Invesco Perpetual Income Accumulation Units 
Also available as
income units
Charges and savings
| Fund manager's initial charge | 5.00% |
|---|---|
| HL saving on initial charge | 5.00% |
| HL Dealing charge | Free |
| Net initial charge | 0.00% |
| Fund manager's annual charge | 1.50% |
| HL Annual saving (loyalty bonus) | 0.25% 2 |
| Net Annual charge | 1.25% |
| Fund manager's other expenses | 0.18% |
| Performance fee | No |
| HL Platform charge | Free |
Please read the Simplified Prospectus/Key Investor Information Document in addition to the information above. Further details available in the HL guide to fund prices, savings and yields.
Other information
| Launch date | 16-06-1979 |
|---|---|
| Launch price | £1.00 |
| Sector | UK Equity Income |
| Fund size | £10,233 million |
| Number of holdings | 83 |
| Fund type | ICVC |
| Type of units | Accumulation |
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Before you invest please read the documents below.
HL research - our view on this fund
Neil Woodford believes the economic picture remains challenging and global growth forecasts are overly optimistic. He expects companies that are overly-reliant on global economic growth to struggle to meet earnings expectations. As a result the fund remains focused on modestly-valued companies with robust business models and strong cash flows, which can grow in a challenging economic environment. Over 30% of the portfolio is invested in the pharmaceutical sector where Neil Woodford believes valuations are low and the stock market is ignoring the companies' ability to discover new drugs. There is also significant exposure to tobacco companies which remain highly profitable, cash generative and reliable providers of earnings and dividend growth. Valuations are also attractive, according to Neil Woodford, and do not fully reflect the quality and dependable characteristics that the likes of British American Tobacco, Imperial Tobacco and Reynolds American can bring to a portfolio.
About the Fund Manager
Neil Woodford
Located in: Henley
Neil joined the company in 1988 as a fund manager in the UK Equities team and is now Head of Investment. Neil has worked in both corporate finance and fund management, commencing his investment career in 1981 with Dominion Insurance Company and subsequently joining Eagle Star as a fund manager in 1987. He holds a BA, Economics and Agricultural Economics from Exeter University. He later studied Finance at the London Business School.
Income details
| Historic yield | 3.27% |
|---|---|
| Income paid | Bi-annually |
| Type of payment | Dividend |
All yields are variable and not guaranteed. Information as at 30-04-2013.
Top 10 holdings
| AstraZeneca | 9.12% |
|---|---|
| GlaxoSmithKline | 8.49% |
| BT Group | 5.82% |
| Roche Holding AG Part. Cert. | 5.44% |
| Reynolds American | 5.15% |
| Reckitt Benckiser Group | 4.89% |
| British American Tobacco | 4.86% |
| BAE Systems | 4.77% |
| Imperial Tobacco Group | 4.47% |
| Rolls-Royce Holdings | 4.02% |
Top 10 sectors
| Pharmaceuticals & Biotechnology | 30.05% |
|---|---|
| Tobacco | 14.48% |
| Aerospace & Defence | 9.45% |
| Support Services | 9.37% |
| Fixed Line Telecommunications | 6.12% |
| Household Goods & Home Construction | 5.01% |
| Cash and Equiv. | 4.04% |
| Electricity | 3.91% |
| Gas, Water & Multiutilities | 3.34% |
| Financial Services | 3.28% |
Top 10 countries
| United Kingdom | 78.29% |
|---|---|
| Switzerland | 7.33% |
| United States | 5.23% |
| Cash and Equiv. | 4.04% |
| France | 1.89% |
| Ireland | 1.64% |
| Non-Classified | 1.46% |
| Finland | 0.11% |
Some of the data on this page and other related pages is provided to you for your information and is received from the Fund Management Company administering this fund. Hargreaves Lansdown accepts no liability for the reliability or accuracy of the data provided by third parties.
2 Annual saving (loyalty bonus) only available on holdings worth over £1,000. Loyalty bonuses in the Vantage Fund & Share Account are paid net of basic rate tax. Loyalty bonuses in the Vantage ISA and SIPP are tax-free and paid gross.
4 If you elect to receive the income from a Vantage ISA or Vantage Fund & Share Account, we will collect any dividends for you and then pay them directly into your bank account within the first 10 working days of the following month.
Prices as at 23-05-2013. Data as at 31/03/2013.
