Invesco American Franchise Fund
Actively managed U.S. stock fund
As of its 2026 Q2 report, Invesco American Franchise Fund held 44 positions with $18.26B in net assets. Its ten largest holdings made up 54.3% of the fund. The VAFAX share class costs 0.93% a year. Over the 12 months to May 2026, VAFAX returned 22.7%, with dividends reinvested. In 2026 Q2 it added 6 new positions and exited 17.
The Funds investment objective is to seek long-term capital appreciation.
The fund pursues long-term capital appreciation through bottom-up stock selection focused on U.S. mid- and large-cap equities with growth potential at attractive valuations, using fundamental analysis and direct engagement with company management and industry participants. The fund is non-diversified and may concentrate a greater percentage of its assets in a small group of issuers or any one issuer than a diversified fund can. Up to 20% of assets may be invested in foreign securities, including up to 10% in emerging markets.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
NVDANVIDIA Corp. | 11.06% | $2.02B | 9.6M | $211.14 |
GOOGLAlphabet Inc. | 7.91% | $1.44B | 3.8M | $380.34 |
AMZNAmazon.com, Inc. | 6.59% | $1.20B | 4.4M | $270.64 |
AAPLApple Inc. | 5.61% | $1.02B | 3.3M | $312.06 |
AVGOBroadcom Inc. | 5.04% | $920.32M | 2.1M | $446.77 |
MSFTMicrosoft Corp. | 4.80% | $876.43M | 1.9M | $450.24 |
4.00% | $731.40M | 2.3M | $318.18 | |
TSMTaiwan Semiconductor Manufacturing Co. Ltd. | 3.17% | $579.95M | 1.4M | $418.45 |
3.12% | $568.85M | 1.1M | $516.10 | |
2.96% | $540.53M | 854.6K | $632.51 |
Reported price is the fund's own reported value divided by its own reported shares at 2026-05-31 — not a live quote, and not what the fund paid.
All 44 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Stocks | 98.89% |
| Cash & short-term | 1.11% |
By sector
- Information Technology
- 45.4%
- Communication Services
- 12.8%
- Industrials
- 11.4%
- Consumer Discretionary
- 8.9%
- 7 other sectors
- 21.5%
- Information Technology
- 45.4%
- Communication Services
- 12.8%
- Industrials
- 11.4%
- Consumer Discretionary
- 8.9%
- International
- 8.0%
- Financials
- 4.6%
- Health Care
- 3.6%
- Consumer Staples
- 1.7%
- Materials
- 1.3%
- Energy
- 1.2%
- Cash
- 1.1%
How it has done
VAFAX share class · total returns with dividends reinvested
Volatility over the last 12 months: 19.35%. Past returns are a record, not a forecast.
The 6 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.93% | +22.70% | +89.15% | +64.72% | -15.94% | |
| 1.68% | +21.77% | +84.91% | +58.63% | -16.05% | |
| 0.68% | +23.02% | +90.66% | +66.78% | -15.90% | |
| 1.18% | +22.38% | +87.74% | +62.69% | -15.98% | |
| 0.68% | +23.00% | +90.60% | +66.85% | -15.92% | |
| 0.61% | +23.07% | +91.05% | +67.44% | -15.88% |
These classes hold the same portfolio, so the 8.81pp spread over 5 years is the cost difference between them — roughly 1.76pp a year — not a difference in what they own.
Fees & fund details
Invesco American Franchise Fund is an actively managed U.S. equity fund. 36% of VAFAX’s stock holdings are in companies whose revenue grew in the top quartile of U.S. companies over the last five fiscal years (covering 92% of the fund’s equity).
- Asset class
- Equity
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Features
- Non-diversified
- Expense ratio, by class
- 0.61% – 1.68%· VAFAX 0.93%
- Portfolio turnover
- 54.00% a year · as of 2025 Q4
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
6 new
17 exited· the largest 8
Understand how this fund fits with the rest.
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