Invesco Managed Growth (UK)

Internal fund of funds investing mostly in equities, typically with a bias to the UK.

  • 159.19p
    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.

  • 199.61p
    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).

  • 1.82%
    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.

  • 1.40%
    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 28 October 2020, fund data last updated 09 September 2009

This fund of internal (Invesco Perpetual) funds targets capital growth and invests almost entirely in equity funds on a global basis, although typically there is a bias to the UK. Fund and regional weightings are actively managed and are set on the basis of how Invesco Perpetual's Multi Asset team view the economic landscape.

Fund summary

Sector Flexible Investment
Structure OEIC
Launched November, 1997
Size £333m
Yield 1.40%
Charging basis Income
Dividends paid 31 Jul

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 1.82%

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Investment process

The fund's objective is capital growth, primarily through investment in equity funds although bonds can feature to a small extent. To achieve this a fund of funds approach is applied, principally utilising Invesco Perpetual's internal range of funds. Investment decisions are 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.

Three year returns having generally been dissapointing, 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.

Manager research

Average monthly relative returns

  • 15/16 -0.67%
  • 16/17 0.30%
  • 17/18 -0.66%
  • 18/19 -0.40%
  • 19/20 -1.18%

Bestinvest MRI

  • 3 years -0.74%
  • 5 years -0.52%
  • Career -0.36%
  • 3 years 1.10%
  • 5 years 1.90%
  • Career 2.50%

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

Nick Mustoe

Based in Henley-on-Thames, Mustoe is Chief Investment Officer of Invesco Perpetual. He joined the company in June 2010. His investment career spans over 25 years to date, having started with Phillips & Drew Fund Management as a UK equity manager in 1985. More recently, he was appointed CIO of Pictet Asset Management in 2006 after joining Hermes Pensions Management as CIO in 2002. He holds a first class honours degree in Business Studies from Bradford University.

Track record

Nick Mustoe has 8.1 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been -0.36%. During the worst period of relative performance (from February 2014 - September 2020) there was a decline of 31% relative to the index. The worst absolute loss has been 24%.

Periods of worst performance

Absolute -24.00% (December 2019 - March 2020)
Relative -31.00% (February 2014 - September 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.

Allocation

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Top 10 holdings

Data accurate as at 31 July 2020

16.7442% Invesco Us Equity (Uk) Acc
11.6599% Invesco European Equity (Uk) Acc
10.9605% Invesco Asian (Uk) Acc
10.1109% Invesco S&P 500 Ucits Etf
8.6689% Invesco Global Smaller Companies (Uk) Acc
8.1778% Invesco High Yield (Uk) Z Acc
7.0774% Invesco Uk Equity Income (Uk) Acc
6.0966% Invesco Japan (Uk) Acc
5.1171% Invesco Global Targeted Returns (Uk) Z Acc
5.0113% Invesco Uk Growth (Uk) Acc
Source: Trustnet

Portfolio

The portfolio consists of around 15 Invesco Perpetual funds.

Constraints

There are no formal risk controls.

Key Investor Information - Income

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Key Investor Information - Accumulation

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