Q-I have held shares of Invesco Industrial Income Fund for several years, and they have performed well. I understand that the fund's portfolio manager was fired for some financial shenanigans. I'm a retiree. Should I dump the fund and get into another investment?
John Kaweske, the highly successful portfolio manager of this and two other Invesco funds, was fired earlier this year. The company said he had not given it proper notification of the trades he was making in his personal account, and the Securities and Exchange Commission is investigating his portfolio dealings.
Charles Mayer, who since April 1993 had been responsible for selecting much of the equity portion of the fund, has been named portfolio manager. Included in his portfolio are growth-oriented foreign utilities such as Telefonos de Chile and Telefonos de Mexico. Other large holdings are Bank of New York, Chrysler Corp. and McDonnell Douglas.