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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.
Targeted Absolute Return funds do not guarantee a positive return and you could get back less than you invested, much like any other investment. Additionally, the underlying assets of these funds generally use complex hedging techniques through the use of derivative products.
|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 of the investment team consists of portfolio managers previously responsible for the management of original SLIM GARS product. At Invesco Perpetual the broader team remain focused on two products, ensuring an efficient and dynamic decision making process. The success of the product is very much dependent on idea generation and its efficient implementation.
|High yield bonds||0|
Essentially the investment philosophy, target return are identical, if not very similar to the Standard Life GARS mandate that the team previously contributed to. Every idea needs a theme and economic justification. Each position has to offer a positive return on a 2-3 yr view. There is a formal weekly, monthly and quarterly review process amongst team members, across existing positions and for analysis of new ideas. Each idea has a sponsor. Ideas are rated 1-3, 3 having the highest return diversification attributes. Position sizing is related to the allocated rating and its contribution to risk. All three portfolio managers must have unanimous agreement for idea inclusion. The fund is a sophisticated UCIT product and will use leverage via derivative instruments to achieve its return objective.
|Fund data updated on||19/03/19|
|High yield bonds||0|
As at: 31/01/2019
4.3078%Societe Generale Perpetual(Call Acct)
4.1565%Cash - Gb Principal
3.7788%Nat Bk Abu Dhabi T/D 0.700 Feb 01 19
3.0213%Qatar National Bank Perpetual(Call Acct)
2.3003%Cash Margin Us Dollar
2.1962%Poland(Rep Of) 2.500 Jul 27 27
2.0584%Invesco Gbl Fd Mngrs Short Term Inv Stlg
1.9859%Ml Margin Otc Ml Margin Otc
1.6937%Mexico(United Mexican States) 8% Bds 07/12/2023 Mxn`M20`
1.6935%Mexico(United Mexican States) 6.5% Bds 09/06/22 Mxn100
|Oil & Gas||5%|
25-30 investment ideas.
Max 50% allocation to any one of credit, equity, interest rates, currency and volatility.
The portfolio usually has very little commonality with the benchmark and so performance can be expected to differ markedly on occasions.
|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 5.4 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 96%.
|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.