Invesco Asia Trust: Long Term Performance Remains Strong
Edison | Nov 26, 2015 11:37PM ET
Quality, value and growth across Asia
Invesco Asia Trust (L:IAT) has marked the year of its 20th anniversary with the appointment of Ian Hargreaves as sole manager and the adoption of the MSCI AC Asia ex-Japan index as its benchmark. The trust continues to seek capital growth from a portfolio of attractively valued Asian companies, and retains a small weighting in Australia. Long-term performance remains strong in both absolute and relative terms; while the sharp summer sell-off that began in China has had an impact on short-term numbers, the manager is finding growing companies on attractive valuations as a result. IAT has a 2.1% yield and an established record of year-on-year dividend growth.
Investment strategy: Focus on undervalued leaders
From 1 January 2015 IAT has been managed solely by Ian Hargreaves, although the manager is still able to draw on the input of former co-manager Stuart Parks, Invesco Perpetual’s head of Asian equities, as well as the wider Asian team. The investment approach combines stock picking with top-down macro views to build a portfolio of c 60 stocks that the manager feels have strong competitive advantages and are undervalued compared with their growth prospects. Regular visits to the region help the manager identify high-conviction investment ideas, and the portfolio is constructed with minimal consideration of benchmark weightings.
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