Invesco Hong Kong & China (UK)

Specialist HK/China portfolio.

  • 1018.20p
    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!

  • 1.50%
    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).

  • 1.69%
    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.

  • 0.20%
    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 27 November 2020, fund data last updated 18 August 2003

The manager aims to provide above average growth by choosing stocks which are based in China and Hong Kong. Exposure in China is obtained by investing in stocks which are dual listed in the sector.

Fund summary

Sector China/Greater China
Structure OEIC
Launched December, 1981
Size £417m
Yield 0.20%
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 1.50%
Ongoing charges figure 1.69%

Allocation

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Investment process

The fund aims to achieve capital growth through a portfolio of investments with an exposure to the economies of Hong Kong and China. Exposure to China will be largely obtained through indirect investment in securities traded on other markets, and can include other investments (which from 13th February 2004 may include units in collective investment schemes, warrants, deposits, derivatives and other permitted investments and transactions).

Manager research

Average monthly relative returns

  • 15/16 -0.27%
  • 16/17 0.04%
  • 17/18 0.48%
  • 18/19 0.14%
  • 19/20 0.34%

Bestinvest MRI

  • 3 years 0.32%
  • 5 years 0.15%
  • Career 0.28%
  • 3 years 86.40%
  • 5 years 80.50%
  • Career 97.00%

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

Mike Shiao / Lorraine Kuo

Shiao joined Invesco in 2002 and became Chief Investment Officer, Greater China in 2015. With over 23 years of industry experience, he leads the Greater China equities team. He started his investment career in 1992 at Grand Regent Investment, where he worked as a project manager supervising venture capital investments in Taiwan and China. In 1997, he joined Overseas Credit and Securities Inc. as a senior analyst covering the Taiwan technology sector. Shiao has also worked at Taiwan International Investment Management Co. He holds a Bachelor’s degree from National Chung Hsing University, Taiwan and a Master of Science degree in Finance from Drexel University, Philadelphia. Kuo joined Invesco in 2011 and is responsible for stock research and analysis in the Greater China markets. Previously, Kuo worked as a sell-side analyst in Deutsche Bank in China. She was an investment analyst with Manulife Asset Management (HK) Ltd between 2008 and 2010. Prior to this she has experience in the banking industry and worked as a credit analyst at Credit Lyonnais Taipei.

Track record

Mike Shiao / Lorraine Kuo has 8.4 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.28%. During the worst period of relative performance (from March 2014 - March 2015) there was a decline of 13% 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 97%.

Periods of worst performance

Absolute -21.00% (April 2015 - September 2015)
Relative -13.00% (March 2014 - March 2015)

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 July 2020

9.63% Tencent Hldgs Limited
8.87% Jd Group Ltd
8.13% Netease Inc
7.71% Alibaba Group Hldg Ltd
4.81% Shandong Weigao Gr Medical Polymerco Ltd. Foreign - Equity
4.81% Jiangsu Hengrui Medical
4.69% Uni-President China Holdings Ltd
4.68% Meituan Dianping
4.62% China Mobile Ltd
4.53% Sino Biophamaceutical
Source: Trustnet

Sector breakdown

Consumer Discretionary 30.00%
Communications 29.00%
Health Care 18.00%
Consumer Staples 14.00%
Money Market 3.00%
Materials 2.00%
Financials 2.00%
Utilities 1.00%
Information Technology 1.00%
Industrials 1.00%

Portfolio

The manager usually chooses to hold approx. 50 stocks in the basket.

Key Investor Information

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