fund
Invesco Asian (UK)
Provides exposure to south east Asia ex Japan, but including Australia with a pragmatic investment style.
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690.47p
Price (Inc)
These are the shares in the fund that pay out an income to clients. The income is made up of the total dividends – the money a company can pay out to its investors – from the companies in the fund.
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796.59p
Price (Acc)
These are the shares in the fund that don’t pay out an income to clients. Any dividends – the money a company can pay out to its investors – are reinvested into companies in the fund. Despite no income, the shares should be worth more over time. Good incentive, eh?
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5.00% 0.00%
Initial chargeSome funds charge you when you first invest, which is aptly known as the initial charge. They’re usually between 3-5% but at Bestinvest, we usually don’t charge you a penny!
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1.50%
Annual management charge
This is how much the fund management company charges to run the fund. It’s like paying a babysitter, dog sitter or house sitter (that makes well-informed, heavily researched changes to improve your baby/dog/house when needed).
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1.70%
Ongoing charges
This stands for Ongoing Charges Figure. It’s the cost of running a fund and includes admin fees, manager fees, administration costs, etc.
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1.10%
Yield
How much the fund is currently paying out in income to investors. It’s NOT to be confused with the overall growth of a fund – a very different thing indeed. It’s also NOT a guarantee of future pay-outs, just a snapshot. This is more what it’s not than what it is…
The aim of this fund is to achieve capital growth through investment in the Asia Pacific region excluding Japan. The manager takes a pragmatic approach to investing in the region, seeking to identify stocks where the consensus may be wrong in its assessment of the firm's prospects. The manager's process is a mix of top-down country and sector analysis as well as in-depth bottom-up company analysis.
Fund summary
| Sector | Asia Pacific Excluding Japan |
| Structure | OEIC |
| Launched | February, 1990 |
| Size | £1,454m |
| Yield | 1.10% |
| Charging basis | Income |
| Dividends paid | 31 Jan |
Charges
| Standard initial charge | 5.00% |
| Initial charge via Bestinvest | 0.00% |
| Additional bid/offer spread | 0.00% |
| Annual management charge | 1.50% |
| Ongoing charges figure | 1.70% |
Allocation
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Investment process
The Invesco Perpetual Asian Fund aims to achieve capital growth in Asia and Australasia, excluding Japan. The investment process initially focuses on macro economic trends and in particular liquidity conditions that shape the environment for equities. This in turn provides a reference for determining the fund's exposure to growth or value type companies and small versus large cap stocks. Broadly positive liquidity conditions favour growth companies, whilst poor liquidity conditions favour less volatile companies that offer the prospect of greater capital protection. Stock selection focuses on the earnings growth rate implied by valuations, earnings transparency and cash flow. The fund will always have a reasonable weighting to the technology and financial sectors as a result of their large weighting within the index. The fund mandate was amended in April 2005 to include Australasia.
Manager research
Average monthly relative returns
- 15/16 0.50%
- 16/17 0.72%
- 17/18 -0.18%
- 18/19 -0.13%
- 19/20 -0.08%
Bestinvest MRI
- 3 years -0.13%
- 5 years 0.17%
- Career 0.17%
- 3 years 42.50%
- 5 years 87.90%
- Career 90.00%
Performance figures are based on the average of monthly percentage returns relative to the benchmark index.
William Lam
Lam joined Invesco Perpetual in 2006 as part of the Asian team based in Henley-on-Thames. He began his career in 1995, joining the John Lewis Partnership, and then Deloitte in 1998, where he qualified as a chartered accountant and in 2001, he joined Orbis Investment Advisory Limited as a global investment analyst. He holds an MA in Psychology and Philosophy from Oxford University, an MSc in Music Technology from York University, and is a CFA charterholder.
Track record
William Lam has 5.4 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.17%. During the worst period of relative performance (from December 2017 - March 2020) there was a decline of 12% relative to the index. The worst absolute loss has been 21%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is 90%.
Periods of worst performance
| Absolute | -21.00% (January 2018 - March 2020) |
| Relative | -12.00% (December 2017 - March 2020) |
About the MRI
Our unique indicator: the Bestinvest Manager Record Index (MRI) measures the likelihood that the fund manager is adding value through their decisions. It is based on their performance record over the course of their career, adjusted for the amount of risk taken. MRI is an important contributor to our fund rating system but it is also vital to take account of qualitative factors. It is also very important to select funds to form a cohesive portfolio with an appropriate overall risk level.
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Top 10 holdings
Data accurate as at 31 July 2020
| 6.9% | Taiwan Semiconductor Co |
| 6.6% | Samsung Electronics Co |
| 5.74% | Tencent Hldgs Ltd |
| 4.52% | Alibaba Group Hldg Ltd |
| 4.24% | Netease Inc |
| 3.77% | Jd.com Inc |
| 3.58% | Mediatek Inc |
| 2.6% | Asustek Computer Inc |
| 2.34% | Mahindra & Mahindra |
| 2.29% | Jiangsu Yanghe Brewery Js Co Ltd |
| Source: Trustnet |
Sector breakdown
| Information Technology | 25.00% |
| Consumer Discretionary | 20.00% |
| Financials | 17.00% |
| Communications | 12.00% |
| Industrials | 7.00% |
| Energy | 6.00% |
| Materials | 6.00% |
| Consumer Staples | 3.00% |
| Real Estate | 2.00% |
| Money Market | 1.00% |
Portfolio
c80 stocks. Does not invest in Japan.
Constraints
Some country limits: max 2x, min, 0.5x index exposure to Korea, HK, Singapore & Taiwan. Sector limits: max 2x, min. 0.5x index exposure to tech & financials. Max individual stock weight: 5%.