Looking for a Mutual Fund Equity Report fund? You may want to consider Invesco Summit A (ASMMX) as a possible option. ASMMX holds a Zacks Mutual Fund Rank of 3 (Hold), which is based on nine forecasting factors like size, cost, and past performance.
History of Fund/Manager
Invesco is responsible for ASMMX, and the company is based out of Kansas City, MO. Invesco Summit A debuted in November of 2005. Since then, ASMMX has accumulated assets of about $464.59 million, according to the most recently available information. Erik Voss is the fund’s current manager and has held that role since June of 2012.
Of course, investors look for strong performance in funds. This fund carries a 5-year annualized total return of 22.94%, and is in the middle third among its category peers. Investors who prefer analyzing shorter time frames should look at its 3-year annualized total return of 26.3%, which places it in the middle third during this time-frame.
When looking at a fund’s performance, it is also important to note the standard deviation of the returns. The lower the standard deviation, the less volatility the fund experiences. Over the past three years, ASMMX’s standard deviation comes in at 20.35%, compared to the category average of 15.88%. Looking at the past 5 years, the fund’s standard deviation is 17.66% compared to the category average of 13.11%. This makes the fund more volatile than its peers over the past half-decade.
The fund has a 5-year beta of 1.07, so investors should note that it is hypothetically more volatile than the market at large. Because alpha represents a portfolio’s performance on a risk-adjusted basis relative to a benchmark, which is the S&P 500 in this case, one should pay attention to this metric as well. Over the past 5 years, the fund has a positive alpha of 3.51. This means that managers in this portfolio are skilled in picking securities that generate better-than-benchmark returns.
Examining the equity holdings of a mutual fund is also a valuable exercise. This can show us how the manager is applying their stated methodology, as well as if there are any inherent biases in their approach. For this particular fund, the focus is principally on equities that are traded in the United States.
Currently, this mutual fund is holding 84.66% stock in stocks, which have an average market capitalization of $396.52 billion. The fund has the heaviest exposure to the following market sectors:
- Retail Trade
With turnover at about 48%, this fund makes fewer trades than the average comparable fund.
As competition heats up in the mutual fund market, costs become increasingly important. Compared to its otherwise identical counterpart, a low-cost product will be an outperformer, all other things being equal. Thus, taking a closer look at cost-related metrics is vital for investors. In terms of fees, ASMMX is a load fund. It has an expense ratio of 0.98% compared to the category average of 1.02%. Looking at the fund from a cost perspective, ASMMX is actually cheaper than its peers.
Investors need to be aware that with this product, the minimum initial investment is $1,000; each subsequent investment needs to be at least $50.
Overall, Invesco Summit A ( ASMMX ) has a neutral Zacks Mutual Fund rank, and in conjunction with its comparatively similar performance, average downside risk, and lower fees, this fund looks like a somewhat average choice for investors right now.
For additional information on this product, or to compare it to other mutual funds in the Mutual Fund Equity Report, make sure to go to www.zacks.com/funds/mutual-funds for additional information. Zacks provides a full suite of tools to help you analyze your portfolio – both funds and stocks – in the most efficient way possible.
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