Fund Profile


Disclosure – Non-Independent Marketing Communication

This is a non-independent marketing communication commissioned by Invesco Asia. The report has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on the dealing ahead of the dissemination of investment research.

IAT could appeal to investors looking to diversify in a growth-heavy sector…

Invesco Asia Trust (IAT) is managed with a flexible, valuation sensitive approach which has proven invaluable during the macroeconomic volatility of the past two years. Manager Ian Hargreaves uses valuation signals to enter and exit positions rather than trying to anticipate trends in sentiment or the economy, and this has led to a successful series of trades into and out of rallying stocks and sectors in 2020 and 2021, in turn leading to two consecutive years of outperformance in very different environments. As we discuss under the Performance section, this has contributed to a good long-term track record of outperforming the benchmark.

Ian characterizes his style as a ‘growth at a reasonable price’ strategy. In recent years, many of his most successful stock picks have been in growth areas such as technology and ecommerce, where he was able to find opportunities to invest in under-appreciated companies that stood to benefit from strong structural trends. Typically the portfolio is balanced across sectors and countries, with a current tilt towards value, given this is where Ian has found valuations to be more attractive, after the recent sell-off in growth stocks, but he is finding ideas in various countries and sectors (see the Portfolio section).

IAT pays a dividend of 2% of NAV each half year, with contributions made from capital and the portfolio managed for total return.

In January 2022, Fiona Yang was appointed co-manager alongside Ian. Fiona is a native mandarin speaker who has been working on the portfolio for about four years and contributing to greater coverage of onshore China stocks, in particular.

IAT’s Discount has been trending narrower over the past two years; at the time of writing it is 9% compared to an 11% five-year average.

Kepler View

The last two years have really shown off the advantages of Ian’s valuation-driven approach. Market direction and leadership has rapidly changed, based on non-economic factors such as vaccines and variants which would have been impossible to reliably anticipate. By following the valuation discipline closely, Ian had trimmed his exposure to ecommerce and China before the reflationary rally was underway and rotated into more cyclical areas. More recently he has been building back exposure to China after its sell-off, aided by Fiona’s input. We think this valuation-sensitive approach is likely to appeal to many investors in the current environment, as they look to diversify their exposure to the dominant growth stocks and funds which have done so well in recent years.

IAT should appeal to those seeking growth or income, thanks to the enhanced dividend policy which sees it pay an annualised yield of 4%. Crucially, Ian is able to invest without worrying about covering this dividend with natural income, allowing him to buy exciting companies with no or low dividends, such as Ming Yan Smart Energy, a wind turbine manufacturer and current key overweight with a de minimis yield. Investors do give up some certainty over future distributions, given the dividend level depends on the growth or decline in NAV.


  • Dividend policy offers attractive yield while maintaining total return focus
  • Flexible approach with more valuation-sensitivity than a growth dominated peer group
  • Strong long-term track record


  • Dividend is not predictable as it depends on NAV
  • Asia as a whole does not look cheap
  • Rising US interest rates could be a headwind to emerging Asia
Continue to Portfolio

Fund History

09 Mar 2022 Fund Analysis
IAT could appeal to investors looking to diversify in a growth-heavy sector…
03 Feb 2022 Video update: Invesco Asia
Update from new co-manager Fiona Yang...
06 Oct 2021 Slides and Audio: Invesco Asia
Download the presentation and listen to the audio from our 'Now that's what I call a discount!' Autumn conference on 30 September...
23 Sep 2021 Now that's what I call a discount 2021!
For the second year running we examine trusts on discounts which, in our view, don't make sense...
25 Aug 2021 Is the UK’s debt a ticking time bomb?
Our analyst argues Rishi is right to worry about government debt and borrowing…
09 Aug 2021 Fund Analysis
IAT has enjoyed a strong period of outperformance, boosted by a diverse group of companies…
09 Mar 2021 Asian opportunities in challenging times
Ian Hargreaves, manager of Invesco Asia Trust plc, believes the strength of the Asian equity markets are on the up since their March 2020 lows...
21 Jan 2021 Fund Analysis
IAT has significantly outperformed in Ian Hargreaves’ first five years as sole manager…
24 Sep 2020 Fund Analysis
IAT’s new dividend policy will see it pay 4% of NAV as a dividend each year…
06 Aug 2020 Ian Hargreaves
Ian Hargreaves is co-head of the Asian & Emerging Markets Equity Team at Invesco in Henley on Thames and runs a number of pan-Asian portfolios including Invesco Asia Trust (IAT), Invesco Asian Equity Fund and the Invesco Global Emerging Markets Fund (UK)...
28 May 2020 Opportunities from the Covid-19 crisis
Ian Hargreaves of Invesco outlines key questions to be considered through this 'black swan' event...
29 Apr 2020 On solid ground
Our analysis of discounts highlights trusts which are likely to offer significantly less discount downside from the current level…
24 Mar 2020 First in, first out?
We ask whether the brave should be raising their allocation to Asia...
22 Jan 2020 Fund Analysis
IAT’s cheap portfolio is positioned for a strong 2020 in Asian markets…
06 Nov 2019 Poacher turned gamekeeper
Former fund manager - now investment trust chairman - Neil Rogan discusses how his own lessons from the job have helped him in his role...
21 Aug 2019 All change: a closer look at the AIC's revised sectors
We examine the AIC's revised sector classifications and discuss whether further improvements could be made...
03 Jul 2019 Push-me pull-you
Two contrasting influences are dominating the outlook for Asian markets - we analyse them and how Asia trusts are positioning their portfolios in response...
02 Jul 2019 Fund Analysis
Invesco Asia offers a diversified portfolio that has outperformed in a variety of market conditions...
17 Aug 2018 Why Asia's crosswinds will not blow it off course
Ian Hargreaves explains why heightened trade tensions and fading earnings momentum will not stop Asia's equities shining...
03 Jul 2018 Outlook for Asia: still positive?
Invesco's Ian Hargreaves gives his take on the trade war and more...
19 Apr 2018 When others are fearful...
We ask whether it is time to be greedy after the recent selloff in Asia equities...
19 Apr 2018 Fund Analysis
A broad ranging remit, which diversifies well the traditional exposures and biases of the typical fund....
30 Nov 2017 Race ready
Our analysis suggests conditions are right for emerging markets fund managers who can add real alpha to generate strong returns...
29 Nov 2017 Fund Analysis
A top-performing trust that invests across Asia and across the market cap spectrum via a value-orientated strategy
26 Jul 2017 Apt student
Invesco CIO Nick Mustoe tell us he started out with just a university grant as seed capital for his first portfolio...
24 May 2017 Fund Analysis
View all

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