Invesco Pacific (UK)

Invests in the Far East excluding India with a blend of value and growth styles.

  • 1627.73p
    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.

  • 1836.40p
    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).

  • 1.71%
    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.

  • 0.80%
    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 02 December 2020, fund data last updated 17 May 2011

This Fund aims to achieve capital growth by investing in the Far East including Japan and Australasia but excluding India. The manager, Stuart Parks, takes a pragmatic approach to achieving this, blending growth and value styles as conditions dictate. His process is based on modelling company cash flows. The selection of Japanese equities in the portfolio is primarily driven by Parks' colleagues on the Japanese equity desk, though country allocation itself is determined by Parks.

Fund summary

Sector Asia Pacific Including Japan
Structure OEIC
Launched May, 1985
Size £249m
Yield 0.80%
Charging basis Income
Dividends paid 31 Jan

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 1.71%

Allocation

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Investment process

The investment process initially focuses on macro economic trends and in particular liquidity conditions that shape the environment for equities and the first consideration is the allocation of the fund between Japan and the rest of the Pacific region. This macro focus in turn provides a reference for determining the fund's exposure to growth or value type companies and small versus large cap stocks. Broadly positive liquidity conditions favour growth companies, whilst poor liquidity conditions favour stocks with more defensive characteristics which offer the prospect of greater capital protection. Stock selection focuses on the earnings growth rate implied by valuations, earnings transparency and cash flow. The fund will always have a reasonable weighting to the technology and financial sectors as a result of their large weighting within the index.

Manager research

Average monthly relative returns

  • 15/16 0.15%
  • 16/17 0.36%
  • 17/18 0.09%
  • 18/19 -0.33%
  • 19/20 -0.22%

Bestinvest MRI

  • 3 years -0.15%
  • 5 years 0.01%
  • Career 0.24%
  • 3 years 38.20%
  • 5 years 73.90%
  • Career 100.00%

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

Stuart Parks

Parks graduated with an MA in History from Oxford University in 1983 and began his investment career with Wood MacKenzie in 1985, then moved to London Life, Swiss Bank Portfolio Management International and GAN Fund Managers. In January 1994 he joined Perpetual (now Invesco Perpetual) where he became Co-Head of Asian Retail Investment. In January 2005 he became sole head of Asian Equities.

Track record

Stuart Parks has 20.8 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.24%. During the worst period of relative performance (from December 2017 - March 2020) there was a decline of 9% relative to the index. The worst absolute loss has been 42%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is more than 99%.

Periods of worst performance

Absolute -42.00% (January 2000 - March 2003)
Relative -9.00% (December 2017 - March 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

4.25% Taiwan Semiconductor Co
4.05% Samsung Electronics Co
3.54% Tencent Hldgs Ltd
2.78% Alibaba Group Hldg Ltd
2.58% Kddi Corp
2.57% Netease Inc
2.36% Jd.com Inc
2.23% Murata Manufacturing Co
2.21% Mediatek Inc
2.11% Toyota Motor Corp
Source: Trustnet

Sector breakdown

Consumer Discretionary 21.00%
Information Technology 20.00%
Communications 14.00%
Financials 13.00%
Industrials 11.00%
Materials 6.00%
Real Estate 5.00%
Energy 4.00%
Consumer Staples 4.00%
Health Care 2.00%

Portfolio

Ave. position size c1%. Typically max. active weight stock weights will not exceed 5%. The typical number of stocks in the portfolio: Asia 50-70, Australia 5-15, Japan 35-50. Japan weighting is likely to be at least 25%.

Constraints

Fund mostly unconstrained. Max. stock position is 10%. Max cash 10%.

Key Investor Information - Income

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Key Investor Information - Accumulation

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