Invesco European Smaller Companies (UK)

Europe ex UK small cap equity fund managed since 2004 by Adrian Bignell.

  • 214.43p
    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.

  • -
    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?

  • 5.00% 0.00%

    Initial charge

    Some 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!

  • 1.70%
    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).

  • 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.

  • 0.30%
    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…

Prices as at 11 December 2019, fund data last updated 15 December 2011

This fund aims to achieve capital growth through a portfolio of investments in smaller European companies, excluding the United Kingdom. To achieve this the fund's manager applies a fundamental approach to selecting equities, considering global economic and industrial trends (top down research), as well as examining a company in its own right (bottom up investing).

Fund summary

Sector European Smaller Companies
Structure OEIC
Launched December, 1984
Size £129m
Yield 0.30%
Charging basis Income
Dividends paid Acc units only

Charges

Standard initial charge 5.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 1.70%
Ongoing charges figure 1.70%

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Investment process

Manager research

Average monthly relative returns

  • 14/15 0.45%
  • 15/16 -0.90%
  • 16/17 0.00%
  • 17/18 0.00%
  • 18/19 0.00%

Bestinvest MRI

  • 3 years 0.00%
  • 5 years 0.00%
  • Career -0.18%
  • 3 years 0.00%
  • 5 years 0.00%
  • Career 37.50%

Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

Adrian Bignell

Bignell obtained an MA in French from St.Andrews University and also has a Securities Institute Diploma. He joined Cazenove in October 1994 as a trainee analyst in the European broking department, before moving on to the European fund management team with responsibility for Scandanavia, France, Germany, Portugal, Spain and Ireland. He eventually become a director of Cazenove Group and vice head of the European equities team as well as manager of the Cazenove European Smaller Companies fund. He joined Invesco Perpetual in December 2003 and is based in their Henley office.

Track record

Adrian Bignell has 13.9 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been -0.18%. During the worst period of relative performance (from June 2008 - September 2009) there was a decline of 34% relative to the index. The worst absolute loss has been 66%.

Periods of worst performance

Absolute -66.00% (May 2007 - February 2009)
Relative -34.00% (June 2008 - September 2009)

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.

Allocation

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Top 10 holdings

Data accurate as at 31 August 2019

4.16% Eurazeo Se
3.51% Sig Combibloc Group Ag
3.5% Ocean Yield Sa
3.2% Nos Sgps
2.85% Energean Oil & Gas Plc
2.8% Vopak
2.71% Soitec
2.55% Verimatrix
2.49% Africa Oil Corp
2.49% Voltalia
Source: Trustnet

Sector breakdown

Business Services 25.00%
Industrials 14.00%
Resources 13.00%
Financials 13.00%
Basic Materials 10.00%
Technology 8.00%
Consumer Goods 8.00%
Money Market 6.00%
Retail 3.00%

Key Investor Information

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