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Fund Profile

Invesco Select: Global Equity Income 05 May 2023


Disclosure – Non-Independent Marketing Communication

This is a non-independent marketing communication commissioned by Invesco Select: Global Equity Income. 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.

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The managers of Invesco Select Global Equity Income (LON:IVPG) seek to generate a sustainable, but also importantly, growing level of income, alongside long-term capital appreciation. As we discuss in Performance, since taking over the management of the trust in January 2020, lead portfolio manager, Stephen Anness, has demonstrated that his balanced approach to portfolio management can perform across a range of uncertain market conditions, with IVPG’s performance leading the sector over both one and three years.

Stephen takes a truly benchmark-agnostic approach to portfolio construction, as we discuss in Portfolio. The focus on bottom-up, fundamental analysis is core to the investment process and has led to a reduction in IVPG’s exposure to any excessive stylistic biases or specific factor risks. The board’s ability to add to the Dividend from capital has afforded Stephen the freedom to invest in a relatively flexible manner, which is less restricted by specific yield targets. This allows him to consider a wider opportunity set, with a greater focus on the sustainability of future cash flows and future investment that can fuel longer-term dividend growth. The approach is highly active, as illustrated by the 89% active share, as at 28/02/2023, which results in a less correlated exposure to the benchmark, compared to other strategies within the global equity peer group.

IVPG currently trades at a historically-wide Discount of 13.4%, significantly wider than its five-year average and that of the peer group.

Kepler View

Since taking over the management of IVPG in 2020, Stephen has gradually shifted the portfolio away from value to a more core portfolio positioning. This has resulted in strong performance across the market cycle, resulting in IVPG’s sector-leading NAV Performance over the past three years. We think the consistency of the performance has been particularly impressive, considering the heightened levels of volatility seen across financial markets and the different stylistic biases that have been driving returns over this period.

Given the sharp increase in the cost of capital and rising input costs, Stephen’s focus on bottom-up fundamentals, particularly the sustainability of cash flows, is arguably more important than ever. We believe Stephen’s more cautious approach to portfolio management, through a tactical reduction of Gearing and a shift into more defensive, somewhat inflation-protected sectors, such as real estate and more recently consumer staples, has been timely. This is because elevated levels of volatility remain across financial markets. Given the lingering threat of a recession and elevated geopolitical tensions, Stephen’s expectations for rising dividend income on the portfolio over the next three years is an attractive feature and could play an increasingly important role for total returns in an environment where capital growth is harder to come by. Combined with the Discount trading at a historically-wide level of 13.4%, we think this may offer an opportune entry point for long-term investors.


  • Sector-leading three-year performance track record
  • Discount trading at historically-wide levels
  • Balanced approach and focus on dividend growth leading to high active share and less correlated exposure to the benchmark and peer group


  • Balanced approach may lag in stylistically-driven environments
  • Gearing may exacerbate losses on the downside, although this has been reduced
  • Lower initial yield than the peer group average
Continue to Portfolio
2024 Kepler Growth Rated Fund

This trust has been awarded a rating by Kepler Trust Intelligence for growth... Find out more

Fund History

23 Jan 2024 Fund Analysis
IVPG’s proposed merger with IVPU will bring with it the inherent benefits of scale…
17 Jan 2024 Top of the Pops
We reveal the winners of our investment trust ratings for 2024…
10 Jan 2024 Definitely maybe
Fund flows and discounts may shed some light on a once-in-a-generation opportunity…
30 Jun 2023 Stock spotlight: Broadcom - investing for a chatbot world
AI chatbots allow us to interact with technology in smarter ways but there is a price – the billions that will be invested in the software and the hardware needed. AI will demand ever-greater processing power. One company involved in the AI revolution is California-headquartered Broadcom. Head of Global Equities, Stephen Anness, shares his thoughts in this short read...
11 May 2023 Tipping point
Battered growth strategies have staged a comeback recently, but what happens now?
05 May 2023 Fund Analysis
IVPG’s historically-wide discount may present an opportune entry point, given the managers’ strong performance track record…
19 Aug 2022 Fund Analysis
IVPG’s relative performance has been improving, making the discount widening to c. 12% seem anomalous...
22 Mar 2022 Fund Analysis
IVPG’s current discount potentially offers a good opportunity to access a differentiated trust…
17 Nov 2021 Fund Analysis
A new team means IVPG has a more balanced portfolio, but the same focus on dividend growth…
16 Jun 2021 A better class of travel*
Sharing many features of a traditional family office, investment trusts offer a sophisticated, cost effective solution for managing family wealth...
11 Mar 2021 Flash update: Invesco Select & Invesco Income Growth
With a merger of Invesco Select UK Equity shares and Invesco Income Growth, we learn that the management team is also merging….
04 Dec 2020 Biden victory and vaccine hopes spur rotation into value stocks
Stephen Anness digests the latest headlines from around the world and what this could mean looking ahead for Invesco Perpetual Select Trust plc: Global Equity Income...
03 Apr 2019 Nice guys finish first
We review the rise of ESG, its impact on investment trusts, and the various ways ESG has evolved in the trust world...
18 Feb 2019 Fund Analysis
Comprised of just over 50 stocks, IVPG looks to grow income and capital through holding high quality companies...
03 Oct 2018 We can be heroes
Our analysis has uncovered the trusts which have generated a solid income through thick and thin - without compromising other aspects of performance...
01 Oct 2018 Fund Analysis
IP Select Global Equity Income aims to offer investors a growing level of income, and capital appreciation over the long term.This is achieved through a concentrated portfolio of global equities...
23 Aug 2018 Has the time come for global equity income?
Although Global Equity Income-orientated strategies have been underperforming the wider market, Invesco Perpetual's John Botham explains that rising interest rates have historically been catalysts for a change in market leadership...
13 Jun 2018 Fund Analysis
A solid track record, a yield of 3.2%, and year on year dividend growth since launch...
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...
10 Jun 2015 Fund Analysis
10 Jun 2015 Liquidity: Punching above their weight
Five small yet highly liquid trusts which should be on your radar
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