Over the first quarter of 2016, Invesco International Growth Fund declined 4.84% (gross of fees), outperforming its benchmark, the MSCI EAFE Index, which declined 9.68% (C$) over the same period.
On a geographic basis, the Fund’s holdings in emerging markets, an area absent in the benchmark, outperformed developed international markets over the period and were among the most significant contributors to the Fund’s relative performance. In addition, a combination of both stronger-than-benchmark performance in Japan, along with an underweight allocation to that country, one of the weakest-performing regions in the benchmark over the period, was one of the most significant contributors to the Fund’s relative performance. The Fund’s holdings in Europe (excluding the U.K.), however, underperformed those of the benchmark and detracted from the Fund’s relative performance.
Source : Invesco