2021 Investment Outlook A macroeconomic and asset allocation framework - Invesco
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2021 Investment Outlook
A macroeconomic and asset
allocation framework
This document is not for consumer,
public or retail use.
2021 Investment Outlook 01
This document is intended only for Institutional Investors. It is not intended for and should not be distributed to, or relied upon, by the public or retail investors. Please do not redistribute this document. 02 2021 Investment Outlook
Introduction What we have learned thus far
The year 2020 saw the global An economy’s ability to manage the
economy plunged into economic spread of the virus is critical to its
turmoil. Unlike many past crises, economic recovery in the absence of
this one was unique in that it was a vaccine. East Asia – in particular,
not economic in origin but started China, Japan and South Korea – has
as a health crisis. The COVID-19 managed the virus well as a result of
pandemic rapidly impacted the targeted lockdowns and coordinated
economy through lockdowns social efforts. Much of the developed
across the globe, which stymied world and many emerging markets,
economic activity and caused an on the other hand, have struggled to
Kristina Hooper unprecedented destruction of contain the pandemic. This difference
Chief Global Market demand. Given these circumstances, is reflected in economic activity:
Strategist we recognize that the shape of those countries that have effectively
economic growth in the coming year curtailed the virus have been less
is dependent on a wide variety of impacted economically. We must also
factors, including: infection rates, recognize that even in the absence of
fiscal policy, monetary policy, public lockdowns, economic activity can be
health policy including the severity impacted by a rise in infections, which
– or “stringency” – of lockdowns, can impact confidence and result in
progress towards the development behavioral shifts in consumption.
of therapies and a vaccine, and
consumer and business confidence. We have also learned that the
pandemic has disproportionately
To address the breadth of impacted the services industry versus
possibilities that lie ahead in this the manufacturing industry due
environment, we at Invesco brought to social distancing measures and
some of our experienced investment changes in behavior. We expect this
professionals and thought leaders pattern is likely to continue until a
together to create an outlook for vaccine is developed and distributed.
2021 – a base case, an upside
scenario and a downside scenario. This recovery has also demonstrated
Our goal is to provide you with a the importance of policy support
range of possibilities, enabling you to throughout this crisis for both
select the scenario that aligns most economies and markets. Across
closely with your expectations for the the globe, countries have enacted
coming year. To provide a broader significant fiscal spending programs;
perspective we have addressed as a result, the economic recovery
these scenarios on both a global has been relatively strong in a
basis and with respect to specific number of economies. Some
economies – the United States, the economies have run the risk of not
eurozone and China. We begin first providing adequate fiscal stimulus,
with an assessment of the macro especially some emerging markets
outlook, followed by the investment economies.
implications we see tied to see these
conditions. Major central banks around the world
have provided even greater monetary
policy support, undertaking a range
of policies to support economies
including a massive expansion of
their balance sheets through large-
scale asset purchases. In addition
to impacting the economy, this has
had a substantial impact on capital
markets.
03 2021 Investment Outlook
Our Base Case Asset Allocation Recommendations
Our base case scenario projects that the global economy These three scenarios in turn dictate our asset allocation
continues to recover albeit unevenly and at a slower views:
pace. COVID-19 had an extremely negative impact on
the Chinese economy, but its recovery is well underway. In our base case scenario, we expect equities to
We expect China to outperform given its better control outperform fixed income as growth moves above trend,
of the virus, while the US and Eurozone are likely to the global earnings cycle recovers, and risky assets are
experience pauses in their respective re-openings given supported by ample money supply growth. Gradual re-
our expectation of partial lockdowns – although some opening of face-to-face sectors to favor cyclicals, value
fiscal stimulus will continue to support activity. Our and small/mid cap stocks, also supported by attractive
assumption in this scenario is that an effective vaccine valuations and rising bond yields. Improving risk appetite
will be developed and rolled out in the back half of 2021. and a depreciating US dollar drives outperformance in
In this environment, we expect the goods economy will emerging market (EM) equities over developed markets
continue to outpace services earlier in the year until the (DM). Currency and local market valuations favor DM
rollout of a vaccine in the second half of 2021, when ex-US over US equities, supported also by cyclical
services rebounds more robustly. outperformance in 2021 and a rotation away from
growth into value sectors and regions. In fixed income,
Our Upside Case: “V” for Accelerated Vaccine we believe credit markets have room for additional spread
compression and may offer attractive risk-adjusted returns.
In this scenario, the global economic recovery is Global yield curves may steepen with gradually rising
more robust, led by China but with other economies bond yields but remain well-anchored by asset purchase
participating more quickly due to the development and programs and low inflation expectations. Real assets are
distribution of a vaccine in the first half of 2021. We also expected to do well with low and stable inflation.
assume greater fiscal stimulus in this scenario affords a
faster recovery. In our upside scenario, we would take a more ‘risk
on’ approach, expecting equities to more dramatically
Our Downside Case: Double-Dip outperform fixed income. Given our assumption that a
vaccine will be developed more quickly, we would expect
In this scenario, we assume multiple waves of the virus cyclicals, value and small/mid cap stocks to begin to
which are difficult to control, requiring renewed national perform well earlier in 2021.
lockdowns in many countries and weighing down the
global economy. In this scenario, we assume fiscal and In our downside scenario, we would take a more ‘risk
monetary stimulus is too slow and inadequate as the off’ approach, expecting fixed income to outperform
political will and fiscal space for these policy actions equities. Within equities, we would favor defensives,
prove to be less than in 2020. given our expectation that it will take longer for the
development of a vaccine. Within fixed income, we would
favor US Treasuries, credit and longer duration bonds.
In this environment, we would favor the US dollar versus
other currencies.
2021 Investment Outlook 04Figure 1A
An Overview of the The Developed World Lags in Virus Control; 2nd Wave in Full Force
Pandemic: The Totals South Africa Americas Asia Pacific
Population-adjusted sums China Europe Middle East
reveal the extent of the spread Feb Mar Apr May Jun Jul Aug Sep Oct Nov
of virus
7-Day Average Daily Confirmed Cases Per 100,000
50
This crisis, unlike most others that
ne
Eurozo
have occurred in the past, is not 40
economic in origin. Lockdowns and
the behavioral shifts in consumption
a
– both from households and
ric
30
Af
businesses – will stunt any recovery,
h
UK
ut
and the main factor that defines
So
these effects is the degree of the Br
az
il
spread of the virus. 20
Until the virus abates, we expect
the economic recovery from the 10 US
COVID-19 pandemic to progress in
ina
fits and starts. Ch Ind
ia
Japan
0
Sources: Invesco, JHU CSSE COVID-19 Data, as of 15 November 2020. Population data is from
OurWorldinData.
Figure 1B
Second Wave Death Toll Lower, but Still a Threat
South Africa Americas Asia Pacific
China Europe Middle East
Feb Mar Apr May Jun Jul Aug Sep Oct Nov
1.4
7-Day Average Deaths Per 100,000
UK
1.2
1.0
0.8
ne
Eurozo
0.6
Brazil
0.4
ric h
US
Af out
a
S
0.2 ina
Ch India
0.0
Japan
Sources: Invesco, JHU CSSE COVID-19 Data, as of 15 November 2020. Population data is from
OurWorldinData.
05 2021 Investment OutlookUntil COVID-19 Abates, “Normal” Activity Likely to be Depressed
Using measures of the movement of people as a demand proxy indicates a large gap from normal
We look to high frequency indicators of demand to gauge the progression of the recovery. Here, we highlight mobility as an
approximation of the gap between current and “normal” activity, especially in industries requiring face-to-face interactions.
Figure 2
Developed Markets DM EM excl. China United States
100 100 100
Index January 1 = 100
75 -21% 75 -14% 75 -21%
50 50 50
25 25 25
May
May
Aug
Aug
May
Aug
Nov
Nov
Mar
Mar
Jun
Jun
Nov
Mar
Sep
Sep
Jun
Apr
Apr
Sep
Apr
Oct
Oct
Feb
Feb
Oct
Feb
Jul
Jul
Jul
Eurozone United Kingdom Japan
100 100 100
Index January 1 = 100
-8%
75 75 75
-27%
-36%
50 50 50
25 25 25
May
Aug
Nov
Mar
Jun
Sep
Apr
Oct
Feb
May
May
Aug
Aug
Jul
Nov
Nov
Mar
Mar
Jun
Jun
Sep
Sep
Apr
Apr
Oct
Oct
Feb
Feb
Jul
Jul
South Korea India Brazil
Index January 1 = 100
100 100 100
+0%
+0%
75 75 -14% 75
50 50 50
25 25 25
May
May
Aug
Aug
Nov
Nov
May
Mar
Mar
Jun
Jun
Aug
Sep
Sep
Nov
Apr
Apr
Mar
Jun
Sep
Oct
Oct
Feb
Feb
Apr
Oct
Feb
Jul
Jul
Jul
Canada
100
Index January 1 = 100
75
-24%
50
25
May
Aug
Nov
Mar
Jun
Sep
Apr
Oct
Feb
Jul
The 7-Day Average Mobility is the Google mobility trends indices. These show how visits and length of stay at different places vary compared to a 100 basis, measured as
the median value for the corresponding day of the week, during the 5-week period 3 Jan to 6 Feb 2020. The “average” above is the simple average of retail & recreation,
workplace, transit stations, and grocery & pharmacy series. “Eurozone”, “Developed Markets” and “EM excl. China” are the mobility indices for each country, weighted
according to their 2019 GDP. Sources: Google, MSCI, Macrobond and Invesco. As of 15 November 2020. Mobility data published with a one-week lag.
2021 Investment Outlook 06Figure 3
Reimposition of Lockdowns
Impacts Services More Than Manufacturing Services
Manufacturing
Purchasing managers indices US – Goods economy has fared relatively well
signal that services suffer first
Jan Feb Mar Apr May Jun Jul Aug Sep Oct
and most
60
The recovery to date has largely 55
played out in the goods economy 50
much more than in services, as
consumers can carry on with 45
purchases from home while other 40
activities requiring face-to-face 35
interactions, such as leisure and
travel, are more challenging to 30
resume. 25
20
15
China – Short & sharp hits to activity
Jan Feb Mar Apr May Jun Jul Aug Sep Oct
60
55
50
45
40
35
30
25
20
15
Eurozone – Dramatic hits to services economy
Jan Feb Mar Apr May Jun Jul Aug Sep Oct
60
55
50
45
40 Resurgence of
virus pulls service lower
35
30
25
20
15
Sources: Invesco, JHU CSSE COVID-19 Data, as of 15 November 2020. Population data is from
OurWorldinData.
07 2021 Investment Outlook2020 Fiscal Easing Far Outstrips 2009, Supporting Recovery
However, amount varies across regions, pointing to divergent growth
Investors fearful of the current macro environment would do well to look to policy as a guide to the rapid bounceback in
markets.
Countries across the globe have enacted outsize fiscal spending programs to carry economies through the virus, far surpassing
the actions undertaken in the Global Financial Crisis.
Figure 4
Fiscal Support by G20 Members as % of National GDP
2009 2020
US 6 14
Canada 3 10
UK 2 7
Germany 4 8
France 1 6
Italy 5 5
Japan 2 13.7
Australia 4 7
China 8 4
India 4 6
S. Korea 4 10
Indonesia 3 4
Russia 2 3
Turkey 6 5
Saudi Arabia 11 3
S. Africa 4 10
Brazil 1 8
Mexico 1 1
Argentina 3 5
World 1.9 4.2
Sources: IMF Policy Tracker, IMF GDP Data, Atlantic Council, DE Data Wrapper, Invesco. Calculations based on data at various national release and announcement dates,
and Atlantic Council as of 26 July 2020. 2009 based on IMF, Eurostat and G20 data. NB: Calculations exclude deferrals and guarantees; include discretionary fiscal support
programs (aside from “automatic stabilizers”); announced and implemented programs -- all scaled against 2008 and 2019 GDP, respectively. The “World” aggregate
represents G20 nations – G20 comprises 19 major economies plus the EU.
2021 Investment Outlook 08Monetary Policy in the Driver’s Seat
Emergency monetary programs are pumping cash into banks
In addition to the large fiscal policy support that governments have put forward, major central banks are also
undertaking a range of policies to support economies.
As part of this, central banks have resumed their balance sheet expansions via large-scale asset purchases.
This additional cash in banks has helped ease financial conditions to support economic activity.
Figure 5
Substantial Large-Scale Asset Purchases Will Likely Support Recovery
Major Central Bank Balance Sheets, Total Assets
Fed BoJ ECB BOE
2008 2010 2012 2014 2016 2018 2020
Billions USD
25,000
Since March, +$7.3T in balance sheet assets
20,000
15,000
ECB: +$2.7T
10,000
BoJ: +$1.2T
5,000
Fed: +$2.9T
Sources: Federal Reserve (Fed), European Central Bank (ECB), Bank of England (BoE), Bank of Japan (BoJ), as of 9 November 2020.
09 2021 Investment OutlookBroad Money Growth Has Surged Across the Developed World
If not curtailed, this will raise spending and later inflation
A recent dramatic uptick in money supply has stoked inflation fears.
The US outpaces developed market peers – but all are up substantially.
Figure 6
Money Supply Growth across Major Developed Economies, % yoy
US Euro area Japan UK
2007 2009 2011 2013 2015 2017 2019
25
US
24.1
20
15
Euro area
11.6
10 9.8
UK
9.0
5
Japan
0
-5
Sources: Refinitiv, US Federal Reserve (M2), European Central Bank (M3), Bank of Japan (M2), Bank of England (M4x), as of 28 October 2020.
2021 Investment Outlook 10Figure 7
Implications for World GDP
Our base, upside and downside Base Upside Downside
scenarios for 2021 call for a Q4 Q2 Q4 Q2 Q4
policy-fueled recovery, led by 2019 2020 2020 2021 2021
China
110
105
100
95
90
85
Source: Invesco assumptions, with historical data provided by national governments.
Base Case…
• China outperforms. US and Eurozone pause their reopening with partial
lockdowns, while fiscal and monetary policy continue to support activity.
• Manufacturing continues to lead, while a recovery in service sectors
transpires, assuming a vaccine is rolled out broadly in H2 2021.
“V” for Accelerated Vaccine…
• In our assessment of upside risks, we assume a vaccine is approved early
and broadly in use in H1 2021, driving a faster recovery.
• We also incorporate further expansionary fiscal policy actions.
Double-Dip…
• Downside risks include severe secondary waves, requiring renewed
national lockdowns in many countries.
• Concurrently, the benefits of fiscal and monetary support are delayed as
in during the first wave.
• Political will and fiscal space for these policy actions proves to be less than
in 2020.
11 2021 Investment OutlookThe Upside and Downside Risks for Major Economies
We anticipate that the US and Europe will recover in fits and starts, while China begins the year on strong
footing
US Figure 8A
Base Upside Downside
Base Case – The current resurgence of the
virus slows reopening and dampens spending
but proves to be short-lived. Reopening Q4 Q2 Q4 Q2 Q4
resumes in Q2/Q3 aided by further fiscal 2019 2020 2020 2021 2021
support. Confidence is aided by the rollout of 115
a vaccine in H2 2021.
110
“V” for Vaccine – Renewed fiscal support 105
and a vaccine rollout in H1 2021 enable 100
comprehensive reopening and rapid recovery.
95
Double-Dip – Multiple waves require extensive 90
lockdowns amid insufficient fiscal support.
A vaccine is not available through the entirety 85
of the forecast period. 80
China Figure 8B
Base Case – China continues to exert strong Base Upside Downside
control over the pandemic. The growth
recovery becomes self-sustaining enabling Q4 Q2 Q4 Q2 Q4
policy support to fade. Global trade lags the 2019 2020 2020 2021 2021
domestic demand recovery.
115
“V” for Vaccine – China’s vaccination strategy 110
proves effective strengthening the consumption 105
and services rebound. International relations
and geopolitical tensions – and with it, trade 100
frictions – improve meaningfully. 95
Double-Dip – Geopolitical tensions escalate. 90
The pandemic continues to be well-controlled 85
but remains a threat. Net trade takes a
substantial hit; foreign investment also suffers. 80
Eurozone
Figure 8C
Base Case – Resurgence of virus, proliferating
Base Upside Downside
targeted lockdowns halt the recovery over the
winter. Growth resumes with re-openings from
Q2 and a vaccine in H2. Q4 Q2 Q4 Q2 Q4
2019 2020 2020 2021 2021
“V” for Vaccine – The second wave is brought 115
under control in Q4 2020, allowing easing of
lockdowns through Q1 2021. Strong fiscal 110
policy response and an early vaccine available 105
in H1 2021.
100
Double-Dip – Multiple waves of the virus return 95
with renewed, extensive lockdowns. Risks of 90
financial stress in the Eurozone rise. A vaccine
is not available through the entirety of the 85
forecast period. 80
Source: Invesco assumptions, with historical data provided by national governments.
2021 Investment Outlook 1213 2021 Investment Outlook
Asset allocation perspective
Invesco Investment Solutions – Tactical Asset Allocation: Macro Framework
• As of Q4 2020, the world economy and all its major regions are in a recovery regime. However, a strong second
wave of Covid-19 infections increases the likelihood that Europe, and potentially the US, may experience a double-
dip contraction given selective lockdowns in parts of the economy. China has led the recovery in 2020.
• In our base case scenario we expect the world economy and all its major regions to move into an expansion
regime by the end of 2021. Europe should experience a stronger rebound, especially versus its trend growth rate,
as a result of slower growth in Q4 2020. China expected to converge to its trend growth rate.
Figure 9
ion Slo
ns wd
pa ow
Ex n
Level of Growth
4Q21
Trend growth rate
nt
Co
v er y ra
c
Reco tio
n
4Q20
Source: Invesco Investment Solutions’ proprietary global business cycle framework mapping GMS and IFI scenario projections. For illustrative
purposes only.
15 2021 Investment OutlookInvesco Investment Solutions – Tactical Asset Allocation: Macro Framework
• In the medium term, asset prices are strongly influenced by the prevailing macro regime. Asset classes, and their
risk premia, perform differently in different stages of the business cycle.
• Mapping our three macro scenarios into a macro regime framework can help guide tactical asset allocation
decisions and support the analysis of current developments with an historical perspective.
Figure 10
Global Cycle: historical excess returns across asset classes
• Risky credit has led in recoveries, while equities have led in expansions.
• Returns across asset classes have experienced convergence in slowdown regimes.
• Government bonds and safe assets have outperformed in contractions.
Equities High Yield Bank Loans Investment Grade Government Bonds
Credit has led Government bonds have
Slo
(meaningful spread
ion wd been top performers
compression) followed ans ow
p n
Ex
by equities
17.6
12.3 11.9
7.5 7.8
7.4
5.5 5.2 5.0
4.5 4.2 4.0
2.4 2.9
1.7 1.9
-2.1 -2.0
-1.3 C on
y -6.2 tr
er ac
c ov tio
Re n
Equities: top performer Convergence of returns
through earnings growth amongst asset classes
Credit: Harvesting income Government bonds have
over gov’t bonds, limited led in risk-adjusted terms
spread compression
Source: Invesco Investment Solutions’ proprietary global business cycle framework and Bloomberg L.P. Index return information includes back-tested data.
Returns, whether actual or back-tested, are no guarantee of future performance. Annualized monthly returns of the defined risk premia from January 1973
– October 2020, or since asset class inception if at later date. Asset classes excess returns defined as follows: Equities = MSCI ACWI - US T-bills 3-Month, High
Yield = Bloomberg Barclays HY - US T-bills 3-Month, Bank loans = Credit Suisse Leveraged Loan Index – US T-bills 3-Month, Investment Grade = Bloomberg
Barclays US Corporate - US T-bills 3-Month, Government bonds = US Treasuries 7-10y - US T-bills 3-Month. For illustrative purposes only. Past performance is
not a guarantee of future results. An investment cannot be made in an index.
2021 Investment Outlook 16Invesco Investment Solutions – Tactical Asset Allocation
Investing within the business cycle
Base case:
• Equities expected to outperform fixed income as growth moves above trend, the global earnings cycle recovers, and risky
assets are supported by ample money supply growth. Gradual re-opening of face-to-face sectors to favor cyclicals, value
and small/mid cap stocks, also supported by attractive valuations and rising bond yields. Improving risk appetite and a
depreciating US dollar to drive outperformance in EM equities over developed markets. Currency and local market valuations
favoring DM ex-US over US equities, also supported by cyclical outperformance in 2021, and a rotation away from growth
into value sectors and regions.
• In fixed income, credit markets have room for additional spread compression and may offer attractive risk-adjusted returns.
Global yield curves may steepen with gradually rising bond yields but remain well-anchored by asset purchase programs and
low inflation expectations. Real assets are expected to do well with low and stable inflation.
Figure 11
Relative Tactical Asset Allocation Positioning: Three Scenarios Upside Base Downside
Below avg model Neutral Above avg model
portfolio risk portfolio risk
Fixed Income Equities
US DM ex-US
DM EM
Defensives Cyclicals
Growth Value
Large cap Small cap
Government Credit
Quality credit Risky credit
Short duration Long duration
US Treasuries DM ex-US govt*
US dollar Non-USD FX
*Hedged
Source: Invesco Investment Solutions, September 2020. For illustrative purposes only.
17 2021 Investment OutlookInvesco Investment Solutions
– Tactical Asset Allocation
Investing in Fixed Income*
Figure 12A
• For our base and upside scenarios, Absolute Tactical Asset Allocation Upside Base Downside
we anticipate that continued Positioning: Three Scenarios
economic expansion, positive
fundamentals and accommodative Underweight Neutral Overweight
policies will continue to generate
positive credit conditions over the
next year, though returns may be Investment Grade
limited by continued tight spreads.
High Yield
• In the downside double-dip
economic scenario, tight valuations Emerging Market
would contribute to negative
outcomes, particularly for lower Municipals
quality credit and EM due to a
related uptick in default losses. Bank Loans
*Source: Invesco Fixed Income
Investing in Equities**
Figure 12B
• Across scenarios, our sector Absolute Tactical Asset Allocation Upside Base Downside
allocations are a by-product of our Positioning: Three Scenarios
factor/style allocations.
Underweight Neutral Overweight
• In our base case scenario, we
expect a rotation in favor of
traditional cyclical sectors, which
Industrials
should benefit from a gradual
re-opening of face-to-face sectors, Materials
attractive valuations and rising
bond yields. Energy
• In the upside scenario, the cyclical Consumer
theme would be further boosted Discretionary
by additional infrastructure
spending. In the downside Information
scenario, a return to technology, Technology
healthcare and communication Communication
services is likely to prevail. Services
Healthcare
Consumer Staples
Financials
Real Estate
Utilities
**Source: Invesco Investment Solutions
2021 Investment Outlook 18Invesco Investment Solutions
– Tactical Asset Allocation
Investing in Commodities*
Figure 13A
• Precious metals should benefit Absolute Tactical Asset Allocation Upside Base Downside
from anticipated continued low Positioning: Three Scenarios
real yields and the potential for
inflation and dollar weakness. The Underweight Neutral Overweight
tightening supply/demand balance
for Industrial metals should
continue into 2021. Precious Metals
• Energy markets still face Industrial Metals
substantial excess inventory but
suppliers have already reduced Energy
capex substantially. Agricultural
markets should benefit from likely Agriculture
increases in Chinese demand and
potential weather challenges. *Source: Invesco Systemic & Factor Investing team
Investing in Alternatives**
Figure 13B
• In our base and upside scenarios Absolute Tactical Asset Allocation Upside Base Downside
we are constructive on Positioning: Three Scenarios
opportunistic strategies poised
to take advantage of recent Underweight Neutral Overweight
dislocations, including distressed
credit and value add real estate.
Private Equity
• In our downside scenario, we favor Large Buyout
credit strategies that are more
senior in the capital structure as Growth/Venture
well as hedge fund strategies with
low correlations to the overall Private Credit
market.
Direct Lending
• Growth and venture categories
are expected to continue to Distressed
outperform across a range of
macroeconomic scenarios. Real Estate
Core
Value Add /
Opportunistic
Infrastructure
Core/Core+
Hedge Funds
**Source: Invesco Investment Solutions. Alternatives tactical asset valuations represent our view of which asset
classes are likely poised to outperform over an approximate 3-5-year timeframe.
19 2021 Investment OutlookImportant Information
This document is intended only for Institutional This document may contain statements that are not
Investors. It is not intended for and should not be purely historical in nature but are “forward-looking
distributed to, or relied upon, by the public. statements.” These include, among other things,
projections, forecasts and estimates. These forward-
This document is marketing material and is not intended looking statements are based upon certain assumptions,
as a recommendation to invest in any particular asset some of which are described herein. Actual events are
class, security or strategy. Regulatory requirements that difficult to predict and may substantially differ from
require impartiality of investment/investment strategy those assumed. All forward-looking statements included
recommendations are therefore not applicable nor herein are based on information available on the date
are any prohibitions to trade before publication. The hereof and Invesco assumes no duty to update any
information provided is for illustrative purposes only, it forward-looking statement. Accordingly, there can be no
should not be relied upon as recommendations to buy or assurance that estimates or projections can be realized,
sell securities. The opinions expressed are those of the that forward-looking statements will materialize or that
author, are based upon current market conditions, may actual returns or results will not be materially lower than
differ from those of other investment professionals, are those presented.
subject to change without notice and are not to be
construed as investment advice. This document is not an invitation to subscribe for shares
in a fund nor is it to be construed as an offer to buy or
This document contains general information only and sell any financial instruments. As with all investments,
does not take into account individual objectives, taxation there are associated inherent risks. This document is by
position or financial needs. This should not be way of information only.
considered a recommendation to purchase any
investment product. This does not constitute a Asset management services are provided by Invesco
recommendation of any investment strategy for a in accordance with appropriate local legislation and
particular investor. Investors should consult a financial regulations.
professional before making any investment decisions if
they are uncertain whether an investment is suitable for By accepting this document, you consent to
them. Please obtain and review all financial material communicate with us in English, unless you inform us
carefully before investing. By accepting this document, otherwise.
you consent to communicate with us in English, unless
you inform us otherwise. Neither Invesco Ltd. nor any of Investment strategies involve numerous risks. The
its member companies guarantee the return of capital, calculations and charts set out herein are indicative only,
distribution of income or the performance of any fund or make certain assumptions and no guarantee is given that
strategy. future performance or results will reflect the information
herein. Past performance is not a guarantee of future
performance.
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