Any investors hoping to find a Non US - Equity fund might consider looking past Invesco Developing Markets R6 (ODVIX Quick QuoteODVIX - Free Report) . ODVIX has a Zacks Mutual Fund Rank of 5 (Strong Sell), which is based on various forecasting factors like size, cost, and past performance.

Objective

Zacks categorizes ODVIX as Non US - Equity, a segment stacked high with options. Non US - Equity mutual funds like to invest in companies outside of the United States, an important characteristic since global mutual funds are known to keep a good portion of their portfolio stateside. These kinds of funds can often extend across all cap levels, and will typically allocate their investments between emerging and developed markets.

History of Fund/Manager

Invesco is based in Kansas City, MO, and is the manager of ODVIX. Invesco Developing Markets R6 debuted in December of 2011. Since then, ODVIX has accumulated assets of about $3.66 billion, according to the most recently available information. A team of investment professionals is the fund's current manager.

Performance

Investors naturally seek funds with strong performance. ODVIX has a 5-year annualized total return of 2.78%, and it sits in the bottom third among its category peers. Investors who prefer analyzing shorter time frames should look at its 3-year annualized total return of 16.43%, which places it in the bottom third during this time-frame.

It is important to note that the product's returns may not reflect all its expenses. Any fees not reflected would lower the returns. Total returns do not reflect the fund's [%] sale charge. If sales charges were included, total returns would have been lower.

When looking at a fund's performance, it is also important to note the standard deviation of the returns. The lower the standard deviation, the less volatility the fund experiences. Compared to the category average of 12.48%, the standard deviation of ODVIX over the past three years is 16.32%. The standard deviation of the fund over the past 5 years is 17.1% compared to the category average of 13.71%. This makes the fund more volatile than its peers over the past half-decade.

Risk Factors

With a 5-year beta of 0.69, the fund is likely to be less volatile than the market average. Another factor to consider is alpha, as it reflects a portfolio's performance on a risk-adjusted basis relative to a benchmark-in this case, the S&P 500. The fund has produced a negative alpha over the past 5 years of -8.54, which shows that managers in this portfolio find it difficult to pick securities that generate better-than-benchmark returns.

Expenses

For investors, taking a closer look at cost-related metrics is key, since costs are increasingly important for mutual fund investing. Competition is heating up in this space, and a lower cost product will likely outperform its otherwise identical counterpart, all things being equal. In terms of fees, ODVIX is a no load fund. It has an expense ratio of 0.88% compared to the category average of 0.97%. So, ODVIX is actually cheaper than its peers from a cost perspective.

This fund requires a minimum initial investment of $1.00 million, while there is no minimum for each subsequent investment.

Fees charged by investment advisors have not been taken into consideration. Returns would be less if those were included.

Bottom Line

Overall, Invesco Developing Markets R6 ( ODVIX ) has a low Zacks Mutual Fund rank, and in conjunction with its comparatively weak performance, average downside risk, and lower fees, Invesco Developing Markets R6 ( ODVIX ) looks like a somewhat weak choice for investors right now.

For additional information on the Non US - Equity area of the mutual fund world, make sure to check out www.zacks.com/funds/mutual-funds. There, you can see more about the ranking process, and dive even deeper into ODVIX too for additional information. If you are more of a stock investor, make sure to also check out our Zacks Rank, and our full suite of tools we have available for novice and professional investors alike.