Bestinvest says
Three year returns having generally been in line with the fund's benchmark, 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.
Applying a fund of funds approach, principally utilising Invesco Perpetual's internal range of funds, investment decisions are principally 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 and fixed income securities.