What Invesco Ltd. told the SEC could break it.

Invesco sells substantially all of its retail investment products through third-party financial intermediaries; increasing competition for these distribution channels could raise its distribution costs and lower net income.

“We sell substantially all of our retail investment products through a variety of third-party financial intermediaries. Increasing competition for these distribution channels could cause our distribution costs to rise, which would lower our net income.”

Many of Invesco's subsidiary operations are outside the U.S. with non-USD functional currencies, so exchange-rate changes to the U.S. Dollar impact its reported AUM, revenues, expenses and net assets.

“As many of our subsidiary operations are located outside of the U.S. and have functional currencies other than the U.S. Dollar, changes in the exchange rates to the U.S. Dollar impact our reported financial results.”

Geopolitical risks — including U.S.–China tensions and changes to tax, tariff, import/export regulations and economic sanctions — could negatively affect global markets, investor sentiment and thus the level and composition of Invesco's AUM and flows.

“Geopolitical risks may also lead to economic sanctions, trade restrictions, or regulatory changes that adversely affect global markets and our business. Changes to tax, tariff and import/export regulations and economic sanctions may have a negative effect on global or regional economic conditions, financial markets and our business.”