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Invesco Distribution Inclusive - Accumulation (GBP)

Sell:125.36p Buy:125.36p Change: 0.04p (0.03%)
Prices as at 18 October 2019
Sell:125.36p
Buy:125.36p
Change: 0.04p (0.03%)
You can buy or sell holdings in this fund through an ISA, Lifetime ISA, SIPP or Fund & Share Account
Prices as at 18 October 2019
Sell:125.36p
Buy:125.36p
Change: 0.04p (0.03%)
Prices as at 18 October 2019
You can buy or sell holdings in this fund through an ISA, Lifetime ISA, SIPP or Fund & Share Account
The selling price currently displayed is higher than the buying price. This can occur temporarily for a variety of reasons; shortly before the market opens, after the market closes or because of extraordinary price volatility during the trading day.

Our view on this Fund

This fund does not feature on our Wealth 50 list of what we believe are the best funds in each sector. If a fund is not within our Wealth 50 this is not necessarily a recommendation to sell. However, if you are thinking of adding to your investments we believe Wealth 50 funds are superior alternatives. View funds on the Wealth 50 »

The fund invests in a mixture of shares and bonds, with the aim to grow your money and deliver an attractive income over the long term.

The bond portfolio is managed by Paul Read and Paul Causer. They've got a good track record managing bond funds. The shares are chosen by Ciaran Mallon.

We rate Paul Read and Paul Causer highly but prefer to invest with them through other bond funds they manage. Ciaran Mallon has the potential to deliver strong returns over the long run but we currently think there are better options for exposure to dividend-paying UK companies.

Our view on the sector

The Mixed and Flexible Investment sectors could be the answer for investors who want to leave the asset allocation decisions to an expert. Funds in these sectors invest a certain amount of their portfolio in shares, from 0% to 35% in the case of the Mixed Investment 0-35% Shares Sector, 20% to 60% for the Mixed Investment 20-60% Shares Sector, 40% to 85% for the Mixed Investment 40-85% Shares Sector, and 0% to 100% for the Flexible Investment Sector. Any proportion of the fund not invested in shares can be invested in bonds, cash, currencies, commodities or property. Funds within these sectors can be very different from each other so they'll perform differently too. Each should be looked at on its own merits, taking account of your investment objectives and the amount of risk you want to take.

Performance Analysis

Paul Read and Paul Causer have an excellent long-term track record. They've managed this fund since launch in January 2004 and it's done much better than its peers over that time. Ciaran Mallon joined later in October 2013.

The fund hasn't done as well over the past few years though . The managers are cautious in their outlook for bond markets, so the fund's invested in a way that reflects this view. This held back returns though as bond markets have generally done well.

Investment Philosophy

The managers combine their view on the economy with their views on individual companies and invest in shares and bonds with the potential to do well over the long term.

Process and Portfolio Construction

The managers try to predict where we are in the economic cycle and invest in companies with the potential to benefit in that environment. They also have the flexibility to invest in high yield bonds and derivatives, which adds risk.

The bond portfolio is currently invested in a way that means it shouldn't be affected too much if interest rates rise. Rising interest rates are generally bad for bonds, partly because it makes the income paid look less attractive. So some investors sell bonds in search of higher returns, which could push prices down.

Part of the fund is invested in government bonds, short-term bonds and cash. Government bonds are deemed to be relatively safe, because there's less chance of a country going bust than a company. This means they might hold up better than bonds issued by companies when markets fall.

Within the share portfolio, Ciaran Mallon looks for companies in a strong financial position with a sensible management team. He must also believe they have the ability to pay a rising dividend over the long run.

The fund takes charges from capital, which increases the yield but reduces the potential for capital growth.

question mark Manager Track Record Based on HL Quantitative Research

  • Invesco Distribution (UK) Acc
  • IA Mixed Investment 20-60% Shares
FROM: TO:


Fund Track Record

18/10/14 to 18/10/15 18/10/15 to 18/10/16 18/10/16 to 18/10/17 18/10/17 to 18/10/18 18/10/18 to 18/10/19
Annual return 3.87% 4.49% 6.57% -3.17% 6.83%

Please remember past performance is not a guide to future returns. Where no data is shown, figures are not available. This information is provided to help you choose your own investments, remember they can fall as well as rise in value so you may not get back the original amount invested.

Fund Management Group Comment

Invesco is one of the largest investment managers in the UK and they believe there are no short cuts to long-term investment success. They offer a large range of funds across a number of sectors and each follows a clear, disciplined investment process. The company has a particularly strong reputation for their UK equity and fixed interest funds.

Information about the fund

Fund manager biography

manager photo
Manager Name: Ciaran Mallon
Manager start date: 15 October 2013
Manager located in: Henley

Ciaran joined the company in January 2005 and is part of the UK Equities team managing UK Equity portfolios. Ciaran began his investment career in 1994 joining HSBC where he worked as an investment analyst before moving to United Friendly Asset Management (UFAM) in 1999 as a fund manager. He holds a BA (Hons) Chemistry from Oxford University and has also gained the CFA and Securities Institute Diploma.

manager photo
Manager Name: Paul Read
Manager start date: 26 January 2004
Manager located in: Henley

Paul joined the company in 1995 and co-leads the Fixed Interest team with Paul Causer. Paul began his career with UBS (Securities) Ltd in 1984, and then moved to Merrill Lynch International in 1986. Paul initially worked on the bond sales desk, covering institutional investment managers at Merrill, before moving on to debt trading and working as a director of fixed interest trading in Tokyo from 1991 and in Paris from 1993. He holds a BA, Economics and History from the University of Toronto and also has an MBA from INSEAD.

manager photo
Manager Name: Paul Causer
Manager start date: 26 January 2004
Manager located in: Henley

Paul joined the company in 1994 and co-leads the Fixed Interest team with Paul Read. Paul began his career in 1983 in research and credit analysis with Asahi Bank, the large Japanese commercial bank. He then moved to the bank's treasury department and traded securities and derivative instruments until 1990 when he was given responsibility for managing the bank's multi-currency investment portfolio. He holds a BSc, Economics from the London School of Economics.

Data policy - All information should be used for indicative purposes only. You should independently check data before making any investment decision. HL cannot guarantee that the data is accurate or complete, and accepts no responsibility for how it may be used. Benchmark data provided subject to this disclaimer.
You can buy or sell holdings in this fund through an ISA, Lifetime ISA, SIPP or Fund & Share Account