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Invesco Perpetual UK Companies Fund

July 2017 (Content as at 30 June 2017)

With effect from 10 July 2017 the Invesco Perpetual Children's Fund will change name to the Invesco Perpetual UK Companies Fund. The fund name reflected in the data below will update in due course.

With effect from 30 December 2016, Tim Marshall became fund manager of the Invesco Perpetual Children's Fund, taking over day-to-day management responsibility from Martin Walker.


Overview

Objective

The Invesco Perpetual UK Companies Fund aims to achieve longer term capital growth through a portfolio of investments in UK companies. 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.

Fund strategy

The fund aims to deliver long-term capital growth primarily through a portfolio of investments in UK-listed companies. The fund manager is focused on valuation and bottom-up analysis in his stock picking; despite the potential for continued uncertainty through the Brexit negotiations, Tim Marshall believes this has been more than reflected in the valuations of UK exposed companies. He expects the oil majors to successfully adapt to the lower oil price, hence the significant weighting in this sector. While low interest rates have put pressure on domestic banks, the sector has built up a strong capital position which he believes is yet to be reflected in valuations.

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

UK equity markets rose strongly through May. Mid-month the FTSE 100 closed at a record high, surpassing 7500 for the first time, buoyed by weakening sterling and strengthening commodity prices. The pound came under pressure into month end after a study from pollster YouGov suggested that the upcoming general election could result in a hung parliament. The Monetary Policy Committee voted 7-1 in favour of maintaining UK interest rates at 0.25 per cent; into month end, UK growth expectations were revised down to account for continued sterling weakness. Corporate news saw BP report stronger-than-expected quarterly earnings, buoyed by rising oil prices and a five-year high in production levels. EasyJet issued a positive update to the market, reporting an 11.7 per cent increase in total passenger numbers for April; over the 12 months to the end of April passenger numbers were up 7.8 per cent. Respiratory drug maker Vectura announced there was “low likelihood” that it would gain regulatory approval for a generic version of GlaxoSmithKline’s asthma treatment Advair Diskus this year.

Key facts
Product type ICVC
Launch date 20 April 1988
Fund size £220.37m
Historic yield 2.57%
Sector IA UK All Companies NR
Available in an ISA? No

Fund manager

Tim Marshall

Title: Fund Manager
Team: Invesco Perpetual - UK Equities
Fund details
Fund currency GBP
Trading frequency Daily
Accounting period ends 30 June
31 December
Share types
SEDOL ISIN
Accumulation 3303104 GB0033031047
Y (Acc) BJ04F65 GB00BJ04F653
Z (Acc) B8N46K6 GB00B8N46K64
Investment levels
Minimum lump sum £50

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 0.11% and transfer taxes of 0.14%, 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 0.27% 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 0.74% for net inflows or decrease it by 0.33% 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 December 2016. Figures in these sections are as at 31 December 2016.

Holdings

 

Literature

Factsheets

Invesco Perpetual UK Companies Fund  (239 KB)

KIIDs

Invesco Perpetual UK Companies Fund KIID Acc  (187 KB)

Invesco Perpetual UK Companies Fund KIID Acc Z shares  (185 KB)

Invesco Perpetual UK Companies Fund KIID acc (Y)  (185 KB)

Application form

ICVC & ISA Application booklet 17/18  (190 KB)

Product & fund information

ICVC Supplementary Information Document (SID)  (1 MB)

Financial reports

Invesco Perpetual UK Investment Series Interim Report 2015 (Long Form)  (636 KB)

Invesco Perpetual UK Investment Series Interim Report 2016 (Short Report)  (333 KB)

Invesco Perpetual UK Investment Series Annual Report 2015 (Short Report)  (373 KB)

Invesco Perpetual UK Investment Series Interim Report 2015 (Short Report)  (360 KB)

Invesco Perpetual UK Investment Series Interim Report 2016 (Long Form)  (668 KB)

Invesco Perpetual UK Investment Series Annual Report 2016 (Short Report)  (441 KB)

Invesco Perpetual UK Investment Series Annual Report 2016 (Long Form)  (1 MB)

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

Forms

ISA Additional Permitted Subscription application form  (69 KB)

Invesco Income Growth Trust plc update

Video

15 July 2016

Ciaran Mallon, UK Equities Portfolio Manager, Invesco Perpetual

In his latest video update, Ciaran provides an update on the investment trust and, following the EU referendum result, explains how the portfolio is positioned and where he is seeing opportunities currently.

Invesco Perpetual UK Smaller Companies Investment Trust plc update

Video

04 August 2016

Jonathan Brown and Robin West, UK Equities Fund Managers, Invesco Perpetual

Watch Jonathan and Robin as they discuss the factors they consider when investing in UK smaller companies, how they put together a portfolio and whether they believe the Brexit uncertainty will impact small cap investor confidence.

Invesco Perpetual Select Trust plc update

Video

15 March 2016

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

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.

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

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. This marketing material is not intended as a recommendation to invest in any particular asset class, security or strategy. Regulatory requirements that require impartiality of investment/investment strategy recommendations are therefore not applicable nor are any prohibitions to trade before publication. The information provided is for illustrative purposes only, it should not be relied upon as recommendations to buy or sell securities.

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.