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Invesco Global Emerging Markets
Invesco Global Emerging Markets is a highly active fund that consists of around 50 best ideas across emerging markets. The management team has a tight focus on valuation and contrarianism that is aided by its genuinely unconstrained investment approach.
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Ian joined Invesco in September 1994 and is now Co-Head of the Henley-based Asian & Emerging Markets Equity team. He manages several pan-Asian portfolios, including the Invesco Asian Equity Fund and the Invesco Asia Trust, and co-manages the Invesco Global Emerging Markets Fund (UK). Ian began his investment career with Invesco in Hong Kong before returning to the UK in January 2005. He holds a BA (Hons) in Chinese Studies from Durham University and is a CFA Charterholder.
Charles joined Invesco in April 2012 and is a Fund Manager in the Henley-based Asian & Emerging Market Equities team. He leads the management of the Invesco Global Emerging Markets Fund (UK) and the Invesco Emerging Markets Equity Fund, and also co-manages the Invesco Emerging Markets ex China Fund (UK). Charles began his investment career in January 2011 with the fund research team at Chelsea Financial Services. He holds a BSc (Hons) in International Relations from the University of Manchester and the Investment Management Certificate from the CFA Society of the UK.
William is Co-Head of the Henley-based Asian & Emerging Markets Equity team at Invesco, where he manages or co-manages several Asian portfolios, including the Invesco Asian (UK) fund. He started his investment career in 2001 at Orbis Investment Advisory as a global investment analyst before joining Invesco’s Asian Equities team in 2006. William holds a first-class MA in Psychology and Philosophy from Oxford University, an MSc in Music Technology from York University, and is a qualified chartered accountant and CFA Charterholder.
Matthew joined Invesco in July 2022 as a Deputy Fund Manager in the Henley-based Asian and Emerging Market Equities team. He began his career in 2014 at The Bank of Tokyo-Mitsubishi through their graduate banking program. In 2017, he joined Jupiter Asset Management as an investment analyst, working on various Emerging Markets equity funds. Matthew holds a BA (Honours) in Modern History from the University of Oxford and is a CFA charterholder.
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Talking Factsheet
Investment process
At the core of this fund’s philosophy and approach to investing is the view that valuation is paramount. The team seeks to invest in companies that are trading at a significant discount to its estimate of fair value and looks for ideas in unloved areas.
Investment decisions are made to try to exploit market inefficiencies caused by investor behavioural biases. These biases include things like market overreaction to short-term issues and trend extrapolation. While the fund doesn’t have a specific style bias, it does have a slight value tilt.
The majority of the team's research is focused on analysing individual stocks, including evaluating a company's competitive advantages, management quality, balance sheet strength, and identifying key factors that drive earnings.
The team has established an investable universe of approximately 1,000 stocks, extensively researched over a significant period. The team aims to further narrow down the investable universe into a dynamic buy-list called the ‘Company Shortlist’, comprising around 100 stocks. Some of these stocks are already held in the portfolio, while others are potential candidates for inclusion. The Company Shortlist is continuously evaluated and ranked based on changing share prices and fundamentals.
Conducting company meetings is an essential stage in the fund managers’ process, as it helps solidify their comprehension of the business's characteristics, key drivers, competitive standing, and the management's potential to achieve their objectives.
The portfolio construction process comes next, where the managers aim to optimise exposure to the most appealing stocks, sectors, and themes by creating a concentrated portfolio consisting of around 50 stocks. The weightings assigned to each stock reflect the team's assessment of its attractiveness and the level of conviction.
Risk
Risk management is embedded in the process. Multiple groups also oversee and support the investment team throughout the process, including risk committees, global compliance, and the investment risk team. Investment in emerging markets tends to be more volatile than in developed markets. There are also currency risks to consider.
ESG
The team takes a comprehensive approach by examining a company's ESG credentials alongside traditional financial and qualitative factors to establish a fair value. It particularly emphasises the concept of ESG materiality (the impact of ESG factors on fair value) and ESG momentum (the potential for ESG improvement over time), as both factors can influence a stock's potential returns and the team's level of conviction in an investment.
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