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Invesco Perpetual Global Equity Fund

February 2017 (Content as at 31 January 2017)

Overview

Objective

The Invesco Perpetual Global Equity Fund aims to achieve capital growth by investing in equities quoted on world stockmarkets. 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.

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

After a strong start to 2017, the post-US election stock rally cooled off towards month end as investors paused to reassess the wider impact of President Donald Trump’s extensive policy proposals. Whilst the proposal to reduce taxes and regulations was widely welcomed, the potential impact of increased tariffs and stronger immigration policies concerned investors. Nevertheless, improving commodity prices, primarily precious metals, encouraging global core economic data prints and strengthening manufacturing conditions helped the MSCI AC World index to hold onto gains from December. Additional support came out of Asia, including China where efforts to rebalancing its economy appear to be on track. The index returned 0.92% (total return, sterling) in January. More economically sensitive areas of the equity market benefitted from the evolving shift towards an expansionary fiscal policy. In particular, stocks in materials, especially in mining, and the industrial sectors were among the better performers, whilst perceived ‘defensive’ sectors, such as telecommunication services, continued to lag. Share performance of oil companies, however, was adversely impacted by news of marginally disappointing corporate earnings and concerns over rising oil output, especially in the US.

Fund strategy

The fund is entirely driven by stock selection, seeking to invest in what we believe to be the best investment ideas from anywhere in the world. The fund has a core of what we believe are sustainable growth and cash-generative companies. The fund also has a number of turnaround and special situation investments that we believe the market is mis-pricing. Overall, there was limited portfolio activity during January. However, we took profit in our materials holding of international mining company Rio Tinto on strong share performance, re-allocating some of the proceeds to introduce a new position in diversified financial services company Wells Fargo, the US’s third biggest bank. Whilst it still faces some operational headwinds, we believe the bank offers attractive growth potential from its sizable retail operation as steady growth in the US economy continues and will likely benefit from the potential for deregulation of US bank restrictions.

Key facts
Product type ICVC
Launch date 30 September 1989
Fund size £1,463.62m
Historic yield 1.58%
Sector IA Global NR
Available in an ISA? Yes

Fund manager

Nick Mustoe

Title: Chief Investment Officer
Team: Invesco Perpetual - Global Equities
Fund details
Fund currency GBP
Trading frequency Daily
Accounting period ends 28 February
31 August
Share types
SEDOL ISIN
Accumulation 3302907 GB0033029074
Income 3305166 GB0033051664
Accumulation (No Trail) B3RS9Q6 GB00B3RS9Q62
Income (No Trail) B3RS9R7 GB00B3RS9R79
Y (Acc) BJ04GX9 GB00BJ04GX95
Y (Inc) BJ04GY0 GB00BJ04GY03
Z (Acc) B8N45Y3 GB00B8N45Y36
Z (Inc) B8N45Z4 GB00B8N45Z43
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 0.07% and transfer taxes of 0.03%, 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 0.06% 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 0.21% for net inflows or decrease it by 0.20% 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 August 2016. Figures in these sections are as at 31 August 2016.

Holdings

 

Literature

Factsheets

Invesco Perpetual Global Equity Fund Factsheet  (112 KB)

KIIDs

Invesco Perpetual Global Equity Fund KIID acc  (194 KB)

Invesco Perpetual Global Equity Fund KIID acc (No trail)  (194 KB)

Invesco Perpetual Global Equity Fund KIID acc (Y)  (192 KB)

Invesco Perpetual Global Equity Fund KIID acc (Z)  (193 KB)

Invesco Perpetual Global Equity Fund KIID inc  (194 KB)

Invesco Perpetual Global Equity Fund KIID inc (No trail)  (194 KB)

Invesco Perpetual Global Equity Fund KIID inc (Y)  (192 KB)

Invesco Perpetual Global Equity Fund KIID inc (Z)  (193 KB)

Application form

ICVC & ISA Application booklet 16/17  (235 KB)

Product & fund information

ICVC Supplementary Information Document (SID)  (4 MB)

ICVC ISA Key Features and Terms and Conditions  (1 MB)

Financial reports

Invesco Perpetual Global Investment Series Interim Report 2016 (Short Report)  (418 KB)

Invesco Perpetual Global Investment Series Interim Report 2016 (Long Form)  (770 KB)

Invesco Perpetual Global Investment Series Interim Report 2015 (Short Report)  (356 KB)

Invesco Perpetual Global Investment Series Annual Report 2011 (Short Report)  (185 KB)

Invesco Perpetual Global Investment Series Interim Report 2013 (Short Report)  (246 KB)

Invesco Perpetual Global Investment Series Annual Report 2012 (Short Report)  (262 KB)

Invesco Perpetual Global Investment Series Annual Report 2013 (Short Report)  (272 KB)

Invesco Perpetual Global Investment Series Interim Report 2014 (Short Report)  (333 KB)

Invesco Perpetual Global Investment Series Interim Report 2015 (Long Form)  (748 KB)

Invesco Perpetual Global Investment Series Interim Report 2013 (Long Form)  (422 KB)

Invesco Perpetual Global Investment Series Interim Report 2014 (Long Form)  (723 KB)

Invesco Perpetual Global Investment Series Annual Report 2012 (Long Form)  (583 KB)

Invesco Perpetual Global Investment Series Annual Report 2011 (Long Form)  (643 KB)

Invesco Perpetual Global Investment Series Annual Report 2013 (Long Report)  (947 KB)

Invesco Perpetual Global Investment Series Annual Report 2014 (Long Form)  (1 MB)

Invesco Perpetual Global Investment Series Annual Report 2014 (Short Report)  (359 KB)

Invesco Perpetual Global Investment Series Annual Report 2015 (Short Report)  (349 KB)

Invesco Perpetual Global Investment Series Annual Report 2015 (Long Form)  (1 MB)

Forms

ISA Additional Permitted Subscription application form  (90 KB)

Calling for calm as fear grips markets

Article

28 January 2016

Nick Mustoe, Chief Investment Officer

It has been an extremely gloomy start to the year, but I think that we need to put this into perspective.

A more balanced view

Article

25 April 2016

Nick Mustoe, Chief Investment Officer, Invesco Perpetual

After the stormy start to the year, markets take a breath. Global recession or subdued economic growth? Nick Mustoe discusses.

Invesco Perpetual Global Equities market update

Video

21 October 2015

Nick Mustoe, Chief Investment Officer, Invesco Perpetual, and Stephen Anness, Global Equities Fund Manager, Invesco Perpetual

In their recent live interview, Nick and Stephen discussed the outlook for the global equity markets and answered questions on their stock-picking style, the fall-out from China’s slowdown and the US Federal Reserve’s decision not to raise US Interest rates.

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 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

The Invesco Perpetual Global Equity Group comprises CIO Nick Mustoe*, Fund Managers John Surplice, Tony Roberts, Ian Hargreaves, Stephen Anness, Martin Walker, Dean Newman and Simon Laing, Investment Strategist Martin Weiss and Product Manager Arwel Green. *Shown in picture.

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 Invesco Perpetual has expressed views and opinions, these may change. Where securities are mentioned they do not necessarily represent a specific portfolio holding and do not constitute a recommendation to purchase, hold or sell.

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.