Invesco International Growth Fund Q1 2026 Portfolio Review

We sold OBIC Business Consultants and Rightmove due to concerns about AI-driven disruption for these established platforms. BAE Systems is a UK-based defense contractor supplying mainly NATO clients. We believe BAE is well-placed to benefit from increased defense spending. Expanding regulatory access has continued to grow Flutter Entertainment's addressable market, but shares appeared pressured by concerns about near-term margins, regulation and competition.