Fund Profile

Invesco Select: Global Equity Income 18 February 2019

Disclaimer

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.

Overview
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Overview

IP Select Global Equity Income Share Portfolio (IVPG) aims to achieve a growing level of income return each year, with capital appreciation over the long term, through a concentrated but diversified portfolio of global equities.

IVPG's portfolio is relatively concentrated, comprising of approximately 52 stocks. The team, led by Nick Mustoe, look to invest in high-quality companies at attractive valuations, offering appealing yields, sustainable income and capital upside.

Over the long term, the trust has met its aim of achieving strong total returns and the emphasis on dividend growth, rather than investing for the highest achievable yield, has meant that the trust has outperformed peers. Since the team took over the portfolio in late 2012, the trust has outperformed many of its investment trust and open-ended peers by a country mile, delivering 34% and 24.1% greater returns than the Morningstar IT Global Equity Income sector and the IA Global Equity Income sector respectively.

The portfolio currently yields 3.7%, and at a portfolio level the managers expect growth in earnings and dividends at around 6-7%. Shareholders have seen substantial year-on-year increases in income payments, with full-year dividends growing at a rate of 14.5% p.a. over the past five years.

So far in FY19, three interim dividends have been announced. The latest, in December, equated to 1.5p and the Directors announced that they have a target of at least maintaining the previous year’s dividend (6.7p). The Company also employs a dividend policy which looks to smooth pay-outs through returns of capital, whilst actively controlling the discount. Historically this has prevented the trust’s shares from slipping to a significant discount to NAV and currently the discount is -2%.

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Fund History

11 May 2022 What is an investment trust?
The ins and outs of closed-ended funds and how they can support your investments…
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 ordinary investors a cost-effective solution to 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...
01 Sep 2020 What are the key market dynamics today?
Stephen Anness, manager of Invesco Perpetual Select Trust plc’s Global Equity Income share portfolio, considers the outlook for global equities after a roller-coaster year like no other…
03 Oct 2019 Taking back control - the ultimate flexible fund
We examine the benefits of Invesco Perpetual Select Trust's unusual structure...
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 a growing level of income and capital appreciation over the long term, through a concentrated but diversified portfolio of global equities...
14 Jun 2018 Fund Analysis
A solid track record, a yield of 3.2%, and year on year dividend growth since launch...
16 Mar 2018 Fund Analysis
A global equity income offering with an experienced management team and an active discount control policy...
15 Mar 2018 A fund for all seasons?
We examine the Invesco Perpetual Select Trust, which allows investors to switch between four share classes to suit their aims without crystallising gains...
12 Oct 2017 Roaring back…
We analyse the drivers behind the significant outperformance of global active managers in 2017, following what was a very poor year for them in 2016...
21 Jun 2017 Keystone Investment Trust
A top-performing UK equity trust that has recently undergone a change in managers...
11 May 2017 Video: Fixed Interest investment companies update
Invesco Perpetual fixed interest portfolio manager Rhys Davies, discusses the improving global outlook...
04 Apr 2017 VIDEO: Meet the managers...
Invesco Perpetual's Mark Barnett and four of his fellow managers discuss their approach to managing money, and their market outlook...
31 Mar 2017 Video: James Goldstone
James Goldstone, UK Equities Fund Manager at Invesco Perpetual, outlines his approach...
16 Mar 2017 Having your cake and eating it too?
We look into the new fad of trusts paying their dividends out of capital and analyse whether or not it really is a sustainable strategy...
22 Feb 2017 Into the wilderness...
In this detailed study of the global equity sectors, we analyse how managers are positioned in a world of high valuations and seismic political changes...
09 Feb 2017 Fund Analysis
A global equity income offering with an experienced management team and an active discount control policy...
07 Dec 2016 Video: City Merchants High Yield Trust Limited
Rhys Davies discusses high yield bond opportunities, looking at what has been driving performance, alongside his approach and outlook.
06 Dec 2016 Video: Invesco Perpetual Select Trust Global Equity Income Share Portfolio
Nick Mustoe shares his thoughts on the Global Equity Income Share Portfolio of the investment trust, and gives his views on the regions and sectors he currently favours.
05 Dec 2016 Video: Invesco Perpetual Enhanced Income Limited
In his latest video, Rhys Davies discusses opportunities found in 2016 for the investment company, as well as giving his outlook for the coming months.
10 Sep 2016 Video: UK equities investment trusts update
John Richards, product director, UK equities, discusses the implications of the UK's referendum on membership of the European Union
09 Sep 2016 Video: Invesco Income Growth Trust
Fund manager Ciaraon Mallon discusses the portfolio and his approach to asset allocation...
06 Sep 2016 Video: Invesco Asia Trust
In this video Invesco Perpetual's Ian Hargreaves provides an economic outlook, and explains his approach to managing the portfolio...
02 Jun 2016 Video: Jonathan Brown, Invesco UK Smaller Companies Trust
23 May 2016 Video: Ciaran Mallon
The Invesco Income Growth Trust manager explains his current portfolio positioning...
05 May 2016 Mark Barnett: Two distinct routes to a sustainable income
Contrasting portfolio construction of The Edinburgh Investment Trust plc and Perpetual Income and Growth Investment Trust plc offers choice to income-seeking investors
03 May 2016 Video: Nick Mustoe
Invesco CIO Nick Mustoe explains his strategy on global equities...
23 Feb 2016 Are we entering a new global recession?
Two leading investment strategists put the case for and against a hard landing for the global economy...
11 Feb 2016 View from the top: Jim Pettigrew
We meet the chairman of one of the UK's largest investment trusts...
View all

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