April 30, 2018

Revised benchmark returns for Invesco Funds

In January 2018, we discovered that Invesco Canada Ltd. (Invesco) submitted incorrect benchmark returns to Morningstar® for the months of November and December 2017 for three segregated funds below (the Funds).   

  • Trimark Fund
  • Invesco Global Real Estate
  • Invesco Global Small Cap Equity

The errors were discovered and corrected in Morningstar on January 18, 2018.  Therefore, the benchmark returns for the Funds were incorrect from December 14, 2017, when the November 2017 returns were available via Morningstar, to January 18, 2018 when they were corrected.   

Invesco’s internal investigation determined the error was due to the omission of currency conversion on the performance of non-Canadian-dollar benchmarks as a result of human error.  Invesco have informed us that they have implemented additional quality control protocols prior to data release, including multiple individuals verifying information, as well as an additional validation of returns through an external source. Invesco recognizes the importance of accurate benchmark information and has committed to greater diligence going forward.

How does this impact you and your plan members?

It is important to note that the Funds’ returns have always been reported correctly; only the Funds’ benchmark returns were revised.  Revised benchmark returns are available on the plan sponsor and plan member services website and on Morningstar. 

There is no action required of you or your plan members as a result of this update.

Please contact your Sun Life Financial Group Retirement Services representative.