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Invesco European Equity Class Y - Income (GBP)

Sell:250.70p Buy:250.70p Change: 0.21p (0.08%)
Prices as at 11 October 2019
Change: 0.21p (0.08%)
You can buy or sell holdings in this fund through an ISA, Lifetime ISA, SIPP or Fund & Share Account
Prices as at 11 October 2019
Change: 0.21p (0.08%)
Prices as at 11 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 »

This fund has the backing of an experienced manager and a well-resourced European team at Invesco Perpetual. It is currently positioned to benefit from an improving economic recovery in Europe. Performance has been respectable over a prolonged period and we feel the fund has the potential to deliver above average performance over the long term. However, in this competitive sector, we do not believe performance has been as consistent as many of the fund's peers.

Our view on the sector

Europe has been blighted by political issues in recent years. And some European economies are struggling with high levels of debt and unemployment. But it's important to disconnect a region's economic prospects from its stock market prospects. Europe is home to lots of successful businesses that make money across the globe - from the US to high-growth areas like Asia and emerging markets. That means their prospects aren't heavily reliant on Europe's economy. Some investors have overlooked the region in recent years. But we think Europe is a great place to invest for the long term and there are plenty of high quality fund managers to choose from.

Performance Analysis

Jeff Taylor, Head of European Equities at Invesco Perpetual, has managed this fund since January 2001. Performance has been somewhat inconsistent versus the index although it has outperformed in aggregate. While the fund got off to a good start under the manager's stewardship, it subsequently went through several years of underperformance. Performance has seen an improvement since mid-2012, although this is over a relatively short period compared with the manager's longer track record. More recently our data suggests positive stock picking has driven returns, however, historically this has not always been the case.

Investment Philosophy

Stock markets are inefficient, providing the opportunity to invest in businesses trading below their true value. The manager employs a pragmatic investment approach and believes value can be added by detailed company research, supplemented by analysis of wider economic factors.

Process and Portfolio Construction

Company-specific research is carried out using a combination of proprietary and external information with a focus on valuing businesses. Meetings with company management are also considered important. The aim is to identify companies whose current and future prospects are not accurately reflected in their valuation and where the team feel there is a trigger for this mis-valuation to be recognised by the market.

Consideration is also given to the wider economic environment and this may influence portfolio construction, particularly at market or economic turning points.

The result is a relatively concentrated portfolio of around 50 holdings. Positioning may vary significantly from the benchmark from both a sector or country perspective. There are no formal country, sector or stock limits and no restrictions in terms of the size of companies purchased, although there is a bias towards larger companies.

question mark Manager Track Record Based on HL Quantitative Research

This information is currently unavailable.

Fund Track Record

11/10/14 to 11/10/15 11/10/15 to 11/10/16 11/10/16 to 11/10/17 11/10/17 to 11/10/18 11/10/18 to 11/10/19
Annual return 14.12% 19.08% 21.88% -7.83% 1.97%

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: Stephanie Butcher
Manager start date: 29 March 2019
Manager located in: Henley

Stephanie joined the company in 2003 as a fund manager in the European Equities team. She began her investment career at Lazard Asset Management as a graduate trainee in 1993 and progressed to become a US fund manager responsible for institutional and retail portfolios. Stephanie then joined Aberdeen Asset Management in 1997, initially as a US portfolio manager responsible for insurance and institutional funds, but moved to the European desk in 1998 as a fund manager responsible for a number of retail funds. She holds an MA (Hons) in History from Cambridge University.

manager photo
Manager Name: Jeffrey Taylor
Manager start date: 1 January 2001
Manager located in: Henley

Jeff joined the company in 1997 as a fund manager in the European Equities team and became head of the European Equities at Invesco in 2001. In 2003, he then became head of the expanded team resulting from the absorption of the European Equities team which was formerly based in London. Jeff began his investment career in 1985, joining Williams de Broe as a European equity analyst. In 1987, he joined Dillon Read Securities as Director of Belgian Equities working as an Extel-rated analyst and salesman. He holds an MA in Modern Languages from Oxford University.

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