Invesco is an independent global investment manager; it provides a variety of investment alternatives to high-net-worth and retail investors, as well as to institutions worldwide. Headquartered in Atlanta and incorporated in Bermuda, it offers investors equity, fixed-income, and alternative investment funds. IVZ shares are a component of the S&P 500. The company's operations date back to England and Wales in 1935, and the original Invesco was founded in the United States in 1978. After a series of smaller mergers in the 1980s, the company merged with AIM in 1997 to form AMVESCAP, and was then rebranded as Invesco in 2007. In May 2019, Invesco acquired the Oppenheimer Funds asset management affiliate of MassMutual.

At midday Wednesday, the major benchmarks were in the red amid a continued upward surge in interest rates. The yield on the benchmark 10-year Treasury note was up 5 basis points at 4.25%, rising more than 50 basis points since the start of October.

Invesco provides investment-management services to retail (66% of managed assets) and institutional (34%) clients. At the end of August 2024, the firm had $1.752 trillion in assets under management spread among its equity (58% of AUM), balanced (4%), fixed-income (23%), alternative investment (7%), and money market (8%) operations. Passive products account for 42% of Invesco's total AUM, including 65% of the company's equity operations and 15% of its fixed-income platform. Invesco's US retail business is one of the 10 largest nonproprietary fund complexes in the country. The firm also has a meaningful presence outside of North America, with 28% of its AUM sourced from Europe, Africa, and the Middle East (14%) and Asia (14%).

Small- and mid-cap stocks (SMID), despite bursts of outperformance, have underperformed large-caps year to date - as they have over the past five years. But they may be in a better position to generate market-beating returns going forward. SMID companies tend to focus on domestic markets, so their businesses could be less disrupted by the fallout from unrest in the Middle East, the Russian invasion of Ukraine, issues in China, or other geopolitical developments. As well, the prices of SMID stocks generally are lower than the prices of large-caps. SMID stocks can be risky, but despite those risks, diversified investors look to have exposure to small- and mid-caps based on the long-term performance record. We estimate that 20% of the U.S. stock market's capitalization is comprised of SMID stocks.