Invesco Perpetual UK Smaller Companies Investment Trust Plc

UK Smaller Companies

Rated Fund 2017-2019. Ideal for those who need an income

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

In March 2015, its board decided to start paying a materially higher dividend to shareholders by taking a small contribution from capital pro­fits if necessary, and to make quarterly income payments. At the end of 2018, it yielded 4.7%. The move saw the trust’s discount to net asset value narrow from low double digits to low single digits.

The investment strategy remains the same, which is to invest in a broad cross-section of small to medium-sized UK quoted companies, including those listed on the Alternative Investment Market. Jonathan Brown, who has taken the trust from strength to strength since he took charge in June 2014, and his deputy Robin West seek to invest in well-managed, ­ financially strong companies with unique propositions or clear, competitive advantages.

They run a portfolio of 80 to 100 stocks. They take a stock-picking approach, looking for companies that either have great products or services, or are exposed to higher growth niches within the UK economy or overseas. Target companies also need to be able to make strong pro­fit margins and have a means of preventing them being competed away.

In the current low-growth environment they 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 01 January 2019.

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Invesco Perpetual UK Smaller Companies Investment Trust Plc
Invesco Fund Managers Limited
Closed Ended Investment Company
UK Smaller Companies
0.88 %
Risk Rating
3 Year Sharpe
3 Year Alpha
2 %
Numis SC Extended Ex Invt Com TR GBP
Fund Size
£ 172.14 million
Discount Premium
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 4.43 %
4imprint Group PLC 3.15 %
Clinigen Group PLC 2.94 %
Sanne Group PLC 2.65 %
RWS Holdings PLC 2.48 %
Johnson Service Group PLC 2.38 %
Tarsus Group PLC 2.36 %
JTC PLC Ordinary Shares 2.25 %
Keywords Studios PLC 2.23 %
Equiniti Group PLC 2.08 %
Region %
United Kingdom 97.09 %
Sector %
Consumer Cyclical 27.54 %
Industrials 26.22 %
Financial Services 10.96 %
Technology 10.03 %
Real Estate 8.47 %
Healthcare 7.25 %
Invesco Fund Managers Limited
RG9 1HH,, Oxfordshire, United Kingdom
Legal Structure
Closed Ended Investment Company


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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