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Bestinvest rating
INVESCO PERPETUAL GLOBAL TARGETED RETURNS Y

INVESCO PERPETUAL GLOBAL TARGETED RETURNS Y - Overview

Overview of INVESCO PERPETUAL GLOBAL TARGETED RETURNS Y Buy in ISA Buy in Investment Account

The Fund aims to achieve a positive total return in all market conditions over a rolling 3 year period. The Fund targets a gross 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.

  • Standard Initial Charge 0.00%
  • Initial charge via Bestinvest 0.00%

Fund summary

Sector Targeted Absolute Return
Structure OEIC
Launched March, 2014
Size £11,813m
Yield 1.6%
Charging basis Income
Dividends paid Acc units only

Charges

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%

Risks

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 Investor Information Document, which we make available to you before you make a decision to invest, alternatively it is available on request.

Bestinvest view

The Invesco Perpetual GTR team is built around 3 senior investment professionals and one senior risk officer all of whom were closely involved with the SLIM GARS product. We believe there is a high probability this team can replicate the success of GARS at Invesco Perpetual.

Portfolio

Allocation Proportion(%)
Equity 0
High yield bonds 0
Quality bonds 0
Property 0
Commodities 0
Hedge 100
Fund cash 0
Allocation Proportion(%)
UK 0
Europe 0
North America 0
Japan 0
Pacific 0
Emerging Markets 0
Allocation Proportion(%)
Large Caps 0
Mid Caps 0
Small Caps 0
View all performance data for this fund

Investment process

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.

Live feed

Bid price(inc) 226.50p
Accum units 226.50p
Fund commentary 01/12/14
Fund data updated on 11/12/17

Asset allocation

Allocation Proportion(%)
Equity 0
High yield bonds 0
Quality bonds 0
Property 0
Commodities 0
Hedge 100
Fund cash 0

Equity Geographic

Allocation Proportion(%)
UK 0
Europe 0
North America 0
Japan 0
Pacific 0
Emerging Markets 0

Equity Capitalisation

Allocation Propor
tion(%)
Large Caps 0
Mid Caps 0
Small Caps 0

Top 10 holdings

No information available.

Sector breakdown

Hedge 100%

Portfolio details

25-30 investment ideas.

Constraints

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
12/13 13/14 14/15 15/16 16/17   3 years 5 years Career 3 years 5 years Career
0.57% 0.12% 0.13% 0.29%   0.18% 0.31% 90.30% 99.20%
Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

Invesco Perpetual Multi Asset Team

Manager. 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.

Track record

Invesco Perpetual Multi Asset Team has 4.2 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.31%. During the worst period of relative performance (from January 2015 - June 2015) there was a decline of 4% relative to the index. The worst absolute loss has been 4%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is more than 99%.

Periods of worst performance
Absolute -4% (January 2015 - June 2015)
Relative -4% (January 2015 - June 2015)

Sector record since October 2013 (4 yrs)




About the MRI

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.

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