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Invesco Global Equity Inclusive - Accumulation (GBP)

Sell:637.65p Buy:637.65p Change: 3.82p (0.60%)
Prices as at 22 October 2019
Sell:637.65p
Buy:637.65p
Change: 3.82p (0.60%)
You can buy or sell holdings in this fund through an ISA, Lifetime ISA, SIPP or Fund & Share Account
Prices as at 22 October 2019
Sell:637.65p
Buy:637.65p
Change: 3.82p (0.60%)
Prices as at 22 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 represents a relatively concentrated, high conviction portfolio of global equities. It is managed by Invesco Perpetual's "global equity group" rather than a named individual. Ultimate responsibility, however, lies with the group's chairman and chief investment officer Nick Mustoe. We have no issue with this fund but it is not currently one of our preferred choices for global equity exposure.

Our view on the sector

It's natural for UK investors to focus on funds investing in their home market. But as the world has become more connected, so has the investment landscape. There are lots of funds investing across the globe, and these can be a great way to diversify an investment portfolio. Funds in the global sector can invest anywhere in the world. But they go about this in different ways. They vary in how much they can invest in certain types of companies, sectors, countries, or regions. Some focus on developed markets or large multinational corporations, while others invest more in higher-risk emerging markets or smaller companies. Some target companies with higher-growth expectations and others search for unloved companies with the potential to recover.

Performance Analysis

The "global equity group" took control in February 2010. The fund under-performed the benchmark in the first couple of years. More recently performance has improved and the fund has out-performed the benchmark, which our analysis suggests is primarily due to stock selection rather than the fund's geographic positioning.

Investment Philosophy

The fund is entirely focused on stock selection. The managers seek to back the best investment ideas from anywhere in the world. The portfolio aims to have a core of cash generative businesses with resilient earnings and sustainable growth prospects. Alongside this the fund backs turnaround and special situation investments.

Process and Portfolio Construction

The research is focused on understanding the strength and quality of a business, its financial position and management quality. Valuation is also a key focus. The aim is to invest for the long-term (three-to-five years) and avoid fixation on current trends and consensus. The market's disproportionate focus on short-term factors allows an investor with a long-term horizon to buy stocks at attractive valuations.

Individual teams within Invesco Perpetual put forward investment ideas for the global equity group to consider and these are sieved down to the highest conviction positions. This is an unconstrained portfolio with no formal restrictions on the size of target companies. The fund typically holds between 60 and 100 stocks and it will invest no more than 6% in an individual stock at the time of purchase. The fund will not invest more than 75% in North America, no more than 50% in Europe (excluding UK) and a maximum of 30% into each of the UK, Japan, Asia (excluding Japan) and other emerging markets areas (comprising Latin America, emerging Europe, the Middle East and Africa). The fund is likely to be fully invested with a minimal cash weighting.

question mark Manager Track Record Based on HL Quantitative Research

  • Invesco Global Equity (UK) Acc
  • FTSE All World TR GBP
FROM: TO:


Fund Track Record

21/10/14 to 21/10/15 21/10/15 to 21/10/16 21/10/16 to 21/10/17 21/10/17 to 21/10/18 21/10/18 to 21/10/19
Annual return 9.41% 21.72% 17.77% -5.64% 0.62%

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: Global Equity Group
Manager start date: 1 February 2010
Manager located in: Henley-on-Thames

The Global Equity Group represents the wider Henley-based investment team in the construction of our core global equity strategy and is the mechanism through which ideas are pitched, discussed, compared and ultimately where investment decisions are made. All members of the Group are able to propose investment ideas, with the fund managers representing our regional/global teams having voting powers and owning the final investment decision. The Group's focus is on the current core global equity portfolio and idea generation respectively. Each member has the ability to influence this portfolio through idea generation and participation in stock selection. Ideas that are proposed are only selected for inclusion in the portfolio with the Group's agreement. The Group aims to efficiently allocate the available capital to the most attractive investment ideas. Whilst it is not possible for each member of the Group to be able to replicate each other's specific stock or market knowledge, we do believe that commonality in the investment thinking across the team allows for reasoned debate and the challenging of any idea from any part of the world. Each idea proposed is backed up with research and an investment case so that the Group can understand the risk/reward parameters of a potential investment. The Invesco Global Equity Group comprises CIO Nick Mustoe, Fund Managers Stephen Anness, John Surplice, Tony Roberts, Ian Hargreaves, Martin Walker, Dean Newman and Simon Laing, Investment Strategist Martin Weiss and Product Manager Arwel Green.

manager photo
Manager Name: Nick Mustoe
Manager start date: 1 February 2010
Manager located in: Henley-on-Thames

Based in Henley-on-Thames, Nick is Chief Investment Officer of Invesco. Nick joined the company in June 2010. His investment career spans over 25 years to date, having started with Phillips & Drew Fund Management as a UK equity manager in 1985. More recently, he was appointed CIO of Pictet Asset Management in 2006 after joining Hermes Pensions Management as CIO in 2002. He holds a first class honours degree in Business Studies from Bradford 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