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Core Viewpoint - Invesco closed-end funds have declared dividends for various funds, with specific details on dividend amounts and changes from prior distributions. Dividend Declaration - The ex-date and record date for the dividends is set for January 15, 2026, with the payable date on January 30, 2026 [2] - The dividends per share for selected funds include: - Invesco Advantage Municipal Income Trust II (VKI): $0.0559 - Invesco Bond Fund (VBF): $0.0700, a decrease of $0.0015 or 2% from prior distribution - Invesco California Value Municipal Income Trust (VCV): $0.0646 - Invesco High Income Trust II (VLT): $0.0940 - Invesco Municipal Income Opportunities Trust (OIA): $0.0291 - Invesco Municipal Opportunity Trust (VMO): $0.0625 - Invesco Municipal Trust (VKQ): $0.0628 - Invesco Pennsylvania Value Municipal Income Trust (VPV): $0.0667 - Invesco Quality Municipal Income Trust (IQI): $0.0631 - Invesco Senior Income Trust (VVR): $0.0380 - Invesco Trust for Investment Grade Municipals (VGM): $0.0646 - Invesco Trust for Investment Grade New York Municipals (VTN): $0.0685 - Invesco Value Municipal Income Trust (IIM): $0.0771 [2] Tax Reporting - Form 1099-DIV will report distributions for federal income tax purposes, and each fund's annual report will include information regarding the tax character of distributions for the fiscal year [3] - The final determination of the source and tax characteristics of all distributions in 2026 will be made after the end of the year [4] Shareholder Communication - Each fund will provide shareholders with a Section 19 Notice disclosing the sources of its dividend payment when a distribution includes anything other than net investment income [4] - This notice is for informational purposes only and can be found on the fund's website [4] Company Overview - Invesco Ltd. is a global independent investment management firm managing $2.1 trillion in assets as of September 30, 2025, with a presence in over 20 countries [6]

Core Viewpoint - Invesco is an independent investment management firm focused on enhancing the investment experience for individuals [1] Group 1 - Invesco emphasizes the importance of understanding investment objectives, risks, charges, and expenses before making investment decisions [1] - The firm provides educational information but does not offer specific investment recommendations or tax advice [1] - Invesco's opinions are based on current market conditions and may change without notice, indicating a dynamic approach to investment management [1] Group 2 - Invesco Distributors, Inc. serves as the US distributor for Invesco Ltd.'s retail products and collective trust funds [1] - The company operates through various affiliated investment advisers that provide advisory services without selling securities [1] - Invesco Unit Investment Trusts are distributed by Invesco Capital Markets, Inc. and other broker-dealers, highlighting the firm's extensive distribution network [1]

Core Viewpoint - Invesco is an independent investment management firm focused on enhancing the investment experience for individuals [1] Group 1 - Invesco emphasizes the importance of understanding investment objectives, risks, charges, and expenses before making investment decisions [1] - The firm provides educational content but does not offer specific investment recommendations or tax advice [1] - Invesco's opinions are based on current market conditions and may change without notice, indicating a dynamic approach to investment management [1] Group 2 - Invesco Distributors, Inc. serves as the US distributor for Invesco Ltd.'s retail products and collective trust funds [1] - The company operates through various affiliated investment advisers that provide advisory services without selling securities [1] - Invesco Unit Investment Trusts are distributed by Invesco Capital Markets, Inc. and other broker-dealers, highlighting the firm's extensive distribution network [1]

Group 1 - The core viewpoint is that China tech stocks are facing significant challenges due to regulatory anxiety, trade tensions, and fears of economic slowdown during 2024 and early 2025 [1] Group 2 - Regulatory anxiety has been a persistent issue affecting investor confidence in the tech sector [1] - Trade tensions have further complicated the operational landscape for tech companies in China [1] - Economic slowdown fears are contributing to a cautious outlook for the industry, impacting growth prospects [1]

Core Viewpoint - Invesco is an independent investment management firm focused on enhancing the investment experience for individuals [1] Group 1 - Invesco offers expert investment views through its US Blog, encouraging individuals to stay informed [1] - The firm emphasizes the importance of reading the prospectus and considering investment objectives, risks, charges, and expenses before investing [1] - Invesco does not provide tax advice and highlights the complexity and variability of federal and state tax laws [1] Group 2 - The opinions expressed by Invesco's authors are based on current market conditions and may change without notice [1] - Invesco's investment advisory services are provided by affiliated investment advisers, and they do not sell securities [1] - Invesco Unit Investment Trusts are distributed by Invesco Capital Markets, Inc., and other broker-dealers [1]

Core Insights - The NIFTY 50 Index has increased by over +10% year-over-year, while the Invesco India ETF (PIN) has underperformed, declining by -7% in 2025 [1] - The Invesco India ETF has also underperformed compared to the S&P 500 [1] Investment Philosophy - The investment approach focuses on long-term value investing, emphasizing rational decision-making and downside protection [1] - The analysis aims to provide clear, research-based insights to help investors understand valuation, fundamentals, and risk [1]

Core Insights - Invesco (IVZ) stock has shown remarkable performance in 2025, with a 53.5% increase, significantly outperforming the S&P 500 index's growth of 20.1% and the asset management industry's decline of 10.9% [1][8] - Compared to peers, Invesco has outperformed T. Rowe Price (TROW), which saw a 7.6% decline, and Franklin Resources (BEN), which gained 20.2% [2][8] Performance Metrics - Invesco's total assets under management (AUM) have experienced a compound annual growth rate (CAGR) of 8.5% over the past five years, despite a decline in 2022 [5][8] - As of September 30, 2025, passive products made up 47.4% of Invesco's total AUM, reflecting the company's strategic focus on this growing segment [6][8] Strategic Initiatives - In April 2025, Invesco partnered with MassMutual's subsidiary, Barings, to enhance its private credit offerings [9] - The company is seeking shareholder approval to convert the Invesco QQQ Trust from a unit investment trust (UIT) to an open-end ETF, which is expected to improve operational efficiencies and revenue generation [10] Operational Efficiency - Invesco has achieved $200 million in annualized net savings from the OppenheimerFunds acquisition, exceeding its cost synergy targets [11] - The company is actively managing its expenses, with adjusted operating expenses declining by 2.2% in 2024 [12] Global Presence - As of September 30, 2025, 31% of Invesco's client AUM was from outside the United States, bolstered by acquisitions and joint ventures aimed at expanding its global footprint [13][14] Financial Health - Invesco's total debt stood at $9.94 billion as of September 30, 2025, with cash and cash equivalents at $973.1 million, indicating a significant debt load [15] - The company has consistently raised its quarterly dividends, with a recent increase of 2.4% to 21 cents per share, reflecting a dividend payout ratio of 44% [16] Earnings Outlook - Analysts have revised the earnings estimates for Invesco upward, projecting a 13.5% year-over-year growth for 2025, with an estimated earnings per share of $1.94 [20] - The stock is currently trading at a forward P/E ratio of 10.31X, below the industry average of 14.91X, suggesting it is relatively undervalued [21] Conclusion - Invesco's strategic initiatives, strong global presence, and improving operational efficiency are expected to support its financial performance [24] - However, challenges such as muted top-line growth and significant intangible assets remain concerns for investors [24]

Core Viewpoint - Invesco is an independent investment management firm focused on enhancing the investment experience for individuals [1] Group 1 - Invesco emphasizes the importance of understanding investment objectives, risks, charges, and expenses before making investment decisions [1] - The firm provides educational information but does not offer specific investment recommendations or tax advice [1] - Invesco's opinions are based on current market conditions and may change without notice, indicating a dynamic approach to investment management [1] Group 2 - Invesco Distributors, Inc. serves as the US distributor for Invesco Ltd.'s retail products and collective trust funds [1] - The company operates through various affiliated investment advisers that provide advisory services without selling securities [1] - Invesco Unit Investment Trusts are distributed by Invesco Capital Markets, Inc. and other broker-dealers, highlighting the firm's extensive distribution network [1]

Core Viewpoint - Invesco is an independent investment management firm focused on enhancing the investment experience for individuals [1] Group 1 - Invesco offers expert investment views through its US Blog, encouraging individuals to stay informed [1] - The firm emphasizes the importance of reading the prospectus and considering investment objectives, risks, charges, and expenses before investing [1] - Invesco does not provide tax advice and highlights the complexity and variability of federal and state tax laws [1] Group 2 - The opinions expressed by Invesco's authors are based on current market conditions and may change without notice [1] - Invesco's investment advisory services are provided by affiliated investment advisers, and they do not sell securities [1] - Invesco Unit Investment Trusts are distributed by Invesco Capital Markets, Inc., and other broker-dealers [1]