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Invesco Pan European Equity Fund

November 2016 (Content as at 31 October 2016)

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 Q3 posting the best quarterly performance in 2016. Macroeconomic data remained resilient in the summer months and activity in the Eurozone maintained its modest but steady expansion. Cyclical sectors (more sensitive to economic cycles) rebounded following a sharp fall post-UK referendum, while defensives lagged. The European Central Bank kept its stimulus programme unchanged in a sign that policy makers don’t see an immediate danger to the euro-area recovery from external risks, but reiterated that quantitative easing will run until March 2017 “or beyond if necessary” to meet policy targets. Headline inflation in the euro-area accelerated towards the end of the quarter, increasing to 0.4% in September from 0.2% in August, reaching its fastest level since late 2014. Meanwhile, core inflation (excluding food and energy) remained broadly constant at 0.8%. On the UK side, equity markets were also up in September, while Sterling dropped further, as the shape of Britain's exit from the European Union dominated market discussions. 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, financials stood as the largest overweight sector relative to the benchmark and consumer staples the biggest underweight sector.

Month end prices
A shares (USD)-AD 17.11 USD
A-AD shares 15.38 EUR
A-Acc shares 17.28 EUR
B-Acc shares 14.34 EUR
C-AD shares 16.32 EUR
C-Acc shares 18.97 EUR
E-Acc shares 15.93 EUR
I-Acc shares 19.72 EUR
R-Acc shares 13.77 EUR
Z shares (USD Hgd)-Acc 8.54 USD
Z-AD shares 11.28 EUR
Key facts
Product type Offshore Fund
Launch date 02 January 1991
Fund size €2,707.69m
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
I-Acc B131LX6 LU0248034067
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 - A-Acc Shares Factsheet  (988 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  (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?

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