Bestinvest says
Three year returns having generally been dissapointing, which is largely a symptom of its fettered approach (focus on internal funds) and highly diversified portfolio due to a large number of underlying stocks. For core portfolio exposure we prefer our rated global equity funds or a diversified selection of our rated regional funds.
The fund's objective is capital growth, primarily through investment in equity funds although bonds can feature to a small extent. To achieve this a fund of funds approach is applied, principally utilising Invesco Perpetual's internal range of funds. Investment decisions are driven by asset allocation decisions based on the team's macroeconomic (economic view of the world) and industrial views. Therefore appropriate funds are selected to match these views - that is funds which offer exposure to regional equities.