Standard & Poor’s Ratings Services today affirmed its 'AAA' rating on the INVESCO OTC Growth Stock Open Fund.
The INVESCO OTC Growth Stock Open Fund focuses on medium-to-long-term investment in growth stocks, particularly in Japan's emerging company market, and is benchmarked against the JASDAQ Index. Portfolio manager Osamu Tokuno takes an investment approach based on proprietary growth and valuation analysis for stock selection. As of Sept. 30, 2006, the fund posted a cumulative return of 137.30% over three years, ranking it fifth out of 54 small-and-mid-cap Japanese stock funds rated by Standard & Poor's. The affirmation of the 'AAA' rating on the fund reflects its sophisticated and consistent management, which has outstanding equity research capability.
The fund management rating report on the fund will soon be available in Japanese on Standard & Poor's website at http://www.standardandpoors.co.jp.
| RATING AFFIRMED |
Rating |
INVESCO OTC Growth Stock Open Fund
(S&P Sector: Small-and-mid-cap Japanese stocks) |
AAA |
―INFORMATION―
Fund Management Ratings Definitions
Index tracking funds rated in the AAA to A categories demonstrate an ability to provide performance returns close to their respective index benchmark over a long-term period. The differentiation in the rating process is based upon quantitative factors, and Standard & Poor’s Fund Assessment of the investment process and management.
AAA
An index tracking fund which has an extremely low tracking error relative to its nominated index benchmark; very competitive low total expenses; a minimal bid-offer spreadsales fee relative to fund with similar objectives; and extremely strong investment management abilities.
AA
An index tracking fund which has a low tracking error relative to its nominated index benchmark, low total expenses and a narrow bid-offer spreadsales fee relative to funds with similar objectives and a very strong investment management abilities.
A
An index tracking fund which has strong investment management abilities but satisfies only two of the three criteria ? low tracking error, a competitive total expense ratio and narrow bid/spreadsales fee ? but failed in one.
NR
Funds designated as NR (not rated) currently do not meet the requisite performance standards and/or the minimum qualitative criteria.
UR
Ratings are placed “Under Review” when significant management changes occur at the fund manager or fund management team level and Standard & Poor’s Fund Services has not had the opportunity yet to re-evaluate its impact upon the qualitative appraisal.
A Standard & Poor’s rating is not a recommendation to purchase, sell or hold any interest in the fund, inasmuch as it does not comment as to market price or suitability for a particular investor. While performance is one of many factors contributing to the ratings, it, in and of itself, is no indication of future results. The ratings are based on current information furnished to Standard & Poor’s by the fund or obtained from sources Standard & Poor’s considers reliable. Standard & Poor’s does not perform an audit in connection with any rating and may rely on unaudited information. Ratings may be changed, suspended or withdrawn as a result of changes in or unavailability of such information, or based on other circumstances, such as a persistent lack of access to fund managers. The ratings do not address market, credit or counter party risk of a fund, nor does it comment on the fund’s suitability as a counter party or obligor.
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