Fact sheet: Invesco Perpetual Monthly Income Plus

Rated Fund Information
Rated Funds Group
?Money Observer has arranged all its Rated Funds into easy to understand Rated Fund Groups, comprising funds and investment trusts.
STERLING BONDS
Sector
UT Sterling Strategic Bond
Fund type
OEIC
Primary aim
INCOME
Why Money Observer Rates Invesco Perpetual Monthly Income Plus

Rated Fund 2013-2018. A strong team combining bonds and equities

As its name suggests, this fund pays a monthly income, so it is an attractive option for income-seekers. Its current yield is 4.3 per cent. The bond portfolio consists of higher-yielding corporate and government bonds and is managed by one of the UK's most highly rated fixed income teams, Paul Causer and Paul Read.

Unlike most of its peer group in the strategic bond sector, it also includes an element of equities, which gives it extra flexibility. It had 15 per cent of a maximum 20 per cent in shares at the end of 2017, but the defensive positioning of these has arguably held it back compared with other high income funds. The equity portfolio is managed by Ciaran Mallon.

Causer and Read's investment process involves three key elements. They take into account global trends, such as the general direction of monetary policy. They look at the risks involved in investing in individual bonds, and then they consider whether the potential returns sufficiently justify the risks. Mallon looks for well-managed companies that seek to deliver sustainable dividend growth.

The fund has been a long-term stalwart across Whitechurch Securities' income-focused investment portfolios. The wealth manager has invested in the fund for almost 15 years. Ben Willis, its head of research, says: ムThis fund delivers a superior yield, largely through a long-term favoured proclivity to

financial debt. This has seen the fund deliver exceptional returns in the QE environment and beyond.'<\p>

3 Year Performance
Fund Performance11.4%
Average of Rated Funds Group15.8%
Sector Performance8.8%
Fund information
Fund name
Invesco Perpetual Monthly Income Plus Z Acc
Fund manager company
Invesco Perpetual Fund Mgrs
Fund type
OEIC
Fund managers
  • Paul Readsince 06/02/1999
  • Paul Causersince 06/02/1999
  • Ciaran Mallonsince 15/10/2013
Accolades
Fund objective
The objective of the fund is to achieve a high level of income together with capital growth over the medium to long term. The fund invests primarily in high yielding corporate and government fixed interest and other debt securities globally (which may be sub-investment grade or have no credit rating) and shares of companies. The fund may use derivatives (complex instruments) and other financially linked instruments in order to meet the fund’s investment objective and to reduce risk, minimise costs and/or generate additional capital or income. The fund is actively managed within its objectives and is not constrained by a benchmark.
Benchmark
  • IA £ Strategic Bond
Investment style
Cautious
Investment method
None
Quick stats
1 Year return
2.4%
1 Year rank in sector
12/81
Sector
UT Sterling Strategic Bond
Yield
4.8%
Ongoing charge (OCF)
?A fund’s ongoing charges figure (OCF) is similar to the old-style total expense ratio. It reflects the annual charge to investors in the fund, in percentage terms, but does not include extra performance-related fees (where these are levied) or the fund’s trading expenses on its underlying investments.
0.72%
Fund size
£3,235m (£3,321m last year)
FE Risk score
?FE Risk Scores measure the riskiness of instruments relative to the FTSE 100 index of shares. Weekly volatility is measured over three years with recent behaviour counting more heavily than earlier behaviour. Cash-type investments will have scores close to zero. Funds will tend to have scores in the 0-150 range. The FTSE 100 is always scored at 100. There is no upper limit.
22
Mid price
273.82
Top in this sector
Fund name1 Year
GAM Credit Opportunities GBP4.8%
Artemis High Income4.2%
Schroder Strategic Bond4.2%
AXA Framlington Mgd Inc4%
EdenTree Amity Sterling Bd3.6%
...more in UT Sterling Strategic Bond

Performance snapshot

Holdings snapshot

  • UK53.3%
    USA12.9%
    France7.7%
    Others5.6%
    Italy5.3%
  • Banks30.8%
    Government Bonds12%
    Insurance6.2%
    Foods5.7%
    Telecommunications5.7%
  • UK Fixed Interest40.5%
    UK Equities13.1%
    US Fixed Interest12.9%
    French Fixed Interest7.7%
    Italian Fixed Interest5.3%

Performance vs Sector

Cumulative performance
 1 mth3 mth6 mth1 yr3 yr5 yr
Fund0.1%0.1%-0.2%2.4%11.4%23.6%
Sector-0.4%-0.4%-0.8%0.3%8.8%17.4%
Rank within sector4 / 8522 / 8521 / 8412 / 8130 / 7518 / 70
Quartile1st2nd1st1st2nd2nd
Calendar performance
 YTD - 20182017201620152014
Fund-0.7%8.3%5.9%1.1%4.9%
Sector-1.5%4.9%7.3%-0.3%6.8%
Rank within sector18 / 858 / 8151 / 7619 / 7350 / 72
Quartile1st1st3rd2nd3rd
Risk statistics
Alpha
?Alpha is a measure of a fund's over- or under-performance by comparison to its benchmark. If the Alpha is 5, the fund has outperformed its benchmark by 5%; so the greater the Alpha, the greater the outperformance.
0.54
Beta
?Beta estimates a fund's volatility by comparison to that of its benchmark. A fund with a beta close to 1 means that the fund will move generally in line with the benchmark. Higher than 1 and the fund is more volatile than the benchmark and vice versa.
1.04
Sharpe
?This commonly-used measure calculates the level of return over and above the return of a notional risk-free investment, such as cash. The difference in returns is then divided by the fund's volatility. The resulting ratio is an indication of the amount of excess return generated per unit of risk.
0.05
Volatility
?Volatility (or standard deviation), when applied to an investment fund, expresses its risk. It shows how widely a range of returns varied from the fund's average return over a particular period. For example, if a fund had an average return of 5%, and its volatility was 15, this would mean that the range of its returns over the period had swung between +20% and -10%.
4.17
Tracking error
?This measures the standard deviation of a fund's excess returns over the returns of an index or benchmark portfolio. As such, it can be an indication of 'riskiness' in the manager's investment style. A Tracking Error below 2 suggests a passive approach. At 3 and above the the manager will be deploying a more active investment style.
2.45
Information ratio
?This is a useful risk-adjusted measure of actively managed fund performance. It is calculated by deducting the returns of the fund's benchmark from the fund's overall returns, then dividing the result by its tracking error. The higher the Information Ratio the better. It is generally considered that a figure of 0.5 reflects a good performance, 0.75 very good, and 1.00 outstanding.
0.26
R-Squared
?An indication of how closely correlated a fund is to an index or a benchmark. Values for R-Squared range between 0 and 1, with 0 indicating no correlation at all and 1 showing a perfect match. Values upwards of 0.7 suggest that the fund's behaviour is increasingly linked to its benchmark.
0.65
Price movement
52 week high277.24
52 week low267.86
Current bid price-
Current offer price-
Current mid price273.82
Region
1UK53.26%
2USA12.88%
3France7.68%
4Others5.63%
5Italy5.34%
6Germany3.76%
7Netherlands3.07%
8Mexico1.75%
9Spain1.44%
Industry sector
1Banks30.83%
2Government Bonds12.04%
3Insurance6.24%
4Foods5.7%
5Telecommunications5.69%
6Utilities5.55%
7Media4.76%
8Financials3.74%
9Industrials3.65%
Asset type
1UK Fixed Interest40.54%
2UK Equities13.13%
3US Fixed Interest12.88%
4French Fixed Interest7.68%
5Italian Fixed Interest5.34%
6Global Fixed Interest5.22%
7German Fixed Interest3.76%
8Dutch Fixed Interest3.07%
9Mexican Fixed Interest1.75%
Individual holdings
1LLOYDS BANK PLC 13% STEP-UP PERP CAP SECS GBP1000001.96%
2MEXICO(UNITED MEXICAN STATES) 7.5% BDS 03/06/27 MXN1001.59%
3BARCLAYS BANK PLC 14% STEP-UP CALL PERP RCI GBP500001.5%
4HBOS CAPITAL FUNDING 6.461% BDS 12/12/2049 GBP10001.5%
5NATIONWIDE BUILDING SOCIETY1.27%
6SOUTH AFRICA(REPUBLIC OF) 8.75% BDS 28/02/48 ZAR10000001.21%
7RWE AG 7% UNDATED NTS GBP1000001.19%
8VIRGIN MEDIA SECURED FINANCE PLC 4.875% BDS 15/01/27 GBP1000001.18%
9UNITED STATES OF AMER TREAS BILLS 1.25% TB 31/08/19 USD1001.1%
Management
Fund manager group
Invesco Perpetual
Fund manager company
Invesco Perpetual Fund Mgrs
Fund type
OEIC
Fund objective
The objective of the fund is to achieve a high level of income together with capital growth over the medium to long term. The fund invests primarily in high yielding corporate and government fixed interest and other debt securities globally (which may be sub-investment grade or have no credit rating) and shares of companies. The fund may use derivatives (complex instruments) and other financially linked instruments in order to meet the fund’s investment objective and to reduce risk, minimise costs and/or generate additional capital or income. The fund is actively managed within its objectives and is not constrained by a benchmark.
Benchmark
  • IA £ Strategic Bond
Investment style
Cautious
Investment method
None
Fund managers
NameSinceBiography
Paul Read06/02/1999Based in Henley-on-Thames, Paul co-leads Invesco Perpetual’s Fixed Interest team with Paul Causer, managing a number of government, corporate and non- investment grade portfolios. Paul began his investment career with UBS (Securities) Ltd in 1986, and then moved to Merrill Lynch International in 1988. Paul initially worked on the bond sales desk, covering institutional investment managers at Merrill Lynch, before moving on to debt trading and working as a director of fixed interest trading in Tokyo from 1991 and in Paris from 1993 before joining our company in 1995. He holds a BA in Economics and History from the University of Toronto and also has an MBA from INSEAD.
Paul Causer06/02/1999Based in Henley-on-Thames, Paul co-leads Invesco Perpetual’s Fixed Interest team with Paul Read, managing a number of government, corporate and non- investment grade portfolios. Paul began his investment career in 1983 in research and credit analysis with Asahi Bank, the large Japanese commercial bank. He then moved to the bank's treasury department and traded securities and derivative instruments until 1990 when he was given responsibility for managing the bank's multi-currency investment portfolio before joining our company in 1994. Paul holds a BSc in Economics from the London School of Economics.
Ciaran Mallon15/10/2013Based in Henley-on-Thames, Ciaran is responsible for the management of a number of UK equity portfolios. Ciaran began his investment career in 1994, joining HSBC where he was as an investment analyst before moving to United Friendly Asset Management (UFAM) in 1999 as a fund manager and joining our company in 2005. He holds an MA in Chemistry from Oxford University, the Securities Institute Diploma and is a CFA Charterholder.
Compliance
Transparent for Swiss Tax, IA Recognised, UCITS IV Compliant
Domicile
No data available.
Fund for sale in
United Kingdom
Invesco Perpetual Monthly Income Plus Acc
Initial charge5%
Annual charge-
Min single investment£500
Min regular saving£100
Available in ISAYes
Ongoing charge (OCF)1.42%
Total expense ratio (TER)1.44%
Bid price-
Offer price-
Mid price329.57
CurrencyGBX
Price updated21/05/2018
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codePE50
Invesco Perpetual Monthly Income Plus Inc
Initial charge5%
Annual charge-
Min single investment£500
Min regular saving£100
Available in ISAYes
Ongoing charge (OCF)1.42%
Total expense ratio (TER)1.44%
Bid price-
Offer price-
Mid price108.27
CurrencyGBX
Price updated21/05/2018
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codePE49
Invesco Perpetual Monthly Income Plus No Trail Acc
Initial charge5%
Annual charge-
Min single investment£500
Min regular saving£100
Available in ISAYes
Ongoing charge (OCF)0.92%
Total expense ratio (TER)0.94%
Bid price-
Offer price-
Mid price192.52
CurrencyGBX
Price updated21/05/2018
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeZ503
Invesco Perpetual Monthly Income Plus No Trail Inc
Initial charge5%
Annual charge-
Min single investment£500
Min regular saving£100
Available in ISAYes
Ongoing charge (OCF)0.92%
Total expense ratio (TER)0.94%
Bid price-
Offer price-
Mid price108.07
CurrencyGBX
Price updated21/05/2018
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeZ504
Invesco Perpetual Monthly Income Plus Y Acc
Initial charge5%
Annual charge-
Min single investment£500
Min regular saving£100
Available in ISAYes
Ongoing charge (OCF)0.67%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price237.86
CurrencyGBX
Price updated21/05/2018
TypeAccumulation
Institutional or retail classInstitutional
Domicile-
Citi codeK63M
Invesco Perpetual Monthly Income Plus Y Inc
Initial charge5%
Annual charge-
Min single investment£500
Min regular saving£100
Available in ISAYes
Ongoing charge (OCF)0.67%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price198.57
CurrencyGBX
Price updated21/05/2018
TypeIncome
Institutional or retail classInstitutional
Domicile-
Citi codeK63O
Invesco Perpetual Monthly Income Plus Z Acc
Initial charge5%
Annual charge-
Min single investment£500
Min regular saving£0
Available in ISAYes
Ongoing charge (OCF)0.72%
Total expense ratio (TER)0.82%
Bid price-
Offer price-
Mid price273.82
CurrencyGBX
Price updated21/05/2018
TypeAccumulation
Institutional or retail classInstitutional
Domicile-
Citi codeGUWW
Invesco Perpetual Monthly Income Plus Z Inc
Initial charge5%
Annual charge-
Min single investment£500
Min regular saving£0
Available in ISAYes
Ongoing charge (OCF)0.72%
Total expense ratio (TER)0.72%
Bid price-
Offer price-
Mid price215.41
CurrencyGBX
Price updated21/05/2018
TypeIncome
Institutional or retail classInstitutional
Domicile-
Citi codeGUWX
Data provided by

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