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Invesco Pan European Equity Fund

July 2016 (Content as at 30 June 2016)

Introduction

Overview

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.

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

European equity markets witnessed a volatile quarter. Stock markets rose after a positive Eurozone GDP reading and the decision to expand the European Central Bank (ECB)’s quantitative easing programme to include corporate bonds. However, stock prices retreated in the run-up, and following the outcome, of the EU referendum conducted in the UK, where a majority of voters chose to leave the European Union. European equity markets recovered more than half of the post-Brexit losses, ending the quarter largely flat. In a move to reassure investors and restore confidence, the ECB and Bank of England swiftly pledged to help make liquidity available in markets. On the macroeconomic front, the euro-zone economy continued to show remarkable resilience to external shocks. Unemployment continued to tick down, reaching 10.1% in June 2016 down from 10.5% at the end of last year, while M3 money supply (total money amount in circulation) maintained a healthy level of growth. On the UK side, Brexit triggered dramatic transformations on the political scene. The fund’s strategy remains unchanged, driven by individual stock-picking with a focus on valuation. We aim to take advantage of inefficiencies in the market and capitalize on stocks with valuation anomalies. As at period-end, energy stood as the largest overweight sector relative to the benchmark and consumer staples the biggest underweight sector.

Month end prices
A-AD shares 14.87 EUR
A-Acc shares 16.71 EUR
C-AD shares 15.76 EUR
C-Acc shares 18.32 EUR
Key facts
Product type Offshore Fund
Launch date 02 January 1991
Fund size €3,215.22m
Available in an ISA? No

Fund manager

John Surplice

Title: Fund Manager
Team: Invesco Perpetual - European Equities

Martin Walker

Title: Fund Manager
Team: Invesco Perpetual - UK Equities
Fund details
Fund currency EUR
Trading frequency Daily
Accounting period ends 28 February
Share types
SEDOL ISIN
A-AD B1L0KT4 LU0267985231
A-Acc 4488000 LU0028118809
C-AD B1KZLD1 LU0267984853
C-Acc 5745410 LU0100598282
Investment levels

Fund and manager ratings

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

Morningstar: N/A

Holdings

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

Literature

Factsheets

Invesco Pan European Equity Fund - C-Acc Shares Factsheet  (974 KB)

KIIDs

Invesco Pan European Equity Fund - A Shares (Acc) KIID  (188 KB)

Invesco Pan European Equity Fund - A Shares (Dist) KIID  (188 KB)

Invesco Pan European Equity Fund - A-USD Shares (Dist) KIID  (187 KB)

Invesco Pan European Equity Fund - B Shares KIID  (193 KB)

Invesco Pan European Equity Fund - C Shares (Dist) KIID  (188 KB)

Invesco Pan European Equity Fund - C Shares KIID  (188 KB)

Invesco Pan European Equity Fund - E Shares KIID  (187 KB)

Invesco Pan European Equity Fund - I Shares KIID  (187 KB)

Invesco Pan European Equity Fund - R Shares (Acc) KIID  (186 KB)

Invesco Pan European Equity Fund - Z-AD (USD) Shares KIID  (187 KB)

Invesco Pan European Equity Fund Z (Accumulation) USD Hedged KIID  (193 KB)

Application form

Application form (SID) Offshore Funds - for Legal Entities  (107 KB)

Application form (SID) Offshore Funds - for Individuals  (96 KB)

Product & fund information

Invesco Supplementary Information Document (SID) - Luxembourg  (19 KB)

Invesco Supplementary Information Document (SID) - Dublin  (19 KB)

Financial reports

Invesco Funds Annual Report  (1 MB)

Prospectus

Invesco Funds SICAV United Kingdom Country Supplement  (538 KB)

European Equites: update and outlook for 2016

Audio

18 November 2015

Jeff Taylor, Head of European Equities, Invesco Perpetual and Stephanie Butcher, European Equities Fund Manager, Invesco Perpetual

What is the outlook for European equity markets? Does China have the potential to derail a European recovery? Where are the opportunities in 2016?

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?

Finding value amongst the volatility

Article

11 February 2016

Alister Brown, Fixed Interest Product Director, Invesco Perpetual

Alister Brown looks at why European banks have been under pressure, and explains what this might mean for investors in 2016.

S&P rating report

Invesco Pan European Equity Fund