Peter Hubbard
About Peter Hubbard
Peter Hubbard is Head of Equities and Director of Portfolio Management at Invesco Capital Management LLC and Vice President of the Invesco QQQ Trust, Series 1 (QQQ); he began managing QQQ in October 2025 and was born in 1981 . He has been associated with Invesco since 2005, progressing from Research Analyst to Portfolio Manager and then Vice President and Director of Portfolio Management; he holds a B.A. in Business & Economics from Wheaton College . Under his portfolio leadership, QQQ’s governance modernization reduced the unitary fee from 0.20% to 0.18%, an estimated >$70 million annual cost saving based on July 1, 2025 assets, supporting long-term investor returns . As context for long-term performance, QQQ has delivered ~18.6% annualized returns over the past 15 years and outperformed the S&P 500 in 7 of the last 10 years .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Invesco Capital Management LLC | Research Analyst | 2005–2007 | Early-stage analytical coverage for expanding ETF lineup |
| Invesco Capital Management LLC | Portfolio Manager | 2007–2008 | Day-to-day ETF portfolio execution and strategy implementation |
| Invesco Capital Management LLC | Vice President, Portfolio Management | 2008–2010 | Led portfolio management processes during ETF platform scaling |
| Invesco Capital Management LLC | Vice President and Director of Portfolio Management | 2010–Present | Manages portfolio team and processes across >200 equity and fixed income funds in the US, Canada, and Europe |
| Invesco Advisers, Inc. | Vice President | 2020–Present | Senior leadership role across affiliated advisory mandates |
| Invesco Specialized Products, LLC | Vice President | 2018–Present | Oversight across specialized ETF trust structures |
| Invesco Exchange-Traded Fund Trusts (multiple) | Vice President | 2009–Present | Vice President roles across ETF trust complexes supporting governance |
| Ritchie Capital | Research Analyst & Trader | 2003–2005 | Hedge fund research/trading foundation prior to Invesco |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Invesco commodity/managed products (Managing Owner) | Trading Principal; Principal/Associated Person | Principal listed 2012; AP 2013; Swap AP 2015 | Designated trading principal; manages team of portfolio managers supporting multi-asset funds |
Fixed Compensation
| Component | Structure | Performance Linkage | Governance Oversight |
|---|---|---|---|
| Base Salary | Fixed salary paid by Adviser | Not linked to specific account/fund performance | Compensation Committee reviews management bonuses; may approve large bonuses in advance |
| Annual Bonus | Discretionary year-end bonus pool eligibility | No policy or agreement to pay bonuses based on performance of managed accounts | Compensation Committee oversight as applicable |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Fund/account performance metrics tied to pay | None disclosed | N/A | N/A | Discretionary bonus not formulaic to account performance | Not disclosed |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| QQQ beneficial ownership | As of the SAI, none of the Portfolio Managers beneficially owned QQQ Shares |
| Ownership guidelines | Not disclosed for portfolio managers in QQQ filings |
| Pledging/hedging | Not disclosed in QQQ filings |
Employment Terms
| Term | Detail |
|---|---|
| Role at QQQ | Vice President of the Trust; began managing QQQ in October 2025 |
| Tenure at Invesco | Associated since 2005; Director of Portfolio Management since 2010 |
| Contract/severance | Individual employment contract, severance, CoC terms not disclosed; Invesco’s proxy voting guidelines support case-by-case evaluation of severance arrangements for senior executives |
Investment Implications
- Pay-for-performance alignment is structurally limited: compensation is fixed salary plus discretionary bonus with no agreement linking payouts to the performance of managed accounts/funds, reducing direct incentives tied to QQQ’s returns .
- Insider selling pressure appears minimal: Hubbard did not beneficially own QQQ shares per the SAI, implying low risk of Form 4-driven supply from his holdings .
- Governance modernization and fee reduction to 0.18% (from 0.20%) with >$70M estimated annual savings supports investor net returns and the ETF’s long-term TSR profile, a positive alignment signal at the product level even if not tied to his individual pay .
- Execution track record and tenure: multi-decade ETF portfolio leadership at Invesco (since 2005) and assumption of QQQ management in October 2025 suggest deep operational capability for index replication and risk controls .