Invesco Perpetual Select Trust - Global Equity Income Share Portfolio

Global Equity Income

Rated Fund 2015-2018. Invests in quality companies at the right price

The global equity income portfolio is one of four portfolios within the Invesco Perpetual Select Trust. It yields 3.1 per cent and dividends are paid quarterly. The other portfolios are UK Equity, Balanced Risk and Managed Liquidity. They operate as standalone companies with different managers.

An attraction of the trust is that investors are able to switch between asset classes without triggering a disposal for capital gains purposes. Switches between the four portfolios can be made on a quarterly basis. Another positive is the board's strict policy to control discounts and premiums. Over the past three years the widest discount to net asset value has been around 5 per cent and the largest premium 7 per cent.

Invesco Perpetual Select Global Equity Income has been managed since 2011 by Nick Mustoe, Invesco Perpetual's chief investment officer. He decides on the asset allocation and draws on the expertise of the group's relevant country managers when choosing individual stocks. His strategy is to invest in high-quality companies at attractive valuations.

He defines these businesses as those that can sustain profit margins and deliver positive returns through the economic cycle, with attractive franchises and balance sheets with a conservative level of debt. He sees growing and sustainable dividends as clear evidence of these sorts of company. Mustoe stresses his long-term approach and the need to weather short-term storms. Despite recent political upheavals, he remains an optimist about the future.

At the end of 2017, the portfolio's highest exposures were to the Europe and the US, at 39 per cent and 33 per cent, with the UK comprising just 16 per cent of the total.

Narrative and ratings content all as of 01 January 2018.

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Name
Invesco Perpetual Select Trust - Global Equity Income Share Portfolio
Manager
Invesco Fund Managers Limited
Type
Closed Ended Investment Company
ISIN
GB00B1DQ6472
Sector
Global Equity Income
Launched
23/11/2006
OCF
0.84 %
Risk Rating
4
3 Year Sharpe
1.26
3 Year Alpha
5.16
Yield
3.1 %
Benchmark
MSCI World GR GBP
Fund Size
£ 67.77 million
NAV
210
Gearing
107
Discount Premium
-1
The investment objective of the Global Equity Income 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. 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. There will be no rigid industry, sector, region or country restrictions, but for performance management purposes it is measured against the MSCI World Index (in Sterling).
Holding %
Royal Dutch Shell PLC Class A 3.11 %
Orange SA 3.04 %
Chevron Corp 2.98 %
JPMorgan Chase & Co 2.90 %
BP PLC 2.77 %
Total SA 2.77 %
Equinor ASA 2.62 %
Intesa Sanpaolo 2.50 %
CaixaBank SA 2.45 %
Pfizer Inc 2.42 %
Region %
United States 30.89 %
Eurozone 24.75 %
United Kingdom 20.14 %
Europe - ex Euro 8.29 %
Sector %
Financial Services 27.46 %
Energy 16.56 %
Industrials 13.35 %
Consumer Cyclical 10.38 %
Healthcare 10.19 %
Technology 7.17 %
Communication Services 6.91 %
Consumer Defensive 5.93 %
Name
Invesco Fund Managers Limited
Address
RG9 1HH,, Oxfordshire, United Kingdom
UCITS
No
Legal Structure
Closed Ended Investment Company

Managers

Nick Mustoe
Joined 01/01/2013

Data provided by Morningstar.

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