Price | 41.70 | EPS | 4 | |
Shares | 3 | P/E | 10 | |
MCap | 133 | P/FCF | -18 | |
Net Debt | -0 | EBIT | 13 | |
TEV | 133 | TEV/EBIT | 10 | TTM 2019-09-30, in MM, except price, ratios |
10-Q | 2020-09-30 | Filed 2020-11-06 |
10-Q | 2020-06-30 | Filed 2020-08-07 |
10-Q | 2020-03-31 | Filed 2020-05-08 |
10-K | 2019-12-31 | Filed 2020-02-28 |
10-Q | 2019-09-30 | Filed 2019-11-08 |
10-Q | 2019-06-30 | Filed 2019-08-08 |
10-Q | 2019-03-31 | Filed 2019-05-09 |
10-K | 2018-12-31 | Filed 2019-02-28 |
S-1 | 2018-11-15 | Public Filing |
10-Q | 2018-09-30 | Filed 2018-11-07 |
10-Q | 2018-06-30 | Filed 2018-08-08 |
10-Q | 2018-03-31 | Filed 2018-05-08 |
10-K | 2017-12-31 | Filed 2018-02-28 |
10-Q | 2017-09-30 | Filed 2017-11-09 |
10-Q | 2017-06-30 | Filed 2017-08-08 |
10-Q | 2017-03-31 | Filed 2017-05-08 |
10-K | 2016-12-31 | Filed 2017-03-01 |
10-Q | 2016-09-30 | Filed 2016-11-08 |
10-Q | 2016-06-30 | Filed 2016-08-09 |
10-Q | 2016-03-31 | Filed 2016-05-10 |
10-K | 2015-12-31 | Filed 2016-02-29 |
10-Q | 2015-09-30 | Filed 2015-11-06 |
10-Q | 2015-06-30 | Filed 2015-08-10 |
10-Q | 2015-03-31 | Filed 2015-05-11 |
10-K | 2014-12-31 | Filed 2015-03-06 |
10-Q | 2014-09-30 | Filed 2014-11-05 |
10-Q | 2014-06-30 | Filed 2014-08-06 |
10-Q | 2014-03-31 | Filed 2014-05-09 |
10-K | 2013-12-31 | Filed 2014-03-04 |
10-Q | 2013-09-30 | Filed 2013-11-05 |
10-Q | 2013-06-30 | Filed 2013-08-08 |
10-Q | 2013-03-31 | Filed 2013-05-03 |
10-K | 2012-12-31 | Filed 2013-03-01 |
10-Q | 2012-09-30 | Filed 2012-11-02 |
10-Q | 2012-06-30 | Filed 2012-08-03 |
10-Q | 2012-03-31 | Filed 2012-05-14 |
10-K | 2011-12-31 | Filed 2012-03-14 |
10-Q | 2011-09-30 | Filed 2011-11-07 |
10-Q | 2011-06-30 | Filed 2011-08-05 |
10-Q | 2011-03-31 | Filed 2011-05-06 |
10-K | 2010-12-31 | Filed 2011-03-14 |
10-Q | 2010-09-30 | Filed 2010-11-05 |
10-Q | 2010-06-30 | Filed 2010-08-06 |
10-Q | 2010-03-31 | Filed 2010-05-10 |
10-K | 2009-12-31 | Filed 2010-03-08 |
8-K | 2020-04-02 | |
8-K | 2019-10-01 | |
8-K | 2019-05-07 | |
8-K | 2018-08-27 | |
8-K | 2018-06-04 | |
8-K | 2018-05-24 | |
8-K | 2018-03-08 |
Part I. Financial Information |
Item 1. Financial Statements. |
Note 1 - Organization |
Note 2 - Summary of Significant Accounting Policies |
Note 3 - Financial Instrument Risk |
Note 4 - Service Providers and Related Party Agreements |
Note 5 - Deposits with Commodity Broker and Custodian |
Note 6 - Additional Valuation Information |
Note 7 - Derivative Instruments |
Note 8 - Investments in Affiliates |
Note 9 - Share Purchases and Redemptions |
Note 10 - Commitments and Contingencies |
Note 11 - Financial Highlights |
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. |
Item 3. Quantitative and Qualitative Disclosures About Market Risk. |
Item 4. Controls and Procedures. |
Part II. Other Information |
Item 1. Legal Proceedings. |
Item 1A. Risk Factors. |
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds. |
Item 3. Defaults Upon Senior Securities. |
Item 4. Mine Safety Disclosures. |
Item 5. Other Information. |
Item 6. Exhibits. |
EX-10.1 | dbp-ex101_294.htm |
EX-10.2 | dbp-ex102_295.htm |
EX-31.1 | dbp-ex311_9.htm |
EX-31.2 | dbp-ex312_6.htm |
EX-32.1 | dbp-ex321_7.htm |
EX-32.2 | dbp-ex322_8.htm |
Balance Sheet | Income Statement | Cash Flow |
---|---|---|
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
(Mark One)
| QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended
OR
| TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File Number:
(A Series of Invesco DB Multi-Sector Commodity Trust)
(Exact name of registrant as specified in its charter)
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(State or Other Jurisdiction of Incorporation or Organization) |
| (I.R.S. Employer Identification No.) |
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(Address of Principal Executive Offices) |
| (Zip Code) |
Registrant’s telephone number, including area code: (
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| | |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer | ☐ | | ☒ |
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Non-Accelerated Filer | ☐ | Smaller reporting company | |
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| Emerging growth company | |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes
Indicate the number of outstanding Shares as of September 30, 2020:
INVESCO DB PRECIOUS METALS FUND
(A SERIES OF INVESCO DB MULTI-SECTOR COMMODITY TRUST)
QUARTER ENDED SEPTEMBER 30, 2020
TABLE OF CONTENTS
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| Page |
PART I. | 1 | |
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ITEM 1. | 1 | |
| 10 | |
ITEM 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 20 |
ITEM 3. | 29 | |
ITEM 4. | 31 | |
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PART II. | 32 | |
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Item 1. | 32 | |
Item 1A. | 32 | |
Item 2. | 33 | |
Item 3. | 34 | |
Item 4. | 34 | |
Item 5. | 34 | |
Item 6. | 34 | |
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35 |
PART I. FINANCIAL INFORMATION
ITEM 1. | FINANCIAL STATEMENTS. |
Invesco DB Precious Metals Fund
Statements of Financial Condition
September 30, 2020 and December 31, 2019
(Unaudited)
|
| September 30, |
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| December 31, |
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| 2020 |
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| 2019 |
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Assets |
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United States Treasury Obligations, at value (cost $ respectively) |
| $ | |
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| $ | |
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Affiliated investments, at value (cost $ |
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Other investments: |
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Variation margin receivable- Commodity Futures Contracts |
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| — |
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Cash held by custodian |
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Receivable for: |
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Dividends from affiliates |
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Total assets |
| $ | |
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| $ | |
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Liabilities |
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Other investments: |
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Variation margin payable- Commodity Futures Contracts |
| $ | |
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| $ | — |
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Payable for: |
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Management fees |
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Brokerage commissions and fees |
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Total liabilities |
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Commitments and Contingencies (Note 10) |
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Equity |
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Shareholder's equity—General Shares |
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Shareholders' equity—Shares |
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Total shareholders' equity |
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Total liabilities and equity |
| $ | |
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| $ | |
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General Shares outstanding |
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Shares outstanding |
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Net asset value per share |
| $ | |
|
| $ | |
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Market value per share |
| $ | |
|
| $ | |
|
See accompanying Notes to Unaudited Financial Statements which are an integral part of the financial statements.
1
Invesco DB Precious Metals Fund
Schedule of Investments
September 30, 2020
(Unaudited)
Description |
| Percentage of Shareholders' Equity |
|
| Value |
|
| Principal Value |
| |||
United States Treasury Obligations (a) |
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U.S. Treasury Bills, |
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| | % |
| $ | |
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| $ | |
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U.S. Treasury Bills, |
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U.S. Treasury Bills, |
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U.S. Treasury Bills, |
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Total United States Treasury Obligations (cost $ |
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| | % |
| $ | |
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Affiliated Investments |
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| Shares |
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Exchange-Traded Fund |
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Invesco Treasury Collateral ETF (cost $ |
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| | % |
| $ | |
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Money Market Mutual Fund |
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Invesco Government & Agency Portfolio, Institutional Class, |
|
| | % |
| $ | |
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| |
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Total Affiliated Investments (cost $ |
|
| | % |
| $ | |
|
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Total Investments in Securities (cost $ |
|
| | % |
| $ | |
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|
(a) |
(b) | |
(c) | |
(d) | |
Open Commodity Futures Contracts |
| Number of Contracts |
|
| Expiration Date |
| Notional Value |
|
| Value(e) |
|
| Unrealized Appreciation (Depreciation)(e) |
|
| ||||
Long Futures Contracts |
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COMEX Gold |
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| |
| $ | |
|
| $ | |
|
| $ | |
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COMEX Silver |
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| |
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| |
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| |
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Total Commodity Futures Contracts |
|
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|
| $ | |
|
| $ | |
|
|
(e) | |
See accompanying Notes to Unaudited Financial Statements which are an integral part of the financial statements.
2
Invesco DB Precious Metals Fund
Schedule of Investments
December 31, 2019
(Unaudited)
Description |
| Percentage of Shareholders' Equity |
|
| Value |
|
| Principal Value |
| |||
United States Treasury Obligations (a) |
|
|
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|
|
|
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|
U.S. Treasury Bills, |
|
| | % |
| $ | |
|
| $ | |
|
U.S. Treasury Bills, |
|
| |
|
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| |
|
|
| |
|
U.S. Treasury Bills, |
|
| |
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| |
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| |
|
Total United States Treasury Obligations (cost $ |
|
| | % |
| $ | |
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Affiliated Investments |
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| Shares |
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Money Market Mutual Fund |
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Invesco Premier U.S. Government Money Portfolio, Institutional Class, |
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| | % |
| $ | |
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Total Investments in Securities (cost $ |
|
| | % |
| $ | |
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(a) | Security may be traded on a discount basis. The interest rate shown represents the discount rate at the most recent auction date of the security prior to period end. |
(b) | |
(c) | Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. See Note 8. |
(d) | The rate shown is the 7-day SEC standardized yield as of December 31, 2019. |
Open Commodity Futures Contracts |
| Number of Contracts |
|
| Expiration Date |
| Notional Value |
|
| Value(e) |
|
| Unrealized Appreciation (Depreciation)(e) |
|
| ||||
Long Futures Contracts |
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COMEX Gold |
|
| |
|
| |
| $ | |
|
| $ | |
|
| $ | |
|
|
COMEX Silver |
|
| |
|
| |
|
| |
|
|
| |
|
|
| |
|
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Total Commodity Futures Contracts |
|
|
|
|
|
|
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|
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|
| $ | |
|
| $ | |
|
|
(e) | Unrealized Appreciation (Depreciation) and Value are presented above, net by contract. |
See accompanying Notes to Unaudited Financial Statements which are an integral part of the financial statements.
3
Invesco DB Precious Metals Fund
Statements of Income and Expenses
For the Three and Nine Months Ended September 30, 2020 and 2019
(Unaudited)
|
| Three Months Ended |
|
| Nine Months Ended |
| ||||||||||
|
| September 30, |
|
| September 30, |
| ||||||||||
|
| 2020 |
|
| 2019 |
|
| 2020 |
|
| 2019 |
| ||||
Income |
|
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|
|
|
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Interest Income |
| $ | |
|
| $ | |
|
| $ | |
|
| $ | |
|
Dividends from Affiliates |
|
| |
|
|
| |
|
|
| |
|
|
| |
|
Total Income |
|
| |
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| |
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| |
|
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| |
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Expenses |
|
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Management Fees |
|
| |
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| |
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| |
|
Brokerage Commissions and Fees |
|
| |
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| |
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Interest Expense |
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| |
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| |
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Total Expenses |
|
| |
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| |
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| |
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| |
|
Less: Waivers |
|
| ( | ) |
|
| ( | ) |
|
| ( | ) |
|
| ( | ) |
Net Expenses |
|
| |
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| |
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| |
|
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| |
|
Net Investment Income (Loss) |
|
| ( | ) |
|
| |
|
|
| ( | ) |
|
| |
|
Net Realized and Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Net Realized Gain (Loss) on |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States Treasury Obligations |
|
| |
|
|
| |
|
|
| |
|
|
| ( | ) |
Commodity Futures Contracts |
|
| — |
|
|
| — |
|
|
| |
|
|
| |
|
Net Realized Gain (Loss) |
|
| |
|
|
| |
|
|
| |
|
|
| |
|
Net Change in Unrealized Gain (Loss) on |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States Treasury Obligations |
|
| |
|
|
| |
|
|
| ( | ) |
|
| |
|
Affiliated Investments |
|
| ( | ) |
|
| — |
|
|
| ( | ) |
|
| — |
|
Commodity Futures Contracts |
|
| |
|
|
| |
|
|
| |
|
|
| |
|
Net Change in Unrealized Gain (Loss) |
|
| |
|
|
| |
|
|
| |
|
|
| |
|
Net Realized and Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts |
|
| |
|
|
| |
|
|
| |
|
|
| |
|
Net Income (Loss) |
| $ | |
|
| $ | |
|
| $ | |
|
| $ | |
|
See accompanying Notes to Unaudited Financial Statements which are an integral part of the financial statements.
4
Invesco DB Precious Metals Fund
Statement of Changes in Shareholders’ Equity
For the Three Months Ended September 30, 2020
(Unaudited)
|
| General Shares |
|
| Shares |
|
| Total |
| |||||||||||
|
| Shares |
|
| Total Equity |
|
| Shares |
|
| Total Equity |
|
| Shareholders' Equity |
| |||||
Balance at June 30, 2020 |
|
| |
|
| $ | |
|
|
| |
|
| $ | |
|
| $ | |
|
Purchases of Shares |
|
|
|
|
|
|
|
|
|
| |
|
|
| |
|
|
| |
|
Redemption of Shares |
|
|
|
|
|
|
|
|
|
| — |
|
|
| — |
|
|
| — |
|
Net Increase (Decrease) due to Share Transactions |
|
|
|
|
|
|
|
|
|
| |
|
|
| |
|
|
| |
|
Net Income (Loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Investment Income (Loss) |
|
|
|
|
|
| ( | ) |
|
|
|
|
|
| ( | ) |
|
| ( | ) |
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts |
|
|
|
|
|
| ( | ) |
|
|
|
|
|
| |
|
|
| |
|
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts |
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
| |
|
Net Income (Loss) |
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
| |
|
Net Change in Shareholders' Equity |
|
| — |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
Balance at September 30, 2020 |
|
| |
|
| $ | |
|
|
| |
|
| $ | |
|
| $ | |
|
See accompanying Notes to Unaudited Financial Statements which are an integral part of the financial statements.
5
Invesco DB Precious Metals Fund
Statement of Changes in Shareholders’ Equity
For the Three Months Ended September 30, 2019
(Unaudited)
|
| General Shares |
|
| Shares |
|
| Total |
| |||||||||||
|
| Shares |
|
| Total Equity |
|
| Shares |
|
| Total Equity |
|
| Shareholders' Equity |
| |||||
Balance at June 30, 2019 |
|
| |
|
| $ | |
|
|
| |
|
| $ | |
|
| $ | |
|
Purchases of Shares |
|
|
|
|
|
|
|
|
|
| |
|
|
| |
|
|
| |
|
Redemption of Shares |
|
|
|
|
|
|
|
|
|
| — |
|
|
| — |
|
|
| — |
|
Net Increase (Decrease) due to Share Transactions |
|
|
|
|
|
|
|
|
|
| |
|
|
| |
|
|
| |
|
Net Income (Loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Investment Income (Loss) |
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
| |
|
Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts |
|
|
|
|
|
| ( | ) |
|
|
|
|
|
| |
|
|
| |
|
Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts |
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
| |
|
Net Income (Loss) |
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
| |
|
Net Change in Shareholders' Equity |
|
| — |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
Balance at September 30, 2019 |
|
| |
|
| $ | |
|
|
| |
|
| $ | |
|
| $ | |
|
See accompanying Notes to Unaudited Financial Statements which are an integral part of the financial statements.
6
Invesco DB Precious Metals Fund
Statement of Changes in Shareholders’ Equity
For the Nine Months Ended September 30, 2020
(Unaudited)
|
| General Shares |
|
| Shares |
|
| Total |
| |||||||||||||||