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Invesco Perpetual Global Targeted Income Fund

March 2017 (Content as at 28 February 2017)

Introduction

Fund manager

Richard Batty

Title: Fund Manager

Team: Invesco Perpetual - Multi Asset

Sebastian Mackay

Title: Fund Manager

Team: Invesco Perpetual - Multi Asset

Gwilym Satchell

Title: Fund Manager/Risk Manager

Team: Invesco Perpetual - Multi Asset

Overview

Objective

The Fund aims to deliver a gross income of 3.5% per annum above UK 3 month LIBOR (before the deduction of corporation tax), whilst aiming to preserve capital in all market conditions over a rolling 3 year period. The Fund aims to achieve this with less than half the volatility of global equities, over the same rolling 3 year period. There is no guarantee that the Fund will achieve these aims and an investor may not get back the full amount invested, as capital is at risk.

Fixed interest roundtable Q&A: where next for bond markets?

Video

15 July 2015

Invesco Perpetual Fixed Interest team

In this live roundtable with fund managers from our Fixed Interest team, they discussed key issues including whether the Greek debt crisis matters for bond markets and the current macroeconomic backdrop.

Fund details
Fund currency GBP
Trading frequency Daily
Accounting period ends 30 November
Key facts
Product type ICVC
Launch date 30 November 2016
Fund size £93.37m
Historic yield 3.5%
Available in an ISA? Yes

Fund strategy

As the fund launched on 30 November 2016, fund strategy is currently unavailable for this fund.

Share types
SEDOL ISIN
Accumulation (No Trail) BZB27F3 GB00BZB27F38
Income (No Trail) BZB27H5 GB00BZB27H51
Y (Acc) BZB27J7 GB00BZB27J75
Y (Inc) BZB27K8 GB00BZB27K80
Z (Acc) BZB27L9 GB00BZB27L97
Z (Inc) BZB27M0 GB00BZB27M05
Investment levels
Minimum lump sum £500
Minimum monthly amount £20
Minimum additional lump sum £100
Maximum fund charges
Initial charge 5%
Exit charge None

Performance

Charges

One-off charges taken before you invest

Entry charge

The entry charge for the fund is up to 5%. This is the maximum that might be taken out of your money before it is invested. For example, if you invest £1,000, an entry charge of 5% means £950 of your money will be used to buy shares in the fund.

The entry charge covers the costs of setting up your investment.

If you invest through a third party (such as a financial adviser), but do not receive financial advice on your investment, this charge may include payments to that third party. For more details see "What share classes are available for your ICVC funds?".

Exit charge

There is no exit charge for the fund.

Charges taken from the fund over a year

Ongoing charge

The ongoing charge figure is based on a fixed, all-inclusive fee and excludes portfolio transaction costs. The ongoing charge for each share class can be found in the relevant Key Investor Information Document available under 'Literature'. Investors will be provided with advance notice if any increases to this figure occur.

The ongoing charge covers all aspects of operating the fund during the year, including fees paid for investment management, administration and the independent oversight functions.

If you invest through a third party (such as a financial adviser), but do not receive financial advice on your investment, this charge may include payments to that third party. Once invested, your contract note or acknowledgement letter will show the amount of any payment in cash terms. For more details see "What share classes are available for your ICVC funds?".

Charges taken from the fund under specific conditions

Performance fee

No performance fee is charged.

Portfolio transaction costs

As the fund was launched on 30 November 2016, broker commissions and transfer taxes will be calculated after 31 December 2016.

When the fund buys or sells shares, broker commissions and transfer taxes are paid by the fund on each transaction. In addition, there is a dealing spread between the buying and selling prices of the underlying investments. Unlike shares, other types of investments (such as bonds, money market instruments and derivatives) have no separately identifiable transaction costs; these costs form part of the dealing spread. Dealing spreads vary considerably depending on the transaction value and market sentiment. The estimated average dealing spread for the fund will be calculated after 31 December 2016.

Comparing portfolio transaction costs for a range of funds may give a false impression of the relative costs of investing in them, for the following reasons:

  • Transaction costs do not necessarily reduce returns. The net impact of dealing is the combination of the effectiveness of the manager's investment decisions in improving returns and the associate costs of investment
  • Historic transaction costs are not an effective indicator of the future impact on performance
  • Transaction costs for buying and selling investments due to other investors joining or leaving the fund may be recovered from those investors. For further information see Pricing policy note below
  • Transaction costs vary from country to country
  • Transaction costs vary depending on the types of investment in which a fund invests
  • As the manager's investment decisions are not predictable, transaction costs are also not predictable

Pricing policy note

We operate a single pricing methodology for this fund and reserve the right to adjust the fund's price to protect your investment from the costs of buying and selling investments that result from other investors joining or leaving the fund. The amount of any such adjustment is calculated by reference to the estimated costs of dealing in the underlying investments, including any dealing spreads, broker commissions and transfer taxes.

As the fund launched on 30 November 2016 there is insufficient data to calculate the typical adjustment to the fund's price in the case of net inflows and outflows. This will be calculated after 31 December 2016.

We usually adjust the price to the maximum extent possible when the value of net contributions or withdrawals is significant, which helps to protect your investment from the costs of the resultant transactions.

Holdings

 

Literature

Factsheets

Invesco Perpetual Global Targeted Income Fund Factsheet  (217 KB)

KIIDs

Invesco Perpetual Global Targeted Income Fund KIID acc (No trail)  (229 KB)

Invesco Perpetual Global Targeted Income Fund KIID acc (Y)  (228 KB)

Invesco Perpetual Global Targeted Income Fund KIID acc (Z)  (228 KB)

Invesco Perpetual Global Targeted Income Fund KIID inc (No trail)  (229 KB)

Invesco Perpetual Global Targeted Income Fund KIID inc (Y)  (228 KB)

Invesco Perpetual Global Targeted Income Fund KIID inc (Z)  (228 KB)

Application form

ICVC & ISA Application booklet 16/17  (238 KB)

ICVC Non-Personal Application Form  (88 KB)

ICVC & ISA Application booklet 17/18  (194 KB)

Product & fund information

Invesco Perpetual Global Targeted Income consumer information sheet  (33 KB)

ICVC Supplementary Information Document (SID)  (4 MB)

Brochures

ICVC & ISA investors - a guide to income  (7 MB)

Financial reports

Invesco Perpetual Diversified Returns Investment Series Annual Report 2016 (Long Form)  (1 MB)

Invesco Perpetual Diversified Returns Investment Series Annual Report 2016 (Short Report)  (231 KB)

Forms

ISA Additional Permitted Subscription application form  (92 KB)

Monthly Market Roundup - covering July 2016

Article

03 August 2016

Invesco Perpetual

We review global market developments in July, highlighting the best and worst performing sectors globally.

Monthly Market Roundup – covering September 2016

Article

05 October 2016

Invesco Perpetual

We review global market developments in September, highlighting the best and worst performing sectors globally.

Monthly Market Roundup – covering August 2016

Article

05 September 2016

Invesco Perpetual

We review global market developments in August, highlighting the best and worst performing sectors globally.

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. Past performance is not a guide to future returns.

As one of the key objectives of the fund is to provide income, the ongoing charge is taken from capital rather than income. This can erode capital and reduce the potential for capital growth.

The fund makes significant use of financial derivatives (complex instruments) which will result in the fund being leveraged and may 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. This counterparty risk is reduced by the Manager, through the use of collateral management.

The securities that the 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.

Although the fund invests mainly in established markets, it can invest in emerging and developing markets, where there is potential for a decrease in market liquidity, which may mean that it is not easy to buy or sell securities. There may also be difficulties in dealing and settlement, and custody problems could arise.

Important information

Yield and performance figures are based on the z (accumulation) share class.

All fund portfolio figures are as at date shown (source: Invesco Perpetual).

Where there is insufficient historical data available to calculate the historic yield we have shown an estimated yield, using the most appropriate basis of calculation. It does not include any entry charge and investors may be subject to tax on their distributions.

Where Invesco Perpetual has expressed views and opinions, these may change. Where securities are mentioned they do not necessarily represent a specific portfolio holding and do not constitute a recommendation to purchase, hold or sell.

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 using the contact details shown. As the fund launched on 30 November 2016, the first reports will be issued on or before the following dates: Interim 30 June 2017; Annual 31 December 2017.