Invesco International Small-Mid Company Fund Q4 2024 Commentary

2025-02-14 08:00:00 ET

Summary

• Class A shares underperformed the MSCI ACWI ex-US SMID Index and the Morningstar Foreign Small/Mid Growth peer group average for the fourth quarter and the full year.
• The US Federal Reserve’s unexpected interest rate guidance was negative for small- and mid-cap stocks.
• Entering 2025, it appears market participants are coming to terms with 'higher for longer' interest rates.
• As that idea gains acceptance, we may see renewed outperformance from quality equities, which typically have little to no debt.

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