Invesco Perpetual is to change the remit of its Global Targeted Returns fund so that it can invest no more than 10 per cent in the group’s other portfolios.
Presently the vehicle can invest up to 100 per cent of its value in other Invesco funds, but the growth in the portfolio’s assets under management - AUM has swelled from £456m to £2.9bn in the past 12 months - has prompted the asset manager to make the adjustment.
Invesco Perpetual head of client services Jonathan Lowe said in a letter to shareholders: “Now that the fund is of a sufficient size, exposure to [other] strategies is now primarily achieved by investing directly in the underlying assets rather than directly into other Invesco and Invesco Perpetual funds.”
“From October 19 2015 we are amending the prospectus so that the Invesco Perpetual Global Targeted Returns fund can invest no more than 10 per cent in other funds, in line with how it is currently being managed.”
The fund has previously invested a “significant proportion” of assets into other Invesco and Invesco Perpetual funds since its launch in September 2013, Mr Lowe added in the letter.
The fund’s investment process, strategy and risk profile remain unchanged.
Managed by former Standard Life Investments Gars managers David Millar, Richard Batty and Dave Jubb, the fund has delivered a total return of 12 per cent since inception. Annualised volatility over the past 12 months stands at 5.34 per cent, according to FE Analytics.
