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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Invesco Discovery Fund outperformed for 2024 through stock selection in technology and healthcare, despite Q4 underperformance. The team maintains constructive 2025 outlook expecting 2.5-3% GDP growth and moderating inflation."
The Invesco Discovery Fund outperformed its benchmark for the full year 2024 despite lagging in Q4, driven primarily by stock selection in information technology and health care sectors. The fund maintains a constructive outlook for US equities in 2025, expecting 2.5-3% GDP growth, moderating inflation, and rising corporate profits. Technology driven innovation continues to create abundant opportunities through investment in premier growth compounders. Key contributors included Astera Labs, which exceeded revenue expectations as customers like NVIDIA and Amazon adopted new products, and Celestica, which won new customers including xAI. The fund added positions in AI-focused companies like Pegasystems and cloud-based solutions providers like CommVault Systems. Detractors included Wingstop due to decelerating comparable store growth and TransMedics from competitive pressures. The portfolio remains overweight information technology, financials and consumer discretionary while underweight health care. Post-election optimism about business-friendly policies and expected increases in M&A activity support the constructive outlook.
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