**Invesco US – Equity and Income Fund Q4 2025 Commentary**
Ashtead has been moving its primary listing to the New York Stock Exchange, a move we believe will enhance its valuation. Wells Fargo delivered strong earnings results, driven by higher revenue, improved credit quality, and increased investment banking fees.
Merck reported earnings and revenues that beat expectations, propelled by robust sales of its cancer treatment Keytruda and its pulmonary arterial hypertension therapy WinReva. Conversely, shares of Fiserv dropped sharply after management reported disappointing third-quarter results and lowered full-year guidance.
### New Holdings
**Becton Dickinson (BDX)**
Becton Dickinson develops and sells medical supplies and diagnostic products globally. Despite recent challenges, we see strong potential in the company’s continued innovation and market presence.
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*This article was written by Invesco, an independent investment management firm dedicated to delivering an investment experience that helps people get more out of life.*
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### Disclosure
Before investing, carefully read the prospectus and/or summary prospectus, and consider the investment objectives, risks, charges, and expenses. The information provided is for educational purposes only and does not constitute a recommendation regarding the suitability of any investment strategy for a particular investor.
Invesco does not provide tax advice. The tax information contained herein is general and not exhaustive. Federal and state tax laws are complex and constantly changing. Investors should always consult their own legal or tax professional for advice concerning their individual situation.
The opinions expressed are those of the authors, based on current market conditions, and are subject to change without notice. These opinions may differ from those of other Invesco investment professionals.
**Important Notes:**
– NOT FDIC INSURED
– MAY LOSE VALUE
– NO BANK GUARANTEE
All data provided by Invesco unless otherwise noted.
Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail products and collective trust funds. Invesco Advisers, Inc. and other affiliated investment advisers provide investment advisory services and do not sell securities. Invesco Unit Investment Trusts are distributed by the sponsor, Invesco Capital Markets, Inc., and broker-dealers including Invesco Distributors, Inc.
PowerShares® is a registered trademark of Invesco PowerShares Capital Management LLC (Invesco PowerShares). Each entity is an indirect, wholly owned subsidiary of Invesco Ltd. ©2015 Invesco Ltd.
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