The portfolio seeks long-term growth of capital by investing in quality companies which have experienced, or exhibit the potential for, accelerating/above average earnings growth but whose price does not fully reflect these attributes.
Strategy
Multi-step, bottom-up investment approach; Broad exposure across market-caps (large/mid), Sectors and Markets (both developed and emerging). Emphasizes fundamental research, supported by quantitative analysis and portfolio construction techniques.
The map illustrates areas in which the portfolio typically invests, not necessarily within a limited period of time.
Buy/Sell Criteria
The portfolio managers employ a disciplined investment strategy that emphasizes fundamental research, supported by both quantitative analysis and portfolio construction techniques. The strategy primarily focuses on identifying quality companies that have experienced, or exhibit the potential for, accelerating or above average earnings growth but whose prices do not fully reflect these attributes. Investments for the portfolio are selected "bottom-up" on a stock-by-stock basis. The focus is on the strengths of individual companies, rather than sector or country trends. Portfolio managers may consider selling a security for several reasons, including (1) its fundamentals deteriorate or it posts disappointing earnings, (2) its stock price appears to be overvalued, or (3) a more attractive opportunity is identified.
*"Pure" gross of fees returns do not reflect the deduction of any expenses, including trading costs. "Pure" gross of fees returns are supplemental to net returns. For additional information and complete explanation, please refer to full GIPS disclosure at the bottom of the page.
** Returns are for the period from Aug. 1, 2001, (inception) through Dec. 31, 2001.
Sources: Lipper Inc., Invesco Aim
Annualized Compound Returns as of date: 10/31/2009
Period
"Pure" Gross Return *
Net Return
MSCI EAFE Growth IX ND
YTD
25.70%
22.66%
24.05%
3Q09
14.14%
13.32%
16.78%
2Q09
17.52%
16.69%
21.43%
1Q09
-6.70%
-7.41%
-12.43%
4Q08
-18.50%
-19.15%
-20.10%
1 Year
23.79%
20.19%
23.56%
3 Years
-1.61%
-4.53%
-4.32%
5 Years
8.31%
5.12%
5.03%
10 Years
N/A
N/A
N/A
Since Inception**
7.34%
4.33%
N/A
Returns less than one year are not annualized.
*"Pure" gross of fees returns do not reflect the deduction of any expenses, including trading costs. "Pure" gross of fees returns are supplemental to net returns. For additional information and complete explanation, please refer to full GIPS disclosure at the bottom of the page.
**Returns are for the period from Aug. 1, 2001, (inception) through Dec. 31, 2001.
*The holdings are organized according to the Global Industry Classification Standard,
which was developed by and is the exclusive property and a service mark of
Morgan Stanley Capital International Inc. and Standard & Poor's.
MPT Statistics
as of date: 10/31/2009
5 Year Sharpe Ratio
-0.20
3 Year Standard Deviation
19.53
5 Year Standard Deviation
16.80
Source: StyleADVISOR
MPT Statistics
as of date: 10/31/2009
(vs. Style Specific Benchmark) MSCI EAFE Growth IX ND
5 Year Alpha
0.01
5 Year Beta
0.83
5 Year R-Squared
0.95
Source: Lipper Inc.
Morningstar Market Cap as of date:
10/31/2009
Giant
47.89
Large
45.03
Mid
7.08
Small
0.00
Microcap
0.00
Market capitalization is determined by multiplying the company's total outstanding shares by the current market price of the share.
Securities are grouped into Giant, Large, Mid, Small, or Microcap depending on the company's region and the market capitalization breakpoints within that region.
Sources: Invesco Aim, S&P Compustat, Thomson Financial, Morningstar Inc.
Invesco Aim Private Asset Management, Inc. (IAPAM), formerly AIM Private Asset Management, Inc., has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).
Invesco Aim Private Asset Management, Inc. is an independent investment advisor registered under the Investment Advisers Act of 1940 and provides investment advice for separately managed accounts. A complete list and description of composites and additional information regarding policies for calculating and reporting returns are available upon request. All returns are expressed in U.S. dollars and are gross of non-reclaimable withholding tax, if applicable.
The International ADR Growth Tax-Exempt Composite (previously named the International ADR Growth Composite) includes all discretionary, non-taxable, fee-paying wrap accounts patterned after the AIM International ADR Growth Model Portfolio, which seeks long-term growth of capital by investing in international companies located in developed markets which the portfolio managers believe to have strong earnings momentum. The composite is managed in comparison to, not duplication of, the benchmark. The composite was created in August 2001.
"Pure" gross-of-fees returns do not reflect the deduction of trading costs or any other expenses, and are supplemental to net returns. Performance results are presented both net and gross of total wrap fees. Net returns reflect the deduction of the maximum total wrap fee which is currently 3.00% per annum. Prior to Jan. 1, 2003, net returns reflect actual wrap fees for each account in the composite. For periods after Jan. 1, 2003, a model fee equal to the highest wrap fee a client could pay (3.00% annually as charged by the program sponsor, inclusive of up to a maximum investment advisory fee of 0.75%) is used. The total wrap fee includes all charges for trading costs, portfolio management, custody, and other administrative fees. The standard wrap fee schedule currently in effect is as follows: 3.00% on total assets.
The returns of the MSCI EAFE Growth Index are provided to represent the investment environment existing during the time periods. The benchmark returns are inclusive of dividends, net of all foreign withholding taxes and fully invested. The net index returns are net of withholding taxes from a Luxembourg tax perspective. The returns for the index do not include any trading costs, management fees or other costs.
The dispersion of annual returns is measured by the asset-weighted standard deviation of account returns included in the composite for the full year. For periods with five or fewer accounts included for the entire year, dispersion is not presented as it is not considered meaningful.
The composite return for the most recent period is an estimate and may not reflect reconciled numbers for every portfolio within the composite. The performance report for the next period will reflect the final reconciled return for the current period.
Past performance is not indicative of future results. As with any investment vehicle there is always the potential for gains as well as the possibility of losses.
Invesco AimSM is a service mark of Invesco Aim Management Group, Inc. Invesco Aim Private Asset Management, Inc. is one of the investment advisors for the products and services represented by Invesco Aim; it provides investment advisory services to individual and institutional clients and does not sell securities. All entities are indirect wholly owned subsidiaries of Invesco Ltd.
This is not an offer to buy or sell any financial instruments and should not be relied upon as the sole factor in an investment-making decision.
NOT FDIC INSURED
MAY LOSE VALUE
NO BANK GUARANTEE
Invesco Aim Management Group, Inc. data unless otherwise noted.
