IVZ Morningstar

Invesco Ltd IVZ
Quote
11 Analysis
15 Insiders
29 Performance
31 Financials
34 Valuation / Estimates
36 Key Ratios
39 Ownership
Release date 11-02-2014
Page 1 of 44
Morningstar Analyst Rating
Invesco Ltd IVZ
Last Price
Day Change
Open Price
Day Range
52-Week Range
Proj. Yield
Market Cap
Volume
Avg Vol.
Forward P/E
P/B
P/S
P/CF
$ 40.47
]0.79 | 1.99 %
$ 40.29
40.13-40.57
31.73-41.44
2.47
17.44 bil
4.0 mil
2.9 mil
14.22
2.07
3.48
14.7
Dividends
Stock Price 2014-01-01 - 2014-10-31

XNYS:IVZ: 4.07|11.18%
Declared Date
Ex-Dividend Date
Latest Indicated Dividend Amount
Projected Yield
45.00
30.00
10/30/2014
11/14/2014
0.25
2.47 %
15.00
2014
Morningstars Take
Invesco continues to impress us with its transformation,
reshaping itself into a much tighter organization capable
of not only generating profitability and cash flows on par
with the...
Fair Value Estimate

Consider Buying
Consider Selling
Fair Value Uncertainty
Economic Moat
Stewardship
Growth
Profitability
Morningstar Credit Rating
$ 40.00
$ 28.00
$ 54.00
Medium
Narrow
Standard
X
C
A-
Stock
Ind Avg
18.8
2.1
3.5
10
26.4
24
19.7
5.2
11.9
0.2
18
2
3.7
9.3
8.8
59.1
20.9
1.5
12.2
0.7
Relative to Industry
Cash Dividends
Cash Dividends
Cash Dividends
Cash Dividends
0.2500
0.2500
0.2250
0.2250
Purchase Options
Direct Investment
Dividend Reinvestment Plan
No
No
Competitors
Name
Price
% Chg
TTM Sales
$ mil
$40.47
$38.72
1.99 ]
1.98 ]
5,096
14,721
$341.11
$2.11
$55.61
$30.12
2.36 ]
-2.76 [
1.50 ]
1.21 ]
10,697
9,748
8,321
7,711
4.0
Total Analysts: 7
Avg
Quarterly
2013-12
2012-12
2011-12
2014-09
2013-09
4,645
1,120
940
2.10
448
4,177
872
677
1.49
454
4,092
898
730
1.57
465
1,311
330
256
0.59
435
1,172
286
228
0.51
449
4,463
14,807
19,270
3,738
10,878
8,393
3,908
13,585
17,492
2,713
9,176
8,317
3,834
15,513
19,347
2,974
11,228
8,119
4,231
15,850
20,081
8,870
11,657
8,424
5,638
13,126
18,764
3,669
10,233
8,531
Balance Sheet
5.0
Buy
3.0
Hold
1.0
Sell
Ownership
Fund Owners
Annual
Current Assets
Non Current Assets
Total Assets
Current Liabilities
Total Liabilities
Stockholders' Equity
08/19/2014
05/14/2014
02/18/2014
11/15/2013
Wall St. Recommendations
Financials
Revenue
Operating Income
Net Income
Earnings Per Share
Shares Outstanding
Amount
Current
Income Statement
Type
Invesco Ltd
Bank of New York
Mellon Corp
BlackRock Inc
CaixaBank SA ADR
Franklin Resources Inc
Blackstone Group LP
Key Stats
Price/Earnings TTM
Price/Book
Price/Sales TTM
Rev Growth (3 Yr Avg)
Net Income Growth (3 Yr Avg)
Operating Margin % TTM
Net Margin % TTM
ROA TTM
ROE TTM
Debt/Equity
Recent Dividends &

Splits
Star
Rating
% Shares
Held
% Total
Assets
1.63
0.08
1.28
0.86
1.04
1.03
1.02
0.10
0.10
0.10
Vanguard Total Stock Mkt

Idx
T. Rowe Price Blue Chip QQQQQ
Growth
Vanguard 500 Index Inv QQQQ
QQQQ
SPDR S&P 500 ETF
QQQQ
Vanguard Institutional
Index I
Insiders
Karen Dunn Kelley

Martin L. Flanagan
Kevin M. Carome
Loren M. Starr
G. Mark Armour
2014 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. The
information contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.
Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
% Change
TTM
% Shares
Outstanding
42,566
131,381
73,334
20,442
141,491
0.19
0.13
0.10
0.09
0.07
Page 2 of 44
Morningstar Analyst Rating
Invesco Ltd IVZ
Last Price
Day Change
Open Price
Day Range
52-Week Range
Proj. Yield
Market Cap
Volume
Avg Vol.
Forward P/E
P/B
P/S
P/CF
$ 40.47
]0.79 | 1.99 %
$ 40.29
40.13-40.57
31.73-41.44
2.47
17.44 bil
4.0 mil
2.9 mil
14.22
2.07
3.48
14.7
Cash Flow
Cash From Operations

Capital Expenditures
Free Cash Flow
780
-88
692
819
-99
720
965
-107
858
467
-37
430
334
-27
308
Page 3 of 44
Invesco Ltd IVZ

Quote
Stock Type
Last Close 10/31/2014
Fair Value Estimate
Morningstar Rating TM
40.47
$ 40.00
QQQ
Industry Classification
NAICS
SIC
ISIC
Business Description
Portfolio Management (523920)
Other Financial Intermediaries N.E.C. (7499);Investment Advice (6282)
Other Financial Service Activities, Except Insurance and Pension Funding Activities,
N.E.C. (6499)
Operation Details
Fiscal Year Ends
CIK
Year Established
Employees (12/31/2013)
Full Time
Part Time
Auditor (12/31/2013)
Legal Advisor (12/31/2009)
Key Executives
2014-12-31
914208
5,932
Invesco Ltd. is an investment management company. The

Company provides a comprehensive range of enduring
solutions for its clients.
30-day Avg Volume
Market Cap
Net Income
Sales
Sector
Industry
Stock Style
Direct Investment
Dividend Reinvestment
3.4Mil
17.4Bil
1.0Bil
5.1Bil
Financial Services
Asset Management
4 Large Core
No
No
Ernst & Young LLP

APPLEBY
Karen Dunn Kelley/Senior Managing Director, Investments; Martin L. Flanagan/Director,
President and Chief Executive Officer; Kevin M. Carome/Company Secretary, Senior
Managing Director and General Counsel; Loren M. Starr/Senior Managing Director and
Chief Financial Officer; G. Mark Armour/Senior Managing Director and Head of EMEA;
Colin D. Meadows/Senior Managing Director and Chief Administrative Officer; Andrew
Tak Shing Lo/Senior Managing Director and Head of Invesco Asia Pacific; Philip A.
Taylor/Senior Managing Director and Head of the Americas; Roderick Ellis/Group
Controller and Chief Accounting Officer; Robert H. Rigsby/Managing Director, Corporate
Legal
Page 4 of 44
Invesco Ltd IVZ

Quote
Stock Type
Fair Value Estimate
40.47
$ 40.00
QQQ
Industry Peers
Morningstar
Rating
Invesco Ltd
BlackRock Inc
Bank of New York Mellon Corp
CaixaBank SA
QQQ
QQQ
QQQ
Blackstone Group LP
State Street Corp
CaixaBank SA
Investor AB
Investor AB
QQQQ
QQQ
Investor AB
KKR & Co LP
Ameriprise Financial Inc
T. Rowe Price Group Inc
Northern Trust Corp
QQQ
Market
Cap $Mil
Net
Income $Mil
P/S
P/B
P/E
Dividend
Yield%
5 Yr Rev
CAGR%
Med Oper.
Margin%
Interest
Coverage
D/E
17,435
56,620
43,815
35,793
34,772
1,005
3,135
2,772
510
2,252
3.5
5.5
3.0
3.5
4.2
2.1
2.1
1.2
1.1
3.1
18.8
18.8
16.4
53.8
15.5
2.4
2.2
1.7
2.2
0.9
7.0
15.0
2.0
16.7
5.8
20.8
35.8
24.6
12.1
36.0
8.5
19.8
11.8
0.9
65.5
0.2
0.3
0.6
0.1
0.2
34,738
31,958
29,656
27,119
26,436
1,575
2,078
510
51,801
51,801
2.3
3.4
2.9
9.7
9.4
3.2
1.6
0.9
0.8
0.8
11.5
16.4
44.4
3.8
3.7
6.4
1.5
2.1
2.4
2.7
-4.2
27.2
12.1
98.8
98.8
30.2
7.5
0.9
0.8
0.4
0.1
0.2
0.2
26,160
25,597
23,619
21,293
15,619
51,801
870
1,452
1,201
735
9.3
7.3
2.1
5.7
3.9
0.8
4.7
2.8
4.1
1.9
3.7
8.4
17.4
18.5
21.3
3.6
9.4
1.7
2.1
1.9
13,702
13,448
11,706
11,098
10,777
15,790
919
524
410
364
1.3
2.8
2.0
4.8
3.4
1.1
0.7
1.5
4.4
2.9
7.0
11.9
17.1
27.9
18.2
2.5
3.3
3.5
9,994
9,837
9,694
9,232
9,134
1,399
784
470
287
287
1.0
4.1
0.1
4.9
4.9
0.7
2.4
0.4
3.0
3.0
8,819
8,654
8,633
8,559
8,191
221
17,292
495
364
473
45.7
49.5
1.1
2.7
5.3
7,622
7,513
7,258
6,922
6,465
162
162
190
353
307
6,022
5,219
5,031
5,022
4,625
-1.6
16.7
26.5
9.6
10.5
-1.7
98.8
-181.3
14.1
44.7
27.2
2.9
50.1
38.3
3.6
13.6
14.1
42.3
21.2
12.7
28.5
24.1
7.3
14.2
16.4
17.1
16.9
0.1
5.0
0.8
2.1
4.0
0.2
111.6
20.2
20.2
2.9
38.6
4.8
30.6
30.6
1.3
11.6
11.3
0.8
3.6
2.3
4.8
1,000.0
3.7
6.8
14.5
19.5
6.8
2.4
2.3
3.6
3.7
13.3
13.1
9.9
12.7
5.4
20.9
20.6
13.3
7.7
5.2
29.4
29.0
10.0
19.1
21.9
309
262
331
534
809
2.3
2.7
2.6
4.9
0.7
1.3
-16.5
0.8
1.0
0.6
4,599
4,373
4,064
4,032
3,983
809
281
340
305
99
0.7
3.1
5.9
2.7
10.4
Sofina
Henderson Group PLC
CETIP SA Mercados Organizados
Ashmore Group PLC
Artisan Partners Asset Management Inc
3,955
3,738
3,722
3,572
3,535
198
245
388
130
43
China Everbright Ltd
3,436
2,139
China Resources Land Ltd

Groupe Bruxelles Lambert
Hal Trust
Affiliated Managers Group Inc
Schroders PLC
QQQQ
QQQ
QQQ
QQQ
QQQQ
Voya Financial Inc

IGM Financial Inc
EXOR Spa
Aberdeen Asset Management PLC
Aberdeen Asset Management PLC
The Carlyle Group L P
Kinnevik Investment AB
Apollo Global Management LLC
Schroders PLC
CI Financial Corp
Hargreaves Lansdown PLC
Hargreaves Lansdown PLC
Oaktree Capital Group LLC
Partners Group Holding
SEI Investments Company
Legg Mason Inc
Och-Ziff Capital Management Group LLC
Investec PLC
Ares Capital Corporation
First Pacific Co Ltd
First Pacific Co Ltd
Eaton Vance Corp
Challenger Ltd
Waddell & Reed Financial, Inc.
American Capital Ltd
QQQQ
QQQQQ
QQQQ
QQ
QQQ
QQQQ
QQQ
QQQQ
80.2
8.0
0.2
1.9
1.1
7.1
0.4
50.9
0.6
0.2
0.5
0.5
10.9
0.6
0.3
0.2
145.6
145.6
85.8
1.5
0.0
5.5
14.1
3.4
53.8
-6.2
-2.2
24.1
34.6
31.6
0.2
2.3
2.2
6.9
2.0
1.1
22.1
22.1
14.2
7.8
-2.0
61.5
61.5
-666.6
64.4
22.1
103.0
1.1
20.3
20.2
14.1
8.6
16.9
1.1
16.1
3.8
9.5
2.2
-4.0
25.7
2.5
29.7
8.6
13.3
-127.1
21.6
48.1
20.2
8.9
193.8
1.3
3.9
3.5
0.2
0.6
6.6
2.1
5.2
0.8
16.8
16.0
12.9
13.3
43.1
2.5
2.5
1.5
2.8
8.6
4.4
53.7
8.3
-14.3
20.2
32.9
-272.1
25.5
47.6
3.5
7.8
2.6
36.0
6.9
0.6
0.3
2.0
0.2
0.1
39.4
3.9
9.4
7.6
1.2
0.8
2.5
5.4
3.5
44.4
15.4
26.5
23.1
17.1
2.0
4.3
1.6
5.3
4.3
-6.9
11.2
59.5
3.7
123.1
14.9
53.5
66.3
17.0
59.2
10.5
190.2
-16.5
2.5
3.2
0.8
15.0
2.0
14.5
36.5
17.6
0.0
-27.5
2.5
814.8
0.7
0.6
0.2
0.2
Page 5 of 44
Invesco Ltd IVZ

Quote
Stock Type
Fair Value Estimate
40.47
$ 40.00
QQQ
Industry Peers
Morningstar
Rating
Market
Cap $Mil
Net
Income $Mil
P/S
P/B
P/E
Dividend
Yield%
3,424
3,360
3,302
3,284
53
161
53
319
3.4
6.7
3.3
4.0
1.5
11.4
1.5
0.9
66.7
64.1
9.0
4.8
1.1
4.2
13.8
3,270
3,270
3,144
2,998
2,788
150
184
2,139
159
146
3.7
2.1
3.0
6.6
3.0
5.5
5.5
0.8
3.7
1.8
20.9
19.1
13.7
14.9
19.4
3.2
4.0
2.5
3.3
2.0
-6.4
11.6
14.5
2,783
2,738
2,584
2,576
2,462
169
169
195
24,006
137
4.3
4.3
15.6
15.4
14.2
12.6
11.1
4.0
1.3
3.5
1.4
1.4
1.7
0.7
1.0
Ratos AB
Vontobel Holding AG
GAMCO Investors, Inc
Financial Engines Inc
Partners Value Fund Inc
2,280
2,243
2,137
2,063
2,005
-130
119
123
35
51
0.4
2.6
4.9
8.1
34.6
1.1
1.3
4.3
5.7
1.0
18.3
17.2
59.9
43.5
WisdomTree Investments Inc

Apollo Investment Corp
Cohen & Steers Inc
OM Asset Management PLC
Aker ASA
1,966
1,953
1,919
1,796
1,774
72
316
79
33
1,451
12.1
5.2
6.5
1.8
1.1
12.8
0.9
7.7
-43.1
0.4
28.4
6.3
24.5
72.5
Sun Hung Kai & Co Ltd

Moelis & Company
Tokai Tokyo Financial Holdings Inc.
IP Group PLC
Virtus Investment Partners Inc
1,758
1,753
1,716
1,654
1,634
1,729
-33
23,397
87
87
2.8
3.5
2.1
8.8
3.8
0.8
24.7
1.3
2.0
3.2
10.7
8.1
10.3
18.6
Grenkeleasing AG
Main Street Capital Corporation
Value Partners Group Ltd
Acology Inc
Kenedix Inc.
1,452
1,425
1,298
1,272
1,261
60
106
518
-1
5,016
6.1
9.9
12.3
2.4
1.5
3.6
-3,333.3
4.6
1.6
19.1
12.0
19.3
Altisource Asset Management Corp

Encore Capital Group Inc
Brewin Dolphin Holdings PLC
Brederode SA
Luxempart SA
1,211
1,166
1,131
1,115
924
17
91
33
200
150
5.6
1.3
2.5
28.4
20.2
-2.9
2.1
3.1
0.7
0.7
82.6
13.6
21.3
4.5
4.9
917
906
815
789
775
68
67
57
70
56
1.3
4.4
7.4
6.9
1.9
1.2
3.3
1.1
0.8
0.9
12.9
13.8
13.1
11.6
16.4
7.4
8.6
10.9
Gluskin Sheff & Associates Inc

New Mountain Finance Corp
Dundee Corp
Allied Group Ltd
Pennant Park Investment Corporation
771
764
760
753
724
106
82
-38
3,037
134
3.5
6.3
3.2
1.1
5.2
9.4
1.0
0.6
0.2
1.0
8.1
8.6
2.8
9.3
4.9
5.4
4.4
10.3
Fifth Street Asset Management Inc

AF Ocean Investment Management Co
713
707
42
0
8.1
333.3
1,666.7
1,000.0
Man Group PLC

Ares Management LP
Man Group PLC
Prospect Capital Corporation
Federated Investors, Inc.
Fortress Investment Group LLC
China Everbright Ltd
Azimut Holding SPA
Janus Capital Group Inc
GAM Holding AG
GAM Holding AG
AllianceBernstein Holding L.P.
SBI HoldingsInc.
Intermediate Capital Group PLC
Piper Jaffray Cos

Noah Holdings Ltd
Golub Capital BDC Inc
Solar Capital Ltd.
AGF Management Limited
QQQQ
QQ
QQQQ
QQQ
QQQ
QQ
QQ
7.1
1.3
5.6
5 Yr Rev
CAGR%
Med Oper.
Margin%
Interest
Coverage
48.1
-22.6
-126.1
-22.6
56.0
3.5
2.6
3.5
3.5
-3.4
28.7
-91.3
36.5
53.7
27.4
103.1
17.6
60.4
5.8
-5.0
-5.0
7.6
7.6
-7.2
8.1
54.9
6.4
4.2
0.3
0.6
-0.6
2.3
10.1
27.4
0.4
9.7
2.0
0.2
9.9
6.7
4.8
3.0
0.6
10.4
6.6
19.2
33.1
15.8
19.4
8.9
51.6
35.2
-10.7
-24.3
D/E
43.7
0.7
0.4
0.4
0.0
0.3
0.0
0.0
2.9
6.2
0.5
0.7
47.5
18.5
0.2
4.9
0.8
0.6
0.9
0.5
15.7
143.2
16.9
46.7
9.9
14.4
72.7
6.8
0.4
6.2
1.9
7.2
46.8
13.0
39.4
59.3
73.8
2.1
5.8
3.0
0.3
-30.4
27.8
2.8
1.1
46.9
25.9
10.6
109.6
107.7
8.5
2.6
1,681.6
4.8
12.1
34.8
55.6
63.0
19.6
4.0
0.2
4.7
4.8
6.7
0.2
0.3
54.6
73.1
19.0
70.9
52.7
-8.9
10.8
7.0
0.2
0.2
0.6
56.3
-237.0
-15.3
27.9
3.6
1.7
2.6
24.8
7.8
12.3
0.5
-7.8
29.1
-30.4
8.2
27.0
5.3
0.4
0.0
0.0
156.9
202.7
Page 6 of 44
Invesco Ltd IVZ

Quote
Stock Type
Fair Value Estimate
40.47
$ 40.00
QQQ
Industry Peers
Morningstar
Rating
Market
Cap $Mil
Net
Income $Mil
P/S
P/B
P/E
Dividend
Yield%
5 Yr Rev
CAGR%
Med Oper.
Margin%
Interest
Coverage
D/E
TCP Capital Corp

BlackRock Kelso Capital Corporation
Pzena Investment Management, Inc.
702
657
655
73
104
7
6.6
7.1
6.3
1.3
0.9
40.3
9.6
7.1
87.0
8.5
10.7
3.5
-2.4
-1.2
81.3
60.4
48.7
54.9
5.4
0.5
0.5
Tricon Capital Group, Inc.

Pacific Century Regional Developments Ltd
Medley Capital Corp
Fonterra Shareholders Fund
Capital Southwest Corporation
654
639
607
587
565
32
75
58
20
122
6.3
99.0
4.8
-6.9
45.9
1.6
1.0
0.9
21.3
10.9
8.4
30.4
4.6
3.0
4.9
245.7
3.9
0.2
12.7
0.6
0.6
0.5
10.6
58.4
-1.6
27.0
Westwood Holdings Group Inc

TICC Capital Corp
The Intertain Group Ltd
Guardian Capital Group Ltd
Sprott Inc
559
528
523
521
506
27
63
0
45
-61
4.7
5.8
5.3
0.9
13.0
1.3
1.3
19.3
9.1
2.6
13.2
14.6
22.1
30.8
65.8
4.1
0.8
0.5
14.0
1.0
5.4
8.0
-7.1
13.4
27.3
35.1
Medley Management Inc

Diamond Hill Investment Group Inc
THL Credit Inc
Lai Sun Development Co Ltd
Safeguard Scientifics Inc
496
444
436
421
409
33
25
38
1,253
33
8.3
4.4
5.3
1.9
-14.9
6.1
1.0
0.2
1.5
10.9
26.8
16.9
11.3
2.7
12.6
56.2
163.4
-1,034.5
19.5
-7.3
Senvest Capital Inc

Clairvest Group Inc
GP Investments Ltd
Calamos Asset Management Inc
Dividend 15 Split Corp
344
335
308
281
266
134
35
45
18
45
1.0
5.9
1.9
1.0
16.3
0.6
0.9
0.3
1.4
1.1
3.0
10.6
7.3
14.2
5.0
KCAP Financial Inc

MVC Capital, Inc.
Garrison Capital Inc
Mesabi Trust
China Merchants China Direct Invts Ltd
257
255
247
244
243
17
-20
33
18
37
4.9
12.8
5.5
12.2
4.5
1.0
0.7
0.9
56.2
0.5
14.8
7.5
13.0
6.5
13.1
4.8
9.5
12.3
3.8
Capitala Finance Corp

CorEnergy Infrastructure Trust Inc
Fidus Investment Corp
CIFC Corp
Manning & Napier Inc
238
237
233
231
217
22
7
15
19
2
3.2
5.4
5.5
47.2
0.6
0.9
1.1
1.1
1.5
1.3
6.6
29.0
14.6
12.1
77.5
11.1
6.8
9.0
4.4
4.0
PennantPark Floating Rate Capital

Firsthand Technology Value Fund Inc
Treasury Group Ltd
Gladstone Investment Corporation
Resource America Inc
209
204
200
194
194
23
7.3
24
125.0
13 -5,000.0
3
5.3
8
1.1
1.0
0.8
3.6
0.9
1.2
8.7
7.8
17.0
52.4
22.7
7.7
Gladstone Capital Corp

WhiteHorse Finance Inc
GSV Capital Corp
Silvercrest Asset Management Group Inc
Alcentra Capital Corp
192
192
187
182
180
16
23
38
5
13
5.6
5.2
1,250.0
1.5
14.7
1.1
0.8
0.7
4.4
11.4
8.1
5.2
19.7
9.1
11.0
Solar Senior Capital Ltd

CM Finance Inc
Noranda Income Fund
Stellus Capital Investment Corp
Clarke Inc
174
172
170
169
167
14
16
32
14
135
8.1
8.2
0.3
5.3
1.6
0.8
0.9
2.7
1.0
0.8
Yellow Brick Road Holdings Ltd

MCG Capital Corporation
Tern Properties Co Ltd
161
155
147
-8
-41
250
4.3
-97.1
12.9
7.3
0.8
0.3
3.7
4.2
0.7
18.5
0.5
11.5
10.6
3.1
0.4
3.8
10.3
5.3
9.8
2.2
-14.5
-33.6
-7.2
5.9
-0.4
-4.4
-8.9
37.0
-38.1
86.2
52.2
-78.0
36.7
66.8
78.0
48.0
18.9
0.3
0.2
56.9
4.4
57.2
97.2
76.3
2.7
6.5
4.6
0.7
0.3
0.9
51.8
26.3
49.4
-527.4
24.8
4.4
3.7
4.9
20.7
3,743.1
1.2
0.3
0.7
74.8
54.0
-469.1
0.7
7.6
58.0
24.1
0.4
26.9
-2.9
3.2
3.9
56.2
72.8
-3,338.8
29.4
64.7
4.6
28.7
44.2
70.8
12.3
10.6
5.9
11.4
3.3
9.3
6.8
10.0
10.8
4.3
-15.2
60.8
80.5
9.7
48.4
2.8
10.9
7.6
14.4
6.6
9.6
4.6
10.3
1.6
57.4
-34.4
6.2
-29.6
50.0
540.5
-5.6
1.1
105.3
0.2
0.7
0.3
0.2
10.3
0.2
0.6
0.2
0.6
0.1
0.0
0.1
0.0
Page 7 of 44
Invesco Ltd IVZ

Quote
Stock Type
Fair Value Estimate
40.47
$ 40.00
QQQ
Industry Peers
Morningstar
Rating
Market
Cap $Mil
Net
Income $Mil
HFA Holdings Ltd

TriplePoint Venture Growth BDC Corp
147
142
11
0
City of London Investment Group PLC

Horizon Technology Finance Corp
OHA Investment Corp
American Capital Senior Floating, Ltd.
Point Capital Inc
139
135
133
131
124
5
6
1
Signature Group Holdings Inc

CapMan Oyj
OFS Capital Corp
Hennessy Advisors Inc
StoneCastle Financial Corp.
121
114
112
110
110
-5
0
4
6
3.4
3.2
7.8
3.4
2.4
1.4
0.8
3.2
Urbana Corp
Urbana Corp
Harris & Harris Group, Inc.
Canadian Banc Corp
Saratoga Investment Corp
101
96
90
86
81
17
17
-11
24
9
40.2
38.0
1,111.1
17.6
4.6
Harvest Capital Credit Corp

Charlemagne Capital Ltd
Acheron Portfolio Corp Luxemburg SA
Fifth Street Senior Floating Rate Corp
Full Circle Capital Corp
79
75
74
72
71
6
4
1
7.3
1.9
11.0
-7
4.7
Proxama PLC
Marret Resource Corp
SWK Holdings Corp
Mesa Royalty Trust
Vapir Enterprises Inc
71
62
56
53
48
-6
8
15
5
0
43.3
10.2
4.5
9.4
7.6
0.7
1.1
12.2
-2,500.0
BDCA Venture Inc

US Global Investors Inc
Precious Metals and Mining Trust
Gleacher & Co Inc
Australian Ethical Investment Ltd
47
47
47
43
40
-4
0
26
-86
2
526.3
4.2
222.2
18.1
5.2
0.7
1.4
0.7
0.5
4.8
InterCore Inc
Tanfield Group PLC
Universal Capital Management Inc
Wright Investors Service Holdings Inc
Equus Total Return, Inc.
39
36
30
29
27
-5
7
-1
-2
3
555.6
24.3
434.8
5.3
58.8
-15.7
0.6
-51.3
1.6
0.7
Spotlight Innovation Inc

Rand Capital Corp
Kobex Capital Corp
Energy Income Fund
Soellingen Advisory Group Inc
20
19
19
18
15
-7
3
0
7
Aberdeen International Inc

Global Diversified Investment Grade Income Trust II
Medwell Capital Corp
Millennium India Acquisition Corporation
Rubicon Financial Inc
14
11
10
6
6
-18
2
0
-203
0
-1.8
2.4
0.5
4.1
0.9
0.2
13.7
6
5
5
4
-24
0
-4
1
0.9
0.2
0.7
2.7
0.6
0.6
2.1
4.0
49 North Resources Inc

Ascendant Solutions Inc
Diversa Ltd
Mackenzie Master LP
P/S
3.1
4.0
5.6
0 10,000.0
10.4
17.2
P/B
P/E
Dividend
Yield%
1.1
1.0
18.1
7.3
4.9
6.3
1.0
0.8
0.9
59.5
15.2
19.5
85.5
7.5
9.8
9.9
5.6
5 Yr Rev
CAGR%
3.9
33.3
45.2
48.7
-6.1
1,000.0
Interest
Coverage
D/E
2.3
0.3
1.5
2.2
0.2
-11,517.8
27.1
15.9
4.1
11.6
0.8
4.3
0.7
0.6
0.7
1.1
0.7
6.6
6.3
2.6
2.8
24.6
24.6
3.6
8.1
5.6
1.2
0.9
2.6
0.5
0.7
1.0
12.6
18.9
44.6
10.5
5.8
-3.4
0.7
0.6
0.6
38.3
Med Oper.
Margin%
-6.3
11.2
41.8
26.6
-4.2
19.1
12.0
2.0
6.2
2.0
20.0
18.2
4.6
-4.4
64.7
23.0
57.9
5.0
-0.9
-47.5
-2.0
54.1
-1.8
0.3
-395.6
-116.7
66.0
-79.1
-18.6
67.0
95.5
-2,180.3 -84,033.2
0.1
-37.9
-25.4
-57.5
6.8
0.6
6.5
54.1
14.2
1.0
0.0
-34,093.2
-37.9
-1,732.4
-1,519.2
-585.2
172.0
-8.0
-7.7
16.3
14.9
2.7
2.4
-9,363.3
5.0
-770.1
-10.4
-238.0
-13.7
-62.5
6.3
0.7
218.0
218.0
-65.9
7.3
3.2
3.3
13.2
0.2
0.5
-52.9
-52.9
-1,694.0
65.5
48.6
9.2
13.8
7.9
3.5
9.7
-1.5
-7.7
93.4
-48.9
-74.9
0.0
35.1
13.0
-33.5
-7.5
4.0
-19.7
74.8
41.5
-699.2
-9.8
-3.7
-26.8
-1.7
-0.7
0.3
0.4
57.1
0.3
-90.6
92.8
-11.8
7.7
-4.3
1.6
0.3
Page 8 of 44
Invesco Ltd IVZ

Quote
Stock Type
Fair Value Estimate
40.47
$ 40.00
QQQ
Industry Peers
Morningstar
Rating
Market
Cap $Mil
Net
Income $Mil
P/S
Invent Ventures Inc
-5
19.1
Viking Investments Group Inc

WestMountain Alternative Energy Inc
Enterra Corp
Rockshield Capital Corp
Innocap Inc
4
2
2
2
1
0
0
0
3
0
Southern Trust Securities Holding Corp

NetMed Inc
Halo Companies Inc
Enviro Serv Inc
Global Vision Holdings Inc
1
0
0
0
0
0
0
-1
-1
0
GreenBank Capital Inc

Formosa Liberty Corp
Q Lotus Holdings Inc
Resinco Capital Partners Inc
Carrus Capital Corp
0
0
0
0
0
-2
0
0
Ampal-American Israel Corp

Fortitude Group Inc
Esstra Industries Inc
Ameritrans Capital Corporation
Uni Core Holdings Corporation
0
0
0
0
0
-274
-1
0
-8
14
Conversion Industries Inc

Forum National Investments Ltd
Hbancorporation Inc
Intersecurity Holdings Corp
Intrepid Capital Corp
Yora International Inc
Champion Investments Inc
Redwood Group International
Single Source Investment Group Inc
Epic Corp
Conihasset Captial Partners Inc
Oceania Capital Partners Ltd
Elementone Ltd
General Finance & Development Inc
Westmountain Co
Aston Hill Financial Inc
Cathay Financial Holding Co Ltd
JAFCO Co., Ltd.
FFP SA
Landmark Global Financial Corp
Brait S.E.
Industrivarden AB
Platcom Inc
Corporacion Financiera Colombiana SA
National Investment Managers Inc
Morgan Financial Corp
First Eagle
MLP AG
727 Communications Inc
AMEN Properties Inc
-33
0
70.4
P/B
5 Yr Rev
CAGR%
Med Oper.
Margin%
Interest
Coverage
0.8
-421.8
-4.7
-889.2
31.1
-206.5
-9.6
14.8
-20.4
-112,246.9
-16,736.5
1.4
-2.5
-1.0
0.3
0.0
0.7
-0.2
-0.0
-0.6
0.5
0.1
-16.4
0.4
-0.0
0.1
0.4
-10.9
0.1
0.0
Dividend
Yield%
-9.7
6.3
-0.0
0.2
-30.5
0.7
0.0
P/E
-0.0
-0.2
0.1
-0.0
-0.0
D/E
0.6
8.4
3.0
-43.0
73.8
-148.1
-1.7
-67.5
31.0
110.2
-15.5
-2.1
-24.2
6.1
-426.6
-26.9
0.5
0.0
43.9
-84.7
3.2
0.9
-340.6
-4
323
8.5
0.2
4.9
29.1
4.4
24.0
0
42,194
16,199
-723
-1
3.2
0.7
5.6
2.9
1.4
1.6
263.2
14.6
14.8
-54.9
2,615
6,958
5.1
1.0
-1
0.0
0.1
5.7
3.3
-230.7
3.0
-77.8
92.9
-37.7
0.1
2.0
3.3
22.4
1.0
0.3
0.1
0.1
-35.9
4.1
2.7
0.4
54.3
66.6
-20.1
18.1
91.6
14.7
-891.6
-35.0
4.1
58.2
39.0
95.4
99.2
-3.6
-2.1
0.2
0.5
0.0
5.9
0.1
2.0
25
0
1.5
1.9
27.2
10.3
-2.8
6.9
69.5
9.8
Page 9 of 44
Invesco Ltd IVZ

Quote
Stock Type
Fair Value Estimate
40.47
$ 40.00
QQQ
Industry Peers
Morningstar
Rating
CVF Technologies Corp

Global Capital Partners Inc
Detwiler Fenton Group Inc
Alerus Financial Corporation
AmTrust Financial Group Inc
CGrowth Capital Inc
Principal Capital Group Inc
MEDIA GLOBO Corp
Bancpro Inc
Centra Capital Corp
Queen City Investment
Renaissance Capital Group
Market & Research Corp
FNB Financial Corp
Firebrand Financial Group Inc
Market
Cap $Mil
Net
Income $Mil
P/S
P/B
-2
-45
0
0.1
-1.4
Tonawanda Share Corp

Close Brothers Group PLC
Dadongnan Holding Co
Nanostart AG
3i Group PLC
Interest
Coverage
-27.5
-85.9
-33.0
-2.2
-12.6
27.6
1.5
-8.2
-40.6
-307.0
-20.8
14.9
1.0
24.4
0.1
1.8
-151.0
-18.8
6.3
5.6
0.6
6.3
0.6
0.0
0.0
4.0
1.6
0.0
-1
1
-19
20
Sigma Capital Group PLC

Teuza a Fairchild Technology Venture Ltd
Myanmar Investments International Ltd
Kilimanjaro Cap Limited
Schroders PLC
Med Oper.
Margin%
D/E
0.8
Pyne Gould Corp Ltd

Wall Street Strategies
Olympia Financial Group Inc
Ackermans & Van Haaren NV
Renta 4 Banco SA
Global Investments Ltd

Atlantic Investment CO
World Organics Inc
PT Sinar Mas Multiartha Tbk
Absolute Invest AG
5 Yr Rev
CAGR%
-2
-4
-3
0
0
8
Ackermans & Van Haaren NV

Grupo de Inversiones Suramericana SA
Remgro Ltd
Quilvest SA
Ichigo Group Holdings Co., Ltd.
Dividend
Yield%
1.8
Envit Capital Group Inc

Protek Capital Inc
Gundaker/Jordan American Holdings Inc
Winmill & Co Inc
F&C Asset Management PLC
Tarpon Investimentos S.A.

Orion Diversified Holding Co Inc
Skajaquoda Group Inc
Intercorp Peru Ltd
Argo Group Ltd
P/E
-5.6
2.0
-45.9
0.4
-0.2
6.2
35
295
13
0.7
5.0
-1.8
9.1
13.2
21.9
62
84.7
69.6
11.4
18.5
18.6
2.0
0.5
295
849,701
6,917
67
4,282
5.2
0.8
9.3
2.9
0.1
0.7
0.0
26
3.5
0.5
-3.6
-12.9
11.1
1.4
5.0
-4.4
47.6
0.5
28.2
-7.0
13.2
9.0
3.6
23.8
11.2
11.6
0.6
4.3
10.6
-8.6
76.9
66.3
1.5
10.7
24.5
4.6
-7.4
14.1
24.1
4.8
29.6
2.4
0.0
27,722.2
73.5
4.0
10.4
0.3
0
30
0
6.2
18.0
364
149
3.4
2.2
15.2
3.3
0 10,000.0
517
4.3
2.8
0.9
32.8
14.6
0.8
Bookkeeper International Equities Corp

Page 10 of 44
Invesco Ltd IVZ

Quote
Stock Type
Fair Value Estimate
40.47
$ 40.00
QQQ
Industry Peers
Morningstar
Rating
Market
Cap $Mil
Reinet Investments SCA

Teton Advisors, Inc.
Leone Asset Management Inc
Alpine Management Sy
Net
Income $Mil
P/S
P/B
P/E
92
12.3
0.8
36.1
Dividend
Yield%
5 Yr Rev
CAGR%
Med Oper.
Margin%
Interest
Coverage
-14.1
84.6
10.6
0.3
0
Grupo de Inversiones Suramericana SA

Alpha Lujo Inc
Cathay Financial Holding Co Ltd
US Guaranty of America Inc
Brookfield Soundvest Equity Fund
-4,232.0
849,701
-1
42,194
3.9
0.7
37.0
27.7
1.0
-4.4
66.6
9.0
-1,966.0
91.6
0.0
3.3
5.6
0.3
1.2
0.0
62.6
38.9
Kenedix Inc.
SPARX Group Co., Ltd.
Psg Group Ltd
eQ Oyj
Remgro Ltd
5,016
1,699
1,176
4
6,917
4.0
7.0
6.1
4.7
4.4
1.2
4.0
1.2
1.2
1.6
22.1
31.1
10.6
25.5
15.6
-30.4
1.1
45.2
25.9
27.8
-17.3
54.3
32.1
3.6
2.8
124.4
Sawada Holdings Co., Ltd.

Idb Holding Corp Ltd
Hotung Investment Holdings Ltd
West Suburban Bancorp Inc
PLM Equip Growth FND III
7,717
-630
338
4
2.8
1.1
1.7
1.9
1.0
34.1
34.2
-1.1
36.6
12.8
Sun Hung Kai & Co Ltd

Gendis Inc
IFG Group PLC
IOOF Holdings Ltd
Common Splendor International Health Industry Group
Ltd
Self Storage Group Inc
Questus Global Capital Market Ltd
CanBanc Income Corp
ICON ECI Fund Fifteen LP
Hitachi Capital Corp
1,729
14
3
101
0
1.9
7.5
1.8
0.5
0.7
1.8
8.4
32.8
41.0
10.4
14.9
-4.4
22.9
10.8
46.7
36.0
8.1
12.2
86.7
5.3
249.2
8.4
44.3
4,513.5
3.5
24.4
32.8
22.9
-299.0
12.2
43.9
44.3
-1.8
-4.7
3.3
53.7
60.4
-1,175.1
-273.9
0.8
1.3
3.8
1.8
6.6
1.8
1.9
0.3
1.1
0.2
0.5
71.4
0.0
1.6
6.7
1.8
0.4
0.1
0.0
3.4
3.1
23,902
Perpetual Ltd
IOOF Holdings Ltd
Automotive Resource Network Holdings Inc
Impax Energy Services Income Trust
Bergamo Acquisition Corp
81
101
BAVARIA Industries Group AG

Azimut Holding SPA
Finance Company of Penn
Aventura Equities Inc
Sunburst Alliance Inc
134
159
2.3
0.9
-63
14.1
0.8
0.0
0.2
7.5
0.9
4.2
1.0
16.9
4.9
0.4
3.8
-3
Metropolitan Royalty Corp

Conduit Capital Ltd
Spackman Equities Group Inc
EME Reorganization Trust
Aurelius AG
I B I Investment House Ltd
ADC African Development Corporation AG
China Cinda Asset Management Co Ltd
GSD Holding AS
Industry Average
D/E
3,642
0.6
2.9
0.2
0.2
112
1
-1.1
11.6
-23.1
54
33.0
4.3
2.5
16.1
14.3
28.0
18.2
1.6
2.6
0.1
8.0
-639.3
-383.9
0.7
-23
10,443
34
0.7
0.4
7.8
7,237
3.7
2.0
18.0
3.5
0.0
Page 11 of 44
Invesco Ltd IVZ

Analysis
Analyst Note | 30 Oct 2014 | Greggory Warren, CFA,
Investment Thesis | 14 Oct 2014 | Greggory Warren,
Senior Analyst
CFA, Senior Analyst
With narrow-moat-rated Invesco reporting preliminary AUM data for the September quarter earlier
this month, we had a good idea of what thirdquarter earnings would look like. Although the
firm's total AUM decreased $12.8 billion to $789.6
billion during the period, the decline was driven far
more by market losses (of $5.1 billion) and adverse currency exchange (of $9.7 billion) than fund
flows, with Invesco reporting $2 billion in net inflows during the quarter. More important, the company generated $6.0 billion in positive flows from
active equity, balanced, and alternative products,
which helped to offset $3.2 billion in outflows
from its PowerShares ETF operations.
Invesco continues to impress us with its transformation, reshaping itself into a much tighter organization capable of not only generating profitability
and cash flows on par with the higher-quality
names in our asset manager coverage, but enabling it to overcome any hurdles that might be
thrown in its way. This will be critical in the back
half of 2014, as the firm will be negatively affected by the turmoil in the global equity markets
(leading us to reduce our forecast for end-of-year
assets under management to $775 billion-$800 billion from more than $825 billion previously). While
the company was able to navigate the departure of
Neil Woodford from Invesco Perpetual, which had
been a big concern for investors in the first half of
the year, it will have difficulty avoiding the impact
of declining equity markets in the back half of
2014. Even though we expect organic growth to be
stymied in the near term, we believe Invesco
should be able to generate annual organic growth
of 3%-4% longer term, with market gains fueling
the rest of the 6%-7% annual growth we are forecasting for its AUM. Invesco is one of the few asset managers we cover with solid equity and fixedincome franchises that can benefit from changing
investor behavior over the long run. With a heavier presence in the retail channel, more equity exposure than fixed-income, and better investment
performance than many of its peers, the firm
should benefit from a continued move toward
equities, especially with five-year performance
numbers for most active managers improving as
their funds roll off poor results from the 2008-09
financial crisis. While PowerShares is a smaller
player in the ETF market, accounting for just 5% of
the domestic market (and 4% of the global
market), it is far more focused on niche products
(which have so far been less susceptible to the pricing pressure we've seen in the core/index-based
ETF market) and has been the driving force behind
much of Invesco's passive flows. With most of its
operations firing on all cylinders, and the firm continuing to improve its profitability, we believe Invesco is not only a more complete firm but a much
While average AUM was up 10% year over year,

Invesco reported a 12% increase in third-quarter
revenue, primarily due to an improved realization
rate. Revenue growth of 13% through the first nine
months of the year was just above our current revenue forecast for 2014, but we still think the firm
will close out the year at the lower end of a 10%15% projected range. While we are encouraged by
the firm's ability to generate solid organic growth
in the near-to-medium term, we're sticking with
our forecast for somewhat more muted revenue
growth in fiscal 2015, believing that flows will be
more difficult to come by as long as the equity and
credit markets are volatile.
With regards to profitability, Invesco's adjusted
operating margins of 26% through the first nine
months of the year were in line with our full-year
forecast. The company also continues to use its
free cash flow to repurchase stock, spending $50
million in the third quarter to pick up 1.3 million
shares. This brings year-to-date repurchases to 6.2
million shares (at a cost of $220 million). Having
already reduced our fair value estimate to $40 per
share from $42 earlier this month (to reflect a
more sanguine near-term outlook for equity and
credit markets), we do not anticipate making any
changes to our valuation.
stronger competitor.
Economic MoatTM | 14 Oct 2014
The publicly traded asset managers tend to have

economic moats, with switching costs and intangible assets being the most durable sources of
competitive advantage for firms in the asset-management industry. Although the switching costs
might not be explicitly large, the benefits of
switching from one asset manager to another are
at times so uncertain that many investors take the
path of least resistance and stay where they are.
As a result, money that flows into asset-management firms tends to stay there--borne out by an average annual redemption rate for long-term mutual funds of around 30% during the last five-, 10-,
15-, 20-, and 25-year time frames. We believe asset managers can improve on the switching cost
advantage inherent in the business with structural
attributes (such as product mix, distribution channel concentration, and geographic reach) and intangible assets (such as strong brands and entrenched sales relationships), which provide them
with a level of differentiation. Although the barriers to entry are not significant for the industry, it
takes time and skill to gather the level of assets
necessary to build scale. This provides large, established asset managers with an advantage over
smaller players, especially when it comes to gaining cost-effective access to distribution platforms.
Asset stickiness (the degree to which assets remain with a manager over time) tends to be a bigger distinguisher between wide- and narrow-moat
firms, in our view. Companies that have shown an
ability to gather and retain investor assets during
different market cycles have tended to produce
more stable levels of profitability, with returns exceeding their cost of capital for longer periods.
While more broadly diversified asset managers are
structurally set up to hold on to assets regardless
of market conditions, it has been firms with both
solid product sets across asset classes and singular corporate cultures dedicated to a common purpose that have tended to thrive. Asset managers
offering niche products with significantly higher
switching costs--such as retirement accounts,
Page 12 of 44
Invesco Ltd IVZ

Analysis
funds with lock-up periods, and tax-managed
strategies--have also been able to hold on to assets longer.Invesco, in our view, has a narrow economic moat. With $789.6 billion in total AUM at
the end of September, the company has the size
and scale necessary to be competitive in the asset-management industry. Invesco's AUM is
broadly diversified across its equity (49% of managed assets), balanced (6%), fixed-income (23%),
alternative investment (12%), and money market
(10%) offerings, and the firm has a meaningful
presence outside the U.S., with close to one third
of its total AUM sourced from Canada (4%), the
U.K. (13%), continental Europe (9%), and Asia
(7%). Invesco provides investment management
services to retail (68% of AUM) and institutional
(32%) clients under the Invesco, Trimark, Perpetual, PowerShares, and W.L. Ross banners. The company's U.S. retail business (which includes PowerShares ETF operations) is one of the 10 largest
non-proprietary fund complexes in the United
States. In Canada, the firm is a top 10 competitor
for long-term assets with its Invesco, Trimark, and
PowerShares fund offerings, and its Perpetual operations are one of the largest retail fund providers in the U.K. Invesco also has a fairly strong
presence in Asia, with about $55 billion in total
AUM and operations in 12 countries in the region
(including one of the first joint ventures in Greater
China). If there has been a single issue that has
kept Invesco from carving out more than just a narrow moat around its operations, it has been the
lack of consistency in the firm's profitability. Much
this was due to the decentralized nature of the
firm's operations, which prevented Invesco from
developing a common, scalable global platform for
all of its brands, limiting its ability to gather and
retain assets and diminishing many of the scale
advantages that come with running an asset-management business. We believe much of that has
changed since Marty Flanagan took the helm in
2005, with the firm squarely focused on developing a singular culture, putting a greater focus on
improving the competitive positioning of its funds,
and increasing the overall profitability of the firm.
We think the 2009 acquisition of Morgan Stanley's
retail fund operations, which in many ways complemented Invesco's product lineup, not only improved the firm's competitive positioning, but also
put it in a position to increase its profitability to
the same levels being generated by many of its
peers. At this point, the company has all of the
tools that it needs to continue expanding the narrow economic moat that already exists around its
operations.
Valuation | 14 Oct 2014
We've lowered our fair value estimate for Invesco

to $40 per share from $42 to reflect changes in our
assumptions about the firm's AUM, revenue, and
profitability since our last update. This new fair
value estimate implies a P/E multiple of 16.3 times
our 2014 earnings estimate and 14.3 times our
2015 earnings estimate. We expect the firm to
continue to trade at a discount to BlackRock, its
most comparable peer, as Invesco works toward
more consistent performance and profitability.
Having expected to see a slight uptick in Invesco's
managed assets (from $811.8 billion at the end of
August), we were disappointed to see the firm
close out the third quarter with $789.6 billion in
total AUM. As a result, we now expect the company to close out 2014 with $775 billion-$800 billion in total AUM (down from our previous forecast of more than $825 billion). This also reduces
our forecast for revenue growth this year to 10%11%, at the lower end of our original 10%-15%
forecast range for 2014. We still believe that Invesco has a portfolio capable of generating organic growth in the near term (even with the market
expected to be a bit more volatile) and expect
AUM to expand to $850 billion-$900 billion in
2015, with revenue growing at a high-single-digit
rate. We should note, though, that this is down
from our previous forecast of 10%-11% top-line
growth for next year. After 2015, we expect more
moderate AUM growth to translate into 7% average annual top-line growth in the final years of our
five-year projection period, with the net result being an 8.3% CAGR for revenue from 2013 to 2018.
With regards to profitability, adjusted operating
margins should exceed 26% of revenue this year,
as the firm benefits from ongoing cost controls and

the ever increasing size and scale of its operations. We expect Invesco to continue to move toward a level of profitability that is more on par
with its peers, with adjusted operating margins exceeding 29% by the end of our five-year forecast.
We use a 10% cost of equity in our valuation.
Risk | 14 Oct 2014
With about 80% of annual revenue coming from

management fees earned on its AUM, dramatic
market movements or significant changes in fund
flows can have a meaningful impact on revenue,
profitability and cash flows. Shifts away from
equity strategies would also have an adverse effect on revenue, as management fees tend to be
lower for fixed-income and money market funds
than they are for equity-based funds. Invesco
tends to earn higher fees on its global/international offerings than it does on its domestic funds, but
its operations and investments in these overseas
markets expose the firm to a myriad of cultural,
economic, political, and currency risks. The company is also exposed to key person risk with some
of its investment management professionals, who
are vital to Invesco's ability to attract and retain
clients, and the loss of which could lead to a
meaningful reduction in the firm's AUM.
Management | 14 Oct 2014
Marty Flanagan has been president and CEO of Invesco since August 2005. Rex Adams has served
as nonexecutive chairman since April 2006.
Flanagan was lured away from Franklin Resources,
where he had been co-CEO with Greg Johnson.
While Invesco has had a long history of squandering its competitive advantages, many improvements have been made since Flanagan took the
helm. Aside from cleaning up the clutter that kept
the firm from being anywhere near as profitable as
its peers, Flanagan has spearheaded acquisitions
and divestitures that have put Invesco in the position to continue improving its AUM, revenue, and
profitability. He has had the firm squarely focused
on developing a singular culture, putting a greater
focus on improving the competitive positioning of
Page 13 of 44
Invesco Ltd IVZ

Analysis
its funds, and increasing overall profitability. Part
of this process involved rebranding all of the company's offerings under the Invesco banner and
changing the firm's name from AMVESCAP to Invesco in 2007. Flanagan also spearheaded the acquisition of PowerShares (a pioneer in the exchange-traded fund market) and W.L. Ross (a
private-equity firm) in 2006, as well as the 2009
purchase of Morgan Stanley's retail fund operations, which included the Van Kampen family of
funds. The purchase of PowerShares was important because it provided the firm with access to the
fast-growing ETF market, just as interest in passive investment vehicles (and ETFs in particular)
was about to take off in the aftermath of the 200809 financial crisis. Rather than compete with other larger players offering core/index-based ETF
products, Invesco has been far more focused on
niche offerings, like its PowerShares S&P 500 Low
Volatility and PowerShares S&P 500 High Beta
funds. And unlike PowerShares in its early days,
Invesco has adopted a more-robust vetting process before product launches by putting new ETF
ideas through the same product development process the firm uses for its open-end funds, which
has led to a decline in the pace of ETF launches,
but has also kept the firm from offering funds that
fail to gather assets. At the end of the third
quarter of 2014, the PowerShares business had
$98.7 billion in managed assets, accounting for
13% of Invesco's total AUM. We continue to believe that the company's purchase of Morgan
Stanley's retail fund operations was transformational for Invesco, making it not only a more complete firm, but a stronger competitor. Van
Kampen's brand recognition and distribution clout
made it a prized acquisition. With Invesco strong
in the defined-contribution and defined-benefit
channels and Van Kampen strong in the
broker/dealer channel, the combined firms have
been able to cross-sell the best products from
each of the fund families through these different
distribution networks. On top of that, the deal improved Invesco's lineup of equity value and municipal bond funds, and provided it with more exposure to closed-end funds and unit investment trusts.
Invesco did an exemplary job of merging the Van

Kampen funds into its lineup. While manager
changes and fund mergers can be disruptive, Invesco was swift and efficient, clearly communicating its intentions to both employees and investors.
The net result is a product lineup that is better balanced and easier for investors to navigate.One
thing that has raised some concern, though, has
been the amount of manager turnover at the firm.
Manager retention has been relatively low when
compared to similarly sized peers over the last five
years, a byproduct of the fund mergers following
the Van Kampen deal, as well as some of the ongoing changes within the organization that led to
changes among existing management teams. The
most recent high-profile departure was that of Neil
Woodford, who oversaw $48 billion for Invesco
Perpetual in the U.K. and left the firm in April 2014
to run his own shop. This kind of departure is disruptive to the firm, as it not only leads to outflows
from investors that were wed to the exiting manager, but can lead to future performance and flow
issues once the manager is gone. From a capital
allocation perspective, management has been
fairly frugal, sticking to a strategy of reinvesting in
the business (including making select
acquisitions), while still maintaining financial
strength and flexibility, and returning a substantial portion of earnings to shareholders through dividends and common stock repurchases. Although
Flanagan continues to talk about acquisitions as a
way to plug holes in Invesco's product mix or geographic reach, we expect any future deals to be
limited to small, bolt-on acquisitions. We expect
debt (which is now more long-dated) to be paid
down as it matures, with the firm dedicating cash
to share repurchases and dividend increases as it
sees opportunities to do so.
At the end of the second quarter of 2014, 72%,

80%, and 80% of Invesco's actively managed
AUM was outperforming peers on a one-, three-,
and five-year time frame, respectively.
Invesco's solid investment performance over the
last couple of years has sparked a progression of
long-term inflows across its different product platforms.
Bears Say
Even with $789.6 billion in AUM at the end of

September, Invesco is a second-tier asset manager compared with industry giants like BlackRock,
Fidelity, and Vanguard--each of which has $2 trillion or more in assets.
Invesco continues to trail peers on a profitability
basis, with the firm expected to close out 2014
with adjusted operating margins of 26%-27%, below the group average of 32% for the asset managers.
With a higher percentage of fixed costs in its operating structure, Invesco tends to have more operating leverage than its peers, which can be a negative in declining markets.
Overview
Invesco provides investment management services under the Invesco, Trimark, Perpetual,
PowerShares, and W.L. Ross banners. At the end
of September, the firm had $789.6 billion in total
AUM spread out among equity (49% of managed
assets), balanced (6%), fixed-income (23%), alternative investment (12%), and money market (10%)
funds. Distribution is weighted more toward retail
investors (68% of AUM) than institutional (32%)
clients. The company sources close to one third of
its total AUM from outside of the United States.
Bulls Say
Invesco's AUM has more than doubled since the

equity markets bottomed in March 2009, with the
Van Kampen deal and strong equity and fixed-income inflows putting it on more equal footing with
firms like Franklin Resources and T. Rowe Price.
Page 14 of 44
Invesco Ltd IVZ

Analysis
Competitors
Name
Invesco Ltd
Bank of New York
Mellon Corp
BlackRock Inc
CaixaBank SA ADR
Blackstone Group LP
Price
% Chg
TTM Sales
$ mil
$40.47
$38.72
1.99 ]
1.98 ]
5,096
14,721
$341.11
$2.11
$55.61
$30.12
2.36 ]
-2.76 [
1.50 ]
1.21 ]
10,697
9,748
8,321
7,711
Analyst
Price 10-31-2014
Fair Value Estimate
Uncertainty
Consider Buy
Consider Sell
Economic Moat
Stewardship Rating
40.47 USD
40 USD
Medium
28 USD
54 USD
Narrow
Standard
Quantitative
Price 10-31-2014
Quantitative Fair Value
Quantitative Uncertainty
Quantitative Moat
As of 10-31-2014
40.47 USD
38.71 USD
Low
Narrow
Page 15 of 44
Invesco Ltd IVZ

Insiders
Total Executive Compensation
2013 Executive Compensation

34.44 mil
32.16 mil
39.00
34.48 mil
33.56 mil
24.14 mil
Total Compensation
1-Year % Change
26.00
Compensation vs. Performance

13.00
2009
$34,480,018
2.75 %]
2010
2011
2012
2013
CEO Compensation
Stock Return
Revenue
Return on Equity
Net Income
1-Year % Change
8.59%
42.77%
14.67%
36.53%
38.85%
Stock Price
40.00
20.00
2009
2010
2011
2012
2013
Total Return
30.0
0
2009
2010
2011
2012
2013
Revenue
0.00
-1.00
2009
2010
2011
2012
2013
Return of Equity
0.00
-1.00
2009
2010
2011
2012
2013
Net Income
0.00
-1.00
2009
2010
2011
2012
2013
Page 16 of 44
Invesco Ltd IVZ

Insiders
Key Executive Compensation
Key Executive Compensation
Salary
Bonus
Annual Other Income
Restricted Stock Award
Securities Options
LTIP Payout
Non-Equity Compensation
Other Compensation
Total
Martin L. Flanagan / President and Chief Executive Officer
2009
2010
2011
2012
2013
2,202,863
0
0
9,584,970
0
0
5,737,138
1,141,078
2,256,374
0
0
15,284,432
0
0
8,125,000
1,212,502
2,331,035
0
0
17,674,919
0
0
8,180,409
1,144,411
2,319,403
0
0
17,424,877
0
0
7,215,501
1,414,039
2,788,632
2,191,742
0
16,863,416
0
0
10,818,721
1,817,507
18,666,049
26,878,308
29,330,774
28,373,820
34,480,018
2009
2010
2011
2012
2013
Salary
Bonus
Annual Other Income
Securities Options
LTIP Payout
Other Compensation
790,000
0
0
3,954,997
0
0
2,558,000
461,224
790,000
0
0
6,508,494
0
0
3,750,000
459,908
790,000
0
0
8,349,978
0
0
3,750,000
530,480
790,000
0
0
8,349,969
0
0
3,375,000
728,966
790,000
0
0
8,349,960
0
0
4,475,000
766,802
Total
7,764,221
11,508,402
13,420,458
13,243,935
14,381,762
2009
2010
2011
2012
2013
Salary
Bonus
Annual Other Income
Securities Options
LTIP Payout
Other Compensation
450,000
0
0
1,129,993
0
0
650,000
93,384
450,000
0
0
1,685,992
0
0
945,000
101,180
450,000
0
0
2,154,984
0
0
945,000
117,622
450,000
0
0
2,154,972
0
0
859,950
149,516
450,000
0
0
2,118,525
0
0
1,030,000
177,329
Total
2,323,377
3,182,172
3,667,606
3,614,438
3,775,854
Loren M. Starr / Senior Managing Director and Chief Financial

Officer
Philip A. Taylor / Senior Managing Director and Head of Americas
2009
2010
2011
2012
2013
Salary
Bonus
Annual Other Income
Securities Options
LTIP Payout
Other Compensation
562,863
0
0
1,699,984
0
0
1,444,138
320,035
616,374
0
0
4,169,958
0
0
2,030,000
359,404
647,365
0
0
4,069,964
0
0
2,135,409
257,391
638,434
0
0
4,069,953
0
0
2,105,860
311,576
616,453
0
0
4,069,962
0
0
2,463,721
307,706
Total
4,027,020
7,175,736
7,110,129
7,125,823
7,457,842
Page 17 of 44
Invesco Ltd IVZ

Insiders
G. Mark Armour / Senior Managing Director and Head of EMEA
2009
2010
2011
2012
2013
Salary
Bonus
Annual Other Income
Securities Options
LTIP Payout
Other Compensation
400,000
0
0
2,799,996
0
0
1,085,000
266,435
400,000
0
0
2,919,988
0
0
1,400,000
292,010
443,670
0
0
3,099,993
0
0
1,350,000
238,918
440,969
0
0
2,849,983
0
0
874,691
223,981
469,790
0
0
2,324,969
0
0
1,525,017
346,359
Total
4,551,431
5,011,998
5,132,581
4,389,624
4,666,135
2009
2010
2011
2012
2013
Andrew Tak Shing Lo / Senior Managing Director and Head of

Invesco Asia Pacific
Salary
Bonus
Annual Other Income
Securities Options
LTIP Payout
Other Compensation
462,389
2,191,742
0
0
0
0
1,324,983
219,311
Total
4,198,425
A publicly-traded company is only required to disclose information concerning the amount and type of compensation paid to its CEO, CFO, and the three other most highly compensated executive officers in a given year. Information about
compensation for these individuals may be unavailable in prior years if they were not in their current roles or did not qualify as among the most highly compensated officers at the time.
Page 18 of 44
Invesco Ltd IVZ

Insiders
Weekly Insider Transactions
938,430
Buy
Acquisition (Non-open Mkt)
469,215
Option Exercise
Sell
Disposition (Non-open Mkt)
-469,215
Nov
Dec
2014
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Stock Price
60.00
30.00
Nov
Dec
2014
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Total Return
10.0
0
Nov
Dec
2014
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Revenue
0.00
-1.00
Nov
Dec
2014
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Return of Equity
0.00
-1.00
Nov
Dec
2014
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Net Income
0.00
-1.00
Nov
Dec
2014
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Page 19 of 44
Invesco Ltd IVZ

Insiders
Transaction History
Date *
Name
Title
Transaction
Shares
Value
09/03/2014
08/12/2014
08/12/2014
07/09/2014
06/09/2014
Roderick Ellis
Roderick Ellis
Roderick Ellis
Loren M. Starr
Philip A. Taylor
Group Controller and Chief Accounting Officer

Senior Managing Director and Chief Financial Officer
Senior Managing Director and Head of the Americas
Sale at 40.7 per share.

Exercise
Other Acquisition
25,000
19,288
19,288
183
93,765
1,017,500
743,166
0
5,967
3,579,947
06/09/2014
06/05/2014
06/05/2014
05/08/2014
05/02/2014
Karen Dunn Kelley

Roderick Ellis
Roderick Ellis
Colin D. Meadows
G. Richard Wagoner
Senior Managing Director, Investments

Senior Managing Director and Chief Administrative Officer
Independent Director

Exercise
Acquisition
27,000
20,000
20,000
56,000
1,008
1,032,210
0
753,630
1,992,160
0
05/02/2014
05/02/2014
05/02/2014
05/02/2014
05/02/2014
Phoebe A. Wood
Edward P. Lawrence
Ben F. Johnson
Joseph R. Canion
John Banham
Acquisition
Acquisition
Acquisition
Acquisition
Acquisition
1,008
1,008
1,008
1,008
1,008
0
0
0
0
0
05/02/2014
05/02/2014
05/02/2014
05/02/2014
03/11/2014
Rex D. Adams
J. Thomas Presby
Denis Kessler
C. Robert Henrikson
G. Mark Armour
Chairman of the Board and Presiding Director

Senior Managing Director and Head of EMEA
Acquisition
Acquisition
Acquisition
Acquisition
1,008
1,008
1,008
1,008
30,000
0
0
0
0
1,049,100
03/06/2014
02/28/2014
02/28/2014
02/28/2014
02/28/2014
Colin D. Meadows
Philip A. Taylor
Philip A. Taylor
Philip A. Taylor
Philip A. Taylor


Acquisition
Acquisition
Disposition
Exercise
50,000
73,360
24,453
14,375
8,958
1,722,000
0
0
493,062
0
* Date represents the date on which the insider initiated the transaction
Page 20 of 44
Invesco Ltd IVZ

Insiders
Holding Summary
Name
All Key Insiders

Karen Dunn Kelley
Martin L. Flanagan
Kevin M. Carome
Title
Total Shares Held
TTM Change %
Shares Outstanding %
Market Value
3,487,633
827,911
579,779
419,741
13.2%
5.42
29.3
21.17
0.79%
0.19%
0.13%
0.1%
138,389,293
32,851,508
23,005,630
16,655,322
382,880
320,617
276,290
5.64
78.99
-23.3
0.09%
0.07%
0.06%
15,192,678
12,722,082
10,963,187
239,861
4.26
0.06%
9,517,684
Philip A. Taylor

Director, President and Chief Executive Officer
Company Secretary, Senior Managing Director and
General Counsel
Senior Managing Director and Chief Administrative
Officer
Senior Managing Director and Head of Invesco Asia
Pacific
145,997
-52.43
0.03%
5,793,160
Rex D. Adams
Roderick Ellis
Denis Kessler
Joseph R. Canion
Edward P. Lawrence

67,974
62,339
32,337
32,190
30,590
7.71
-23.84
10.76
10.81
11.44
0.02%
0.01%
0.01%
0.01%
0.01%
2,697,209
2,473,611
1,283,132
1,277,299
1,213,811
John Banham
Ben F. Johnson
Phoebe A. Wood
C. Robert Henrikson
J. Thomas Presby
20,112
20,093
17,260
8,071
1,869
-3.98
18.53
25.74
63.71
-31.49
0%
0%
0%
0%
0%
798,044
797,290
684,890
320,257
74,161
G. Richard Wagoner
1,722
0%
68,328
3,487,633
13.2%
0.79%
138,389,293
Loren M. Starr
G. Mark Armour
Colin D. Meadows
Andrew Tak Shing Lo
All Key Insiders

* Based on IVZ Last Close Price: 39.68 10/30/2014 4:00:00 PM EST.
Page 21 of 44
Invesco Ltd IVZ

Insiders
Key Executive
Karen Dunn Kelley, 53

Since:2011
Martin L. Flanagan, 53

Since:2005
Kevin M. Carome, 57
Company Secretary, Senior Managing Director and General

Counsel
Since:2003
Loren M. Starr, 52

Since:2005
Karen Dunn Kelley (53) has served as senior managing director, Investments, since 2011. Ms. Dunn Kelley
joined Invesco in 1989 as a money market portfolio manager. In 1992, she was named chief money market
and government officer. In April 2007, she was named head of Invesco's newly combined fixed income and
cash management teams. Ms. Dunn Kelley has been in the investment business since 1982 and began her
career at Drexel Burnham Lambert on the Fixed Income High Grade Retail Desk. Ms. Dunn Kelley
graduated with a B.S. from Villanova University College of Commerce and Finance.
Martin Flanagan (53) has been a director and President and Chief Executive Officer of Invesco since
August 2005. He is also a trustee and vice-chairman of the Invesco Family of Funds. Mr. Flanagan joined
Invesco from Franklin Resources, Inc., where he was president and co-chief executive officer from January
2004 to July 2005. Previously he had been Franklin's co-president from May 2003 to January 2004, chief
operating officer and chief financial officer from November 1999 to May 2003, and senior vice president
and chief financial officer from 1993 until November 1999. Mr. Flanagan served as director, executive vice
president and chief operating officer of Templeton, Galbraith & Hansberger, Ltd. before its acquisition by
Franklin in 1992. Before joining Templeton in 1983, he worked with Arthur Andersen & Co. Mr. Flanagan
received a B.A. and BBA from Southern Methodist University (SMU). He is a CFA charterholder and a
certified public accountant. He serves on the Board of Governors and as a member of the Executive
Committee for the Investment Company Institute, and is a former chairman. He also serves as a member of
the executive board at the SMU Cox School of Business and a member of various civic organizations in
Atlanta.
Kevin Carome (57) has served as general counsel of our company since January 2006. Previously, he was
senior vice president and general counsel of Invesco's U.S. retail business from 2003 to 2005. Prior to
joining Invesco, Mr. Carome worked with Liberty Financial Companies, Inc. (LFC) in Boston where he was
senior vice president and general counsel from August 2000 through December 2001. He joined LFC in
1993 as associate general counsel and, from 1998 through 2000, was general counsel of certain of its
investment management subsidiaries. Mr. Carome began his career as an associate at Ropes & Gray in
Boston. He earned two degrees, a B.S. in political science and a J.D., from Boston College. He is a trustee
of the U.S. Powershares ETFs and a director of ICI Mutual Insurance Company, the investment
management industry captive insurer.
Loren Starr (52) has served as senior managing director and chief financial officer of our company since
October 2005. His current responsibilities include finance, accounting, investor relations and corporate
services. Previously, he served from 2001 to 2005 as senior vice president and chief financial officer of
Janus Capital Group Inc., after working as head of corporate finance from 1998 to 2001 at Putnam
Investments. Prior to these positions, Mr. Starr held senior corporate finance roles with Lehman Brothers
and Morgan Stanley & Co. He earned a B.A. in chemistry and B.S. in industrial engineering, from Columbia
University, as well as an MBA from Columbia, and an M.S. in operations research from Carnegie Mellon
University. Mr. Starr is a certified treasury professional. He is a past chairman of the Association for
Financial Professionals, and he currently serves on the boards of Georgia Leadership Institute for School
Improvement (GLISI), the Georgia Council for Economic Education (GCEE) and the Woodruff Arts Center.
Page 22 of 44
Invesco Ltd IVZ

Insiders
Key Executive
G. Mark Armour, 60

Since:2002
Colin D. Meadows, 43

Since:2006
Andrew Tak Shing Lo, 52
Senior Managing Director and Head of Invesco Asia Pacific

Since:2001
Philip A. Taylor, 59

Since:1999
Mark Armour (60) has served as head of EMEA (which includes Europe, Middle East and Africa) since
February 2013. Previously, Mr. Armour served as senior managing director and head of Invesco
Institutional, a position he held since January 2007. Mr. Armour also has served as head of sales and
service for Invesco's institutional operations. He was chief executive officer of Invesco Australia from
September 2002 to July 2006. Prior to joining Invesco, Mr. Armour held significant leadership roles in the
funds management business in both Australia and Hong Kong. He previously served as chief investment
officer for ANZ Investments and spent almost 20 years with the National Mutual/AXA Australia Group,
where he was chief executive, Funds Management, from 1998 to 2000. Mr. Armour earned a bachelor of
economics from La Trobe University in Melbourne, Australia.
Colin Meadows (43) has served as chief administrative officer of Invesco since May 2006 with
responsibility for business strategy, human resources, and communications. In September 2008 he
expanded his role with responsibilities for operations and technology. Mr. Meadows came to Invesco from
GE Consumer Finance where he was senior vice president of business development and mergers and
acquisitions. Prior to that role, he served as senior vice president of strategic planning and technology at
Wells Fargo Bank. From 1996 to 2003, Mr. Meadows was an associate principal with McKinsey &
Company, focusing on the financial services and venture capital industries, with an emphasis in the
banking and asset management sectors. Mr. Meadows earned a B.A. in economics and English literature
from Andrews University and a J.D. from Harvard Law School.
Andrew T. S. Lo (52) has served as head of Invesco Asia Pacific since February 2001. He joined our
company as managing director for Invesco Asia in 1994. Mr. Lo began his career as a credit analyst at
Chase Manhattan Bank in 1984. He became vice president of the investment management group at
Citicorp in 1988 and was managing director of Capital House Asia from 1990 to 1994. Mr. Lo was
chairman of the Hong Kong Investment Funds Association from 1996 to 1997 and a member of the Council
to the Stock Exchange of Hong Kong and the Advisory Committee to the Securities and Futures
Commission in Hong Kong from 1997 to 2001. He earned a B.S. and an MBA from Babson College in
Wellesley, Massachusetts.
Philip Taylor (59) became head of Invesco's Americas business in 2012. He had previously served as head
of Invesco's North American Retail business since 2006. He joined Invesco Canada in 1999 as senior vice
president of operations and client services, and later became executive vice president and chief operating
officer. He was named chief executive officer of Invesco Canada in 2002. Prior to joining Invesco, Mr.
Taylor was president of Canadian retail broker Investors Group Securities, and co-founder and managing
partner of Meridian Securities, an execution and clearing broker. He held various management positions
with Royal Trust, now part of Royal Bank of Canada. Mr. Taylor began his career in consumer brand
management in the U.S. and Canada with Richardson-Vicks, now part of Procter & Gamble. He received a
Bachelor of Commerce (honours) degree from Carleton University and an M.B.A. from the Schulich School
of Business at York University. Mr. Taylor is a member of the dean's advisory council of the Schulich
School of Business. He serves on the board of overseers for the Curtis Institute of Music and on the board
of the Royal Conservatory of Music.
Page 23 of 44
Invesco Ltd IVZ

Insiders
Key Executive
Roderick Ellis, 44

Since:2011
Effective as of April 29, 2011, the Company has appointed Roderick G. H. Ellis as group controller and chief
accounting officer. Mr. Ellis, age 44, has been employed by the Company since 1996, having served most
recently as global director, financial planning and analysis, and treasurer from May 2007 to the present
and as director of finance, Europe from 2000 to 2007. From 1996 to 2000, Mr. Ellis served in Hong Kong as
Invesco's director of finance, Asia. Previously, Mr. Ellis was an audit manager with KPMG in the U.K. and
Hong Kong for eight years, where he was responsible for the audits of numerous financial services
companies. Mr. Ellis has more than 22 years of experience in many aspects of financial accounting,
auditing, internal control and accounting management. He received a BA in economic and social history
from the University of Sheffield, England in 1988. Mr. Ellis is also a member of the Institute of Chartered
Accountants in England & Wales.
Robert H. Rigsby,
Managing Director, Corporate Legal

Since:2012
Board of Directors
Martin L. Flanagan, 53

Since:2005
Rex D. Adams, 73

Since:2001
Martin Flanagan (53) has been a director and President and Chief Executive Officer of Invesco since
August 2005. He is also a trustee and vice-chairman of the Invesco Family of Funds. Mr. Flanagan joined
Invesco from Franklin Resources, Inc., where he was president and co-chief executive officer from January
2004 to July 2005. Previously he had been Franklin's co-president from May 2003 to January 2004, chief
operating officer and chief financial officer from November 1999 to May 2003, and senior vice president
and chief financial officer from 1993 until November 1999. Mr. Flanagan served as director, executive vice
president and chief operating officer of Templeton, Galbraith & Hansberger, Ltd. before its acquisition by
Franklin in 1992. Before joining Templeton in 1983, he worked with Arthur Andersen & Co. Mr. Flanagan
received a B.A. and BBA from Southern Methodist University (SMU). He is a CFA charterholder and a
certified public accountant. He serves on the Board of Governors and as a member of the Executive
Committee for the Investment Company Institute, and is a former chairman. He also serves as a member of
the executive board at the SMU Cox School of Business and a member of various civic organizations in
Atlanta.
Rex Adams (73) became chairman of the company in April 2006. He has served as a non-executive director
of our company since November 2001 and as chairman of the Nomination and Corporate Governance
Committee since January 2007. Mr. Adams was dean of the Fuqua School of Business at Duke University
from 1996 to 2001 following a 30-year career with Mobil Corporation. He joined Mobil International in
London in 1965 and served as vice president of administration for Mobil Corporation from 1988 to 1996.
Mr. Adams was previously a director and member of the audit committee at Vintage Petroleum. Mr.
Adams earned a B.A. from Duke University. He was selected as a Rhodes Scholar in 1962 and studied at
Merton College, Oxford University. Mr. Adams serves on the Board of Directors of Alleghany Corporation
and formerly served as chairman of the Public Broadcasting Service.
Page 24 of 44
Invesco Ltd IVZ

Insiders
Denis Kessler, 62
Since:2002
Joseph R. Canion, 69
Since:1997
Edward P. Lawrence, 72
Since:2004
John Banham, 73
Since:1999
Ben F. Johnson, 70
Since:2009
Denis Kessler (62) has served as a non-executive director of our company since March 2002. Mr. Kessler is
chairman and chief executive officer of SCOR SE, and he also serves as a member of the board of directors
of BNP Paribas SA. Mr. Kessler previously served on the boards of directors of Bollore from 1999 until
2013, Fonds Strategique d'Investissement from 2008 until 2013 and Dassault Aviation from 2003 until
2014. He is member of the supervisory board of Yam Invest N.V., a privately-held company, and a global
counsellor of The Conference Board. Prior to joining the SCOR group, Mr. Kessler was chairman of the
French Insurance Federation, senior executive vice president of the AXA Group and executive vice
chairman of the French Business Confederation. Mr. Kessler is a graduate of Ecole des Hautes Etudes
Commerciales (HEC Paris). He holds a Doctorat d'Etat of the University of Paris. He is a Doctor Honoris
Causa from the Moscow Academy of Finance and the University of Montreal.
Joseph Canion (69) has served as a non-executive director of our company since 1997 and was a director
of a predecessor constituent company (AIM Investments) from 1993 to 1997, when Invesco acquired that
entity. Mr. Canion has been a leading figure in the technology industry after co-founding Compaq
Computer Corporation in 1982 and serving as its chief executive officer from 1982 to 1991. He also
founded Insource Technology Group in 1992 and served as its chairman until September 2006. Mr. Canion
received a B.S. and M.S. in electrical engineering from the University of Houston. He is on the board of
directors of ChaCha Search, Inc. and is an advisory director of Encore Health Resources and Dynamics, Inc.
and Houston Methodist Research Institute. From 2008 to 2011 he was a member of the board of Auditude.
Edward Lawrence (72) has served as a non-executive director of our company since October 2004. He was
a partner of Ropes & Gray, a Boston law firm, from 1976 to December 2007. He currently is a retired
partner of Ropes & Gray and a member of the investment committee of the firm's trust department. Mr.
Lawrence is a graduate of Harvard College and earned a J.D. from Columbia University Law School. He is
chairman of Partners Health Care System, Inc. and chairman of Dana-Farber Partners Cancer Center. From
1995 to 2011 he was a trustee (and chairman from 1999 to 2008) of the Board of the Massachusetts
General Hospital and was a trustee of McLean Hospital in Belmont, Massachusetts from 2000 to 2011.
Sir John Banham (73) has served as a non-executive director of our company since 1999 and as chairman
of the Compensation Committee since January 2007. Sir John was director general of the Confederation
of British Industry from 1987 to 1992, a director of National Power and National Westminster Bank from
1992 to 1998, chairman of Tarmac PLC from 1994 to 2000, chairman of Kingfisher PLC from 1995 to 2001,
chairman of Whitbread PLC from 2000 to 2005, chairman of Geest plc from 2002 to 2005 and chairman of
Spacelabs Healthcare Inc. from 2005 to 2008. He was the chairman of Johnson Matthey plc from 2006 to
2011. He is currently chairman of Sultan Scientific Limited and of the UK Future Homes Commission, and
an independent director of Cyclacel Pharmaceuticals Inc. Sir John is a graduate of Cambridge University
and has been awarded honorary doctorates by four leading U.K. universities.
Ben Johnson (70) has served as a non-executive director of our company since January 2009. Mr. Johnson
served as the managing partner at Alston & Bird LLP from 1997 to 2008. He was named a partner at Alston
& Bird in 1976, having joined the firm in 1971. He received his B.A. degree from Emory University and his
J.D. degree from Harvard Law School. He serves as chair of the board of trustees of Atlanta's Woodward
Academy and is the immediate past chair of the board of trustees of Emory University, a position he held
from 2000-2013. Mr. Johnson also serves as a trustee of The Carter Center and the Charles Loridans
Foundation. He is chair and a non-executive director of Summit Industries, Inc.
Page 25 of 44
Invesco Ltd IVZ

Insiders
Phoebe A. Wood, 60
Since:2010
C. Robert Henrikson, 66
Since:2012
J. Thomas Presby, 74
Since:2005
Phoebe Wood (60) has served as a non-executive director of our company since January 2010. She is
currently a principal at CompaniesWood and served as vice chairman, chief financial officer and in other
capacities at Brown-Forman Corporation from 2001 until her retirement in 2008. Prior to Brown-Forman,
Ms. Wood was vice president, chief financial officer and a director of Propel Corporation (a subsidiary of
Motorola) from 2000 to 2001. Previously, Ms. Wood served in various capacities during her tenure at
Atlantic Richfield Company (ARCO) from 1976 to 2000. Ms. Wood currently serves on the boards of
directors of Leggett & Platt, Incorporated (compensation committee), Coca-Cola Enterprises Inc. (audit,
corporate responsibility and sustainability and affiliated transaction committees) and Pioneer Natural
Resources Company (audit and nominating and corporate governance committees), as well as on the
boards of trustees for the University of Louisville, the Gheens Foundation and the American Printing House
for the Blind. From 2001 to 2011 Ms. Wood was a member of the board of trustees for Smith College. Ms.
Wood received her A.B. degree from Smith College and her M.B.A. from University of California Los
Angeles.
Robert Henrikson (66) has served as a non-executive director of our company since January 2012. Mr.
Henrikson was president and chief executive officer of MetLife, Inc. and Metropolitan Life Insurance
Company from March 2006 through May 2011, and he served as a director of MetLife, Inc. from April
2005, and as chairman from April 2006, through December 31, 2011. During his more than 39-year career
with MetLife, Inc., Mr. Henrikson held a number of senior positions in that company's individual, group
and pension businesses. Mr. Henrikson is a former chairman of the American Council of Life Insurers, a
former chairman of the Financial Services Forum, a director emeritus of the American Benefits Council,
and a former member of the President's Export Council. In 2012, Mr. Henrikson was elected to the board of
directors of Swiss Re, where he serves as chairman of the compensation committee and is a member of
the chairman's and governance committee and the finance and risk committee. Mr. Henrikson also serves
as chairman of the board of the S.S. Huebner Foundation for Insurance Education, as a member of the
boards of trustees of Emory University and Indian Springs School and a member of the boards of directors
of The New York Philharmonic and Americares. Mr. Henrikson earned a bachelor's degree from the
University of Pennsylvania and a law degree from Emory University School of Law. In addition, he is a
graduate of the Wharton School's Advanced Management Program.
Thomas Presby (74) has served as a non-executive director of our company since November 2005 and as
chairman of the Audit Committee since April 2006. Over a period of thirty years as a partner at Deloitte
LLP, he held many positions in the U.S. and abroad, including global deputy chairman and chief operating
officer. Currently he is a director of the following other public companies where he also chairs the audit
committees: First Solar, Inc., World Fuel Services Corp. and ExamWorks Group Inc. From 2003 to 2009, Mr.
Presby was a director of Turbochef Technologies, Inc., from 2005 to 2011 he was a director of American
Eagle Outfitters, Inc., and from 2003 to 2012 he was a director of Tiffany & Co. He is a board member of
the New York chapter of the National Association of Corporate Directors and a trustee of Montclair State
University (N.J.). He previously served as a trustee of Rutgers University and as a director and chairman of
the audit committee of The German Marshall Fund of the USA. He received a B.S. in electrical engineering
from Rutgers University and an MBA degree from the Carnegie Mellon University Graduate School of
Business. Mr. Presby is a certified public accountant in New York and Ohio and a holder of the NACD
Certificate of Director Education. He was named by the National Association of Corporate Directors as one
of the Top 100 directors of 2011.
Page 26 of 44
Invesco Ltd IVZ

Insiders
G. Richard Wagoner, 61
Since:2013
G. Richard (Rick) Wagoner, Jr. (61) has served as a non-executive director of our company since October
2013. Mr. Wagoner served as chairman and chief executive officer of General Motors Corporation (GM)
from May 2003 through March 2009, and had been president and chief executive officer since June 2000.
Prior positions held at GM during his 32-year career with that company include executive vice president
and president of North American operations, executive vice president, chief financial officer and head of
worldwide purchasing, and president and managing director of General Motors do Brasil. On June 1, 2009,
GM and its affiliates filed voluntary petitions in the United States Bankruptcy Court for the Southern
District of New York, seeking relief under Chapter 11 of the U.S. Bankruptcy Code. Mr. Wagoner was not
an executive officer or director of GM at the time of that filing. Mr. Wagoner is a member of the board of
directors of Graham Holdings Company and several privately-held companies. In addition, he is a member
of the advisory boards of AEA Investors and Jefferies Investment Banking and Capital Markets Group, and
he advises a number of start-up and early-stage ventures. Mr. Wagoner is a member of the board of
visitors of Virginia Commonwealth University, chair of the Duke Kunshan University Advisory Board and a
member of Duke's Fuqua School of Business Advisory Board. He is a member of the mayor of Shanghai,
China's International Business Leaders Advisory Council. Mr. Wagoner received his B.A. from Duke
University and his M.B.A. from Harvard University.
Page 27 of 44
Invesco Ltd IVZ

Insiders
Audit Committee
Name
Title
J. Thomas Presby
Independent Director, Chairman Of Audit Committee And Member Of Nomination And Corporate Governance
Committee
C. Robert Henrikson
Independent Director, Member Of Audit Committee, Member Of Compensation Committee And Member Of Nomination
And Corporate Governance Committee
Denis Kessler
Edward P. Lawrence
G. Richard Wagoner
John Banham
Independent Director, Chairman Of Compensation Committee, Member Of Audit Committee And Member Of
Nomination And Corporate Governance Committee
Phoebe A. Wood
Ben F. Johnson
Compensation Committee
Name
Title
John Banham
C. Robert Henrikson
Denis Kessler
Rex D. Adams
Chairman Of The Board And Presiding Director, Chairman Of Nomination And Corporate Governance Committee And
Member Of Compensation Committee
Edward P. Lawrence
G. Richard Wagoner
Phoebe A. Wood
Ben F. Johnson
Page 28 of 44

Name
Title
Rex D. Adams
Chairman Of The Board And Presiding Director, Chairman Of Nomination And Corporate Governance Committee And
Member Of Compensation Committee
C. Robert Henrikson
Denis Kessler
J. Thomas Presby
Independent Director, Chairman Of Audit Committee And Member Of Nomination And Corporate Governance
Committee
Edward P. Lawrence
G. Richard Wagoner
John Banham
Joseph R. Canion
Independent Director And Member Of Nomination And Corporate Governance Committee
Phoebe A. Wood
Ben F. Johnson
Page 29 of 44
Invesco Ltd IVZ

Performance
1-Month Range
52-Week Range
5-Year Range
% Below 52-Week High
% Below 5-Year High
34.40-40.57
31.73-41.44
14.52-41.44
2.34
2.34
Growth of 10,000 10-31-2014

40k
IVZ
S&P 500 TR USD
20k
Asset Management
15k
10k
5k
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
YTD
-12.60
13.22
10.88
-25.82
-23.49
2.57
5,091
25.18
15.80
4.91
9.38
20.27
2.16
6,295
62.41
22.65
15.79
39.76
46.61
1.40
10,253
28.81
11.19
5.49
17.62
23.32
1.19
13,128
-52.33
-49.25
-37.00
-3.08
-15.33
3.60
5,559
65.50
40.74
26.46
24.76
39.03
1.73
10,134
4.27
10.07
15.06
-5.80
-10.80
1.80
11,070
-14.52
-14.45
2.11
-0.06
-16.63
2.38
8,960
33.05
25.26
16.00
7.79
17.05
2.45
11,250
42.77
46.64
32.39
-3.88
10.38
2.33
15,419
13.17
1.16
10.99
12.01
2.18
2.35
17,436
History
IVZ
Asset Management
S&P 500 TR USD
+/- Asset Management
+/- S&P 500 TR USD
Dividend Yield %
Market Cap USD Mil
Trailing Total Returns (Daily)

50.00
IVZ
Asset Management
40.00
S&P 500 TR USD
30.00
20.00
10.00
1-Day
1-week
1-Month
3-Month
YTD
1-Year
3-Year
5-Year
10-Year
15-Year
1.99
1.53
0.46
6.33
2.71
3.62
2.51
0.86
1.65
8.21
1.32
6.89
13.17
1.16
12.01
22.73
9.64
13.09
28.72
22.56
6.16
15.62
13.24
2.37
15.34
8.03
7.31
6.66
6.91
-0.25
Total Ret % 2014-10-31
IVZ
Asset Management
+/- Asset Management)
Trailing Total Returns (Month-End)

50.00
IVZ
Asset Management
40.00
S&P 500 TR USD
30.00
20.00
10.00
1-Month
3-Month
6-Month
YTD
1-Year
3-Year
5-Year
10-Year
15-Year
2.51
0.86
1.65
8.21
1.32
6.89
16.36
5.73
10.62
13.17
1.16
12.01
22.73
9.64
13.09
28.72
22.56
6.16
15.62
13.24
2.37
15.34
8.03
7.31
6.66
6.91
-0.25
Total Ret % 2014-10-31
IVZ
Asset Management
Page 30 of 44
Invesco Ltd IVZ

Performance
1-Month Range
52-Week Range
5-Year Range
% Below 52-Week High
% Below 5-Year High
34.40-40.57
31.73-41.44
14.52-41.44
2.34
2.34
Trailing Total Returns (Quarter-End)

40.00
IVZ
Asset Management
30.00
S&P 500 TR USD
20.00
10.00
0.00
1-Month
3-Month
6-Month
YTD
1-Year
3-Year
5-Year
10-Year
15-Year
-3.33
-2.96
-0.38
5.25
-1.75
6.99
8.05
0.31
7.74
10.45
0.30
10.15
26.74
16.53
10.21
39.18
27.55
11.63
13.41
11.77
1.65
15.05
8.64
6.41
7.16
7.95
-0.78
Historical Prices 5-Day
Total Ret % 2014-09-30
IVZ
Asset Management
Split History
Date
2014-10-31
2014-10-30
2014-10-29
2014-10-28
2014-10-27
Open
High
Low
Close
Volume
40.29
38.81
39.24
38.19
37.81
40.57
39.99
39.39
39.10
38.03
40.13
38.81
38.47
38.10
37.61
40.47
39.68
38.84
39.10
37.94
3.99 Mil
3.10 Mil
3.45 Mil
2.91 Mil
2.19 Mil
Five Year Dividend History

Annual Dividends
12-2009
12-2010
12-2011
12-2012
12-2013
Dividend Amount
Year-end Yield %
0.41
1.73
0.43
1.80
0.48
2.38
0.64
2.45
0.85
2.33
Ex-Dividend Date
Declaration Date
Record Date
Payable Date
$ Amount
2014-08-19
2014-05-14
2014-02-18
2013-11-15
2013-08-19
2013-05-15
2013-02-19
2012-11-15
2012-08-20
2012-05-16
2012-02-21
2011-11-16
2011-08-18
2011-05-18
2011-02-18
2010-11-17
2010-08-19
2010-05-20
2010-02-19
2009-11-16
2014-07-31
2014-05-01
2014-01-30
2013-10-31
2013-07-31
2013-05-01
2013-01-31
2012-11-01
2012-07-27
2012-04-27
2012-01-27
2011-10-25
2011-08-10
2011-04-28
2011-01-28
2010-10-26
2010-07-28
2010-04-29
2010-02-04
2009-10-21
2014-08-21
2014-05-16
2014-02-20
2013-11-19
2013-08-21
2013-05-17
2013-02-21
2012-11-19
2012-08-22
2012-05-18
2012-02-23
2011-11-18
2011-08-22
2011-05-20
2011-02-23
2010-11-19
2010-08-23
2010-05-24
2010-02-23
2009-11-18
2014-09-05
2014-06-06
2014-03-06
2013-12-09
2013-09-06
2013-06-07
2013-03-07
2012-12-07
2012-09-07
2012-06-08
2012-03-08
2011-12-07
2011-09-08
2011-06-08
2011-03-08
2010-12-08
2010-09-09
2010-06-09
2010-03-09
2009-12-02
$0.25
$0.25
$0.225
$0.225
$0.225
$0.225
$0.1725
$0.1725
$0.1725
$0.1725
$0.1225
$0.1225
$0.1225
$0.1225
$0.11
$0.11
$0.11
$0.11
$0.1025
$0.1025
Date
2000-11-08
1998-04-27
Upcoming Dividends
Ex-Dividend Date
Declaration Date
Record Date
Payable Date
$ Amount
Ratio
25:10
2:1
2014-11-14
2014-10-30
2014-11-18
2014-12-05
$0.25
Dividends in USD unless otherwise noted
*Dividend Amount is calculated using the ex-dividend date
Dividend History
2014
2013
2012
2011
2010
2009
Page 31 of 44
Invesco Ltd IVZ

Financials
Income Annual Statement As of Reported
2004-12
2005-12
2006-12
2007-12
2008-12
2009-12
2010-12
2011-12
2012-12
2013-12
TTM
Revenue
Compensation and benefits
Advertising and promotion
Depreciation and amortization
Nonrecurring expense
Other expenses
2,221
303
479
2,173
76
1,673
2,415
1,629
3,879
2,885
3,308
1,056
1,238
266
2,627
951
109
1,083
3,488
1,115
160
1,623
4,092
1,246
86
1,862
4,177
1,298
103
1,905
4,645
1,329
99
2,097
5,096
1,382
110
2,381
Total operating expenses

Operating income
Interest expense
Other income (expense)
781
1,440
85
29
1,749
425
85
21
1,629
785
81
51
2,885
994
71
321
2,560
748
77
(14)
2,143
484
65
(62)
2,898
590
177
421
3,194
898
249
259
3,306
872
221
209
3,524
1,120
168
303
3,874
1,222
195
380
(55)
1,384
68
(1,649)
(332)
(64)
360
147
(1)
212
(31)
755
264
(1)
490
250
1,244
357
(213)
674
(91)
657
236
61
482
(127)
358
148
113
323
244
834
197
(171)
466
10
908
286
108
730
(12)
860
272
90
677
135
1,255
337
(43)
65
940
185
1,407
365
(100)
64
1,006
(332)
212
490
674
482
323
466
730
677
940
1,006
(0.83)
(0.83)
0.54
0.52
1.24
1.20
1.69
1.64
1.25
1.21
0.77
0.76
1.01
1.01
1.58
1.57
1.49
1.49
2.10
2.10
2.30
2.29
401
401
393
408
395
408
399
411
384
393
417
417
460
463
463
465
452
454
448
449
438
439
211
540
1,052
1,379
782
500
1,108
1,274
1,175
1,512
1,692
Total nonoperating income, net

Income before taxes
Provision for income taxes
Other income (expense)
Income from discontinued operations
Net income
Net income available to common shareholders
Earnings per share
Basic
Diluted
Weighted average shares outstanding
Basic
Diluted
EBITDA
Fiscal year ends in December
USD in Million except per share data
Page 32 of 44
Invesco Ltd IVZ

Financials
Annual Cash Flow As of Reported
2004-12
2005-12
2006-12
2007-12
2008-12
2009-12
2010-12
2011-12
2012-12
2013-12
TTM
(209)
390
(216)
249
425
94
61
(111)
490
216
(130)
(70)
674
64
(60)
236
482
48
80
98
1,139
(1,350)
209
78
13
91
(468)
440
637
97
(60)
118
(223)
(188)
622
117
128
115
213
(231)
587
95
91
136
114
(204)
983
88
(62)
133
(593)
231
1,106
90
(126)
134
(117)
120
214
(36)
(74)
(0)
469
39
(25)
(36)
54
507
19
(70)
(35)
(198)
914
260
(412)
(37)
(54)
196
496
309
(249)
(84)
(45)
363
113
(148)
(33)
(34)
379
2,973
(2,471)
(90)
(776)
25
965
3,604
(3,166)
(94)
(32)
37
819
3,481
(3,464)
(99)
(37)
36
780
4,629
(4,953)
(88)
135
38
1,208
4,355
(6,162)
(108)
197
47
Net cash used for investing activities

Debt issued
Debt repayment
Excess tax benefit from stock based
compensation
Common stock issued
Repurchases of treasury stock
Dividend paid
Other financing activities
(111)
31
(284)
(46)
(69)
(117)
(38)
(102)
(397)
9
(338)
363
15
348
(513)
15
(82)
595
(746)
(40)
(240)
2,347
(875)
(1,671)
2,819
(576)
(142)
7
(134)
(160)
67
(156)
(144)
49
137
(716)
(155)
(7)
(313)
(207)
9
442
(169)
14
(192)
(198)
(53)
(437)
(221)
(166)
(265)
(289)
98
(471)
(380)
(681)
(570)
(416)
(605)
Net cash provided by (used for) financing

activities
Effect of exchange rate changes
Net change in cash
Cash at beginning of period
Cash at end of period
(126)
(287)
(184)
(741)
(666)
(101)
(66)
(1,322)
(646)
(59)
652
(23)
569
546
(5)
208
547
755
35
74
716
790
10
137
779
916
(91)
(331)
916
585
17
177
585
762
3
(22)
762
741
(4)
(13)
741
727
17
108
727
836
15
496
836
1,331
(11)
178
1,175
1,353
214
(100)
114
469
(38)
431
507
(38)
469
914
(37)
877
496
(84)
412
363
(40)
323
379
(90)
290
965
(107)
858
819
(99)
720
780
(88)
692
1,208
(108)
1,100
(238)
(71)
(88)
(60)
(172)
(51)
(200)
(54)
(214)
(53)
(269)
(32)
(338)
(52)
Net income
Depreciation & amortization
Investments (gains) losses
Stock based compensation
Receivable
Other operating activities
Net cash provided by operating activities
Sales/maturity of investments
Purchases of investments
Property, and equipments, net
Acquisitions and dispositions
Other investing activities
Free Cash Flow

Operating cash flow
Capital expenditure
Free cash flow
Supplemental schedule of cash flow data
Cash paid for income taxes
Cash paid for interest
Page 33 of 44
Invesco Ltd IVZ

Financials
Annual Balance Sheet As of Reported
2004-12
2005-12
2006-12
2007-12
2008-12
2009-12
2010-12
2011-12
2012-12
2013-12
Cash and cash equivalents

Receivables
Investments
Property and equipment
Deferred income taxes
Goodwill
546
1,566
285
185
755
653
180
4,214
790
946
166
5,007
952
1,057
180
33
6,848
658
543
965
205
86
5,967
762
672
842
221
58
6,468
1,377
1,097
7,370
272
30
6,980
1,110
967
6,830
313
29
6,908
1,123
1,084
4,797
350
38
7,048
1,915
1,492
4,735
351
7
6,867
Other intangible assets

Other assets
4,416
493
99
1,677
197
2,187
154
3,701
143
1,190
139
1,748
1,337
1,979
1,323
1,868
1,288
1,764
1,264
2,640
Total assets
Deposits
Short-term borrowing
Payables and accrued expenses
Taxes payable
Long-term debt
Deferred taxes
Minority Interest
Other liabilities
7,490
79
736
1,310
3
1,791
7,578
10
2,461
1,212
43
3
235
9,292
300
926
973
5
2,818
12,925
928
1,276
1,121
3,009
9,757
297
1,166
38
862
907
797
10,910
1,734
83
746
708
727
20,444
146
2,759
72
7,181
229
1,096
696
19,347
81
215
1,743
60
6,583
274
1,019
1,254
17,492
1,784
78
5,085
311
732
1,185
19,271
3,738
124
5,770
324
585
338
Total liabilities
Common stock
Additional paid-in capital
Retained earnings
Treasury stock
Accumulated other comprehensive income
3,919
389
1,344
565
1,274
3,965
82
85
639
2,807
5,022
83
205
1,055
2,927
6,335
85
5,306
1,202
(954)
952
4,067
5,690
5,353
1,476
(1,129)
(5,700)
3,997
92
5,688
1,631
(892)
394
12,180
98
6,263
2,400
(992)
496
11,228
98
6,181
2,748
(1,280)
373
9,176
98
6,141
2,930
(1,383)
531
10,878
98
6,101
3,466
(1,700)
428
Total stockholders' equity
3,571
3,613
4,270
6,591
5,690
6,913
8,265
8,119
8,317
8,393
Total liabilities and stockholders' equity
7,490
7,578
9,292
12,925
9,757
10,910
20,444
19,347
17,492
19,271

Page 34 of 44
Invesco Ltd IVZ

Valuation / Estimates
Valuation History
50.00
IVZ
40.00
S&P 500
30.00
20.00
10.00
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
TTM
Price/Earnings
-15.2
19
29.6
17.3
20.5
16.8
19.1
16.5
11.8
10.9
30.4
18.6
23.9
15.5
12.8
13.7
17.5
15
18.7
18.6
18.8
18.4
IVZ
S&P 500
1.4
3
1.7
2.8
1.7
2.9
2
2.7
1
1.7
1.5
2.2
1.3
2.2
1.1
2
1.4
2.1
1.8
2.6
2.1
2.6
Price/Book
IVZ
S&P 500
Price/Sales
2.3
1.6
2.9
1.5
4.2
1.6
3.3
1.5
1.7
0.9
3.7
1.2
3.2
1.3
2.3
1.2
2.8
1.3
3.5
1.7
3.5
1.8
23.5
11.4
13.4
10.7
19.9
11.1
14.1
11.6
11.5
6.8
27
9.1
29.4
9.3
9.7
8.5
14.5
9.2
20.9
11.2
14.7
11.2
IVZ
S&P 500
Price/Cash Flow
IVZ
S&P 500
Yields
5.3
Current Rates
of Return %
5.4
5.2
IVZ
4.00
2.3
2.3
2.00
NA
Earnings Yield
Dividend Yield
Cash Return
S&P 500 Earnings

Yield
S&P 500 Dividend

Yield
30-year T-Bond Yield
Current Valuation 2014-10-31

Price/Earnings
Price/Book
Price/Sales
Price/Cash Flow
Dividend Yield %
Price/Fair Value
IVZ
Industry Avg
S&P 500
IVZ 5Y Avg*
18.8
2.1
3.5
14.7
2.4
1.0
18.0
2.0
3.7
16.3
3.5
18.4
2.6
1.8
11.2
2.3
20.6
1.4
3.1
15.0
2.1
*Price/Cash Flow uses 3-year average.
Relative to S&P 500
Avg
Avg
Avg
Forward Valuation 2014-10-31

Forward Price/Earnings
PEG Ratio
PEG Payback (Yrs)
IVZ
Industry Avg
S&P 500
14.2
1.2
7.7
17.1
Relative to S&P 500
Avg
Page 35 of 44
Invesco Ltd IVZ

Valuation / Estimates
Analyst Ratings
%
Five-Year Growth Forecast

Industry Avg
Average Rating
Last Month
Industry Avg
S&P 500 Avg
12.4%
4.0
Total Number of Analysts:

Buy
Outperform
Hold
Underperform
Sell
3
1
3
0
0
Annual Earnings Estimates Data as of10/31/2014
Forward Comparisons
12/2014
High
Low
Mean
30 Days Ago
60 Days Ago
90 Days Ago
Number of Estimates
12/2015
USD
Growth %
USD
Growth %
2.56
2.46
2.51
2.52
2.53
2.50
21.9
17.1
19.5
20.0
20.5
19.0
5
2.90
2.68
2.78
2.91
2.92
2.88
13.3
8.9
10.8
15.5
15.4
15.2
5
IVZ
Industry
S&P 500
5Y Growth
Forecast %
Forward
P/E
PEG
Ratio
9.93
14.22
17.06
1.16
Page 36 of 44
Invesco Ltd IVZ

Key Ratios
Financials
2004-12
2005-12
2006-12
2007-12
2008-12
2009-12
2010-12
2011-12
2012-12
2013-12
TTM
2,221
25.8
-209
-9.4
-332
-0.83
0.32
401
8.73
214
-100
114
0.28
252
2,173
100.0
425
19.5
212
0.52
0.33
63.9
408
8.83
469
-38
431
1.06
183
2,415
100.0
785
32.5
490
1.20
0.34
28.7
408
14.82
507
-38
469
1.15
-86
3,879
100.0
994
25.6
674
1.64
0.37
22.7
411
15.75
914
-37
877
2.14
554
3,308
100.0
748
22.6
482
1.21
0.52
42.5
393
14.78
496
-84
412
1.05
276
2,627
100.0
484
18.4
323
0.76
0.41
52.7
417
16.02
363
-40
323
0.77
823
3,488
100.0
590
16.9
466
1.01
0.43
43.0
463
17.96
379
-90
290
0.63
1,010
4,092
100.0
898
21.9
730
1.57
0.48
30.4
465
18.20
965
-107
858
1.85
860
4,177
100.0
872
20.9
677
1.49
0.64
42.9
454
19.29
819
-99
720
1.59
1,195
4,645
100.0
1,120
24.1
940
2.10
0.85
43.5
449
19.81
780
-88
692
1.54
726
5,096
100.0
1,222
24.0
1,006
2.29
0.95
44.3
439
19.55
1,208
-108
1,100
Margins % of Sales
2004-12
2005-12
2006-12
2007-12
2008-12
2009-12
2010-12
2011-12
2012-12
2013-12
TTM
Revenue
COGS
Gross Margin
SG&A
R&D
Other
Operating Margin
Net Int Inc & Other
EBT Margin
100.00
74.22
25.78
35.18
-9.40
-2.49
-11.89
100.00
100.00
76.98
3.48
19.54
-2.97
16.57
100.00
100.00
67.47
32.53
-1.28
31.25
100.00
100.00
68.11
6.25
25.63
6.43
32.07
100.00
100.00
77.39
22.61
-2.75
19.86
100.00
100.00
81.57
18.43
-4.83
13.61
100.00
100.00
83.09
16.91
6.99
23.91
100.00
100.00
78.05
21.95
0.24
22.19
100.00
100.00
79.14
20.86
-0.29
20.58
100.00
100.00
75.88
24.12
2.91
27.02
100.00
100.00
76.02
23.98
3.63
27.61
2004-12
-14.96
0.30
-4.48
2.10
-8.80
-5.22
2005-12
40.74
9.77
0.29
2.82
2.10
5.91
5.46
2006-12
34.96
20.30
0.29
5.81
2.18
12.43
10.46
2007-12
28.73
17.37
0.35
6.06
1.96
12.40
11.05
2008-12
35.92
14.56
0.29
4.25
1.71
7.85
7.07
9.54
2009-12
41.45
12.28
0.25
3.12
1.58
5.12
5.02
6.54
2010-12
23.63
13.35
0.22
2.97
2.47
6.14
5.20
5.71
2011-12
31.51
17.83
0.21
3.67
2.38
8.91
5.89
4.65
2012-12
31.67
16.21
0.23
3.68
2.10
8.24
5.85
4.90
2013-12
26.84
20.25
0.25
5.12
2.30
11.25
7.71
8.48
TTM
25.95
19.74
0.26
5.18
2.38
11.86
6.90
8.22
Revenue USD Mil

Gross Margin %
Operating Income USD Mil
Operating Margin %
Net Income USD Mil
Earnings Per Share USD
Dividends USD
Payout Ratio %
Shares Mil
Book Value Per Share USD
Operating Cash Flow USD Mil
Cap Spending USD Mil
Free Cash Flow USD Mil
Free Cash Flow Per Share USD
Working Capital USD Mil
Profitability
Profitability
Profitability
Tax Rate %
Net Margin %
Asset Turnover (Average)
Return on Assets %
Financial Leverage (Average)
Return on Equity %
Return on Invested Capital %
Interest Coverage
Page 37 of 44
Invesco Ltd IVZ

Key Ratios
Growth
Revenue %
Year over Year

3-Year Average
5-Year Average
10-Year Average
2004-12
2005-12
2006-12
2007-12
2008-12
2009-12
2010-12
2011-12
2012-12
2013-12
Latest Qtr
7.54
-1.99
5.09
-2.15
0.08
-2.25
11.11
5.35
0.47
60.64
20.43
12.34
16.04
-14.73
15.03
9.88
9.53
-20.57
2.85
3.42
4.25
32.75
-3.48
9.92
3.66
17.33
7.35
11.13
5.66
2.07
16.71
1.49
6.78
11.19
10.02
7.03
8.44
11.88
21.12
-11.82
84.99
78.89
10.60
26.60
33.00
12.46
-24.79
20.77
40.38
6.68
-35.24
-14.88
-0.53
21.80
-15.97
6.80
-2.95
52.25
6.30
2.72
6.59
-2.96
21.63
-2.60
13.82
28.54
23.83
8.42
23.37
15.24
98.29
-13.23
130.92
16.80
37.44
89.97
13.30
-28.49
31.42
11.92
-33.05
-13.02
0.98
44.40
-11.58
17.02
0.77
56.69
14.85
8.29
12.46
-7.21
28.05
0.10
37.90
38.87
26.39
14.31
100.62
1.45
130.77
16.76
36.67
91.07
17.04
-26.22
32.51
19.99
-37.19
-14.12
8.08
32.89
-14.92
14.20
7.63
55.45
9.07
5.52
11.00
-5.10
25.16
-1.90
36.91
40.94
27.63
11.66
15.69
2004-12
2005-12
2006-12
2007-12
2008-12
2009-12
2010-12
2011-12
2012-12
2013-12
TTM
4.51
5.13
-0.34
1.76
19.83
2.03
801.00
883.00
1.56
19.42
0.96
0.95
22.61
1.30
2.54
12.44
0.85
1.50
12.30
1.00
455.00
2.57
8.30
0.62
2.61
20.96
1.18
2.38
17.24
1.06
-477.00
-389.00
1.90
14.90
0.74
2.12
21.58
1.09
Operating Income %
Year over Year

3-Year Average
5-Year Average
10-Year Average
Net Income %
Year over Year

3-Year Average
5-Year Average
10-Year Average
EPS %
Year over Year

3-Year Average
5-Year Average
10-Year Average
Cash Flow
Cash Flow Ratios
Operating Cash Flow Growth % YOY

Free Cash Flow Growth % YOY
Cap Ex as a % of Sales
Free Cash Flow/Sales %
Free Cash Flow/Net Income
Page 38 of 44
Invesco Ltd IVZ

Key Ratios
Financial Health
Balance Sheet Items (in %)
2004-12
2005-12
2006-12
2007-12
2008-12
2009-12
2010-12
2011-12
2012-12
2013-12
Latest Qtr
Cash & Short-Term Investments

Accounts Receivable
Inventory
Other Current Assets
Total Current Assets
Net PP&E
Intangibles
Other Long-Term Assets
Total Assets
Accounts Payable
Short-Term Debt
Taxes Payable
Accrued Liabilities
Other Short-Term Liabilities
Total Current Liabilities
Long-Term Debt
Other Long-Term Liabilities
Total Liabilities
Total Stockholders' Equity
Total Liabilities & Equity
9.46
20.90
5.09
35.45
3.80
58.96
1.79
100.00
0.99
1.06
8.84
21.19
32.08
17.49
2.75
52.32
47.68
100.00
25.82
8.62
1.27
35.71
2.38
56.91
5.00
100.00
32.48
0.13
0.69
33.30
16.00
3.03
52.32
47.68
100.00
9.95
10.18
17.50
37.63
1.78
56.00
4.59
100.00
6.60
3.23
3.37
25.36
38.55
10.47
5.02
54.05
45.95
100.00
8.74
8.18
15.53
32.45
1.39
54.17
11.98
100.00
1.82
5.36
20.99
28.17
9.88
10.97
49.01
50.99
100.00
8.01
5.57
10.80
24.38
2.10
62.62
10.90
100.00
3.05
0.39
18.12
21.56
8.83
11.29
41.69
58.31
100.00
8.91
6.16
13.53
28.61
2.02
60.56
8.81
100.00
0.76
20.31
21.07
6.84
8.73
36.63
63.37
100.00
8.25
5.37
7.30
20.91
1.33
40.68
37.08
100.00
1.48
0.35
2.86
11.28
15.97
35.13
8.48
59.57
40.43
100.00
7.20
5.00
7.62
19.82
1.62
42.54
36.02
100.00
1.11
0.31
13.95
15.37
34.02
8.64
58.03
41.97
100.00
8.50
6.19
7.64
22.34
2.00
47.65
28.01
100.00
0.45
15.06
15.51
29.07
7.87
52.45
47.55
100.00
14.29
7.74
1.13
23.16
1.82
42.19
32.82
100.00
1.74
0.64
4.84
12.17
19.39
29.94
7.11
56.45
43.55
100.00
12.34
8.22
0.52
21.07
1.83
39.70
37.40
100.00
23.46
2.69
18.02
44.17
7.91
5.96
58.05
41.95
100.00
2004-12
0.95
2.10
0.37
2005-12
1.03
2.10
0.34
2006-12
0.52
2.18
0.23
2007-12
0.60
1.96
0.19
2008-12
0.63
1.71
0.15
2009-12
0.72
1.58
0.11
2010-12
0.85
2.47
0.87
2011-12
0.79
2.38
0.81
2012-12
0.95
2.10
0.61
2004-12
2005-12
2006-12
2007-12
2008-12
2009-12
2010-12
2011-12
2012-12
2013-12
TTM
36.56
18.79
9.98
7.54
0.30
37.30
9.78
9.36
0.29
75.86
4.81
13.96
0.29
59.23
6.16
22.43
0.35
38.13
9.57
17.17
0.29
36.72
9.94
12.33
0.25
45.67
7.99
14.15
0.22
49.34
7.40
13.99
0.21
46.16
7.91
12.61
0.23
42.93
8.50
13.26
0.25
42.57
8.57
14.48
0.26
Liquidity/Financial Health
Liquidity/Financial Health
Quick Ratio
Financial Leverage
Debt/Equity
2013-12 Latest Qtr

1.14
0.47
2.30
2.38
0.69
0.19
Efficiency Ratios
Efficiency
Days Sales Outstanding

Days Inventory
Payables Period
Cash Conversion Cycle
Receivables Turnover
Inventory Turnover
Fixed Assets Turnover
Asset Turnover
Page 39 of 44
Invesco Ltd IVZ

Ownership
Equity and Debt
Current Ownership (8 Qtrs)

Type
Equity
Debt
Current Ownership (10 Yrs)
Mil USD
400.00
450.00
8,424.1
6,299.4
320.00
360.00
240.00
270.00
160.00
180.00
80.00
90.00
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
05
06
07
08
09
10
11
12
13
14
Equity Owners
Institutions
Current Ownership
384.26
30,000
20,000
Institutions
384.26
420.00
450.00
280.00
300.00
140.00
150.00
10,000
Q3
Type
Q1
Q2
Q3
Q4
Q1
Q2
Mutual Funds
Mil USD
Institutions
Mutual Funds
Insiders
Q4
207.86
15,161.7
8,215.5
138.4
Q3
Q4
Q1
05
Q2
Q3
Q4
Q1
Q4
Q2
Q3
Q4
Q1
08
09
10
11
12
13
14
Mutual Funds
207.86
240.00
160.00
160.00
80.00
80.00
Q2
05
3.49
Q1
07
240.00
Insiders
Q3
06
06
07
08
09
10
11
12
13
14
Insiders
3.49
6.00
6.00
4.00
4.00
2.00
2.00
Q2
05
06
07
08
09
10
11
12
13
14
Fund Owners' Style

Style
51
35
51
Value
Blend
Growth
Small
240
Mid
953
Large
208
Buying Trend
SellingTrend
Large Value
Large Blend
Large Growth
Mid Value
Mid Blend
Mid Growth
Small Value
Small Blend
Small Growth
Total
# of Funds
Shares
Buy
Sell
Net % Chg
208
953
240
51
35
51
2
1
0
28,235,597
86,075,496
56,508,252
14,642,439
12,994,600
9,332,803
22,000
45,224
0
1,742,842
4,583,246
3,540,183
582,141
148,582
269,889
----
2,683,303
4,729,319
5,965,107
1,044,529
681,544
753,500
-31,780
21,800
-3.22
-0.17
-4.11
-3.06
-3.94
-4.93
----
1,541
207,856,411
10,866,883
15,910,882
-2.37
Page 40 of 44
Invesco Ltd IVZ

Ownership
Owner Activity
Institutions
Name
Total Owners
New Owners
Sold Out
# of Owners Buying
# of Owners Selling
Total Shares Owned (Mil)
Total Shares Bought (Mil)
Total Shares Sold (Mil)
Net Share Change (Mil)
Funds
Current
% Chg from Prev Qtr
Current
% Chg from Prev Qtr
874
114
53
271
282
384
28
29
-1
25.04
80.95
-7.02
15.32
17.99
1.55
-28.02
-22.50
-163.70
1,541
99
53
351
442
208
11
16
-5
11.42
54.69
-52.68
0.86
13.33
3.75
23.20
3.15
-23.61
Peer Comparison
Equity Ownership
IVZ
BEN
LM
EV
17,436
874
34,772
1,025
6,022
648
4,373
474
Shares
Change
% Total
Shares Held
% Total
Assets
Date
7,043,001
5,514,900
4,492,000
4,409,012
4,383,111
24,724
-154,600
10,562
-16,524
-47,548
1.63
1.28
1.04
1.03
1.02
0.08
0.86
0.1
0.1
0.1
09/30/2014
09/30/2014
09/30/2014
10/30/2014
09/30/2014
36,225,570
22,195,585
20,119,468
18,964,844
18,445,298
12,951,548
8,893,932
7,309,865
6,946,836
6,936,293
1,320,324
-17,411
-1,596,886
-177,596
-622,501
55,919
666,776
583,954
-997,157
-612,498
8.39
5.14
4.66
4.39
4.27
3.01
2.06
1.69
1.61
1.61
0.3
0.07
0.11
0.08
0.33
0.08
0.45
0.27
0.25
0.59
06/30/2014
06/30/2014
06/30/2014
06/30/2014
06/30/2014
09/30/2014
06/30/2014
06/30/2014
06/30/2014
06/30/2014
158,989,239
-1,397,076
36.83
Market Cap (Mil USD)

# of Institution Owners
Equity Ownership
Funds
Vanguard Total Stock Mkt Idx

T. Rowe Price Blue Chip Growth
Vanguard 500 Index Inv
SPDR S&P 500 ETF
Vanguard Institutional Index I
Total: Top 5 funds
Institutions
T. Rowe Price Associates, Inc.

Vanguard Group, Inc.
Fidelity Management and Research Company
State Street Corp
J.P. Morgan Investment Management Inc.
BlackRock Fund Advisors
Citadel Advisors Llc
Neuberger Berman LLC
Goldman Sachs Asset Management, L.P.
Lord, Abbett & Co LLC
Total: Top 10 institutions
Page 41 of 44
Invesco Ltd IVZ

Ownership
Major Shareholders
Funds
Star Rating
Shares Held
% Total
Shares Held
Shares
Change
% Chg from
Prior Port
% Total
Assets
Date of
Portfolio
Vanguard Total Stock Mkt Idx

Vanguard 500 Index Inv
SPDR S&P 500 ETF
Vanguard Institutional Index I
T. Rowe Price Growth Stock
Goldman Sachs Mid Cap Value Instl
JPMorgan Mid Cap Value Instl
American Century Growth Inv
T. Rowe Price Capital Appreciation
JPMorgan US Large Cap Core Plus A
Victory Munder Mid-Cap Core Growth Y
Financial Select Sector SPDR ETF
T. Rowe Price Value
GE RSP U.S. Equity
Vanguard Growth Index Inv
Fidelity Value
RidgeWorth Mid-Cap Value Equity C
Fidelity Spartan 500 Index Inv
Fidelity Puritan
QQQQQ
QQQQ
QQQQ
QQQQ
QQQQ
QQQQ
QQQQQ
QQQ
QQQQQ
QQQ
QQQQ
QQ
QQQQ
QQQQ
QQQQ
QQQ
QQQQ
QQQQ
QQQQQ
7,043,001
5,514,900
4,492,000
4,409,012
4,383,111
4,295,704
3,967,100
3,935,302
3,525,521
3,515,536
3,017,206
3,133,700
2,685,602
2,434,300
2,160,782
2,122,096
2,003,721
1,950,000
1,894,368
1,732,800
1.63
1.28
1.04
1.03
1.02
1.00
0.92
0.91
0.82
0.82
0.70
0.73
0.63
0.57
0.50
0.49
0.47
0.45
0.44
0.40
24,724
-154,600
10,562
-16,524
-47,548
-855,200
-186,104
0
525,106
-2,782,064
69,796
-61,800
14,700
-342,000
-11,808
301
0
0
18,027
0
0.35
-2.73
0.24
-0.37
-1.07
-16.60
-4.48
0.00
17.50
-44.18
2.37
-1.93
0.55
-12.32
-0.54
0.01
0.00
0.00
0.96
0.00
0.08
0.86
0.1
0.1
0.1
0.4
1.6
1.02
1.43
0.65
1.08
1.89
0.59
0.44
1.6
0.2
0.84
1.91
0.09
0.29
09/30/2014
09/30/2014
09/30/2014
10/30/2014
09/30/2014
09/30/2014
09/30/2014
09/30/2014
09/30/2014
09/30/2014
09/30/2014
06/30/2014
10/30/2014
09/30/2014
09/30/2014
09/30/2014
09/30/2014
09/30/2014
09/30/2014
09/30/2014
Institutions
Shares Held
% Total
Shares Held
Shares
Change
% Chg from
Prior Port
% Total
Assets
Date of
Portfolio

Vanguard Group, Inc.
State Street Corp
BlackRock Fund Advisors
UBS Financial Services Inc.
Boston Co Asset Management LLC
Northern Trust Investments, N.A.
American Century Inv Mgt, Inc.
GE Asset Management Inc.
OppenheimerFunds, Inc.
BNY Mellon Wealth Management
Sound Shore Management Inc
Munder Capital Management
Wellington Management Company, LLP
36,225,570
22,195,585
20,119,468
18,964,844
18,445,298
12,951,548
8,893,932
7,309,865
6,946,836
6,936,293
6,275,869
6,231,832
6,173,622
5,346,652
5,306,259
4,592,714
4,479,899
4,091,699
4,073,901
3,912,595
8.39
5.14
4.66
4.39
4.27
3.01
2.06
1.69
1.61
1.61
1.45
1.44
1.43
1.24
1.23
1.06
1.04
0.95
0.94
0.91
1,320,324
-17,411
-1,596,886
-177,596
-622,501
55,919
666,776
583,954
-997,157
-612,498
751,788
-1,711,059
-519,478
5,327,126
27,225
-768,530
103,391
501,829
-93,973
34,993
3.78
-0.08
-7.35
-0.93
-3.26
0.43
8.10
8.68
-12.55
-8.11
13.61
-21.54
-7.76
27282.22
0.52
-14.33
2.36
13.98
-2.25
0.90
0.3
0.07
0.11
0.08
0.33
0.08
0.45
0.27
0.25
0.59
0.34
0.48
0.07
0.23
0.91
0.19
0.5
2.5
1.09
0.04
06/30/2014
06/30/2014
06/30/2014
06/30/2014
06/30/2014
09/30/2014
06/30/2014
06/30/2014
06/30/2014
06/30/2014
06/30/2014
06/30/2014
06/30/2014
06/30/2014
06/30/2014
06/30/2014
06/30/2014
06/30/2014
06/30/2014
06/30/2014
Page 42 of 44
Invesco Ltd IVZ

Ownership
Concentrated Shareholders
Funds
Fidelity Select Brokerage & Invmt Mgmt

Neuberger Berman All Cap Core A
Neuberger Berman Focus Inv
PowerShares KBW Capital Markets ETF
PowerShares DWA Financial Momentum ETF
BNY Mellon Focused Equity Opp Inv
DGHM All-Cap Value C
Westwood Dividend Growth Institutional
M Large Cap Growth
DSM Large Cap Growth Instl
WesMark Growth
SPDR S&P Capital Markets ETF
Sound Shore Investor
Fidelity Select Financial Services Port
Fidelity Advisor Financial Services A
Legg Mason Inv Counsel Fincl Svcs R
Neiman Large Cap Value
Saratoga Financial Service A
Neuberger Berman Glbl Thematic Opp A
Nuveen Mid Cap Value A
Institutions
Selkirk Management LLC

Portland Investment Counsel Inc.
Industrial Alliance Investment Mgmt Inc.
Nelson Roberts Investment Advisors, LLC
Scholtz & Company, L.L.C.
Guinness Asset Management Limited
Wood Asset Management LLC
Campbell Newman Asset Management Inc
National Investment Services, Inc.
M Financial Investment Advisers Inc.
Wesbanco Investment Department
Toron Capital Markets Inc.
DSM Capital Partners LLC
Nepsis Capital Management, Inc.
Kames Capital PLC
Waters Parkerson & Co Inc
Neiman Funds Management LLC
Westwood Management Corp Texas
North American Management Corp
Star Rating
Shares Held
% Total
Shares Held
Shares
Change
% Chg from
Prior Port
% Total
Assets
Date of
Portfolio
QQQ
Q
QQQ
1,000,000
134,024
910,000
5,454
34,507
599,170
50,222
65,850
139,100
113,150
265,000
127,558
1,618,300
757,810
108,538
70,500
20,100
1,067
48,600
85,071
0.23
0.03
0.21
0.00
0.01
0.14
0.01
0.02
0.03
0.03
0.06
0.03
0.37
0.18
0.03
0.02
0.00
0.00
0.01
0.02
-100,000
0
0
0
0
0
-1,880
19,500
-2,300
-6,375
0
0
227,600
37,700
1,500
0
20,100
0
0
0
-9.09
0.00
0.00
0.00
0.00
0.00
-3.61
42.07
-1.63
-5.33
0.00
0.00
16.37
5.24
1.40
0.00
New
0.00
0.00
0.00
6.43
5.44
4.38
4.16
4.01
3.6
3.31
3.17
3.04
3.04
2.94
2.71
2.5
2.5
2.47
2.45
2.42
2.37
2.35
2.31
09/30/2014
08/31/2014
08/31/2014
10/30/2014
10/30/2014
09/30/2014
08/31/2014
09/30/2014
09/30/2014
09/30/2014
09/30/2014
10/30/2014
06/30/2014
09/30/2014
09/30/2014
09/30/2014
06/30/2014
08/31/2014
09/30/2014
09/30/2014
Shares Held
% Total
Shares Held
Shares
Change
% Chg from
Prior Port
% Total
Assets
Date of
Portfolio
216,409
5,248
295,700
242,008
101,250
5,520
225,587
414,393
99,713
139,100
265,000
16,380
3,646,530
132,106
81,262
4,091,699
553,292
20,100
147,350
390,598
0.05
0.00
0.07
0.06
0.02
0.00
0.05
0.10
0.02
0.03
0.06
0.00
0.84
0.03
0.02
0.95
0.13
0.00
0.03
0.09
13,000
0
0
11,860
11,175
0
155,625
109,525
99,713
-2,300
0
0
48,054
-2,380
-118
501,829
-1,253
20,100
-300
-8,478
6.39
0.00
0.00
5.15
12.41
0.00
222.44
35.93
New
-1.63
0.00
0.00
1.34
-1.77
-0.14
13.98
-0.23
New
-0.20
-2.12
5.45
4.99
3.78
3.66
3.62
3.31
3.28
3.22
3.22
3.04
2.94
2.91
2.8
2.79
2.68
2.5
2.5
2.42
2.4
2.23
06/30/2014
09/30/2014
09/30/2014
06/30/2014
06/30/2014
09/30/2014
09/30/2014
09/30/2014
09/30/2014
09/30/2014
09/30/2014
09/30/2014
06/30/2014
06/30/2014
09/30/2014
06/30/2014
06/30/2014
06/30/2014
09/30/2014
06/30/2014
QQQQ
QQ
QQ
QQQ
QQQQ
QQQQ
QQQ
QQ
QQQQ
QQ
QQ
QQQ
QQ
Q
QQQ
Page 43 of 44
Invesco Ltd IVZ

Ownership
Shareholders Buying
Funds
Star Rating
Shares
Bought
% Total
Shares Held
% Chg from
Prior Port
% Total
Assets
Date of
Portfolio
JPMorgan Disciplined Equity Instl

CREF Global Equities
American Century Growth Inv
American Century NT Large Co Val Instl
Fidelity Focused Stock
CREF Stock
American Century NT Growth Institutional
Columbia Large Core Quantitative A
VY T. Rowe Price Capital Appreciation S
American Century Large Company Val Inv
Sound Shore Investor
Lord Abbett Calibrated Mid Cap Val A
Columbia VP Large Core Quantitative 3
Pru Ret Large Cap Gr/American Century SP
Columbia Large Cap Growth T
JHFunds2 All Cap Core NAV
Vanguard Selected Value Inv
Fidelity VIP Mid Cap Inv
Great-West American Century Growth Init
Fidelity Fifty
QQQQQ
QQQ
QQQ
QQQ
QQQQ
QQQ
QQQ
QQQ
QQQQQ
QQQ
QQQQ
839,200
735,076
525,106
436,300
425,000
356,830
349,346
322,500
296,300
237,500
227,600
216,900
205,300
203,988
183,600
171,400
164,200
158,300
147,175
145,000
0.36
0.23
0.82
0.10
0.12
0.30
0.08
0.07
0.39
0.06
0.37
0.08
0.05
0.05
0.22
0.04
0.07
0.13
0.03
0.05
115.81
287.95
17.50
New
566.67
38.11
New
New
21.34
New
16.37
200.65
New
New
23.36
New
122.15
38.39
New
290.00
1.29
0.21
1.43
1.14
1.04
0.04
1.07
0.32
1.11
1.14
2.5
1.98
0.32
1.07
1.24
0.91
0.11
0.26
1.08
1.02
09/30/2014
08/31/2014
09/30/2014
06/30/2014
09/30/2014
08/31/2014
06/30/2014
08/31/2014
06/30/2014
06/30/2014
06/30/2014
06/30/2014
08/31/2014
06/30/2014
08/31/2014
08/31/2014
06/30/2014
09/30/2014
06/30/2014
09/30/2014
Shares
Bought
% Total
Shares Held
% Chg from
Prior Port
% Total
Assets
Date of
Portfolio
5,327,126
2,506,697
1,320,324
1,285,469
1,234,158
794,292
751,788
666,776
583,954
557,040
553,730
501,829
393,800
361,791
359,050
304,600
302,100
302,095
266,656
243,997
1.24
0.70
8.39
0.45
0.43
0.88
1.45
2.06
1.69
0.24
0.15
0.95
0.09
0.08
0.09
0.44
0.26
0.38
0.76
0.06
27282.22
474.82
3.78
192.98
197.16
26.56
13.61
8.10
8.68
120.44
598.78
13.98
New
New
2979.67
19.12
37.23
22.27
8.82
New
0.23
0.84
0.3
0.19
0.05
0.1
0.34
0.45
0.27
1.15
0.14
2.5
0.05
0.37
0.05
1.69
0.52
0.09
0.28
0.78
06/30/2014
06/30/2014
06/30/2014
06/30/2014
06/30/2014
06/30/2014
06/30/2014
06/30/2014
06/30/2014
09/30/2014
06/30/2014
06/30/2014
06/30/2014
06/30/2014
06/30/2014
06/30/2014
09/30/2014
06/30/2014
06/30/2014
09/30/2014
Institutions
American Century Inv Mgt, Inc.

Westwood Holdings Group Inc
Adage Capital Partners Gp LLC
Royal Bank Of Canada
Columbia Mangmt Investment Advisers, LLC
UBS Financial Services Inc.
Todd Asset Management
Deutsche Inv Mgmt Americas Inc
Schroder Investment Management Ltd.
PDT Partners, LLC
Daiwa Securities Co., Ltd.
Axiom International Investors LLC.
Teachers Retirement System Of The State Of Kentucky
Manufacturers Life Insurance Co
ING Investment Management LLC
Eastern Bank
QQQQ
QQQ
QQQ
QQQQQ
QQQ
QQ
QQQ
Page 44 of 44
Invesco Ltd IVZ

Ownership
Shareholders Selling
Funds
Star Rating
Shares Sold
% Total
Shares Held
% Chg from
Prior Port
% Total
Assets
Date of
Portfolio
T. Rowe Price Capital Appreciation

SSgA S&P 500 Index Strategy
T. Rowe Price Growth Stock
Vanguard Windsor Inv
Eaton Vance Large-Cap Value A
Lord Abbett Fundamental Equity C
T. Rowe Price Value
Transamerica Partners Mid Value
Met Invt Ser GoldmanSachs Md Cp Val A
Goldman Sachs Mid Cap Value Instl
Wells Fargo Advantage Opportunity Inv
Transamerica Small/Mid Cap Value A
Fidelity Series All-Sector Equity
CRM Mid Cap Value Instl
Fidelity Select Brokerage & Invmt Mgmt
Transamerica Systmc S/M Cap Val VP Svc
Lord Abbett Series Growth and Income VC
T. Rowe Price Financial Services
Pru Ret SA/T.Rowe Price Growth Stk II SP
QQQQQ
QQQ
QQQQ
QQQQ
QQ
QQ
QQQQ
QQQQ
QQQQ
QQQQ
QQ
QQQ
QQQQQ
QQQ
QQQ
QQQ
QQQQ
QQ
QQQ
-2,782,064
-1,730,989
-855,200
-714,625
-645,398
-451,013
-342,000
-239,850
-198,907
-186,104
-165,989
-157,800
-154,600
-141,600
-122,800
-100,000
-97,975
-88,400
-68,400
-65,900
0.82
0.21
1.00
0.16
0.38
0.42
0.57
0.03
0.07
0.92
0.17
0.06
1.28
0.11
0.26
0.23
0.05
0.06
0.02
0.03
-44.18
-65.71
-16.60
-50.69
-28.01
-20.11
-12.32
-65.75
-39.48
-4.48
-18.44
-36.67
-2.73
-23.29
-9.97
-9.09
-30.30
-24.08
-48.20
-33.76
0.65
0.09
0.4
0.14
1.31
1.14
0.44
0.48
1.52
1.6
1.47
0.91
0.86
0.17
1.66
6.43
0.91
1.1
0.59
0.52
09/30/2014
06/30/2014
09/30/2014
06/30/2014
08/31/2014
06/30/2014
09/30/2014
06/30/2014
06/30/2014
09/30/2014
08/31/2014
06/30/2014
09/30/2014
09/30/2014
06/30/2014
09/30/2014
06/30/2014
06/30/2014
09/30/2014
12/31/2013
Institutions
Shares Sold
% Total
Shares Held
% Chg from
Prior Port
% Total
Assets
Date of
Portfolio
Pzena Investment Management, LLC

Systematic Financial Management L.P.
Boston Co Asset Management LLC
J P Morgan Asset Management (UK) Ltd
BlackRock Advisors LLC
OppenheimerFunds, Inc.
Deutsche Bank AG
Northern Trust Investments, N.A.
Eaton Vance Management
California Public Employees Retrmnt Sys
TIAA-CREF Investment Management LLC
Teachers Advisors, Inc.
Prudential Retirement Ins & Annuity Co
Pyramis Global Advisors, LLC
Cramer Rosenthal McGlynn, LLC
Ascend Capital LLC
-5,089,355
-1,757,142
-1,711,059
-1,618,564
-1,596,886
-997,157
-922,180
-768,530
-653,494
-622,501
-612,498
-519,478
-485,929
-472,693
-446,447
-439,722
-405,653
-400,530
-385,285
-372,062
0.33
0.67
1.44
0.08
4.66
1.61
0.23
1.06
0.20
4.27
1.61
1.43
0.87
0.41
0.52
0.30
0.12
0.66
0.39
0.18
-78.19
-37.91
-21.54
-82.02
-7.35
-12.55
-48.34
-14.33
-42.72
-3.26
-8.11
-7.76
-11.46
-21.22
-16.63
-25.27
-45.31
-12.38
-18.68
-32.88
0.3
0.74
0.48
0.03
0.11
0.25
0.05
0.19
0.05
0.33
0.59
0.07
0.42
0.09
0.06
0.1
0.04
0.32
0.51
0.96
06/30/2014
06/30/2014
06/30/2014
06/30/2014
06/30/2014
06/30/2014
09/30/2014
06/30/2014
06/30/2014
06/30/2014
06/30/2014
06/30/2014
06/30/2014
06/30/2014
06/30/2014
06/30/2014
12/31/2013
06/30/2014
06/30/2014
06/30/2014

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Invesco Ltd IVZ

Release date 11-02-2014

Morningstar Analyst Rating

Invesco Ltd IVZ

Stock Price 2014-01-01 - 2014-10-31

Fair Value Estimate

Wall St. Recommendations

Recent Dividends &

Vanguard Total Stock Mkt

Karen Dunn Kelley

Release date 11-02-2014

Morningstar Analyst Rating

Invesco Ltd IVZ

Cash From Operations

Release date 11-02-2014

Invesco Ltd IVZ

Last Close 10/31/2014

Fair Value Estimate

Invesco Ltd. is an investment management company. The

Ernst & Young LLP

Release date 11-02-2014

Invesco Ltd IVZ

Last Close 10/31/2014

Fair Value Estimate

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Fair Value Estimate

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Fair Value Estimate

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