economically sensitive stocks compared to peers.
The fund employs an intrinsic value approach to stock selection, seeking to create wealth by maintaining a long-term investment horizon and investing in companies that are significantly undervalued on an absolute basis, with positioning driven by bottom-up stock selection based on estimates of intrinsic value rather than short-term macroeconomic views.
The managers maintain a long-term investment horizon and focus on intrinsic value rather than short-term macroeconomic views. Following the outperformance of large-cap stocks over small-cap stocks in recent years, they see greater long-term upside to intrinsic value in many small-caps compared to large-caps. The difference between the market prices of the fund's holdings and estimates of their intrinsic value was attractive at quarter end, indicating attractive long-term capital appreciation potential in their view. Although there is no assurance that market value will ever reflect their estimate of intrinsic value, they believe the gap between price and estimated intrinsic value indicated attractive long-term capital appreciation potential.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jul 20 2026 | 2026 Q2 | ALGM, APA, AR, CHRD, COHR, CRC, ENTG, EQX.TO, ESAB, ESI, GL, JHX, MKSI, MSM, PNFP, RMBS, SEE, SIMO, TFX, WAL | AI, energy, financials, Intrinsic Value, semiconductors, small cap, technology, value | - | Invesco Small Cap Value Fund surged 22.75% in Q2 2026, crushing its benchmark by 548 basis points on the strength of AI infrastructure and semiconductor holdings. Penguin Solutions, Coherent, and MKS delivered outsized gains as AI spending accelerated. Energy holdings detracted as oil prices fell. Managers see compelling long-term value in small caps given historical valuation discounts to large caps and attractive gaps between current prices and intrinsic value estimates. |
| Apr 20 2026 | 2026 Q1 | AAOI, BHE, CON, DAR, ERO, EXPE, ICHR, ICLR, LITE, MKSI, QDEL | Intrinsic Value, semiconductors, small caps, technology, undervalued, value | - | Invesco Small Cap Value Fund outperformed in Q1 2026 through strong semiconductor stock selection and opportunistic portfolio repositioning. Managers see compelling long-term opportunities in small-cap value stocks trading at historical discounts to large-caps, employing intrinsic value analysis to identify significantly undervalued companies with attractive capital appreciation potential. |
| Jan 30 2026 | 2025 Q4 | ACM, ARCB, COHR, CR, CRL, ENTG, EXPE, GL, GMED, HBM.TO, KBR, LITE, MKSI, NRG, PENN, SAIA, WAL, WBS | AI, Biotech, financials, healthcare, Intrinsic Value, small cap, technology, value |
CRL GMED ARCB GTLB LITE |
Invesco Small Cap Value Fund outperformed in Q4 2025 through disciplined intrinsic value investing, capitalizing on market volatility to add undervalued positions across sectors. Strong stock selection in technology, particularly AI-beneficiary Coherent Corp, drove returns. The managers see compelling long-term opportunities as small-cap value stocks trade at historical discounts to large-caps. |
| Oct 20 2025 | 2025 Q3 | AL, COHR, DAVA.L, ENTG, EPAM, EWBC, GL, GLOB, HBM.TO, HOLX, LITE, MOH, MP, NRG, PAAS, PNFP, RMBS, SAIA, TEX, WAL, WBS | AI, energy, healthcare, Intrinsic Value, materials, small caps, Transportation, value | - | Small-cap value fund leverages intrinsic value approach to identify undervalued companies trading at significant discounts. Despite Q3 underperformance from healthcare and energy stock selection, managers see compelling long-term opportunity as Russell 2000 Value trades at historical discount to S&P 500. Portfolio positioned with economically sensitive stocks, capitalizing on market volatility to add new holdings with attractive upside potential. |
| Aug 7 2025 | 2025 Q2 | AL, COHR, DAVA, ENTG, EPAM, EWBC, GL, GLOB, HBM.TO, HOLX, LITE, MOH, MP, NRG, PAAS, PNFP, RMBS, SAIA, TEX, WAL, WBS | AI, Banking, energy, healthcare, Intrinsic Value, materials, small cap, value |
SAIA TEX |
Invesco Small Cap Value Fund underperformed in Q3 but capitalized on volatility to add new positions while maintaining disciplined intrinsic value approach. Strong performance in materials offset weakness in healthcare and energy. Fund sees compelling long-term opportunity in small-cap value given historical valuation discount to large-caps and attractive intrinsic value gaps in current holdings. |
| Apr 30 2025 | 2025 Q1 | AVTR, CCK, IART, ICLR, NRG, QDEL | healthcare, industrials, small cap, tariffs, value, volatility | - | Invesco Small Cap Value Fund underperformed in April due to healthcare headwinds but benefited from industrial strength. The team uses intrinsic value analysis to identify undervalued small-cap companies, maintaining longer-term horizons across market cycles. Recent volatility created attractive entry points for new positions and additions to existing holdings at compelling valuations. |
| Feb 11 2025 | 2024 Q4 | AVTR, COHR, CSTM, EWBC, EXPE, GL, GTLS, HUN, ICLR, LITE, MSM, MXL, NRG, ONTO, QDEL, RMBS, TECK, VRT, VST, WAL, WBS | financials, industrials, Intrinsic Value, semiconductors, small cap, value |
ICLR ONTO MSM |
Invesco's small-cap value fund outperformed significantly in Q4, adding quality names like ICON and Onto Innovation at attractive valuations while harvesting gains from Vistra. The managers see compelling long-term opportunities in small-cap value stocks trading at historic discounts to large-caps, maintaining economically sensitive positioning through disciplined intrinsic value analysis. |
| Sep 30 2024 | 2024 Q3 | ATGE, BECN, COHR, EWBC, EXPE, GL, GTLS, HSIC, IART, LITE, MKSI, MTZ, MXL, NFE, NRG, QDEL, RMBS, SPB, VRT, VST, WAL, WBS | AI, healthcare, industrials, Intrinsic Value, Regional Banks, semiconductors, small cap, value |
BECN RMBS QDEL |
Invesco Small Cap Value Fund underperformed in Q3 due to stock selection and sector positioning but used volatility to add attractively valued holdings. The managers maintain conviction in their intrinsic value approach, seeing significant upside potential in small-cap stocks versus large-cap. Portfolio positioned with economically sensitive stocks below estimated intrinsic value. |
| Jun 30 2024 | 2024 Q2 | ATGE, AVTR, COHR, CRS, ENDV.L, EPAM, EXPE, GL, LITE, MOH, MTZ, MXL, NFE, NRG, SEM, SIMO, VRT, VST, WAL, WBS | Intrinsic Value, materials, small cap, technology, Utilities, value |
GL DAVA EPAM |
Invesco Small Cap Value Fund outperformed in Q2 through disciplined value investing, adding new positions in Globe Life, Endava, and EPAM Systems at attractive valuations. The fund maintains overweight exposure to economically sensitive stocks and sees compelling long-term opportunities as small-cap value trades at significant historical discount to large-cap. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q2 |
AIAI infrastructure demand drove strong performance in several portfolio holdings. Penguin Solutions benefited from growing demand for AI infrastructure and expansion of its AI and high-performance computing business. Coherent develops optoelectronic components that are key enablers for networking of AI servers, with sustained demand from AI-related data center and communications markets. MKS supplies advanced instruments for semiconductor manufacturing, with strong performance reflecting broad-based AI investment demand and ongoing spending on advanced computing infrastructure. |
AI Infrastructure Data Centers High-Performance Computing Semiconductors Networking |
Semiconductor CycleThe fund holds significant exposure to semiconductor-related companies that are benefiting from AI-driven demand and advanced computing infrastructure spending. Multiple holdings in the semiconductor equipment and components space delivered strong returns during the quarter, driven by sustained demand from data center and communications markets. |
Semiconductors Semi Equipment Memory Optoelectronics Foundries | |
Small CapsThe managers see greater long-term upside to intrinsic value in many small-caps compared to large-caps following the outperformance of large-cap stocks over small-cap stocks in recent years. The P/E multiple of the Russell 2000 Value Index has been at an historical discount compared to the P/E of the S&P 500 Index, which the managers believe represents a compelling long-term investment opportunity. |
Small Cap Value Russell 2000 Valuation Discount | |
ValueThe fund employs an intrinsic value approach to stock selection, seeking to create wealth by investing in companies that are significantly undervalued on an absolute basis. At quarter end, the difference between the market prices of the fund's holdings and estimates of their intrinsic value was attractive, indicating attractive long-term capital appreciation potential in the managers' view. |
Intrinsic Value Valuation Long-term Undervalued | |
EnergyEnergy was the largest detractor from performance during the quarter. APA Corporation shares declined as falling oil prices driven by the reopening of the Strait of Hormuz and the developing resolution of the US/Iran conflict weighed on energy stocks. Antero Resources declined amid lower natural gas price expectations despite strong operating results. Multiple energy holdings experienced negative returns due to commodity price pressures. |
Oil Natural Gas Exploration & Production Commodity Prices | |
FinancialsThe fund maintains exposure to regional banks and specialty financial companies. Stock selection in financials aided relative return during the quarter. Holdings include Pinnacle Financial Partners and Western Alliance Bancorp among the top positions. |
Regional Banks Community Banks Financial Services | |
Medical DevicesThe fund added Teleflex, a global medical technology company that develops and markets specialty devices used in a variety of health care disciplines. Management's efforts to simplify the business and return capital to shareholders should create an opportunity for valuation improvement in the managers' view. |
Medical Technology Healthcare Specialty Devices | |
HomebuildersThe fund added James Hardie Industries, a leading manufacturer of siding, exterior building products and other materials used in residential construction. Housing market softness and concerns about its recent AZEK acquisition appear to have pressured the shares, but the managers believe the combination will add to earnings and should give the stock attractive upside potential as housing demand recovers. |
Building Materials Residential Construction Housing | |
| 2026 Q1 |
Small CapsThe fund focuses on small-cap value stocks which appear attractive relative to S&P 500 Index stocks. The P/E multiple of the Russell 2000 Value Index has been at a historical discount compared to the P/E of the S&P 500 Index, representing a compelling long-term investment opportunity. Following the outperformance of large-cap stocks over small-cap stocks in recent years, managers see greater long-term upside to intrinsic value in many small-caps compared to large-caps. |
Small Caps Value Russell 2000 |
ValueThe fund employs an intrinsic value approach to stock selection, seeking to create wealth by investing in companies that are significantly undervalued on an absolute basis. At quarter end, the difference between market prices of the fund's holdings and estimates of their intrinsic value was attractive. The managers believe the gap between price and estimated intrinsic value indicates attractive long-term capital appreciation potential. |
Value Intrinsic Value Undervalued | |
AIAI disruption fears contributed to market volatility during the quarter. Several holdings were affected by AI-related concerns, with ICON facing investor selloff driven by concerns about AI's potential impact on traditional business models. Conversely, some holdings like Lumentum benefited from investor enthusiasm for AI-driven growth potential, while MKS saw strong demand supported by higher capital spending tied to AI and advanced computing infrastructure. |
AI Technology Disruption | |
SemiconductorsThe fund has significant exposure to semiconductor-related companies including Applied Optoelectronics, Lumentum, MKS, Coherent Corp, and Ichor Holdings. These companies benefited from strong demand for optical transceivers, networking equipment, and semiconductor manufacturing equipment. The sector contributed significantly to the fund's outperformance during the quarter. |
Semiconductors Technology Equipment | |
| 2025 Q4 |
FinancialsThe Fund is currently substantially invested in the Financials sector, with performance closely tied to developments in this industry. Companies in the Financials sector may be adversely affected by changes in the regulatory environment and interest rate changes. |
Banks Insurance Interest Rates Regulation |
| 2025 Q3 |
ValueThe fund employs an intrinsic value approach to stock selection, seeking companies significantly undervalued on an absolute basis. At quarter end, the difference between market prices and intrinsic value estimates was attractive, indicating potential long-term capital appreciation. Following outperformance of large-caps over small-caps in recent years, managers see greater long-term upside to intrinsic value in many small-caps compared to large-caps. |
Intrinsic Value Undervalued Small Caps Valuation Long-term |
Small CapsThe fund focuses on small-cap value stocks with the Russell 2000 Value Index trading at a historical discount compared to the S&P 500 Index P/E multiple. This valuation represents a compelling long-term investment opportunity. The managers believe small-caps offer greater upside potential compared to large-caps after recent underperformance. |
Russell 2000 Discount Opportunity Underperformance Valuation | |
AISeveral portfolio holdings benefited from AI-driven growth potential during the quarter. Lumentum rallied due to investor enthusiasm for its AI-driven growth potential, while Coherent's optical transceivers are key enablers for networking of AI servers. However, AI also created headwinds for some holdings like Globant due to concerns about AI's long-term effect on digital consulting. |
Data Centers Optical Networking Digital Growth | |
| 2025 Q2 |
ValueThe fund employs an intrinsic value approach to stock selection, seeking companies significantly undervalued on an absolute basis. At quarter end, the difference between market prices and estimated intrinsic value was attractive, indicating potential long-term capital appreciation. Following outperformance of large-cap stocks over small-cap stocks in recent years, the managers see greater long-term upside to intrinsic value in many small-caps compared to large-caps. |
Intrinsic Value Undervalued Small Cap Valuation Capital Appreciation |
Small CapsThe fund focuses on small-cap value stocks with the Russell 2000 Value Index trading at a historical discount compared to the S&P 500 Index P/E multiple. This valuation represents a compelling long-term investment opportunity. The managers believe small-caps offer greater upside potential compared to large-caps after recent underperformance. |
Russell 2000 Small Cap Value Valuation Discount Historical Opportunity | |
AISeveral portfolio holdings benefited from AI-driven growth potential during the quarter. Lumentum rallied due to investor enthusiasm for its AI-driven growth potential, while Coherent's optical transceivers are key enablers for networking of AI servers. The fund also sold positions in companies facing headwinds from AI disruption concerns. |
AI Growth Data Centers Optical Networking Servers | |
| 2025 Q1 |
ValueThe fund uses an intrinsic value approach to stock selection, seeking companies significantly undervalued on an absolute basis. The team believes the difference between market price and estimated intrinsic value of holdings was very attractive at month end, indicating above-average capital appreciation potential. Recent market volatility has provided opportunities to purchase new holdings and add to existing positions at attractive prices. |
Intrinsic Value Undervalued Value Investing Long-term Bottom-up |
Small CapsThe fund focuses on small-cap companies whose stock prices have become disconnected from intrinsic business value. The portfolio is positioned in more economically sensitive stocks versus the Russell 2000 Value Index. The team maintains a longer-term investment horizon to allow this traditional value approach to play out across cycles. |
Small Cap Russell 2000 Economic Sensitivity Cycles Traditional | |
| 2024 Q4 |
ValueThe fund employs an intrinsic value approach to select holdings, seeking companies significantly undervalued on an absolute basis. At quarter end, the difference between market prices and estimates of intrinsic value was attractive, indicating above-average long-term capital appreciation potential. The fund maintains a long-term investment horizon focused on wealth creation through undervalued opportunities. |
Intrinsic Value Undervalued Long-term Capital Appreciation Valuation |
Small CapsFollowing dramatic outperformance of large-cap stocks over small-cap stocks in recent years, the managers see greater long-term upside to intrinsic value in many small-caps compared to large-caps. The price/earnings multiple of the Russell 2000 Value Index is at a large historical discount compared to the S&P 500 Index, representing a compelling long-term investment opportunity. |
Small-cap Russell 2000 Discount Opportunity Relative Value | |
SemiconductorsThe fund added Onto Innovation, a semiconductor capital equipment manufacturer providing process control solutions for microelectronics manufacturing. The company has benefited from the AI boom, but weakness during the quarter provided an attractive entry point. The fund also sold MaxLinear based on intrinsic value estimation. |
Semiconductor Capital Equipment AI Process Control Entry Point | |
| 2024 Q3 |
ValueThe fund uses an intrinsic value approach to select investments, seeking companies significantly undervalued on an absolute basis. At quarter end, the difference between market price and estimated intrinsic value of holdings was very attractive according to their estimation. Following outperformance of large-cap over small-cap in recent years, they see greater long-term upside to intrinsic value in many small-cap stocks compared to large-cap stocks. |
Intrinsic Value Undervalued Valuation Small Cap Discount |
AIThe fund added Rambus, which designs memory chips and semiconductor products, believing it will benefit long term from increased memory demand related to artificial intelligence. Coherent was highlighted as benefiting from growing awareness of improved growth outlook driven by AI, given that its optical transceivers are key enablers for networking of AI servers. |
Memory Demand Semiconductors Optical Transceivers AI Servers Growth | |
SemiconductorsThe fund holds multiple semiconductor companies including Rambus, Coherent, and MaxLinear. They added Rambus during a short-term industry downcycle, viewing it as an opportunity to purchase below intrinsic value. Coherent benefited from AI-related growth prospects, while MaxLinear detracted due to customer inventory destocking and weak end market demand. |
Industry Downcycle Memory Chips Optical Components Inventory Destocking End Market | |
| 2024 Q2 |
AIThe fund benefits from AI growth through holdings like Coherent, which develops optical transceivers that are key enablers for networking of AI servers. Vistra shares rose due to better outlook for long-term demand driven by the build out of energy-intensive AI data centers. |
Data Centers Optical Networking Infrastructure |
ValueThe fund uses an intrinsic value approach to select investments, seeking companies significantly undervalued on an absolute basis. At quarter end, the difference between market price and estimated intrinsic value of holdings was very attractive, indicating above-average long-term capital appreciation potential. |
Intrinsic Value Undervalued Discount |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jan 30, 2026 | Fund Letters | Jonathan Edwards | CRL | Charles River Laboratories International | Health Care | Life Sciences Tools & Services | Bull | New York Stock Exchange | Biotech-Spending, Cro, drug development, Outsourcing, valuation discount | Login |
| Jan 30, 2026 | Fund Letters | Jonathan Edwards | GMED | Globus Medical | Health Care | Medical Devices | Bull | New York Stock Exchange | Integration-Risk, Medical devices, Orthopedics, recovery, Spine | Login |
| Jan 30, 2026 | Fund Letters | Jonathan Edwards | ARCB | ArcBest | Industrials | Air Freight & Logistics | Bull | NASDAQ | efficiency, Freight-Cycle, Logistics, Ltl-Shipping, operating leverage | Login |
| Jan 30, 2026 | Fund Letters | Jonathan Edwards | GTLB | Chart Industries | Industrials | Industrial Machinery | Bear | New York Stock Exchange | capital recycling, clean energy, M&A, Opportunity-Cost | Login |
| Jan 30, 2026 | Fund Letters | Jonathan Edwards | LITE | Lumentum Holdings | Information Technology | Optical Components | Bull | NASDAQ | AI infrastructure, data centers, margin expansion, Optical-Components, secular growth | Login |
| Sep 30, 2025 | Fund Letters | Invesco Small Cap Value Fund | SAIA | Saia Inc | Industrials | Ground Transportation | Bull | NASDAQ | Cyclical, Freight, Logistics, Ltl, Network expansion, Transportation, Trucking | Login |
| Sep 30, 2025 | Fund Letters | Invesco Small Cap Value Fund | TEX | Terex Corporation | Industrials | Industrial Machinery & Supplies & Components | Bull | NYSE | Aerial Work Platforms, Electric Utility, environmental solutions, Industrial Equipment, manufacturing, Materials Processing, waste management | Login |
| Dec 31, 2024 | Fund Letters | Invesco Small Cap Value Fund | ICLR | ICON plc | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | Biotech, Clinical trials, contract research, Cro, drug development, Healthcare Outsourcing, oligopoly, Pharmaceutical Services, Value | Login |
| Dec 31, 2024 | Fund Letters | Invesco Small Cap Value Fund | ONTO | Onto Innovation Inc. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NYSE | AI, Defect Inspection, manufacturing, Metrology, Microelectronics, process control, semiconductor equipment, Value, Yield Enhancement | Login |
| Dec 31, 2024 | Fund Letters | Invesco Small Cap Value Fund | MSM | MSC Industrial Direct Co., Inc. | Industrials | Trading Companies & Distributors | Bull | NYSE | Cyclical, end markets, Industrial distribution, Maintenance Products, Metalworking, MRO, North America, Value | Login |
| Sep 30, 2024 | Fund Letters | Invesco Small Cap Value Fund | BECN | Beacon Roofing Supply | Capital Goods | Trading Companies & Distributors | Bull | NASDAQ | Building Products, construction, Distributor, North America, Roofing, Value, Weather Impact | Login |
| Sep 30, 2024 | Fund Letters | Invesco Small Cap Value Fund | RMBS | Rambus | Technology Hardware & Equipment | Semiconductors | Bull | NASDAQ | AI, Artificial Intelligence, Cyclical, Global, memory chips, semiconductors, technology, Value | Login |
| Sep 30, 2024 | Fund Letters | Invesco Small Cap Value Fund | QDEL | QuidelOrtho | Health Care Equipment & Services | Health Care Equipment | Bull | NASDAQ | CEO transition, diagnostics, healthcare, Medical devices, operational efficiency, turnaround, Value | Login |
| Jun 30, 2024 | Fund Letters | Invesco Small Cap Value Fund | GL | Globe Life Inc | Financials | Life & Health Insurance | Bull | NYSE | contrarian, Insurance, life insurance, recovery, Regulatory Overhang, Supplemental Health, Value | Login |
| Jun 30, 2024 | Fund Letters | Invesco Small Cap Value Fund | DAVA | Endava plc | Information Technology | IT Consulting & Other Services | Bull | NYSE | Artificial Intelligence, Cloud software, Cyclical, Digitization, IT services, Technology Consulting, UK | Login |
| Jun 30, 2024 | Fund Letters | Invesco Small Cap Value Fund | EPAM | EPAM Systems Inc | Information Technology | IT Consulting & Other Services | Bull | NYSE | cash generation, Digital Platform Engineering, Guidance cut, Software Development, Technology Services, Value | Login |
| TICKER | COMMENTARY |
|---|---|
| COHR | This laser company develops and manufactures optoelectronic components and devices that are key enablers for networking of AI servers. The company reported strong earnings and revenue growth, driven primarily by sustained demand from its AI-related data center and communications markets. |
| MKSI | The company supplies advanced instruments, sub-systems and process-control solutions for semiconductor manufacturing and other industrial uses. The stock's strong performance reflected broad-based AI investment demand and ongoing spending on advanced computing infrastructure. |
| ALGM | Allegro MicroSystems delivered strong returns during the quarter with a 120.81% return, contributing 1.60% to fund performance. |
| SIMO | Silicon Motion Technology Corporation delivered strong returns during the quarter with a 197.46% return, contributing 1.56% to fund performance. |
| TFX | This global medical technology company develops and markets specialty devices used in a variety of health care disciplines. Management's efforts to simplify the business and return capital to shareholders should in our view create an opportunity for valuation improvement. |
| ESAB | This global industrial technology company provides welding, cutting, fabrication and gas-control equipment, consumables and software solutions to customers across industrial end markets. The stock has lagged amid concerns about industrial demand and slower organic growth, but we believe its strong margins, acquisition strategy and cyclical recovery potential create an attractive investment opportunity. |
| JHX | The company is a leading manufacturer of siding, exterior building products and other materials used in residential construction. Housing market softness and concerns about its recent AZEK acquisition appear to have pressured the shares. However, we believe the combination will add to earnings and should give the stock attractive upside potential as housing demand recovers. |
| SEE | This packaging company has been pursuing operational and cost-efficiency initiatives in an effort to improve performance across its food and protective packaging businesses. In April, Sealed Air was acquired by a private investment firm at a premium to its share price. |
| MSM | This leading distributor of industrial tools and maintenance, repair and operations supplies has benefited from improving industrial demand, better sales growth, pricing discipline and profit margin improvement driven by productivity initiatives and cost controls. Following these improvements, we believe further upside is limited so we used the proceeds to fund other opportunities. |
| APA | Shares of the oil and natural gas exploration and production company declined during the quarter. Falling oil prices – driven by the reopening of the Strait of Hormuz and the developing resolution of the US/Iran conflict – appeared to weigh on energy stocks and reduced expectations for commodity-driven earnings growth. |
| AR | The natural gas producer reported strong operating results and production growth, but shares declined amid lower natural gas price expectations and concerns about commodity prices. |
| EQX.TO | Shares declined as investors apparently weighed uncertainty about its proposed acquisition of Orla Mining (not a fund holding) and the associated integration risks, while broader weakness in gold mining equities offset support from higher gold prices. |
| CHRD | Chord Energy Corporation was among the top detractors with an -18.89% return, contributing -0.28% to fund performance. |
| CRC | California Resources Corporation was among the top detractors with a -23.10% return, contributing -0.24% to fund performance. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
|---|---|---|---|---|---|---|
| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| No industry data available | |||
