fundperformance

📊 INVESCO GOLD & SPECIAL MINERALS FUND Q3 2025 COMMENTARY

The Invesco Gold & Special Minerals Fund reported strong quarterly gains but slightly underperformed its benchmark as gold and mining stocks continued their rally in Q3 2025.

• The fund’s Class A shares delivered a 40.81% return for Q3 2025, a solid performance amid rising precious metals markets.

• However, it trailed its benchmark — the Philadelphia Gold & Silver Index — which returned ~44.91% over the same period.

• Performance differences stemmed mainly from security selection within gold equity holdings and underweights in some outperforming names.

Fund Positioning & Strategy
• Management remains well‑diversified across metals, geographies, and company development stages, aiming to capture broad growth in precious and strategic minerals.

• The fund favors large‑cap, high‑momentum miners with solid fundamentals, which may help weather volatility and capture long‑term upside.

• Recent industry changes like corporate leadership shifts at major miners could benefit the fund’s holdings over time.

Strong quarterly returns highlight continued investor interest in precious metals, but tactical choices within the mining segment influenced relative performance against broad benchmarks.

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