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Invesco Perpetual Hong Kong & China

Elite Rated by FundCalibre

This concentrated fund offers investors access to a multi-cap portfolio of Hong Kong and Chinese equities. Run by two experienced managers and a team based in Hong Kong, the fund focuses on fundamental company research, which has resulted in strong stock selection and outperformance in the past.

Company Description

Founded in 1969, Invesco Perpetual forms part of Invesco Ltd, a global independent investment management company with more than 740 dedicated investment professionals in more than 20 countries. Its focus is on equities but it also invests in fixed interest and other asset types. It was awarded the Elite Provider for Equities Rating in 2016 and 2017.

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Fund Manager

Mike Shiao and Lorraine Kuo run this fund. Mike also manages the Greater China and China Focus funds. He started his career in 1992 at Grand Regent Investment and joined Invesco in 2002. Lorraine joined Invesco in 2011, previously working for Deutsche Bank and Manulife Asset Management among others. She studied economics at National Taiwan University before achieving a Master of International Affairs degree from Columbia University.

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Our focus is to identify the competitive companies and figure out their value. The irrational share price movement will take care of the rest.

Mike Shiao - Fund Manager

The Investment Process

This fund focuses on fundamental company research. Mike believes there is a lack of research on Chinese equities, even for larger companies. The team invest in quality companies that hold leading positions in their industries. Meeting management is a key part of the process and they visit around 1,000 companies a year.

Risk

Risk is primarily managed at the stock level. All holdings in the fund must have some dividend, as this forces management to be disciplined. Work is done to ensure companies are on the side of minority shareholders. The team look for creative, efficient and sensible management. Not overpaying for a stock is also a key protection. The managers typically only invest where they believe a stock is undervalued by at least 30%.

Our Opinion

This fund’s experienced team has the resources to visit companies on the ground and to do its own in-house research. This gives it a major edge versus many of its peers. The managers have a solid investment process, which focuses on fundamentals. They are not afraid to hold positions that are substantially different from their benchmark, which is dominated by old state-owned companies.

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