Invesco announced in late May that Invesco European Growth’s co-lead manager, Jason Holzer, will retire as of Sept. 30, 2021. Although the other co-lead manager, Clas Olsson, remains in place, and Borge Endresen--another listed manager who will step up to Holzer’s role--is very experienced and capable, Holzer's title underscores his value. Holzer's impending departure prompts a downgrade of this strategy's People rating to Above Average from High. As a result, the Morningstar Analyst Ratings for all share classes have declined by one notch, with the R6 shares at Silver and all others at Bronze except the costly C shares, which fall to Neutral from Bronze.
Will AEDAX outperform in future?
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The Process Pillar is our assessment of how sensible, clearly defined, and repeatable AEDAX’s performance objective and investment process is for both security selection and portfolio construction.
The People Pillar is our evaluation of the AEDAX management team’s experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers.
The Parent Pillar is our rating of AEDAX’s parent organization’s priorities and whether they’re in line with investors’ interests.