close

I confirm that I am a financial adviser (Professional Client) and that I agree to and will comply with the Terms and Conditions of this site

close

I confirm that I agree to and will comply with the Terms and Conditions of this site

close

I confirm that I am an institutional investor (Professional Client) and that I agree to and will comply with the Terms and Conditions of this site

Invesco Pan European Equity Fund

September 2014 (Content as at 31 August 2014)

Objective

The Fund aims to provide long-term capital growth by investing in a portfolio of equity or equity related instruments of European companies with an emphasis on larger companies. For the full objectives and investment policy please consult the current prospectus.

Monthly Market Round-up

Monthly Market Roundup – covering August 2014

05 September 2014 | Invesco Perpetual

Our review of global markets and events over the month of August.

Read more about August's global market developments

Market commentary

European equity markets continued to move higher in the second quarter of 2014. Expectations of Mario Draghi, President of the European Central Bank (ECB), acting against a low inflation rate in the eurozone materialised on 5 June, as he introduced an unprecedented set of measures to boost lending and spark demand. ECB measures have been widely welcomed by investors, but the impact on economic confidence measures has been relatively muted so far, due to the on-going crisis in Ukraine, developments in Iraq and a slow global recovery. Other European indicators remain encouraging however, with Spanish unemployment continuing to fall, Purchasing Managers Index figures remaining in expansionary mode (above the 50 threshold) and a still improving level of credit demand by the euro area private sector. In light of this macro environment, we maintain our focus on valuation, searching for companies with strong fundamentals and ability, in our view, to generate cash and grow earnings as the economy moves into a period of growth. We ended the quarter with Industrials and Financials being the largest overweight sectors versus the index, while Consumer Staples were the biggest relative underweight. We believe the latter contains expensive perceived ‘safe haven’ stocks, which could become less desirable as economic and financial conditions continue to improve.

Month end prices
A shares (Acc) 17.95 EUR
A shares (Dist) 16.2 EUR
C shares (Acc) 19.47 EUR
C shares (Dist) 17.18 EUR
Key facts
Product type Offshore Fund
Launch date 02 January 1991
Fund size €4,041.26m
Available in an ISA? No

Fund manager

Martin Walker

Title: Fund Manager

Team: Invesco Perpetual - UK Equities

John Surplice

Title: Fund Manager

Team: Invesco Perpetual - European Equities

Fund details
Fund currency EUR
Trading frequency Daily
Accounting period ends 28 February
Share types
SEDOL ISIN
A (Accumulation) 4488000 LU0028118809
A (Distribution) B1L0KT4 LU0267985231
C (Accumulation) 5745410 LU0100598282
C (Distribution) B1KZLD1 LU0267984853
Investment levels

Fund and manager ratings

The Invesco Pan European Equity Fund has the following awards and ratings:

Morningstar: N/A

Top 10 holdings (%)

Fund
Novartis 4.83
Novartis 4.74
Novartis 4.61
Novartis 4.21
Novartis 3.88
Novartis 3.86
Roche 3.31
Roche 3.27
Roche 3.22
Roche 2.94

 

Breakdown by country of investment

Chart | Table

Region Fund
Italy 2.89
Luxembourg N/A
Luxembourg N/A
Luxembourg N/A
Luxembourg N/A
Luxembourg N/A
Luxembourg N/A
Norway N/A
Norway N/A
Norway 0.53
Norway 1.06
Norway 1.30
Norway 1.39
India N/A
India N/A
India N/A
Ireland 2.71
Ireland 6.10
Ireland 2.95
Ireland 2.98
Belgium 0.97
Belgium 1.86
Belgium 1.01
Belgium 1.03
Belgium 0.98
Belgium 0.84
Finland 5.36
Finland 2.68
Finland 2.42
Finland 2.56
Finland 2.61
France 12.54
France 24.44
Austria N/A
Austria N/A
Austria N/A
Austria N/A
Austria N/A
Austria N/A
Sweden 9.00
Sweden 3.91
Sweden 3.46
Sweden 3.71
Sweden 3.34
Switzerland 12.22
Netherlands 8.23
Netherlands 17.48
Netherlands 8.93
Netherlands 8.61
Netherlands 8.63
Netherlands 8.17
Mali N/A
Mali N/A
Mali N/A
Mali N/A
Mali N/A
Mali N/A
Denmark N/A
Denmark N/A
Denmark N/A
Denmark N/A
Denmark N/A
Denmark N/A
Finland 2.65
USA N/A
USA N/A
USA N/A
USA N/A
UK 34.82
UK 69.60
UK 34.72
France 11.35
France 10.93
France 11.03
France 11.13
Germany 6.27
Germany 12.47
Germany 6.74
Switzerland 24.19
Switzerland 12.45
Switzerland 13.14
Switzerland 12.96
Switzerland 12.71
USA N/A
USA N/A
Hong Kong N/A
Hong Kong N/A
Hong Kong N/A
Hong Kong N/A
India N/A
India N/A
India N/A
Ireland 3.26
Ireland 3.19
Italy 3.03
Italy 6.18
Italy 3.13
Italy 3.00
Italy 2.78
Spain 9.58
Spain 18.83
Spain 9.42
Spain 9.46
Spain 8.71
Spain 9.01
Sweden 4.61
GREECE N/A
GREECE N/A
GREECE N/A
GREECE N/A
GREECE N/A
GREECE N/A
Hong Kong N/A
Hong Kong N/A
Mexico N/A
Mexico N/A
Mexico N/A
Mexico N/A
Mexico N/A
Mexico N/A
Cash 2.38
UK 34.32
UK 35.31
UK 34.70
Cash 1.13
Cash 1.83
Cash 0.88
Cash 2.28
Cash 1.04
Portugal 1.24
Portugal 2.67
Portugal 1.30
Portugal 1.32
Portugal 1.31
Portugal 1.33
Germany 6.00
Germany 6.42
Germany 6.32

Breakdown by sector

Chart | Table

Sector Fund
Financials 26.83
Financials 26.52
Financials 25.48
Financials 24.50
Financials 23.83
Financials 23.80
Financials 23.43
Industrials 21.30
Industrials 20.72
Industrials 19.92
Industrials 19.37
Industrials 19.29
Industrials 19.23
Industrials 19.06
Consumer Discretionary 13.30
Consumer Discretionary 13.18
Consumer Discretionary 12.88
Consumer Discretionary 12.37
Consumer Discretionary 11.89
Consumer Discretionary 11.64
Health Care 11.48
Consumer Discretionary 11.47
Health Care 11.02
Health Care 10.89
Health Care 10.70
Health Care 9.81
Energy 9.24
Energy 8.98
Energy 8.97
Energy 8.82
Energy 8.80
Health Care 8.76
Energy 8.48
Health Care 8.44
Materials 7.79
Materials 7.56
Energy 7.50
Materials 7.31
Materials 7.31
Materials 7.17
Materials 6.94
Materials 6.10
Telecom. Serv. 5.90
Consumer Staples 5.80
Consumer Staples 5.67
Consumer Staples 5.28
Consumer Staples 5.20
Others 5.20
Information Technology 4.83
Information Technology 4.79
Information Technology 4.74
Consumer Staples 4.72
Information Technology 4.70
Information Technology 4.65
Information Technology 4.63
Consumer Staples 4.25
Telecommunication Services 3.79
Telecommunication Services 3.36
Telecommunication Services 3.19
Telecommunication Services 3.18
Telecommunication Services 3.11
Consumer Staples 3.09
Telecommunication Services 3.08
Utilities 2.94
Utilities 2.88
Utilities 2.81
Utilities 2.47
Cash 2.38
Cash 2.28
Utilities 2.15
Utilities 1.86
Cash 1.13
Cash 1.04
Cash 1.00
Cash 0.91
Cash 0.88