Invesco Charter Fund Q2 2024 Review

seekingalpha08-14

Invesco Charter Fund's Class A shares at net asset value (NAV) returned 3.65% for the quarter, outperforming the Russell 1000 Index, which returned 3.57%.There was no significant change to the fund’s ...

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SawitreeLyaon/iStock via Getty Images Key takeaways   The fund outperformed its benchmarkOutperformance mainly resulted from stock selection in the information technology ('IT'), health care and financials sectors. Weaker stock selection in the communication services, consumer discretionary and real estate sectors partially offset these results.   Portfolio activityThere was no significant change to the fund’s overall positioning during the quarter as we sought to keep most sector, factor and other macro-related exposures similar to the Russell 1000 Index.   S&P 500 Index delivered solid gainsThe S&P 500 Index (SP500, SPX) returned 4.28% in the second quarter as larger cap growth stocks, mainly related to Artificial Intelligence ('AI'), rallied while other market segments declined. IT, communication services and utilities had gains; most other sectors were flat or negative.   Manager perspective and outlook Equity performance diverged in the second quarter as stocks related to AI continued to rally, while other market segments declined. The S&P 500 Index returned 4.28% with IT, communication services and utilities delivering gains while most other sectors were flat or negative. Materials, industrials and energy had the lowest returns for the quarter. Stubbornly high inflation sent stocks broadly lower in April amid worries the US Federal Reserve (Fed) might be forced to keep interest rates higher for longer. However, in May and June, stocks rallied in response to evidence of cooling inflation. Consumer Price Index (CPI) and Gross Domestic Product (GDP) data both came in below expectations, suggesting to us the US economy was finally slowing. Nonfarm payrolls also appeared to moderate and the unemployment rate was largely unchanged at 4.0%. As expected, the Fed’s June meeting produced no change to the federal funds rate, and meeting minutes suggested the committee anticipates just one rate cut in 2024 as inflation has remained higher than its 2% target. Regardless of market sentiment and near-term economic trends, our investment process favors better-managed companies with strong balance sheets and competitive positioning. We seek to outperform through stock selection while minimizing any top-down macro, factor and sector exposures relative to the index. Portfolio positioning We maintain our valuation discipline and our focus on companies with competitive advantages and skilled management teams that we believe are executing better than their peers. These companies historically tend to have higher profit margins and returns on invested capital, rising market shares and consistently strong pricing power. As of quarter end, all sector weights were within +/- 3% of the Russell 1000 Index. The largest additions to the fund during the quarter included the following companies: Sanofi (SNY) is a leading pharmaceutical and health care company that has benefited from a strong demand pipeline and an attractive pricing outlook for its products. PPL (PPL) is in our view a well-positioned utility with a healthy balance sheet relative to its peers and stands to benefit from data center growth in its service area. MongoDB (MDB) is a next generation provider for AI-driven databases, and we expect the company to evolve into a tollkeeper in that space over time. The largest positions sold during the quarter included the following companies: Autodesk (ADSK) has faced scrutiny about its accounting practices. We sold it to invest in other stocks in the IT sector that we believe have better risk-reward profiles. WEC Energy (WEC) faces uncertainty about upcoming court decisions that could affect rates and disallow already incurred capital expenditures. We sold the company in favor of other utilities companies. Gilead Sciences (GILD) was sold because of increased competition in its products and disappointing trial data for its lung cancer drug, Trodelvy. Amdocs (DOX) has seen its organic growth stall as some discretionary projects have been delayed and key clients appear to have kept their budgets tight. Tesla involves substantial near-term risks related to global demand and trade challenges. Meanwhile, upcoming new products may have lower gross profit margins and potential future revenue sources like robotaxi services may take years to develop. Top issuers (% of total net assets)     Fund Index   Microsoft Corp (MSFT) 8.39 6.70   NVIDIA Corp (NVDA) 7.44 5.91   Amazon.com Inc (AMZN) 5.20 3.51   Apple Inc (AAPL) 5.08 6.19   Alphabet Inc (GOOG,GOOGL) 3.81 4.03   Meta Platforms Inc (META) 3.11 2.25   JPMorgan Chase & Co (JPM) 2.82 1.18   Eli Lilly & Co (LLY) 2.30 1.54   Procter & Gamble Co/The (PG) 2.04 0.78   Chevron Corp (CVX) 1.88 0.54  As of 06/30/24. Holdings are subject to change and are not buy/sell recommendations. \nClick to enlarge Sector breakdown (% of total net assets)    Top industries (% of total net assets)    Performance highlights The fund’s Class A shares (MUTF:CHTRX) at net asset value (NAV) returned 3.65% for the quarter, outperforming the Russell 1000 Index, which returned 3.57%. The fund’s outperformance mainly resulted from stock selection in IT, health care and financials. Weaker stock selection in communication services, consumer discretionary and real estate partially offset these results. Contributors to performance NVIDIA reported another strong quarter and commented that AI-related demand should remain durable for the foreseeable future given the backlog of existing products and upcoming launches of new products. Dell Technologies (DELL) outperformed as it has had rapid growth in its AI server business due to continued demand for AI-optimized servers. Dell is in our view well-positioned to benefit from continued growth, including from its large enterprise customer base. Dell has reported a strong order backlog and AI leaders like NVIDIA have confirmed sustained GPU (graphics processing unit) demand. Applied Materials (AMAT) continued to see solid demand and provided a positive outlook as China-related concerns appear to have eased. Semiconductor end-market spending appears to have bottomed, and investors appear to be now looking for a resumption in wafer fab equipment spending, potentially leading to a resumption in revenue and earnings-per-share ('EPS') growth. Detractors from performance Zimmer Biomet (ZBH) reported first quarter earnings that exceeded analysts’ expectations, but investors appeared disappointed with results in its core business of hip and knee replacements. The company also announced a distribution agreement for a miniature robotic system used in ambulatory surgery centers, which some investors appeared to view as moving away from its existing robotic platform. MongoDB (MDB) reported disappointing results as both new customer additions and growth within its installed base had slower starts for its fiscal year. The pressure appeared to be macroeconomic related, similar to commentary from multiple software vendors. LKQ (LKQ), a leading auto parts distributor, underperformed as a period of lower collision volumes affected revenue and earnings, while the company also dealt with elevated costs due to a German labor strike that required workarounds to serve customers. Top contributors (%)   Issuer Return Total effect   NVIDIA Corporation 36.74 0.57   Dell Technologies Inc. 21.32 0.16   Intel Corporation (INTC) 0.00 0.13   Berkshire Hathaway Inc. (BRK.A, BRK.B) 0.00 0.11   Applied Materials, Inc. 14.64 0.11  \nClick to enlarge Top detractors (%)   Issuer Return Total effect   Zimmer Biomet Holdings, Inc. -17.59 -0.30   MongoDB, Inc. -31.11 -0.24   LKQ Corporation -21.60 -0.24   Lowe's Companies, Inc. (LOW) -13.05 -0.22   Prologis, Inc. (PLD) -13.01 -0.22  \nClick to enlarge       Quarter YTD 1 Year 3 Years 5 Years 10 Years Since inception   Class A shares (CHTRX) inception: 11/26/68 NAV 3.65 15.25 21.16 7.27 12.19 8.25 10.61     Max. Load 5.5% -2.05 8.90 14.49 5.27 10.92 7.63 10.50   Class R6 shares (MUTF:CHFTX) inception: 09/24/12 NAV 3.68 15.36 21.54 7.61 12.57 8.66 10.44   Class Y shares (MUTF:CHTYX) inception: 10/03/08 NAV 3.69 15.35 21.45 7.53 12.47 8.52 9.67   Russell 1000 Index ('USD')   3.57 14.24 23.88 8.74 14.61 12.51 -   Total return ranking vs. Morningstar Large Blend category (Class A shares at NAV)   - -  63% (937 of 1417)   68% (930 of 1304)   74% (905 of 1197)   95% (853 of 893)  -  \nClick to enlarge  Expense ratios per the current prospectus: Class A: Net: 1.03%, Total: 1.03%; Class R6: Net: 0.69%, Total: 0.69%; Class Y: Net: 0.78%, Total: 0.78%. Performance quoted is past performance and cannot guarantee comparable future results; current performance may be lower or higher. Visit Country Splash for the most recent month-end performance. Performance figures reflect reinvested distributions and changes in net asset value (NAV). Investment return and principal value will vary so that you may have a gain or a loss when you sell shares. Returns less than one year are cumulative; all others are annualized. Performance includes litigation proceeds. Had these proceeds not been received, total return would have been lower Index source: RIMES Technologies Corp. Had fees not been waived and/or expenses reimbursed in the past, returns would have been lower. Performance shown at NAV does not include the applicable front-end sales charge, which would have reduced the performance. Class Y and R6 shares have no sales charge; therefore performance is at NAV. Class Y shares are available only to certain investors. Class R6 shares are closed to most investors. Please see the prospectus for more details. For more information, including prospectus and factsheet, please visit Invesco.com/CHTRX Not a Deposit Not FDIC Insured Not Guaranteed by the Bank May Lose Value Not Insured by any Federal Government Agency \nClick to enlarge  Original Post Editor's Note: The summary bullets for this article were chosen by Seeking Alpha editors.Editor's Note: This article discusses one or more securities that do not trade on a major U.S. exchange. 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