Invesco Perpetual UK Smaller Companies Investment Trust Plc

UK Smaller Companies

Rated Fund 2017-20. Ideal for investors who rely heavily on income    

Invesco Perpetual UK Smaller Companies, named the Best UK Growth Trust in Money Observer's 2017 investment trust awards, aims to appeal to investors who are attracted to the growth potential of smaller companies but also need an income.

In 2015 its board decided to start paying a higher dividend to shareholders, by taking a small contribution from capital profits if necessary, and to make quarterly income payments. At the end of 2019, it yielded 3%. As a result, the trust's discount to net asset value narrowed from low double digits to low single digits. Indeed, shares traded at a premium for parts of 2019.

Jonathan Brown, named as co-manager on the strategy since 2011 and lead manager since the end of 2013, has presided over a long period of outperformance alongside his deputy since 2015, Robin West. They run a portfolio of 80-100 stocks, a broad cross-section of small and medium-sized UK quoted companies, including those listed on the Alternative Investment Market. They seek to invest in well-managed, financially strong companies with unique propositions or clear competitive advantages. They like companies that either have great products or services, or are exposed to higher-growth niches in the UK economy or overseas. Holdings need to be able to make strong profit margins and have a means of preventing these from being eroded by competitors.

In the current low-growth environment, the managers favour stocks with self-help characteristics - companies with the ability to grow profits independently of the wider economy. This can include restructuring stories or businesses that have scope to roll out a successful concept more widely. Acquisitions and innovation are other avenues for growth.

Narrative and ratings content all as of January 2020.  

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Name
Invesco Perpetual UK Smaller Companies Investment Trust Plc
Manager
Invesco Fund Managers Limited
Type
Closed Ended Investment Company
ISIN
GB00B1FL3C76
Sector
UK Smaller Companies
Launched
01/03/1988
OCF
0.88 %
Risk Rating
2
3 Year Sharpe
0.57
3 Year Alpha
7.90
Yield
2 %
Benchmark
Numis SC Extended Ex Invt Com TR GBP
Fund Size
£ 119.41 million
NAV
416
Gearing
94
Discount Premium
-14
The Company is an investment trust whose investment objective is to achieve long-term total return for shareholders primarily by investment in a broad cross- section of small to medium sized UK quoted companies.
Holding %
Future PLC 3.77 %
4imprint Group PLC 3.55 %
Invesco Sterling Liqdty Port Agcy 3.46 %
CVS Group PLC 2.79 %
Clinigen Group PLC 2.43 %
RWS Holdings PLC 2.41 %
Consort Medical PLC 2.40 %
Johnson Service Group PLC 2.38 %
Sanne Group PLC 2.37 %
Polypipe Group PLC 2.25 %
Region %
United Kingdom 97.37 %
Sector %
Industrials 24.70 %
Consumer Cyclical 15.73 %
Technology 11.57 %
Financial Services 10.57 %
Communication Services 10.02 %
Real Estate 9.58 %
Healthcare 7.81 %
Name
Invesco Fund Managers Limited
Address
RG9 1HH,, Oxfordshire, United Kingdom
UCITS
No
Legal Structure
Closed Ended Investment Company

Managers

Robin West
Joined 07/31/2014

Robin joined Morley in 2004 as a fund manager ion the UK Specialist and Smaller Cap Team. He joined from Oriel Securities where he worked as a small companies analyst. Previously he spent 8 years as a smaller companies fund manager at Invesco. Before that, he spent 5 years at KPMG working on audit and special assignments for a wide variety of clients. Robin has a MA in Natural Sciences from Cambridge University. He has the following professional qualifications: ACA, IMC and CFA

Jonathan Brown
Joined 05/01/2010

Data provided by Morningstar.

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