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Invesco Perpetual Global Emerging Markets Fund

September 2017 (Content as at 31 August 2017)

Overview

Objective

The Invesco Perpetual Global Emerging Markets Fund aims to achieve capital growth primarily through a portfolio of shares in companies established and/or operating in countries where, in the opinion of the Manager, there is an emerging market. Exposure to such markets will partially be obtained through indirect investment in securities traded on other markets. In pursuing this objective, the fund managers may include investments that they consider appropriate which include transferable securities, money market instruments, warrants, collective investment schemes, deposits and other permitted investments and transactions as detailed in Appendix 2 of the most recent Prospectus.

Fund strategy

Stock selection remains the key focus of our portfolio strategy. We want to invest in companies that we believe are well run and have a market position that should allow them to deliver a high level of return on invested capital. Our investment approach places a strong emphasis on valuation, a key determinant of future returns. We are currently finding the Europe, Middle East and Africa region particularly interesting because it offers a wide range of diversified companies with strong management teams operating in areas of growth.

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.

Market commentary

It was a positive month for emerging equity markets as they outperformed their peers in the developed world for the fifth month in a row. Emerging Asia was the strongest performing region with all the equity markets here gaining ground. Korea led the gains followed by China with the latter seemingly unfazed by a sovereign ratings downgrade by Moody’s. Equity performance in the EMEA (Europe, Middle East & Africa) region was more mixed with weakness in Russia being offset by strength in Greece and Hungary. Latin American equity markets were dragged lower by Brazil following corruption allegations against President Temer. From a sector perspective, consumer discretionary and technology stocks were the strongest performers with energy and materials being the laggards. Commodity prices declined with Brent crude drawing limited support from OPEC’s decision to continue with the current production cut level of 1.8 million barrels per day.

Key facts
Product type ICVC
Launch date 29 June 1987
Fund size £390.28m
Historic yield 1.18%
Sector IA Global Emerging Markets NR
Available in an ISA? Yes

Fund manager

Dean Newman

Title: Head of Emerging Market Equities
Team: Invesco Perpetual - Emerging Market Equities
Fund details
Fund currency GBP
Trading frequency Daily
Accounting period ends 31 January
31 July
Share types
SEDOL ISIN
Accumulation 3303030 GB0033030304
Income 3305337 GB0033053371
Accumulation (No Trail) B3RW7S6 GB00B3RW7S64
Income (No Trail) B3RW8B6 GB00B3RW8B62
Y (Acc) BJ04FP4 GB00BJ04FP47
Y (Inc) BJ04FQ5 GB00BJ04FQ53
Z (Acc) B8N4673 GB00B8N46731
Z (Inc) B8N4684 GB00B8N46848
Investment levels
Minimum lump sum £500

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 costs1

On average, over the last three financial years, the fund incurred broker commissions of 0.15% and transfer taxes of 0.04%, as a necessary part of buying and selling the fund's underlying investments in order to achieve the investment objective. A proportion of these costs is recovered directly from investors joining and leaving the fund.

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 is 0.23% of the transaction value.

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 note1

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.

Typical adjustments to the fund's price are to increase it by 0.40% for net inflows or decrease it by 0.44% for net outflows.

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.

1The fund's financial year end is 31 July 2016. Figures in these sections are as at 31 July 2016.

Holdings

 

Literature

Factsheets

Invesco Perpetual Global Emerging Markets Fund factsheet  (105 KB)

KIIDs

Invesco Perpetual Global Emerging Markets Fund KIID acc  (199 KB)

Invesco Perpetual Global Emerging Markets Fund KIID acc (No Trail)  (198 KB)

Invesco Perpetual Global Emerging Markets Fund KIID acc (Y)  (197 KB)

Invesco Perpetual Global Emerging Markets Fund KIID acc (Z)  (197 KB)

Invesco Perpetual Global Emerging Markets Fund KIID inc  (198 KB)

Invesco Perpetual Global Emerging Markets Fund KIID inc (No trail)  (199 KB)

Invesco Perpetual Global Emerging Markets Fund KIID inc (Y)  (197 KB)

Invesco Perpetual Global Emerging Markets Fund KIID inc (Z)  (197 KB)

Application form

ICVC & ISA Application booklet 17/18  (190 KB)

Product & fund information

ICVC Supplementary Information Document (SID)  (1 MB)

Financial reports

Invesco Perpetual Smaller Cos and Mkts Investment Series Interim Report 2014 (Long Form)  (651 KB)

Invesco Perpetual Smaller Cos and Mkts Investment Series Interim Report 2015 (Short Report)  (368 KB)

Invesco Perpetual Smaller Cos and Mrkts Investment Series Annual Report 2016 (Short Report)  (394 KB)

Invesco Perpetual Smaller Cos and Mrkts Investment Series Annual Report 2016 (Long Form)  (1 MB)

Invesco Perpetual Smaller Cos and Mkts Investment Series Annual Report 2015 (Long Form)  (1 MB)

Invesco Perpetual Smaller Cos and Mkts Investment Series Annual Report 2015 (Short Report)  (450 KB)

Invesco Perpetual Smaller Cos and Mkts Investment Series Interim Report 2014 (Short Report)  (291 KB)

Invesco Perpetual Smaller Cos and Mkts Investment Series Interim Report 2017 (Short Report)  (396 KB)

Invesco Perpetual Smaller Cos and Mkts Investment Series Interim Report 2017 (Long Form)  (820 KB)

Invesco Perpetual Smaller Cos and Mkts Investment Series Interim Report 2016 (Long Form)  (778 KB)

Invesco Perpetual Smaller Cos and Mkts Investment Series Interim Report 2016 (Short Report)  (407 KB)

Forms

ISA Additional Permitted Subscription application form  (69 KB)

What lies ahead for global emerging equity markets?

Article

11 February 2016

Dean Newman, Head of Emerging Equity Markets, Invesco Perpetual

Concerns over global growth, weaker oil prices and negative interest rates in Japan have made it an eventful start to the year for financials markets. Are emerging markets immune to these wider developments?

Brexit – the pros and cons

Article

04 August 2015

John Greenwood, Chief Economist, Invesco Ltd

The British public will soon have a chance to vote in the “in-out” referendum on continued membership of the European Union? Will the economic benefits of staying in the European project outweigh the costs? If the UK does decide to leave, what are the options available?

Life outside the office – a trip to the Amazon basin

Article

22 July 2016

Jonathan De Vos, Senior Analyst, Emerging Equity Markets, Invesco Perpetual

Reaching the site of Brazil’s largest copper deposit in a remote part of the country proved a challenge but it was all worth it in the end, according to Jonathan De Vos.

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.

The fund invests 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.

The fund may use derivatives (complex instruments) in an attempt to reduce the overall risk of its 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 fund. The Manager, however, will ensure that the use of derivatives within the fund does not materially alter the overall risk profile of the fund.

Important information

Yield and performance figures are based on the z (accumulation) share class. As this was launched on 12 November 2012, for the periods prior to this launch date, performance figures are based on the accumulation share class, without any adjustment for fees. Performance figures for all share classes can be found in the relevant Key Investor Information Document.

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

Performance figures are shown in sterling, inclusive of reinvested income and net of the ongoing charge and portfolio transaction costs to date shown. The figures do not reflect the entry charge paid by individual investors. Sector average performance is calculated on an equivalent basis (source: Lipper).

The Historic Yield reflects distributions declared over the past twelve months as a percentage of the mid-market price of the fund, as at the date shown. It does not include any entry charge and investors may be subject to tax on their distributions.

Where individuals or the business have expressed opinions, they are based on current market conditions, they may differ from those of other investment professionals and are subject to change without notice. This marketing material is not intended as a recommendation to invest in any particular asset class, security or strategy. Regulatory requirements that require impartiality of investment/investment strategy recommendations are therefore not applicable nor are any prohibitions to trade before publication. The information provided is for illustrative purposes only, it should not be relied upon as recommendations to buy or sell securities.

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.