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Invesco Global Equity Inclusive - Income (GBP)

Sell:616.09p Buy:616.09p Change: 2.90p (0.47%)
Prices as at 25 February 2021
Change: 2.90p (0.47%)
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account
Prices as at 25 February 2021
Change: 2.90p (0.47%)
Prices as at 25 February 2021
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and 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 the Wealth Shortlist of funds our analysts believe have the potential to outperform their peers over the long term. This is not a recommendation to sell; however, if you are thinking of adding to your investments, we believe the Wealth Shortlist is a good place to start. View funds on the Wealth Shortlist »

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
  • IA Global

Fund Track Record

25/02/16 to 25/02/17 25/02/17 to 25/02/18 25/02/18 to 25/02/19 25/02/19 to 25/02/20 25/02/20 to 25/02/21
Annual return 35.95% 9.82% -4.67% 2.73% 9.66%

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: Andrew Hall
Manager start date: 31 December 2019
Manager located in: Henley-on-Thames

Andrew joined the company in May 2013 to work with Stephen Anness on Invesco's global opportunities strategy. Andrew began his career in October 2000 in Equity Sales at UBS Warburg. He developed relationships with key UK-based institutional and hedge fund investors, including Invesco's UK Equities team. In 2007 he moved to Merrill Lynch to help grow its UK equities franchise. In May 2009, he took on his first ?buy-side' role as a European equities analyst at Moore Europe Capital Management. Most recently, Andrew was a Partner at Bramshott Capital LLP, a spin-off of Moore Europe Capital Management. Andrew holds a BSc in Economics from Nottingham University and the Investment Management Certificate from the CFA Society of the UK.

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 a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account