Invesco Global Focus (UK)
Invesco Global Focus is a high-conviction, concentrated fund, which invests in structural growth winners.
The philosophy behind the portfolio, which contains around 35 stocks, is to buy companies which are winning and then let them compound over time. Those with entrenched competitive advantages and attractive valuations are preferred.
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Fund Manager
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Fund Manager
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John Delano is a senior portfolio manager for the Global Equity strategy. He joined the firm in May 2007 as a senior research analyst, specializing in consumer discretionary and staples sectors for mid- and large-cap growth stocks. John moved to the Global Equity team in October 2010. Before this, he worked at Putnam Investments for nine years, covering large-cap growth and focusing on hardware, software, and telecommunications, while also serving as a derivatives and equity analyst. His career began as a trader at NationsBanc–CRT. John holds a B.S. in Civil Engineering from the University of Virginia, an M.B.A. from Duke University, and is a CFA charterholder.
John Delano is a senior portfolio manager for the Global Equity strategy. He joined the firm in May 2007 as a senior research analyst, specializing in consumer discretionary and staples sectors for mid- and large-cap growth stocks. John moved to the Global Equity team in October 2010. Before this, he worked at Putnam Investments for nine years, covering large-cap growth and focusing on hardware, software, and telecommunications, while also serving as a derivatives and equity analyst. His career began as a trader at NationsBanc–CRT. John holds a B.S. in Civil Engineering from the University of Virginia, an M.B.A. from Duke University, and is a CFA charterholder.
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Company Description
Founded in 1969, Invesco forms part of Invesco Ltd, a global independent investment management company with more than 7000 employees in more than 25 countries. Its focus is on equities, but it also invests in fixed interest and other asset types. In October 2018, Invesco Perpetual dropped its Perpetual branding and is now simply known as Invesco.
Fund Performance
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Investment process
The manager has a no-nonsense philosophy and investment process. The strategy is simple but effective: identify a long-term persistent trend, such as cloud computing, and find the best businesses in that area.
There are monumental shifts happening in the real world, providing tremendous opportunities and risk. It is critical to invest on the right side of these trends. Current trends the fund considers are the rise of e-commerce, digital payments, cloud computing, network security software, life sciences tools, mobile technologies, social media and digital customer service.
The manager believes only three questions are worth asking which drives the fundamental research: Is this business ever worth owning? At what price? And is management working for shareholders?
He invests in companies for the long term and looks to benefit as growth compounds over time. A typical investment time horizon is 3-5 years.
The manager typically meets with the management of each company held in the portfolio once a year.
Risk
The fund is highly concentrated but carefully constructed to ensure good diversification across themes and sectors. It invests in structural winners and avoids cyclical stocks which are typically more vulnerable to a market sell-off. The portfolio is carefully balanced for risk and reward, with higher weightings going to the best ideas.
ESG
ESG - Integrated
The straightforward approach of this fund incorporates ESG issues from a philosophical point of view. This approach is to understand firms with enduring products or services, that are benefitting from long-term structural trends, with defendable positions. Holistically, this is likely to lead to those with sustainable practices, that treat stakeholders of the business fairly, and have a responsible approach with regards to environmental practices. Firms that don’t have these traits are unlikely to match the managers’ concept of structural winners. To supplement the team's own work, it has access to Invesco’s in-house tool, ESGIntel. This tool takes inputs from the entire scope of a business’ operations, including raw material sourcing, treatment of suppliers, and internal policies. This fund has a particular focus on the governance element. The manager is looking for management teams that have alignment with minority shareholders, have strong capital discipline and who think with a long-term outlook.
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