Invesco Global Equity Income (IGET)

One of the premises of Invesco Global Equity Income’s (IGET) investment philosophy is that you need to be different to outperform the market. This has been demonstrated over the past five years (to 22/09/2026), as IGET has delivered returns comfortably in excess of the MSCI World Index. Impressively, this outperformance was achieved while taking less market risk and experiencing significantly less downside in falling markets.

Since the start of the year, managers Stephen Anness and Joe Dowling have trimmed the Portfolio’s exposure to companies providing essential components for the build-out of AI infrastructure, such as Dell Technologies. This is because these stocks have seen their share prices surge, with the managers assessing them to now present valuation risks. Conversely, they have built new positions in Microsoft and Amazon, which have been left behind by the market, but remain key players in the development of AI thanks to their cloud businesses. However, it is worth noting that, overall, the information technology sector, which includes many AI-related companies, is currently IGET’s largest sector underweight.

Stephen and Joe have also taken advantage of the sell-off in software-related names in early 2026 to initiate positions in companies like RELX and London Stock Exchange Group. As such businesses are owners of proprietary data that AI cannot easily replicate, they believe the fears of AI disruption for these companies are overstated. In addition, the managers have increased their exposure to companies unrelated to AI, such as Tractor Supply, a retailer serving rural communities in the US.

The board targets a Dividend of 16.0p for FY 2027, resulting in a c. 4% prospective yield. This also represents an 18.5% year-on-year increase, meaning that IGET is on track to deliver a 17th consecutive year of annual dividend growth, which would reinforce its status among the AIC’s next generation of dividend heroes.