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Invesco Pan European Equity Fund

April 2017 (Content as at 31 March 2017)

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.

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 rose in Q1 2017. Despite the media’s unwavering focus on European politics, the eurozone economy continued to show an increasingly sustainable and broad-based upturn. Euro-area unemployment fell to the lowest point in almost eight years and business optimism moved higher. The Eurozone composite Purchasing Managers Index (PMI), a private sector activity survey, continued its upward trend reaching a 71-month high in March. The strengthening macroeconomic backdrop was also reflected in European corporate profitability, which recorded positive growth in Q4 16 in contrast to prior years since the sovereign debt crisis in 2011. Corporate earnings projections for 2017 have also avoided the usual pattern of downgrades so far this year. Eurozone headline inflation picked-up in Q1 2017 due to a recovery in oil prices compared to last year, but underlying inflation remained subdued. European Central Bank (ECB) stimulus stayed unchanged, yet a change of tone was noticed in ECB comments, spurring a debate about the policy outlook. In the UK, equity markets also rose in Q1. Job data remained strong while inflation rose to 2.3% in February, breaking through the 2% Bank of England target. The fund’s strategy is based on bottom-up stock selection and driven by valuation, while taking into account the macro backdrop.

Month end prices
A shares (USD)-AD 19.03 USD
A-AD shares 17.54 EUR
A-Acc shares 19.98 EUR
B-Acc shares 16.53 EUR
C-AD shares 18.56 EUR
C-Acc shares 22 EUR
E-Acc shares 18.38 EUR
R-Acc shares 15.88 EUR
Z shares (USD Hgd)-Acc 9.95 USD
Z-AD shares 12.82 EUR
Key facts
Product type Offshore Fund
Launch date 02 January 1991
Fund size €3,223.9m
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 (USD)-AD 4C4FT26 LU0334858593
A-AD B1L0KT4 LU0267985231
A-Acc 4488000 LU0028118809
B-Acc 5408728 LU0130710550
C-AD B1KZLD1 LU0267984853
C-Acc 5745410 LU0100598282
E-Acc 4019648 LU0115141201
R-Acc B436W28 LU0607520524
Z (USD Hgd)-Acc BYRYHJ0 LU1252825630
Z-AD BCGCVX3 LU0955862288
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  (188 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 - R Shares (Acc) KIID  (186 KB)

Invesco Pan European Equity Fund - Z-AD (USD) Shares KIID  (188 KB)

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

Application form

Application form (SID) Offshore Funds - for Individuals  (121 KB)

Application form (SID) Offshore Funds - for Legal Entities  (125 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  (93 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?

European equities – 2017 investment outlook

Video

07 December 2016

Jeff Taylor, Head of European Equities, Invesco Perpetual

European equities remain unloved after a volatile 2016, but what can we expect going into 2017?

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?

S&P rating report

Invesco Pan European Equity Fund