Invesco Global Small Cap Equity Portfolio Manager Update

This is an update only and you don’t need to take any action as a result of this news.

In late 2025, Invesco announced a portfolio management change to the Invesco Global Small Cap Equity Fund (“the Fund”). Jonathan Brown, the Portfolio Manager (PM) responsible for managing the UK sub-portfolio of the Fund, left the company on July 31, 2025. Following his departure, Michael Oliveros, lead PM, and PM Robin West took on the responsibility of managing the UK sub-portfolio of the Fund. West was already a member of the UK team and previously supported Brown.

The Invesco Global Small Cap strategy has traditionally been managed with several different PMs having responsibility for building regional sub-portfolios in the U.S., U.K., Europe, Japan, Asia and the Emerging Markets. The lead PM determines the overall weightings to each sub-portfolio in the Fund.

Michael Oliveros was hired by Invesco in July 2023 to lead the Fund, following the departure of lead PM Erik Esselink. Over the past two years, Oliveros has consolidated some regional research coverage. Oliveros assumed security selection responsibility for the Asia and Emerging Markets sleeve when Invesco parted ways with Doug Turnbull in May 2024. Similarly, Brown’s departure means that security selection for the UK now rests with Oliveros and West.

The PM team now consists of six PMs. In addition to Oliveros and West, Juan Hartsfield and Davis Paddock continue to manage the U.S. sub-portfolio and Andy Tidby manages the Japan sub-portfolio and supports Oliveros on the Asia and Emerging Markets sub-portfolio.  James Mathews supports Oliveros on the European sub-portfolio.

Sun Life GRS Investment Solutions team view

Invesco indicated that these PM changes will increase efficiency through tighter integration across the regions. However, it is noteworthy that Oliveros, who is responsible for managing the overall portfolio, is now responsible for security selection for the European, Asian and Emerging Markets, and UK components. We are concerned that this consolidation of responsibilities may result in too much work and responsibility for Oliveros. Invesco has stated that they are not moving to a single portfolio manager approach and no further PM changes are planned. Invesco implemented the transition gradually.

Building a more integrated portfolio can be more efficient and have benefits for mitigating unintended risks. But it may also result in less specialized research and diversity of opinions, for better or worse. Given these changes and the recent acquisition of Invesco Canada Funds by CI Global Asset Management, we have placed the Invesco Global Small Cap Equity Fund on Additional Monitoring, which is the least severe category of our Watch List. We will continue to closely monitor the Fund and provide updates as necessary.