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.
3.
4.
5.
6.
7.
8.
9.
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
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.
18.
19.
20.
21.
22.
23.
24.
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
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.
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
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
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.
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.
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
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
Hinweis der Redaktion
Speaker's note: You must show slides CHTMCCE-X, CHTMCCE-1, CHTMCCE-2A, CHTMCCE-2B and CHTMCCE-2C if you show this slide.