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SOJF - Invesco Convertible Securities Fund Q4 2024 Commentary
Southern Company (The) Series 2025A 6.50% Junior Subordinated Notes due March 15 2085
2025-03-13 07:40:00 ET
Summary
Convertibles (as measured by the ICE BofA US Convertible Index) returned 3.38% for the fourth quarter, compared to the S&P 500 Index, which returned 2.41%.
The fund underperformed its benchmark, primarily due to security selection in the consumer discretionary and industrials sectors.
Security selection in financials and communication services added to relative return.
We are focused on the area of the market that we believe represents the best opportunity – balanced convertibles that offer both upside participation should their underlying stocks rise, along with downside support via the securities’ fixed income attributes.