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Invesco Perpetual Select Trust plc Global Equity Income Share Portfolio

October 2016 (Content as at 30 September 2016)

Introduction

Invesco Perpetual Select Trust plc update

Nick Mustoe shares his thoughts on the Invesco Perpetual Select Trust plc (Global Equity Income Share Portfolio) which he manages, along with future challenges we might face.

Watch Nick’s latest investment trust update

Video | Duration 05:25

14 November 2016

Nick Mustoe, Chief Investment Officer and Global Equities Portfolio Manager, Invesco Perpetual

Dividend information

Read the Stock Exchange dividend announcement

Investment objective

The investment objective of the Global Equity Income Share Portfolio is to provide an attractive and growing level of income return and capital appreciation over the long term, predominantly through investment in a diversified portfolio of equities worldwide.

Investment policy

The Portfolio will be invested predominantly in a portfolio of listed, quoted or traded equities worldwide, but may also hold other securities from time to time including, inter alia, fixed interest securities, preference shares, convertible securities and depositary receipts. Investment may also be made in regulated or authorised collective investment schemes. The Portfolio will not invest in companies which are not listed, quoted or traded at the time of investment, although it may have exposure to such companies where, following investment, the relevant securities cease to be listed, quoted or traded. The Manager will at all times invest and manage the Portfolio’s assets in a manner that is consistent with spreading investment risk, but there will be no rigid industry, sector, region or country restrictions.

Further details of the Company’s Investment Policy and Risk and Investment Limits can be found in the Report of the Directors contained within the Company’s Annual Financial Report.

Key facts

Launch date: 23 November 2006

Fund managers: Nick Mustoe (lead) and the Invesco Perpetual Global Equity Income Group.

View latest company announcements

Company Directors and Company Secretary

Patrick Gifford (Chairman)
Alan Clifton
Sir Michael Bunbury
Victoria Muir
Craig Cleland
Paul Griggs (Company Secretary)

Should you wish to contact a member of the Board of Directors, please do so via the Company Secretary (see Contact details).

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.

When making an investment in an investment trust you are buying shares in a company that is listed on a stock exchange. The price of the shares will be determined by supply and demand. Consequently, the share price of an investment trust may be higher or lower than the underlying net asset value of the investments in its portfolio and there can be no certainty that there will be liquidity in the shares.

The investment trust may use derivatives for the purpose of efficient portfolio management. There may not be a precise correlation between price movements in the underlying securities, currency or index, on the one hand, and price movements in the investments, which are the subject of the hedge, on the other. In addition, an active market may not exist for a particular derivative instrument at any particular time.

The Invesco Perpetual Select Trust plc Global Equity Income portfolio may invest in emerging market securities. Investors should be prepared to accept a higher degree of risk than for an investment trust with a broader investment mandate, as difficulties in dealing, settlement and custody problems could arise.

The Directors intend that each portfolio will effectively operate as if it were a stand-alone company. However, prospective investors should be aware that in the event that any of the portfolios have insufficient funds or assets to meet all of its liabilities, such a shortfall would become a liability of the other portfolios. In addition, should the investment trust incur material liabilities in the future, a significant fall in the value of the investment trust’s assets as a whole may affect the investment trust’s ability to pay dividends on a particular class of Shares, even though there are distributable profits attributable to the relevant portfolio.

The investment trust may use borrowings to invest in the market. The use of borrowings may enhance total return when the value of the investment trust’s assets is rising, but it will have the opposite effect when asset values fall. The use of borrowings may increase the volatility of the share price and the net asset value per share. In certain circumstances, the investment trust may be required to repay borrowings and this could adversely affect income and capital returns.

The investment trust expects to increase dividend payments on the Global Equity Income and UK Equity shares by making use of its ability to distribute capital. To the extent the investment trust uses its ability to fund dividends using capital profit this will reduce capital growth.

Issued on behalf of the board of the Invesco Perpetual Select Trust plc by Invesco Fund Managers Limited.

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Fund manager

Invesco Perpetual Global Equity Income Group

Title:

Team:

Nick Mustoe

Title: Chief Investment Officer

Team: Invesco Perpetual - Global Equities

Overview

Objective

The investment objective of the Global Equity Share Portfolio is to deliver long-term capital growth through investing principally in global equities (including UK equities). The Global Equity Share Portfolio is unconstrained, but for performance management purposes it is measured against the MSCI World Index (in Sterling). However, the Portfolio has no rigid stock, sector, geographic or capitalisation limits; investments are made wherever the investment manager feels the most attractive returns are to be found, while ensuring that there is sufficient diversification at the total portfolio level.

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

Key facts
Product type Investment trust/company
Launch date 23 November 2006
Total gross assets £64.3m
Dividend yield* 3.2%
Benchmark index MSCI World Index TR
Available within an ISA Yes
Available within a Savings Plan No

Nick Mustoe

Title: Chief Investment Officer
Team: Invesco Perpetual - Global Equities
Investment trust/company details
Share class Ordinary Share
Currency GBP
Reporting period ends 31 May
Reporting published August
AGM September
Investment levels (within an ISA/Savings Plan)
Minimum additional lump sum n/a
Minimum monthly amount n/a
Minimum lump sum n/a

Charges (within an ISA/Savings Plan)

Holdings

 

Literature

Invesco Perpetual Select Trust plc Global Equity Income update

Video

14 November 2016

Nick Mustoe, Chief Investment Officer and Portfolio Manager, Invesco Perpetual

Nick Mustoe shares his thoughts on the Global Equity Income Share Portfolio of the investment trust, and gives his views on the regions and sectors he currently favours.

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.

Nick Mustoe: “I do not think the world is about to tip into global recession”

Video

15 February 2016

Nick Mustoe, Chief Investment Officer, Invesco Perpetual

Nick Mustoe considers the extreme start to the year for global financial markets driven by concerns around Chinese economic growth and the decline in the oil price.

Company Directors

Patrick Gifford (Chairman)
David Rosier
Alan Clifton
Sir Michael Bunbury

Company Secretary

Karina Bryant

Should you wish to contact a member of the Board of Directors, please do so via the Company Secretary.

Contact details

London Stock Exchange

Latest company news

View announcements

Literature and forms

Investment risks

The value of investments and any income will fluctuate (this may partly be as a result of exchange rate fluctuations) and investors may not get back the full amount invested. The market price of shares in investment trusts may not reflect their underlying net asset value. The ordinary shares may be geared by way of a bank overdraft. As a consequence, any reduction in the value of the investment trust's investments may lead to a correspondingly greater percentage reduction in its net asset value which would be likely to adversely affect the investment trust's share price. There is no guarantee that the investment policy adopted by the Invesco Perpetual Select Trust plc will provide the returns sought by the investment trust. There can be no guarantee, therefore, that the Invesco Perpetual Select Trust plc will achieve its investment objectives. The Directors intend that each Portfolio will effectively operate as if it were a stand-alone company. However, prospective investors should be aware that in the event that any of the portfolios have insufficient funds or assets to meet all of its liabilities, such a shortfall would become a liability of the other portfolios. In addition, should the investment trust incur material liabilities in the future, a significant fall in the value of the investment trust's assets as a whole may affect the investment trust's ability to pay dividends on a particular class of Shares, even though there are distributable profits attributable to the relevant portfolio. Although the shares are traded on the London Stock Exchange, it is possible that there may not be a liquid market in one or more of the classes of shares. Invesco Perpetual Select Trust plc may invest in emerging market securities. Investors should be prepared to accept a higher degree of risk than for an investment trust with a broader investment mandate, as difficulties in dealing, settlement and custody could arise. Invesco Perpetual Select Trust plc may use derivatives for the purpose of efficient portfolio management. There may not be a price correlation between price movements in the underlying securities, currency or index, on the one hand, and price movements in the investments, which are the subject of the hedge, on the other. In addition, an active market may not exist for a particular derivative instrument at any particular time.

Important information

This information has been issued on behalf of the board of the investment trust and has been approved for issue by Invesco Asset Management Limited, its Manager and Company Secretary. All portfolio figures are as at date shown (source: Invesco Perpetual). When making an investment in an investment trust you are buying shares in a company that is listed on a stock exchange. The price of the shares will be determined by supply and demand. Consequently, the share price of an investment trust may be higher or lower than the underlying net asset value of the investments in its portfolio and there can be no certainty that there will be liquidity in the shares. The information on this page is selective and does not constitute an offer, or an invitation to subscribe for, or purchase, any securities. This page does not form part of any prospectus and application for shares should be considered only on the basis of a full prospectus. Where Invesco Perpetual has expressed views and opinions, these may change. For detailed information on our investment trusts, please contact us.