Invesco Perpetual UK aggressive fund manager Ed Burke has more than doubled his large-cap exposure in the last year,He has added Royal Dutch and Shell, BT, Rio Tinto, Barclays, HSBC and ICI to his top 10 holdings, saying he is finding better value in large caps than small and mid-caps. The fund holds 24 stocks, with 65 per cent of the portfolio in the FTSE 100 compared with around 25 per cent three years ago. Burke, who has just passed his five-year anniversary running the £200m fund from launch, says he will keep a significant holding in selected small and mid-caps because he believes they still offer a better chance of strong growth. He has reduced stocks with a big US exposure. Burke is not unduly concerned about current volatility, saying decisions are made with a three-year view. He says: “Smaller special situations stocks have suffered in the correction but my focus is on making money on a rolling three-year basis. “We have gone through a period of sharp derating of the top end of the market because of ongoing selling by life companies and share prices have not kept up with earnings.” Invesco Perpetual aggressive has returned 118.5 per cent over five years to the end of July compared with a UK all companies sector average of 34.2 per cent, ranking it second out of 214 funds, according to Standard & Poor’s.