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Invesco Pan European Equity Fund

May 2015 (Content as at 30 April 2015)

Introduction

Overview

Objective

  • The objective of the Fund is to achieve long-term capital growth.
  • The Fund intends to invest primarily in shares of companies.
  • The Fund invests primarily in Europe.
  • The Fund is actively managed within its objectives and is not constrained by a benchmark.

Monthly Market Roundup - covering June 2015

Article

06 July 2015

Invesco Perpetual

Our review of global market developments in June.

Market commentary

European equity markets advanced over the last three months, marking one of the best first quarter performances in years. On the macroeconomic front, the European Central Bank announced a large-scale expansion of its asset purchase programme, or quantitative easing (QE). In March, it began purchases of €60 billion of debt a month, including sovereign bonds, and will continue to do so until at least September 2016, in an effort to stimulate growth and raise inflation expectations in the eurozone. The policy was well received by equity markets and led to a significant weakening of the euro. Meanwhile, European economic readings, on the continent and in the UK, continued to show signs of progress, owing to a combination of lower oil prices, lower euro and lower interest rates. The Eurozone economy grew by 0.3% in Q4 2014, beating expectation and marking an improvement on the previous quarter. Elsewhere, the eurozone flash composite Purchasing Managers Index (PMI) stood at 54.1 in March, climbing for a fourth consecutive month to reach the highest level since May 2011. As European economic activity gathers further momentum, we continue to favour the cyclical sectors (those more responsive to economic phases) over the more defensive ones. At the end of March, industrials stood as the largest overweight sector relative to the MSCI Europe index benchmark, while consumer staples the biggest underweight sector.

Month end prices
A-AD shares 18.95 EUR
A-Acc shares 21.07 EUR
C-AD shares 20.06 EUR
C-Acc shares 22.93 EUR
Key facts
Product type Offshore Fund
Launch date 02 January 1991
Fund size €5,137.79m
Available in an ISA? No

Fund manager

Martin Walker

Title: Fund Manager
Team: Invesco Perpetual - UK Equities

John Surplice

Title: Fund Manager
Team: Invesco Perpetual - European 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

Performance

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 - Z (USD)-AD Shares Factsheet  (1 MB)

KIIDs

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

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

Invesco Pan European Equity Fund - A-USD Shares (Dist) KIID  (193 KB)

Invesco Pan European Equity Fund - B Shares KIID  (198 KB)

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

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

Invesco Pan European Equity Fund - E Shares KIID  (192 KB)

Invesco Pan European Equity Fund - I Shares KIID  (192 KB)

Invesco Pan European Equity Fund - R Shares (Acc) KIID  (191 KB)

Invesco Pan European Equity Fund - Z-AD (USD) Shares KIID  (192 KB)

Application form

Application form (SID) Offshore Funds - for Individuals  (305 KB)

Application form (SID) Offshore Funds - for Legal Entities  (308 KB)

Product & fund information

Invesco Supplementary Information Document (SID) - Luxembourg  (24 KB)

Invesco Supplementary Information Document (SID) - Dublin  (24 KB)

Financial reports

Invesco Funds Annual Report 2015  (1 MB)

Prospectus

Invesco Funds SICAV United Kingdom Country Supplement  (139 KB)

Decision time for Greece and the Eurozone

Article

06 July 2015

John Greenwood, Chief Economist, Invesco Ltd

This article was written by John Greenwood on 1st July.

The Eurozone’s flaws have reached a critical stage as Greek banks are forced to close. Will the Eurozone accept a Grexit or form a political union?

Europe: on a path to recovery?

Article

03 June 2015

European Equities Team, Invesco Perpetual

Unlike the rest of the world, the European economy has been hit by not one, but two major crises in the last decade. A few years on, we consider whether Europe is set on a path to recovery.

Spotlight on Europe

Article

08 May 2015

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

From the European Central Bank’s (ECB) announcement of a large-scale quantitative easing (QE) programme to deflation, it’s been a busy start to the year for European equity markets. Jeff Taylor and Stephanie Butcher outline their views on the region.

S&P rating report

Invesco Pan European Equity Fund