Meet the team
Over the 20 years they have been managing fixed interest products for Invesco Perpetual, Paul Causer and Paul Read have built a strong and stable investment team. The team has continued to grow as the bond markets have developed, offering expertise and experience in managing a growing range of products for investors.
Based in Henley-on-Thames, away from the main UK investment centre, the team nurtures a culture of independent thinking but with clear accountability, and where challenge and discussion thrive.
28The team has total assets under management in excess of £28bn.1
Introducing the team
They assess value and decide on the best set of investments to meet their funds' objectives in the current market environment.
* Fund Manager role to take effect on 31 December 2016.
Markets and risk team
Responsible for all trading activity, they constantly monitor conditions for our fund managers, feeding market information to our portfolio managers and credit analysts, and implement their investment decisions as efficiently as possible.
Deputy fund managers
Senior analyst Alexandra is a deputy fund manager for a dedicated segregated portfolio, and further to his role as a senior macro analyst, Jack is a deputy fund manager for four of our bond funds.
Product management team
This team work with all areas of the business to position our products in the marketplace and communicate our strategies to clients. This enables the fund managers to focus on managing the funds.
Together with the deputy fund managers and Rhys Davies, our five credit analysts are responsible for researching specific sectors of the bond markets to assess credit quality, valuation and risk. Our macro analyst’s research aids our decision-making across our funds and in particular our global bond funds. Our fund managers are the people who make the final decisions on which investments are included in a fund, but the detailed and expert analysis undertaken by our specialists is a key element in their decision making.
Individually, we don't very often arrive at a firm decision about something. Most of the time we're struggling with a whole range of probabilities. So, while we do disagree all the time and come to different conclusions about smaller issues, more often than not we arrive at the same point about big decisions. This strengthens the decision. Paul Causer, April 2004
2004 marked the successful 10-year partnership of Paul Causer and Paul Read. Over the next 10 years, the team grew and they continued to establish a strong culture of independent thinking but with clear accountability, where challenge and discussion thrive.
What is the main benefit of the way the team is structured?
Working closely together, team members provide analysis and input for their particular areas of focus and expertise. Rigorous research enables the analysts to bring forward the best ideas for consideration across portfolios, and continuous monitoring of existing holdings ensures that the balance of risk and reward remains where the fund managers want it.
1Source: Invesco Perpetual as at 30 June 2016.
There's a lot more pressure or tension if it's all on one person, a lot is expected of him. In contrast we can divide up tasks, and it's quite nice to be able to do that. We can also take a team approach to rebuffing and addressing criticism. So there is a lot to be said for it. Generally, we seem not to have had radical philosophical differences. We definitely don't agree on everything. There's healthy debate going on, but our basic approach to what we do is similar. Paul Read, April 2004
The fixed interest team firmly believes in strength in numbers. Since 1999, Paul Read and Paul Causer have built a strong investment team, with deep industry and management experience. Great emphasis is placed on cross fertilisation of ideas, the sharing of knowledge and a 'challenge' culture. Consensus building is also an important element in this tightly knit team.
The value of investments and any income will fluctuate (this may partly be the result of exchange rate fluctuations) and investors may not get back the full amount invested.
The securities that the Invesco Perpetual High Yield Fund invests in may not always make interest and other payments nor is the solvency of the issuers guaranteed. Market conditions, such as a decrease in market liquidity for the securities in which the fund invests, may mean that the fund may not be able to sell those securities at their true value. These risks increase where the fund invests in high yield or lower credit quality bonds and where we use derivatives.
The fund has the ability to make use of financial derivatives (complex instruments) which may result in the fund being leveraged and can result in large fluctuations in the value of the fund. Leverage on certain types of transactions including derivatives may impair the fund's liquidity, cause it to liquidate positions at unfavourable times or otherwise cause the fund not to achieve its intended objective. Leverage occurs when the economic exposure created by the use of derivatives is greater than the amount invested resulting in the fund being exposed to a greater loss than the initial investment.
The fund may be exposed to counterparty risk should an entity with which the fund does business become insolvent resulting in financial loss.
Where Paul Read and Paul Causer have expressed opinions, they are based on current market conditions and are subject to change without notice. These opinions may differ from those of other Invesco Perpetual investment professionals.
Where Invesco Perpetual has expressed views and opinions, these may change.
For the most up to date information on our funds, please refer to the relevant fund and share class-specific Key Investor Information Documents, the Supplementary Information Document, the Annual or Interim Short Reports and the Prospectus, which are available from the Literature section.