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European equities

Valuation matters

This page should be read in conjunction with the investment risks below.

 

Every investor looking for investment opportunities in Europe has their own view of the trends and how to interpret them. And our European Equities team is no different. Based on their long-standing experience and in-depth insights of the market, they have the freedom to decide what is best for the funds they manage.

We don't follow benchmarks or have a 'house view': our fund managers have the freedom to think for the long term in a culture of idea sharing, collaboration and debate. Different viewpoints are encouraged, which we think leads to better outcomes for investors.

Investment philosophy

All our European equity funds share a common approach that is grounded in valuation-driven, active management. The team believes that investors are best served by focusing on long-term investing: companies operate in long-term cycles and so does the focus of the team’s research.

The team’s high-conviction approach is to take advantage of inefficiencies in the market and buy stocks below what they believe to be their intrinsic value.

Active
They invest where they believe the best returns are to be found

Pragmatic and flexible
No in-built country, sector, stock or style bias

Valuation
The key determinant of future returns

Macroeconomic and stock specific analysis
Both add value

Interaction
Leveraging the expertise of the wider Invesco Perpetual investment team

Providing choice

Our range of funds is designed to cater for differing investor preferences, capturing what the fund managers believe to be the best opportunities from across Europe.

Through geographic, company size and investment strategy nuances, all the funds provide diversification potential.

Onshore ICVC funds

 

Managed by

Objective

Invesco Perpetual European Equity Fund Continental Europe core equity strategy

Jeff TaylorHead of European Equities

Seeks to achieve capital growth primarily through investment in companies in continental Europe

Invesco Perpetual European Equity Income Fund Holistic approach to equity income

Stephanie ButcherFund Manager

Seeks to achieve optimal combination of income and capital growth by investing in continental European equities, excluding the UK

Invesco Perpetual European Opportunities Fund Capitalising on opportunities across all company sizes

Adrian BignellMatthew PerowneFund managers

Seeks capital growth through investment in European companies of all sizes, excluding the UK

Invesco Perpetual European Smaller Companies Fund A focus on smaller companies in continental Europe

Adrian BignellMatthew PerowneFund managers

Seeks capital growth through investment primarily in smaller continental European companies

Offshore funds

Eurozone strategy

Managed by

Objective

Invesco Euro Equity Fund Pure Eurozone equity strategy

Jeff TaylorHead of European Equities Oliver CollinFund manager

Seeks to outperform its benchmark in the long term through active allocation to Eurozone equities

Continental European strategies (Europe ex-UK)

Invesco Continental European Small Cap Equity Fund A focus on smaller companies in continental Europe

Erik EsselinkOliver CollinFund managers

Seeks long term capital growth through investment in small and mid-size companies across continental Europe

Invesco Continental European Equity Fund Fundamental and valuation driven investing in continental European equities

Stephanie ButcherFund manager

Seeks to achieve capital growth through investing primarily in the shares of continental European companies

Pan-European strategies

Invesco Pan-European Equity Fund Fundamental and valuation driven investing in Pan-European equities

John SurpliceMartin Walker1Fund managers

Seeks long-term capital growth through a portfolio of equity and equity related instruments of pan-European companies

Invesco Pan-European Equity Income Fund Holistic approach to equity income

Stephanie ButcherJames Goldstone1Fund managers

Seeks to generate income together with long term capital growth, by investing in companies on a pan-European level

Invesco Pan-European Small Cap Equity Fund Exploiting investment opportunities within pan-European smaller companies

Adrian BignellJonathan Brown1Fund managers

Seeks to provide long-term capital growth primarily through investment in smaller companies across Europe

Proven capability

For over 30 years, our European Equities team have been successfully investing across European markets.

Read the team's latest articles and insights

18 yearsaverage experience

11average years in group

7fund managers

£10.4bnin AUM2

10 team members

  Jeff Taylor
Head of European Equities

  Stephanie Butcher
Fund Manager

  John Surplice
Fund Manager

  Oliver Collin
Fund Manager

  Erik Esselink
Fund Manager

  Adrian Bignell
Fund Manager

  Matthew Perowne
Fund Manager

  Steve Smith
Trainee Analyst

  Joel Copp-Barton
Product Director

  Nitesh Mistry
Product Director

  Jeff Taylor
Head of European Equities

  Stephanie Butcher
Fund Manager

  John Surplice
Fund Manager

  Oliver Collin
Fund Manager

  Erik Esselink
Fund Manager

  Adrian Bignell
Fund Manager

  Matthew Perowne
Fund Manager

  Steve Smith
Trainee Analyst

  Joel Copp-Barton
Product Director

  Nitesh Mistry
Product Director

Comprehensive European
fund capabilities

Two teams, different approaches

You have the option to choose not only from the diverse strategies offered by our European Equities team, but our Invesco Quantitative Strategies team, comprising over 40 investment professionals in five global locations, offer access to European equities using a proven, systematic, factor-based approach.

Find out more about their distinctive approach to investing and the Invesco Perpetual European ex UK Enhanced Index Fund.

Combining bonds and equities

With a pure focus on European Equities, Stephanie Butcher works with the Invesco Perpetual Fixed Interest team to deliver the mixed-asset Invesco Perpetual European High Income Fund.

 

1 Member of the Invesco Perpetual UK Equities team.
2 Invesco Perpetual, as at 31 March 2017.

Investment risks

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.

Onshore ICVC funds

As a smaller company fund, the Invesco Perpetual European Smaller Companies Fund is higher risk than funds that can invest in larger company sizes. Market conditions, such as a decrease in market liquidity, may mean that it is not easy to buy or sell securities.

The Invesco Perpetual European Equity, European Equity Income, European ex UK Enhanced Index, European Opportunities and European Smaller Companies funds may use derivatives (complex instruments) in an attempt to reduce the overall risk of their investments, reduce the costs of investing and/or generate additional capital or income, although this may not be achieved. The use of such complex instruments may result in greater fluctuations of the value of the funds. The Manager, however, will ensure that the use of derivatives within the funds does not materially alter the overall risk profile of the funds.

The securities that the Invesco Perpetual European High Income 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 Invesco Perpetual European High Income Fund has the ability to make significant 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.

Offshore funds

As the Invesco Continental European Small Cap Equity and Pan-European Small Cap Equity Funds are smaller companies funds, you should be prepared to accept a higher degree of risk than funds that invest in larger companies.

The Invesco Pan-European Focus Equity Fund invests in a limited number of holdings and is less diversified, and therefore this may result in large fluctuations of the value of the fund.

Important information

Where Jeff Taylor, Stephanie Butcher, Adrian Bignell, John Surplice, Matthew Perowne, Oliver Collin and Erik Esselink 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.

For the most up to date information on our onshore ICVC funds, please refer to the relevant fund and share class-specific Key Investor Information Documents, the Supplementary Information Document, the ICVC ISA Terms and Conditions, the Annual or Interim Short Reports and the Prospectus, which are available from the Literature section.

Please refer to the most up to date relevant fund and share class-specific Key Investor Information Document for more information on our offshore funds. UK based investors should also refer to the relevant Supplementary Information Document. This information is available from the literature section.

The distribution and the offering of the offshore funds or their share classes in certain jurisdictions may be restricted by law. Persons into whose possession this document may come are required to inform themselves about and to comply with any relevant restrictions. This does not constitute an offer or solicitation by anyone in any jurisdiction in which such an offer is not authorised or to any person to whom it is unlawful to make such an offer or solicitation.

Persons interested in acquiring the offshore funds should inform themselves as to (i) the legal requirements in the countries of their nationality, residence, ordinary residence or domicile; (ii) any foreign exchange controls and (iii) any relevant tax consequences.

The offshore funds are available only in jurisdictions where their promotion and sale is permitted.

For the purposes of UK law, the offshore funds are recognised schemes under section 264 of the Financial Services & Markets Act 2000. The protections provided by the UK regulatory system, for the protection of Retail Clients, do not apply to offshore investments. Compensation under the UK’s Financial Services Compensation Scheme will not be available and UK cancellation rights do not apply.