Invesco Managed Income (UK)

A fund of internal funds, which aims to achieve capital growth and a high level of income.

  • 101.66p
    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.

  • 190.80p
    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).

  • 1.83%
    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.

  • 2.80%

    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 02 December 2020, fund data last updated 24 November 2011

The fund manager aims to achieve capital growth and a high level of income by using internal funds at Invesco Perpetual, however the manager can also use external funds and other securities to achieve the objective. The manager uses funds which offer exposure to global equities, though with a bias to the UK, and to fixed income.

Fund summary

Sector Mixed Investment 40-85% Shares
Structure OEIC
Launched February, 1997
Size £183m
Yield 2.80%
Charging basis Capital
Dividends paid 31 Jan, 30 Apr, 31 Jul, 31 Oct


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 1.83%


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Investment process

Applying a fund of funds approach, principally utilising Invesco Perpetual's internal range of funds, investment decisions are principally 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 and fixed income securities.

Three year returns having generally been in line with the fund's benchmark, 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 -0.63%
  • 16/17 0.17%
  • 17/18 -0.61%
  • 18/19 -0.37%
  • 19/20 -1.19%

Bestinvest MRI

  • 3 years -0.72%
  • 5 years -0.53%
  • Career -0.36%
  • 3 years 1.40%
  • 5 years 1.80%
  • Career 2.60%

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 8.2 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.


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Top 10 holdings

Data accurate as at 31 July 2020

13.4202% Invesco Us Equity (Uk) Acc
12.5116% Invesco Uk Equity Income (Uk) Inc
10.0315% Invesco Markets Plc S&P 500 Ucits Etf
9.6624% Invesco High Yield (Uk) Z Inc
8.9806% Invesco Uk Equity High Income (Uk) Inc
7.1543% Invesco Corporate Bond (Uk) Inc
6.1455% Invesco Global Targeted Income (Uk) Z Inc
5.8418% Invesco European Equity Income (Uk) Inc
5.8071% Invesco European Equity (Uk) Inc
5.015% Invesco Global Smaller Companies (Uk) Inc
Source: Trustnet

Sector breakdown

Financials 13.00%
Health Care 9.00%
Information Technology 9.00%
Industrials 8.00%
Consumer Services 6.00%
Consumer Discretionary 5.00%
Utilities 5.00%
Banks 4.00%
Money Market 3.00%
Telecommunications 3.00%


Although investing on a global basis the fund is always likely to have a bias to the UK with an emphasis on income.


There are no formal risk controls.

Key Investor Information - Income


Key Investor Information - Accumulation