Invesco Discovery Fund Q1 2025 Commentary

2025-05-13 03:25:00 ET

Summary

• The fund lagged its benchmark in the first quarter.
• Performance was driven primarily by stock selection.
• Markets had a strong start, peaking in mid-February, before a sell-off.
• The reversal was largely driven by tariff uncertainty, mixed earnings results, economic and inflation concerns, and challenges to the artificial intelligence secular growth narrative.
• Technology-driven innovation has continued to disrupt large portions of the global economy, providing in our view substantial opportunity through investment in premier growth compounders.

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