• Like
  • Save
Invesco Aim Core Equity Presentations
Upcoming SlideShare
Loading in...5
×

Thanks for flagging this SlideShare!

Oops! An error has occurred.

Invesco Aim Core Equity Presentations

  • 2,694 views
Published

 

Published in Business , Economy & Finance
  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Be the first to comment
No Downloads

Views

Total Views
2,694
On SlideShare
0
From Embeds
0
Number of Embeds
1

Actions

Shares
Downloads
0
Comments
0
Likes
3

Embeds 0

No embeds

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
    No notes for slide
  • Speaker's note: You must show slides CHTMCCE-X, CHTMCCE-1, CHTMCCE-2A, CHTMCCE-2B and CHTMCCE-2C if you show this slide.

Transcript

  • 1. Conservative Cornerstones AIM Charter Fund AIM Mid Cap Core Equity Fund Presented by Clint Harris, CFA Client Portfolio Manager – Core Equity CHTMCCE-PPT-1I 10.08 FOR INSTITUTIONAL INVESTOR USE ONLY — NOT FOR USE WITH THE PUBLIC
  • 2. Important Information
    • This material is for institutional investor use only and may not be quoted, reproduced or shown to the public, nor used in written form as sales literature for public use.
    • Consider the investment objectives, risks, and charges and expenses carefully. For this and other information about AIM funds, obtain a prospectus from invescoaim.com. Investors should read it carefully before investing.
    • Note: Not all products, materials or services available at all firms. Advisors, please contact your home office.
    CHTMCCE-1
  • 3. About Risk
    • AIM Charter Fund
    • To the extent the fund holds cash or cash equivalents rather than equity securities for risk management purposes, the fund may not achieve its investment objective.
    • Prices of equity securities change in response to many factors, including the historical and prospective earnings of the issuer, the value of its assets, general economic conditions, interest rates, investor perceptions and market liquidity.
    • Foreign securities have additional risks, including exchange rate changes, political and economic upheaval, relative lack of information, relatively low market liquidity, and the potential lack of strict financial and accounting controls and standards.
    CHTMCCE-2A
  • 4. About Risk
    • AIM Mid Cap Core Equity Fund
    • To the extent the fund holds cash or cash equivalents rather than equity securities for risk management purposes, the fund may not achieve its investment objective.
    • The values of convertible securities in which the fund invests may be affected by market interest rates, the risk that the issuer may default on interest or principal payments, and the value of the underlying common stock into which these securities may be converted.
    • Credit risk is the risk of loss on an investment due to the deterioration of an issuer’s financial health. Such a deterioration of financial health may result in a reduction of the credit rating of the issuer's securities and may lead to the issuer's inability to honor its contractual obligations, including making timely payment of interest and principal.
    • Prices of equity securities change in response to many factors including the historical and prospective earnings of the issuer, the value of its assets, general economic conditions, interest rates, investor perceptions and market liquidity.
    • Foreign securities have additional risks, including exchange rate changes, political and economic upheaval, relative lack of information, relatively low market liquidity, and the potential lack of strict financial and accounting controls and standards.
    • Interest rate risk refers to the risk that bond prices generally fall as interest rates rise and vice versa.
    • The fund may use enhanced investment techniques such as leveraging and derivatives. Leveraging entails risks such as magnifying changes in the value of the portfolio’s securities. Derivatives are subject to counterparty risk — the risk that the other party will not complete the transaction with the fund.
    • There is no guarantee that the investment techniques and risk analysis used by the fund’s portfolio managers will produce the desired results.
    CHTMCCE-2B
  • 5. About Risk
    • AIM Mid Cap Core Equity Fund — continued
    • Small- and mid-cap companies tend to be more vulnerable to adverse developments and more volatile than larger companies. Investments in these sized companies may involve special risks, including those associated with dependence on a small management group, little or no operating history, little or no track record of success, limited product lines, less publicly available information, illiquidity, restricted resale or less frequent trading.
    • The prices of securities held by the fund may decline in response to market risks.
    • The fund may invest in obligations issued by agencies and instrumentalities of the U.S. government that may vary in the level of support they receive from the U.S. government. The U.S. government may choose not to provide financial support to U.S.-government-sponsored agencies or instrumentalities if it is not legally obligated to do so. In this case, if the issuer defaulted, the underlying fund holding securities of such issuer might not be able to recover its investment from the U.S. government.
    CHTMCCE-2C
  • 6. Invesco’s Global Reach Provides Strength of Diversification As of June 30, 2008. The listed investment centers do not all provide products or services that are available in the U.S., nor are their products and services available on all platforms. Please consult your Invesco Aim representative for more information. Invesco Profile
    • $461 billion in assets under management (AUM)
    • More than 500 investment professionals
    • 13 distinct investment centers operating in 25 cities across 12 countries
    • Client support in 20 countries
    • Publicly traded on NYSE with $9.3 billion in market capitalization
    Invesco Aim Investment focus: U.S., international and   global equities AUM: $65.2 billion Invesco Trimark Investment focus: Canadian equities, fixed income and global value AUM: $33.6 billion Invesco Asia-Pacific Investment focus: Asian Ex-Japanese, Greater Chinese, Japanese and Australian equities AUM: $22.4 billion Invesco Global Equity Investment focus: Global, non-U.S. and emerging market equities AUM: $13.2 billion Invesco Quantitative Strategies Investment focus: Quantitative active, enhanced and long/ short strategies AUM: $26.5 billion Invesco Real Estate Investment focus: Global direct real estate investing and public real estate investing AUM: $26.2 billion Invesco Worldwide Fixed Income Investment focus: Money market, stable value, global fixed income and alternatives/financial structures AUM: $158.3 billion Invesco PowerShares Investment focus: ETFs AUM: $14.0 billion Atlantic Trust Investment focus: High-net-worth multimanagement AUM: $16.4 billion Invesco Multiple Asset Strategies Investment focus: Global tactical asset allocation, multistrategy investing and alternative beta strategies AUM: $3.1 billion Invesco Perpetual Investment focus: U.K. equities, fixed income and European equities AUM: $73.4 billion Invesco Private Capital Investment focus: Fund of funds and venture capital private equities AUM: $2.2 billion Invesco WL Ross Investment focus: Distressed and restructuring private equities AUM: $6.8 billion
  • 7. Diversified Investment Strategies Delivered the Way You Want Diversified Investment Strategies
    • Equity
      • Market cap
      • Investment style
      • Geography
      • Sector
      • Structured
    • Asset Allocation
      • Target maturity
      • Target risk
      • Diversified portfolios
      • Balanced
    • Fixed Income
      • Duration
      • Quality
      • Geography
      • Taxability
    • Cash Management
      • Safety
      • Liquidity
      • Yield
    • Alternatives
      • Commodities and natural resources
        • Energy: traditional and alternative
        • Gold and precious metals
        • Base metals
        • Water: domestic and global
        • Agriculture
        • Currency
      • Real estate
        • Active: domestic, global and income oriented
        • Passive: fundamental
      • Private equity
        • International
        • Domestic
    Certain funds and portfolios, particularly the PowerShares ETFs, in and of themselves do not qualify as diversified investment strategies. Commodities and alternatives may be subject to risk not associated with traditional investments. Diversification does not guarantee a profit or eliminate the risk of loss. Not all of the strategies listed are available on all platforms. Please consult your Invesco Aim representative for more information. Delivered the Way You Want
    • Mutual funds
    • Exchange-traded funds (ETFs)
    • Retirement plans
    • Separately managed accounts
    • Variable insurance funds
    • Subadvised accounts
    • College savings plans
    • Collective trusts
    • Offshore funds
  • 8. Agenda
    • Portfolio management team
    • Investment process
    • Investment results and characteristics
  • 9. Investment Strategy Overview
    • To act as a conservative cornerstone within a diversified portfolio - delivering strong upside participation with stronger downside protection over a full market cycle
    Mandate Team Process Results Our unique portfolio sleeve structure fosters an enduring investment culture Capitalize on growth/value anomalies; emphasizing capital stewardship, quality businesses and a multifaceted valuation approach Consistent with our mandate and adding value over the market cycle
  • 10. Invesco Aim Mid/Large Cap Core Team Investment team for AIM Charter Fund and AIM Mid Cap Core Equity Fund The Chartered Financial Analyst ® (CFA ® ) designation is a globally recognized standard for measuring the competence and integrity of investment professionals. Oglethorpe University, B.A. 1999 1999 Core Equity Complex Clint Harris, CFA Client Portfolio Manager University of California- Santa Barbara, B.A. 2004 1988 Research Team Leader: AIM Charter Fund AIM Mid Cap Core Equity Fund Technology, Utilities Brian Nelson, CFA Portfolio Manager Princeton University, B.A. 2004 1993 AIM Charter Fund Tyler Dann II, CFA Portfolio Manager Vanderbilt University, B.A. University of Pennsylvania, M.B.A., M.A. 2000 2000 AIM Mid Cap Core Equity Fund Douglas Asiello, CFA Portfolio Manager University of Missouri, B.S., M.B.A. 1998 1971 Sr. Manager (Lead): AIM Charter Fund AIM Mid Cap Core Equity Fund Ron S. Sloan, CFA CIO, Core Equity Sr. Portfolio Manager Education With the Firm Since In the Industry Since Responsibility Team Member
  • 11. Invesco Aim Mid/Large Cap Core Team Investment team for AIM Charter Fund and AIM Mid Cap Core Equity Fund The Chartered Financial Analyst ® (CFA ® ) designation is a globally recognized standard for measuring the competence and integrity of investment professionals. Brown University, B.A. Stanford University, M.B.A 2007 2000 IT, Employer, Commercial, Energy, Health Care Services, REITs, Internet Evan Snyder Equity Analyst Brown University, B.A. University of Virginia, M.B.A 2005 1999 Consumer Staples, Consumer Discretionary Josh Goldstein, CFA Sr. Equity Analyst University of Georgia, B.B.A. University of Texas, M.B.A. 2004 2000 Industrials, Materials, Health Care Equipment Doug Grant, CFA Sr. Equity Analyst University of Arizona, B.A. University of California-Berkeley, J.D. 2007 1998 Financials, Semiconductors Michael Morris Sr. Equity Analyst Education With the Firm Since In the Industry Since Responsibility Team Member
  • 12. Portfolio Sleeve Structure “A portfolio with a single investment philosophy that provides independence, responsibility and accountability”
    • Creates an enduring investment culture
    • Attracts, retains and pays top talent
    • Delivers depth of research via career analysts
    • Offers an additional layer of accountability, both individually and collectively
    Ron Sloan Senior Portfolio Manager Charter: Tyler Dann, Portfolio Manager Mid Cap Core Equity: Doug Asiello, Portfolio Manager Brian Nelson Portfolio Manager/Research Analysts Size of segments do not reflect relative allocations.
  • 13. Mission Statement
    • Our research-driven process seeks to achieve our core investment goals by identifying “ growth/value anomalies ” — companies with strong prospects to grow shareholder value, managed by good stewards of capital, that are trading at attractive valuations.
  • 14. Investment Process FOR INSTITUTIONAL INVESTOR USE ONLY — NOT FOR USE WITH THE PUBLIC
  • 15. Driving Principles of our Investment Process
    • Seek out growth/value anomalies
    • Maintain a long-term, full-market-cycle perspective
    • Utilize fundamental, bottom-up research
    • Emphasize downside protection to allow for greater wealth compounding over time
  • 16. Investment Process Overview The search for growth/value anomalies Destructive phase: Our proprietary models focus on capital allocation and returns on invested   capital (ROIC) Screen across sectors, geography and size Our process of triangulation values a company from multiple perspectives Constructive phase: a research-intensive analysis of the firm’s competitive landscape We view risk as permanent loss of capital, not volatility or tracking error Risk Management Investment Universe Financial Analysis Business Analysis Valuation
  • 17. Investment Universe and Idea Generation Screen across sectors, geography and size Risk Management Valuation Business Analysis Financial Analysis Investment Universe
    • AIM Charter Fund:
    • Generally U.S. and non-U.S. >$15   billion in market capitalization
    • Primarily companies in the Russell 1000 Index
    • AIM Mid Cap Core Equity Fund:
    • Generally U.S. and non-U.S. >$1 billion in market capitalization
    • Primarily companies in the Russell Midcap Index
    • Inexpensive valuation
    • Adverse share price movement
    • High or improving returns on invested capital
    • High or improving free cash flow generation
    • Depressed/low expectations
    • Improving capital stewardship
    Investment Universe Idea Generation/Screens The Russell 1000 ® Index is an unmanaged index considered representative of large-cap stocks. The Russell Midcap ® Index is considered representative of mid-cap stocks. The Russell 1000 Index and the Russell Midcap Index are a trademarks/service marks of the Frank Russell Co. Russell ® is a trademark of the Frank Russell Co. An investment cannot be made directly in an index.
  • 18. Financial Analysis Destructive Phase: A focus on capital allocation and returns on invested capital (ROIC) Risk Management Valuation Business Analysis Financial Analysis Investment Universe
    • Capital sources, costs, deployments, requirements and potential claims on the firm’s capital
    • Free cash flow tracker: historical analysis of FCF generation and uses within the company
    1. Evaluate Historical Capital Allocation
    • Proprietary ROIC tracker to determine adjusted “economic” returns versus GAAP results
    • Key indicator of business quality and management expertise
    • Critical input for our valuation models
    2. Analyze Returns on Invested Capital Returns on Invested Capital Management Quality Capital Allocation
  • 19. Focus on Pricing Power — Business Analysis Constructive phase: a research-intensive analysis of the firm and the competitive landscape Risk Management Valuation Business Analysis Financial Analysis Investment Universe
    • Understand profitability and growth drivers
    • Analyze competitive challenges
    • Identify “moats and castles”
    Key Objectives Michael Porter’s “ Five Forces” Framework Degree of industry rivalry Threat of Substitutes Bargaining Power of Suppliers Bargaining Power of Customers Threat of New Entrants
  • 20. Valuation Triangulation Process of valuation triangulation values a company from multiple perspectives Current and projected value, considering peak and trough margins over business cycles Risk Management Valuation Business Analysis Financial Analysis Investment Universe
    • Discounted cash flow: absolute valuation based on the company’s future cash flows
    • Traditional multiples: historical and relative comparisons of P/E, P/B, EV/Sales, etc.
    • Net asset value: fair valuation of a company’s individual businesses/assets
    Our Primary Valuation Techniques Net Asset Value Traditional Multiples Discounted Cash Flow Price Target
  • 21. Risk Management Risk as permanent loss of capital, not volatility or tracking error Risk Management Valuation Business Analysis Financial Analysis Investment Universe
    • A proactive, integrated part of our process, not passive or an overlay
    • Low benchmark overlap
    • We target 75 high-conviction, highly researched holdings, regardless of benchmark exposure
    • Historical portfolio beta < 1.00
    • We will hold cash in the absence of compelling risk/reward opportunities
    • Significant price volatility triggers a re-examination of investment thesis
    Risk Management Benchmarks are not constructed based on investment merit, therefore having a benchmark-centric portfolio is risky.
  • 22. Portfolio Construction Putting it all together Tiers Promote Discipline
    • All positions must be evaluated relative to one another
    • Helps guard against natural instinct to become enamored with a company
    • Diversified by industry and thematic exposure
    • Approximately 75 holdings targeted with an estimated 18- to 24-month holdings period
    • Maximum individual positions generally   <4.5%
    10 stocks at 1.85% 20 stocks at 1.35% 40 stocks at 1.00% 5 stocks at 2.50% Portfolio composition is subject to change.
  • 23. Sell Discipline: A Continuous and Dynamic Approach
    • Valuation exceeds target price
    • Assumptions used in determining fair value change or fail to materialize
    • More compelling investment opportunities
    • Deterioration in capital structure or earnings
  • 24. Research in Action BJ Services Co. As of Sept. 30, 2008, BJ Services Co. represented 1.60% of AIM Charter Fund’s total net assets and 2.11% of AIM Mid Cap Core Equity Fund’s total net assets. Holdings are subject to change and are not buy/sell recommendations
    • BJ Services
      • Ticker: BJS
      • Sector: Energy
      • Market capitalization: $6.8B
      • Purchase date: throughout 2007
    • Financial analysis:
      • Research indicated rising FCF and ROIC
      • Capital stewardship solid
    • Business analysis:
      • Their core pressure pumping business is an oligopoly
      • More natural gas wells in mature regions need their services
    • Valuation triangulation:
      • Inexpensive versus peers and its historical levels
      • The DCF valuation was supportive of a higher stock price
    • Reasons for growth/value anomaly:
      • Concerns over margin erosion in the U.S. pressure pumping business from increased capacity and competition
      • Market overreaction to weakness in natural gas prices
      • Concerns over Canadian drilling activity
    U.S. Pressure Pumping Market Share
  • 25. Returns and Characteristics AIM Charter Fund FOR INSTITUTIONAL INVESTOR USE ONLY — NOT FOR USE WITH THE PUBLIC
  • 26. Important Information About the Statistics Alpha (cash adjusted) is a risk-adjusted measure of excess returns generated by the portfolio versus a target benchmark. It subtracts the risk-free rate from the returns of both the manager and benchmark. A positive alpha means the portfolio has beaten expectations while a negative alpha means the manager failed to match performance with risk. Beta (cash adjusted) measures a fund’s market-related risk and subtracts the risk-free rate from the returns of both the manager and benchmark. By definition, the market beta is 1.00. A beta above 1.00 is more volatile than the overall market, while a beta below 1.00 is less volatile. R-squared (cash adjusted) expresses the proportion of variation in the return of one fund explained by the return of another. It subtracts the risk-free rate from the returns of both the manager and benchmark. Standard deviation measures a fund’s range of total returns and identifies the spread of a fund’s short-term fluctuations. Sharpe ratio is a risk-adjusted measure calculated using standard deviation and excess return to determine reward per unit of risk. A higher Sharpe ratio indicates better risk-adjusted performance. Downside risk is the risk of a portfolio coming in under its mean, or average return. Tracking error is the annualized standard deviation of the differences between manager’s and the benchmark’s quarterly returns. CHTMCCE-3
  • 27. Important Information
    • Performance quoted is past performance and cannot guarantee comparable future results; current performance may be lower or higher. Visit invescoaim.com for the most recent month-end performance. Performance figures reflect reinvested distributions and changes in net asset value (NAV). Investment return and principal value will vary so that you have a gain or loss when you sell shares. Performance shown at NAV does not include applicable front-end sales charges, which would have reduced the performance. Performance for other share classes will differ due to differing sales charge structures and class expenses. Returns less than one year are cumulative; all other performance figures are annualized.
    CHTMCCE-4
  • 28. AIM Charter Fund: Historical Returns As of Sept. 30, 2008 CHTMCCE-5 1 Since manager inception returns for indexes and rankings are from Jan. 31, 2002. 2 The investment team started Jan. 24, 2002. 3 Since fund inception returns for indexes and rankings are from Nov. 30, 1968. 4 Returns less than one year are cumulative. Sources: Invesco Aim, Lipper Inc., ©2008 Morningstar, Inc. All rights reserved. The information contained herein is proprietary to Morningstar and/or its content providers. It may not be copied or distributed and is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Morningstar rankings are based on total return, excluding sales charges and including fees and expenses, versus all large blend funds tracked by Morningstar. Rankings for other share classes may differ due to different performance characteristics. Lipper fund percentile rankings are based on total return, excluding sales charges and including fees and expenses, and are versus all large-cap core category funds tracked by Lipper. The S&P 500 ® Index is an unmanaged index considered representative of the U.S. stock market. Past performance cannot   guarantee comparable future results. Index   performance reflects reinvestment of dividends. An investment cannot be made directly in an index. 49% ( 415 of 847) 24% (130 of 550) 23% (6 of 26) 44% (146 of 338) 35% (178 of 519) 35% (204 of 598) 37% (258 of 714) 49% (414 of 848) Index Rank in Lipper Large-Cap Core Funds Category Index Rank 3% (45 of 1,810) 69% (732 of 1,059) N/A 34% (194 of 667) 10% (93 of 953) 10% (117 of 1,353) 2% (22 of 1,719) 3% (43 of 2,072) vs. Morningstar Large Blend Category 2% (14 of 846) 52% (286 of 549) 4% (1 of 25) 25% (84 of 339) 4% (18 of 517) 6% (35 of 600) 2% (14 of 716) 2% (17 of 850) vs. Lipper Large-Cap Core Funds Category Rankings, Class A Shares 17.15% 14.22% 15.51% Bull Market (10/10/02 to 10/9/07) 9.59% 11.07% 11.22% Since Inception (11/26/68) 3 3.06% 3.34% 3.93% 10-Year Return -19.16% 3.82% 5.97% 2.65% -17.58% Class A Shares @ max. load 5.5% 5.17% 7.18% 5-Year Return 2.34% 4.70% Since Manager Inception Annualized 1 1/24/02 to 9/30/08 2 -23.93% -14.44% Bear Market (10/10/07 to 9/30/08) 4 4.62% -12.78% Class A Shares at NAV 0.22% -21.96% S&P 500 Index 3-Year Return 1-Year Return Average Annual Total Returns (%)
  • 29. AIM Charter Fund — Return versus Standard Deviation Ranking A consistent volatility profile over time Rolling 12-Month Risk/Return Ranks vs. Lipper Large-Cap Core Funds (based on daily data) since Manager inception Denotes the latest time period Data shown is from the closest month end to manager inception. Sources: Invesco Aim, Lipper Inc. Lipper fund percentile rankings are based on total returns, excluding sales charges and including fees and expenses, and are versus all large-cap core category funds tracked by Lipper.
  • 30. AIM Charter Fund — Return versus Standard Deviation Ranking Consistently less volatility with above-average results Rolling 36-Month Risk/Return Ranks vs. Lipper Large-Cap Core Funds since Manager inception Data shown is from the closest month end to manager inception. Sources: Invesco Aim, Lipper Inc. Lipper fund percentile rankings are based on total returns, excluding sales charges and including fees and expenses, and are versus all large-cap core category funds tracked by Lipper. Denotes the latest time period
  • 31. AIM Charter Fund Return Analysis — 1 Year As of Sept. 30, 2008
    • Fund Top Contributing Holdings:
    • WAL-MART Stores Inc.
    • Chesapeake Energy Corp.
    • Wells Fargo & Co.
    • Fund Bottom Contributing Holdings:
    • Motorola Inc.
    • Legg Mason Inc.
    • Nokia OYJ ADR
    *Returns are gross of management fees and expenses. Percentages have been rounded and may not equal 100%. The Russell 1000 ® Index is an unmanaged index considered representative of large-cap stocks. The Russell 1000 Index is a trademark/service mark of the Frank Russell Co. Russell ® is a trademark of the Frank Russell Co. Past performance cannot guarantee comparable future results. Index performance reflects reinvestment of dividends. An investment cannot be made directly in an index. The fund holdings are organized according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. -0.73 0.00 3.95 0.00 Utilities 0.00 0.39 0.00 14.02 Cash -22.08 -11.86 100.00 97.28 Total 3.28 4.00 16.03 11.91 11.88 16.83 12.89 9.89 9.35 Average Russell 1000 Index Weight (%) -0.18 -0.05 -5.71 -2.76 -0.89 -1.21 -0.57 -0.36 -1.16 Fund Contribution (%)* Russell 1000 Index Contribution (%) Average Fund Weight (%) -1.22 0.33 Telecommunication Services -1.00 0.02 Materials -3.90 21.33 Information Technology -2.95 12.57 Industrials -1.36 12.37 Health Care -6.10 12.36 Financials -2.40 11.10 Energy -0.07 10.54 Consumer Staples -2.34 5.22 Consumer Discretionary
  • 32. AIM Charter Fund Relating our bottom-up portfolio to the macroeconomic environment As of Sept. 30, 2008 Sources: Invesco Aim, Standard and Poor’s. The fund holdings are organized according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. The S&P 500 ® Index is an unmanaged index considered representative of the U.S. stock market. An investment cannot be made directly in an index. Percentages have been rounded and may not equal 100%. Sector allocations are subject to change. Portfolio vs. Index Over/Underweight * Sector Breakdown * Utilities Energy Materials Consumer Staples Telecommunications Services Consumer Discretionary Health Care Financials Industrials Information Technology 13.36 6.86 Energy 3.05 0.21 Telecommunications Services 15.85 15.39 Financials 12.20 9.26 Consumer Staples 8.48 5.81 Consumer Discretionary 13.09 12.49 Health Care 11.08 11.70 Industrials 15.96 21.24 Information Technology 0.00 16.69 Cash % of S&P 500 Index % Portfolio Market Value 3.56 0.00 Utilities 3.37 0.29 Materials
  • 33. Portfolio Characteristics As of Sept. 30, 2008 AIM Charter Fund S&P 500 Index Capitalization (In Millions) Median market capitalization $30,336 $9,426 Average market capitalization $55,026 $21,365 Weighted market capitalization $58,813 $87,002 Financials Median 12-mo. fwd % growth 10 11 Median 12-mo. fwd P/E 12 12 Median long-term growth 11 12 Median price/book 2 2 MPT Statistics (5 years) Alpha vs. S&P 500 Index 2.30 0.00 Beta vs. S&P 500 Index 0.80 1.00 Annualized standard deviation 8.81% 10.34% R2 vs. S&P 500 Index 0.89 1.00 12-Month Rolling Turnover (as of 8/31/08) 31% N/A Cash Position 16.69% Number of Holdings 66 499 Sources: Invesco Aim, Compustat, Thomson Financial, Standard and Poor’s, StyleADVISOR. Past performance can not guarantee future results. The S&P 500 ® Index is an unmanaged index considered representative of the U.S. stock market. Performance reflects reinvestment of dividends. An investment can not be made directly in an index. Portfolio composition is subject to change. Top 10 Holdings (% of total net assets) 1.96 Automatic Data Processing Inc. 2.00 Wells Fargo & Co. 2.08 Comcast Corp. 2.30 Cadbury PLC 2.53 3M Co. 2.54 Microsoft Corp. 2.61 Berkshire Hathaway Inc. 2.63 Medtronic Inc. 3.03 Progressive Corp. 3.40 Symantec Corp. Total net assets: $5 billion Fund Description Inception: 11/26/68
  • 34. Management Team Performance AIM Charter Fund Source: StyleADVISOR. The market is represented by the S&P 500 ® Index, which is an unmanaged index considered representative of large-cap stocks. An investment cannot be made directly in an index. For statistical definitions, see slide CHTMCCE-3. Risk-return table Growth of $100 Computed Daily Jan. 24, 2002–Sept. 30, 2008 -0.03 100.00 0.00 1.00 12.60 17.59 2.34 S&P 500 Index 0.13 95.03 1.94 0.79 10.16 14.19 4.70 AIM Charter Fund — Class A shares Sharpe Ratio R 2 vs. Market (%) Alpha vs. Market (%) Beta vs. Market Downside Risk (%) Std. Dev. (%) Return (%)
  • 35. A Tale of Two Markets Downside protection combined with strong up-market results Source: StyleADVISOR. The market is represented by the S&P 500 ® Index, which is an unmanaged index considered representative of large-cap stocks. An investment cannot be made directly in an index. For statistical definitions, see slide CHTMCCE-3. Risk-return table Risk-return table 100 125 150 175 200 230 Oct 09, 2002 Jun 03, 2003 Jan 23, 2004 Sep 15, 2004 May 06, 2005 Dec 27, 2005 Aug 18, 2006 Oct 09, 2007 -1.39 1.00 0.00 1.00 15.18 22.74 -30.34 S&P 500 Index -1.34 0.96 1.39 0.77 12.07 17.92 -22.77 AIM Charter Fund — Class A Sharpe Ratio R 2 vs. Market (%) Alpha vs. Market (%) Beta vs. Market Downside Risk (%) Std Dev (%) Return (%) 1.04 1.00 0.00 1.00 9.46 13.55 17.04 S&P 500 Index 1.08 0.94 0.79 0.82 8.04 11.48 15.40 AIM Charter Fund — Class A Sharpe Ratio R 2 vs. Market (%) Alpha vs. Market (%) Beta vs. Market Downside Risk (%) Std Dev (%) Return (%) From management takeover to market low Jan. 24, 2002–Oct. 9, 2002 68 70 80 90 100 110 Jan 23, 2002 Feb 26, 2002 Apr 01, 2002 May 02, 2002 Jun 05, 2002 Jul 09, 2002 Aug 09, 2002 Oct 09, 2002 S&P 500 Index AIM Charter Fund Class A From market low through Oct. 9, 2007 Oct. 10, 2002–Oct. 9, 2007 AIM Charter Fund Class A S&P 500 Index
  • 36. Style Analysis Consistent “core” results as of Sept. 30, 2008 5-year Overall Returns-based Style Analysis 5-year Holdings-based Style Analysis (larger markers indicate most recent data) as of June 30, 2008 Sources: StyleADVISOR; © 2008 Morningstar, Inc. All rights reserved. The information contained herein is proprietary to Morningstar and/or its content providers. It may not be copied or distributed and is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance does not guarantee future results. The Russell 1000 ® Value Index is an unmanaged index considered representative of large-cap value stocks. The Russell 1000 ® Growth Index is an unmanaged index considered representative of large-cap growth stocks. The Russell 2000 ® Value Index is an unmanaged index considered representative of small-cap value stocks. The Russell 2000 ® Growth Index is an unmanaged index considered representative of small-cap growth stocks. The Russell 1000 Value Index, the Russell 1000 Growth Index, The Russell 2000 Value Index and the Russell 2000 Growth Index are trademark/service marks of the Frank Russell Co. Russell ® is a trademark of the Frank Russell Co.
  • 37. Annual Returns of Current Management Team Class A shares as of Dec. 31, 2007 Sources: Invesco Aim, Lipper Inc. The S&P 500 ® Index is an unmanaged index considered representative of the U.S. stock market. The Lipper Large-Cap Core Funds Index is an unmanaged index considered representative of large-cap core funds tracked by Lipper. Past performance cannot guarantee comparable future results. Index performance reflects the reinvestment of dividends. An investment cannot be made directly in an index. 13.39 15.78 16.27 2006 Returns (%) 5.72 4.91 4.93 2005 Returns (%) Lipper Large-Cap Core Funds Index S&P 500 Index AIM Charter Fund Class A shares at NAV 6.63 8.29 24.80 -21.23 5.49 10.87 28.67 -22.09 8.41 8.67 23.99 -16.14 2007 Returns (%) 2004 Returns (%) 2003 Returns (%) 2002 Returns (%)
  • 38. Returns and Characteristics AIM Mid Cap Core Equity Fund FOR INSTITUTIONAL INVESTOR USE ONLY — NOT FOR USE WITH THE PUBLIC
  • 39. Important Information Performance quoted is past performance and cannot guarantee comparable future results; current performance may be lower or higher. Visit invescoaim.com for the most recent month-end performance. Performance figures reflect reinvested distributions and changes in net asset value (NAV). Investment return and principal value will vary so that you may have a gain or a loss when you sell shares. Performance shown at NAV does not include applicable front-end sales charges, which would have reduced the performance. Performance for other share classes will differ due to differences in sales charge structure and class expenses. CHTMCCE-6
  • 40. AIM Mid Cap Core Equity Fund: Historical Returns A conservative approach to mid caps with strong full market cycle results As of Sept. 30, 2008 1 Since fund inception returns for indexes are from May 31, 1987 and rankings are from June 30, 1987. Sources: Invesco Aim, Lipper Inc., ©2008 Morningstar, Inc. All rights reserved. The information contained herein is proprietary to Morningstar and/or its content providers. It may not be copied or distributed and is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance does not guarantee future results. Morningstar rankings are based on total return, excluding sales charges and including fees and expenses, versus all mid-cap blend category funds tracked by Morningstar. Lipper fund percentile rankings are based on total return, excluding sales charges and including fees and expenses, and are versus all mid-cap core category funds tracked by Lipper. The Russell Midcap ® Index is an unmanaged index considered representative of mid-cap stocks. The Russell Midcap Index is a trademark/service mark of the Frank Russell Co. Russell ® is a trademark of the Frank Russell Co. The S&P 500 ® Index is an unmanaged index considered representative of the U.S. stock market. Index performance reflects reinvestment of dividends. An investment cannot be made directly in an index. CHTMCCE-7 -24.71% 23.70% -15.60% 10.84 9.36% 8.62 0.09 -22.36 Russell Midcap Index 65% (221 of 341) 11% (22 of 214) 63% (90 of 142) 47% (6 of 12) 63% (68 of 108) 19% (40 of 218) 56% (152 of 272) 66% (224 of 340) Russell Mid-Cap Index vs. Lipper Mid-Cap Core Funds Category Index Rank 2% (7 of 429) 85% (228 of 266) 30% (54 of 178) 6% (2 of 19) 8% (12 of 145) 20% (57 of 325) 7% (24 of 408) 2% (7 of 488) vs. Morningstar Mid-Cap Blend Category 1% (3 of 340) 88% (188 of 213) 20% (28 of 141) 34% (4 of 11) 20% (21 of 107) 19% (40 of 217) 11% (28 of 271) 1% (3 of 339) vs. Lipper Mid-Cap Core Funds Category Rankings, Class A Shares 17.15% 15.55% 16.87% Bull Market (10/10/02 to 10/09/07) -22.29% -9.35% -7.32% Bear Market (3/24/00 to 10/9/02) 9.19 11.43 11.72 Since Inception (6/9/87) 1 -13.99% 12.68% 7.39 2.71 -11.96 Class A Shares @ max. load 5.5% 5.17 8.62 5-Year Return 3.67% 13.31% Since Manager Inception Annualized 10/9/98 to 9/30/08 -23.93% -8.99% Bear Market (10/10/07 to 9/30/08) 4.67 -6.85 Class A Shares at NAV 0.22 -21.96 S&P 500 Index 3-Year Return 1-Year Return Average Annual Total Returns (%)
  • 41. AIM Mid Cap Core Equity Fund Return versus Standard Deviation Ranking A consistent volatility profile over time Rolling 12-Month Risk/Return Ranks vs. Lipper Mid-Cap Core Funds (based on daily data) — from Dec. 31, 1999 Data shown is from closest month end to Dec. 31, 1999 (earliest date daily data is available). Sources: Invesco Aim, Lipper Inc. Lipper fund percentile rankings are based on total returns, excluding sales charges and including fees and expenses, and are versus all mid-cap core category funds tracked by Lipper. Denotes the latest time period
  • 42. AIM Mid Cap Core Equity Fund Return versus Standard Deviation Ranking Consistently less volatility with above-average results Rolling 36-Month Risk/Return Ranks vs. Lipper Mid-Cap Core Funds since Manager inception Data shown is from closest month end to manager inception. Sources: Invesco Aim, Lipper Inc. Lipper fund percentile rankings are based on total returns, excluding sales charges and including fees and expenses, and are versus all mid-cap core category funds tracked by Lipper. Denotes the latest time period
  • 43. AIM Mid Cap Core Equity Fund Return Analysis — 1 Year As of Sept. 30, 2008
    • Fund Top Contributing Holdings:
    • Chesapeake Energy Corp.
    • Whiting Petroleum Corp.
    • Joy Global Inc.
    • Fund Bottom Contributing Holdings:
    • Cadence Design Systems Inc.
    • Henkel AG & Co.
    • Legg Mason Inc.
    *Returns are gross of management fees and expenses. Percentages have been rounded and may not equal 100%. The Russell Midcap ® Index is an unmanaged index considered representative of mid-cap stocks. The Russell Midcap Index is a trademark/service mark of the Frank Russell Co. Russell ® is a trademark of the Frank Russell Co. Past performance cannot guarantee comparable future results. Index performance reflects reinvestment of dividends. An investment cannot be made directly in an index. The fund holdings are organized according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. -1.92 -0.01 8.02 1.20 Utilities 0.00 0.56 0.00 18.10 Cash -22.33 -5.81 100.00 98.30 Total 2.08 5.87 13.68 13.64 8.21 17.18 10.72 5.74 14.85 Average Russell Midcap Index Weight (%) -0.22 -0.72 -1.50 -1.86 0.89 -0.88 0.48 -1.91 -0.97 Fund Contribution* (%) Russell Midcap Index Contribution (%) Average Fund Weight (%) -0.86 0.31 Telecommunication Services -0.71 9.39 Materials -4.18 11.92 Information Technology -3.48 9.99 Industrials -1.00 12.82 Health Care -3.95 11.10 Financials -1.06 8.97 Energy -0.61 9.10 Consumer Staples -4.56 6.72 Consumer Discretionary
  • 44. AIM Mid Cap Core Equity Fund Sector allocation as of Sept. 30, 2008 Sources: Invesco Aim, Frank Russell Co. The fund holdings are organized according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s. The Russell Midcap ® Index is an unmanaged index considered representative of mid-cap stocks. The Russell Midcap Index is a trademark/service mark of the Frank Russell Co. Russell ® is a trademark of the Frank Russell Co. An investment cannot be made directly in an index. Percentages have been rounded and may not equal 100%. Sector allocations are subject to change. Portfolio vs. Index Over/Underweight * Sector Breakdown Utilities Consumer Discretionary Financials Telecommunication Services Energy Industrials Information Technology Materials Consumer Staples Health Care 16.01 6.74 Consumer Discretionary 8.19 6.67 Energy 5.69 7.19 Materials 2.12 0.00 Telecommunication Services 12.42 11.56 Industrials 12.86 12.47 Information Technology 6.21 8.82 Consumer Staples 9.27 11.93 Health Care 0.00 19.60 Cash % of Russell Midcap Index % Portfolio Market Value 7.77 1.10 Utilities 19.46 14.24 Financials
  • 45. AIM Mid Cap Core Equity Fund Fund description and portfolio characteristics as of Sept. 30, 2008 Sources: Invesco Aim, Compustat, Thomson Financial, Frank Russell Company, StyleADVISOR. The Russell Midcap ® Index is an unmanaged index considered representative of mid-cap stocks. The Russell Midcap Index is a trademark/service mark of the Frank Russell Co. Russell ® is a trademark of the Frank Russell Co. Fund characteristics and holdings are subject to change. Holdings are subject to change and are not buy/sell recommendations. Past performance does not guarantee future results. An investment cannot be made directly in an index. For statistical definitions, see slide CHTMCCE-3. AIM Mid Cap Core Equity Fund Russell Midcap Index Capitalization (In Millions) Medium $6,091 $3,423 Average $7,482 $4,503 Weighted $7,796 $6,852 Financials Median 12-mo. fwd % growth 12 12 Median 12-mo. fwd P/E 13 13 Median long-term growth 13 13 Median price/book 2 2 MPT Statistics (5 years) Alpha vs. Russell Midcap Index 1.72 0.00 Beta vs. Russell Midcap Index 0.66 1.00 Annualized standard deviation 9.37% 12.86% R 2 vs. Russell Midcap Index 0.81 1.00 Rolling 12-mo. Turnover (as of 8/31/08) 39.1% N/A Cash Position 19.60% 0.00 Number of Holdings 72 804 Top 10 Holdings (% of total net assets) 1.64 Axis Capital Holdings Ltd. 1.99 Progressive Corp. 2.00 Moody's Corp. 2.06 Legg Mason Inc. 2.11 BJ Services Co. 2.24 Cadbury PLC 2.25 International Flavors & Fragrances Inc. 2.42 Henkel AG & Co. KGaA 2.44 Sigma-Aldrich Corp. 3.21 People's United Financial Inc. Total net assets: $1.68 billion Fund Description Inception: 6/9/87
  • 46. Current Management Team Performance AIM Mid Cap Core Equity Fund Class A shares at NAV Sources: Invesco Aim, StyleADVISOR, Lipper Inc. The Russell Midcap ® Index is an unmanaged index considered representative of mid-cap stocks. The Russell Midcap Index is a trademark/service mark of the Frank Russell Co. Russell ® is a trademark of the Frank Russell Co. Fund characteristics and holdings are subject to change. Past performance does not guarantee future results. An investment cannot be made directly in an index. For statistical definitions, see slide CHTMCCE-3. Growth of $100 Computed Daily Oct. 9, 1998–Sept. 30, 2008 0.31 100.00 0.00 1.00 18.81 9.36 Russell Midcap Index 0.63 86.97 4.77 0.76 15.36 13.31 AIM Mid Cap Core Equity A Sharpe Ratio R 2 vs. Market Alpha vs. Market (%) Beta vs. Market Std Dev (%) Return (%) Risk-Return Table
  • 47. A Tale of Two Markets AIM Mid Cap Core Equity Fund Class A shares at NAV Source: StyleADVISOR. The Russell Midcap ® Index is an unmanaged index considered representative of mid-cap stocks. The Russell Midcap Index is a trademark/service mark of the Frank Russell Co. Russell ® is a trademark of the Frank Russell Co. Fund characteristics and holdings are subject to change. Past performance does not guarantee future results. An investment cannot be made directly in an index. For statistical definitions, see slide CHTMCCE-3. Oct. 10, 2002–Oct. 9, 2007 AIM Mid Cap Core Equity Fund Class A Russell Midcap Index Oct. 9, 1998–Oct. 9, 2002 100 150 200 250 300 Oct. 1998 April 1999 Oct. 1999 April. 2000 Oct. 2000 May 2001 Nov. 2001 Oct. 2002 Russell Midcap Index AIM Mid Cap Core Equity Fund — Class A -0.07 1.00 0.00 1.00 21.50 2.86 Russell Midcap Index 0.57 .83 11.35 0.79 18.60 15.00 AIM Mid Cap Core Equity A Sharpe Ratio R 2 vs. Market Alpha vs. Market (%) Beta vs. Market Std Dev (%) Return (%) Risk-Return Table 1.45 1.00 0.00 1.00 14.23 23.53 Russell Midcap Index 1.21 0.93 -1.66 0.78 11.45 16.76 AIM Mid Cap Core Equity A Sharpe Ratio R 2 vs. Market Alpha vs. Market (%) Beta vs. Market Std Dev (%) Return (%) Risk-Return Table 100 150 200 250 300 Oct 09, 2002 Jun 03, 2003 Jan 23, 2004 Sep 15, 2004 May 06, 2005 Dec 27, 2005 Aug 18, 2006 Oct 09, 2007
  • 48. Quality Rotation: Return on Equity (ROE) vs. Returns AIM Mid Cap Core Equity Fund Class A shares @ NAV Russell Midcap Index Annual ROE Annual Returns … the index starts to outperform. The index offers lower quality content but… Sources: Invesco Aim, Frank Russell Co., Compustat, Thomson Financial. The Russell Midcap ® Index is an unmanaged index considered representative of mid-cap stocks. The Russell Midcap Index is a trademark/service mark of the Frank Russell Co. Russell ® is a trademark of the Frank Russell Co. Past performance cannot guarantee comparable future results. Index performance reflects reinvestment of dividends. An investment cannot be made directly in an index.
  • 49. AIM Mid Cap Core Equity Fund Five-year Rolling Returns-based Style Analysis Five-year Holdings-based Style Analysis as of June 30, 2008 (larger markers indicate most recent data) Sources: StyleADVISOR, Invesco Aim, ©2008 Morningstar, Inc. All rights reserved. The information contained herein is proprietary to Morningstar and/or its content providers. It may not be copied or distributed and is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance does not guarantee future results. The Russell 1000 ® Growth Index is an unmanaged index considered representative of large-cap growth stocks. The Russell 1000 ® Value Index is an unmanaged index considered representative of large-cap value stocks. The Russell 2000 ® Growth Index is an unmanaged index considered representative of small-cap growth stocks. The Russell 2000 ® Value Index is an unmanaged index considered representative of small-cap value stocks. The Russell 1000 Growth Index, The Russell 1000 Value Index, The Russell 2000 Growth Index and The Russell 2000 Value Index are trademarks/service marks of the Frank Russell Co. Russell ® is a trademark of the Frank Russell Co. An investment cannot be made directly in an index.
  • 50. Annual Returns Calendar year total returns as of Dec. 31, 2007 Sources: Invesco Aim, Lipper Inc. The Lipper Mid-Cap Core Funds Index is an unmanaged index considered representative of mid-cap core funds tracked by Lipper. The Russell Midcap ® Index is an unmanaged index considered representative of mid-cap stocks. The Russell Midcap Index is a trademark/service mark of the Frank Russell Co. Russell ® is a trademark of the Frank Russell Co. The S&P 500 ® Index is an unmanaged index considered representative of the U.S. stock market. Past performance cannot guarantee comparable future results. Index performance reflects reinvestment of dividends. An investment cannot be made directly in an index. 13.44 15.78 15.26 11.11 2006 Return (%) 9.46 4.91 12.65 7.43 2005 Return (%) Lipper Mid-Cap Core Funds Index S&P 500 Index Russell Midcap Index AIM Mid Cap Core Equity Fund Class A shares at NAV 6.34 15.44 36.58 -17.37 -4.90 6.26 5.49 10.87 28.67 -22.09 -11.88 -9.10 5.60 20.22 40.06 -16.19 -5.62 8.25 9.90 13.82 27.10 -11.09 0.52 18.81 2007 Return (%) 2004 Return (%) 2003 Return (%) 2002 Return (%) 2001 Return (%) 2000 Return (%)
  • 51. Thank You FOR INSTITUTIONAL INVESTOR USE ONLY — NOT FOR USE WITH THE PUBLIC Invesco Aim SM is a service mark of Invesco Aim Management Group, Inc. Invesco Aim Advisors, Inc., Invesco Aim Capital Management, Inc., Invesco Aim Private Asset Management, Inc. and Invesco PowerShares Capital Management LLC are the investment advisors for the products and services represented by Invesco Aim; they each provide investment advisory services to individual and institutional clients and do not sell securities. Invesco Aim Distributors, Inc. is the distributor for the retail mutual funds, exchange-traded funds and U.S. institutional money market funds represented by Invesco Aim. All entities are indirect, wholly owned subsidiaries of Invesco Ltd. All data provided by Invesco Aim unless otherwise noted. Invesco Aim Distributors, Inc. CHTMCCE-PPT-1I 10.08 CHTMCCE-X
  • 52. Appendix FOR INSTITUTIONAL INVESTOR USE ONLY — NOT FOR USE WITH THE PUBLIC
  • 53. Significant Style Change Under New Management Sources: Invesco Aim, StyleADVISOR. The Russell 1000 ® Index is an unmanaged index considered representative of large-cap stocks. The Russell 1000 Index is a trademark/service mark of the Frank Russell Co. Russell ® is a trademark of the Frank Russell Co. Current management team added January 2002
  • 54. Why Mid Caps? Consistency Comparing the S&P 500, Russell Midcap and Russell 2000 Indexes over the past 30 years: Mid caps have performed in the middle, 20 out of the past 30 years, or 67% of the time. Source: Lipper Inc. The S&P 500 ® Index is an unmanaged index considered representative of the U.S. stock market. The Russell 2000 ® Index is an unmanaged index considered representative of small-cap stocks. The Russell Midcap ® Index is an unmanaged index considered representative of mid-cap stocks. The Russell 2000 Index and Russell Midcap Index are trademarks/service marks of the Frank Russell Co. Russell ® is a trademark of the Frank Russell Co. Past performance is no guarantee of future results. An investment cannot be made directly in an index. Annual returns: 1979 – 2008 (%) S&P 500 Russell Midcap Russell 2000 18.7 32.5 43.1 1979 32.5 32.5 38.6 1980 -5.0 2.0 2.4 1981 21.6 23.3 25.0 1982 22.6 23.8 29.1 1983 -7.3 1.4 6.2 1984 31.1 31.7 32.0 1985 5.7 18.2 18.7 1986 -19.3 -19.5 -10.4 2008 YTD -1.6 5.5 5.6 2007 4.9 4.6 12.7 2005 10.9 18.3 20.2 2004 15.3 15.8 18.4 2006 -22.1 -20.5 -16.2 2002 28.7 40.1 47.3 2003 -11.9 -9.1 18.2 -2.6 22.4 16.5 28.5 -2.1 10.1 7.6 30.4 -19.5 16.3 16.6 -8.8 -5.6 -3.0 21.0 10.1 29.0 19.0 34.5 -1.8 14.3 16.3 41.5 -11.5 26.3 19.8 0.2 2.5 8.3 21.3 28.6 33.4 23.0 37.5 1.3 18.9 18.4 46.0 -3.1 31.7 25.0 5.3 2001 2000 1999 1998 1997 1996 1995 1994 1993 1992 1991 1990 1989 1988 1987 Bottom Performers 10% 3 of 30 Russell Midcap 37% 11 of 30 Russell 2000 53% 16 of 30 S&P 500 % # of years