Invesco Monthly Income Plus Fund (UK) Z (Acc)

Sterling Bonds

Rated Fund 2013-2018. A strong team combining bonds and equities

As its name suggests, this fund pays a monthly income, so it is an attractive option for income-seekers. Its current yield is 4.3 per cent. The bond portfolio consists of higher-yielding corporate and government bonds and is managed by one of the UK's most highly rated fixed income teams, Paul Causer and Paul Read.

Unlike most of its peer group in the strategic bond sector, it also includes an element of equities, which gives it extra flexibility. It had 15 per cent of a maximum 20 per cent in shares at the end of 2017, but the defensive positioning of these has arguably held it back compared with other high income funds. The equity portfolio is managed by Ciaran Mallon.

Causer and Read's investment process involves three key elements. They take into account global trends, such as the general direction of monetary policy. They look at the risks involved in investing in individual bonds, and then they consider whether the potential returns sufficiently justify the risks. Mallon looks for well-managed companies that seek to deliver sustainable dividend growth.

The fund has been a long-term stalwart across Whitechurch Securities' income-focused investment portfolios. The wealth manager has invested in the fund for almost 15 years. Ben Willis, its head of research, says: 'This fund delivers a superior yield, largely through a long-term favoured proclivity to

financial debt. This has seen the fund deliver exceptional returns in the QE environment and beyond.'

Narrative and ratings content all as of 01 January 2018.

See all Money Observer rated funds
Invesco Monthly Income Plus Fund (UK) Z (Acc)
Invesco Fund Managers Limited
Open Ended Investment Company
£ Strategic Bond
0.72 %
Risk Rating
3 Year Sharpe
5.1 %
The Sub-Fund aims to achieve a high level of income together with capital growth over the medium to long term. The Sub-Fund seeks to achieve its objective by investing primarily in corporate and government high yielding debt securities globally (which may be unrated or sub-investment grade), and equities. The Sub-Fund may also invest in cash, cash equivalents, money market instruments, collective investment schemes and other transferable securities.
Holding %
Long Gilt Future Dec18 4.16 %
Republic of South Africa 8.75% 2.42 %
US 10 Year Note (CBT) Dec18 2.36 %
Lloyds Bank plc 13% 1.92 %
Euro BUND Future Dec18 1.83 %
Mexico (United Mexican States) 7.5% 1.70 %
HBOS Capital Funding No. 1, L.P. 6.46% 1.55 %
Barclays Bank plc 14% 1.55 %
UniCredit S.p.A. 8% 1.41 %
Nationwide Building Society 1.27 %
Region %
United Kingdom 91.09 %
United States 8.88 %
Sector %
Consumer Cyclical 25.02 %
Financial Services 17.92 %
Utilities 13.33 %
Industrials 13.08 %
Consumer Defensive 12.56 %
Healthcare 9.06 %
Invesco Fund Managers Limited
RG9 1HH,, Oxfordshire, United Kingdom
Legal Structure
Open Ended Investment Company


Ciaran Mallon
Joined 10/15/2013

Ciaran has worked in equity markets since 1994. After completing his Chemistry degree at Oxford University he joined HSBC Private Clients where he worked as an Investment Analyst. He joined United Friendly Asset Management (UFAM) in 1999 where he worked as a Fund Manager. UFAM was acquired by Royal London Asset Management (RLAM) in 2000. Ciaran left RLAM in 2004 and joined Invesco Perpetual in January 2005.

Paul Read
Joined 02/06/1999

Paul began his career with UBS (Securities) Ltd, then moved to Merrill Lynch International in 1986. Paul initially worked on the bond sales desk, covering institutional investment managers, before moving onto debt trading and working as a director of fixed income trading in Tokyo from 1991 and in Paris from 1993. Paul joined Perpetual's Fixed Interest team in 1995 and is Joint Head of Fixed Interest Investment with Paul Causer.

Paul Causer
Joined 02/06/1999

Paul is based in our Henley office. He began his investment experience in 1983, prior to which he achieved a BSc in Economics at the London School of Economics. He joined the group in 1994 and Co-Heads the Fixed Income Team.

Data provided by Morningstar.

The Content is only for your general information and use and is not intended to address your particular requirements. The Content does not constitute any form of advice, recommendation or arrangement by Money Observer and is not intended to be relied upon by you in making (or refraining from making) any specific investment or other decisions. Appropriate independent advice should be obtained before making any such decision.

This information is sourced from our partner Morningstar. We believe the data to be correct however you should take care in using any information.

You should be aware that prices may fall as well as rise and that the income derived can go down as well as up. When buying or selling any investment that fluctuates in price or value you may get back less than you invested. Past performance is not necessarily a guide to future performance.