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The Fund aims to achieve a positive total return in all market conditions over a rolling 3 year period. The Fund targets a gross of fee return of 5% per annum above UK 3 month LIBOR (or an equivalent reference rate) and aims to achieve this with less than half the volatility of global equities. The fund is typically built around a mix of directional and relative value investment themes, across the main asset classes, none of which on their own, is intended to dominate portfolio risk.
|Sector||Targeted Absolute Return|
|Dividends paid||Acc units only|
|Standard initial charge||0.00%|
|Initial charge via Bestinvest||0.00%|
|Additional bid/offer spread||0.00%|
|Annual management charge||0.82%|
|Ongoing charges figure||0.82%|
Before investing make sure you have understood the risks relevant to the fund by reviewing our Risk Warnings section. Further information on the risks are contained in the fund's Key Information Investor Document, which we make available to you before you make a decision to invest, alternatively it is available on request.
The core investment team joined Invesco from Standard Life, where they were managed an identical product. The success of the product is very much dependent on the quality of idea generation and its subsequent implementation. The efforts of the Invesco team are dedicated to their two funds (a total return and an income version), they have no additional mandate responsibilities.
|High yield bonds||0|
The investment process starts with the identification of 20-30 independent investment themes that can each contribute 25-50bps of performance p.a. against the team's core market scenario over a 2-3yr horizon. These return opportunities may be drawn from a number of research sources, which might include the broader Invesco Group and external sell side research. The ideas are subsequently combined into a portfolio and stress tested against different market scenarios to arrive at the optimal portfolio mix. The implementation of these ideas are then regularly re--assesed to ensure the most efficient and effective means of expression is being adopted. The greater diversification is designed to reduce the impact of one market or asset class on the portfolio. Typically the portfolio is expected to be evolve slowly. The team estimate they should be able to achieve their target return objective if they can achieve a 60% success / hit rate.
|Fund data updated on||20/09/19|
|High yield bonds||0|
As at: 30/08/2019
4.7093%Societe Generale Perpetual(Call Acct)
3.9874%Mexico(United Mexican States) 10% Bds 05/12/24 Mxn100
3.9111%France(Govt Of) 1.500 May 25 50 Reg
3.6153%South Africa(Republic Of) 10.5% Bds 21/12/2026 Zar1(186)
3.3173%Qatar National Bank Perpetual(Call Acct)
2.9182%Invesco Gbl Fd Mngrs Short Term Inv Stlg
2.5679%Tsy Infl Ix N/B 1.000 Feb 15 49 I/L
|Oil & Gas||5%|
20-30 investment ideas.
Max 50% allocation of risk to any one of credit, equity, interest rates, currency and volatility. Ex ante volatility is expected to be in the 4-8% range or less than half equity volatility.
|Average monthly relative returns||Bestinvest MRI|
|14/15||15/16||16/17||17/18||18/19||3 years||5 years||Career||3 years||5 years||Career|
|Performance figures are based on the average of monthly percentage returns relative to the benchmark index.|
David Millar joined Invesco Perpetual in January 2013 to head the Multi Asset team. He began his investment career with Scottish Widows in 1989, where he qualified as an actuary. In 1996, he joined the fixed interest team at Scottish Widows Investment Partnership, and quickly rose to head of bond strategy and chair of its Bond Policy Group. In 2008, he joined Standard Life Investments as investment director in its multi asset investing team. He holds a BSc (Hons) in Mathematical Statistics from the University of Cape Town and is a Fellow of the Institute and Faculty of Actuaries.
Invesco Perpetual Multi Asset Team has 5.9 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.17%. During the worst period of relative performance (from May 2017 - November 2018) there was a decline of 7% relative to the index. The worst absolute loss has been 6%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is 97%.
|Periods of worst performance|
|Absolute||-6% (May 2017 - November 2018)|
|Relative||-7% (May 2017 - November 2018)|
Our unique indicator: the Bestinvest Manager Record Index (MRI) measures the likelihood that the fund manager is adding value through their decisions. It is based on their performance record over the course of their career, adjusted for the amount of risk taken. MRI is an important contributor to our fund rating system but it is also vital to take account of qualitative factors. It is also very important to select funds to form a cohesive portfolio with an appropriate overall risk level.