Invesco Income & Growth (UK)

A core UK equity income fund with many of the same high conviction bets of the rest of Invesco's UK equity team.

  • 336.32p
    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.

  • 932.00p
    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!

  • 1.67%
    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).

  • 1.67%
    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.

  • 3.50%
    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 21 September 2020, fund data last updated 15 December 2011

This is an actively managed UK equity fund which targets above average income whilst maintaining capital growth. Relative to Invesco's flagship income funds, this fund will tend to have a more balanced sector exposure. The portfolio will be similar to that of INVESCO Income Growth Investment Trust, run by the same manager.

Fund summary

Sector UK Equity Income
Structure OEIC
Launched August, 1973
Size £334m
Yield 3.50%
Charging basis Capital
Dividends paid 28 Feb, 31 Aug

Charges

Standard initial charge 5.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 1.67%
Ongoing charges figure 1.67%

Allocation

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Investment process

The fund invests in a diversified portfolio of shares with a mix of small and large cap companies. The investment approach is pragmatic, embracing value (cheap companies in relation to assets) and growth (companies growing faster than the market average) styles. Stock selection is based mainly on bottom up fundamental analysis, i.e. much time is spent analysing a company in its own right with the macro economic (global economic influences) backdrop providing context for company analysis. Company analysis focuses on proven / understandable business models, sustainable cash flows, ability to enhance shareholder value and ability to grow dividends.

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Manager research

Average monthly relative returns

  • 15/16 0.00%
  • 16/17 0.00%
  • 17/18 0.00%
  • 18/19 0.00%
  • 19/20 0.00%

Bestinvest MRI

  • 3 years 0.00%
  • 5 years 0.00%
  • Career 1.22%
  • 3 years 0.00%
  • 5 years 0.00%
  • Career 95.80%

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

Ciaran Mallon

Mallon graduated from Oxford University with a Chemistry degree in 1993. He also holds the CFA, the Securities Institute Diploma and is an Associate of the Society of Investment Professionals. He joined United Friendly Asset Management in 1999 as a UK equity analyst, following 5 years at Midland Private Banking. In 2000 he became a fund manager for Royal London Asset Management in the team specialising in life funds and unit trusts. He joined Invesco Perpetual in January 2005 and works on their UK Equities desk in Henley.

Track record

Ciaran Mallon has 4.8 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +1.22%. During the worst period of relative performance (from February 2000 - April 2001) there was a decline of 27% relative to the index. The worst absolute loss has been 48%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is 96%.

Periods of worst performance

Absolute -48.00% (March 2000 - January 2003)
Relative -27.00% (February 2000 - April 2001)

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

5.7% Experian Plc
5.58% Pennon Group
5.47% Ferguson Plc
4.7% Glaxosmithkline
4.42% Relx Nv
4.24% Smith & Nephew Plc
3.87% Croda International Plc
3.7% Young & Co`S Brewery
3.66% National Grid
3.52% Severn Trent Plc
Source: Trustnet

Sector breakdown

Consumer Services 24.00%
Utilities 16.00%
Industrials 16.00%
Financials 11.00%
Health Care 9.00%
Consumer Goods 6.00%
Money Market 6.00%
Basic Materials 5.00%
Oil & Gas 3.00%
Technology 2.00%

Portfolio

Usually 50-70 stocks.

Constraints

There are no rigid sector limits, but sector exposure is likely to be more balanced than on other Invesco Perpetual income3 funds.

Key Investor Information - Income

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Key Investor Information - Accumulation

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