INVESCO Perpetual has introduced the UK aggressive fund.
This unit trust is designed for long term growth by investing in a portfolio of mainly UK securities, with some European securities as well. The fund is aimed at the experienced high net worth investor who is looking for long term returns by adding a high-risk fund to their existing portfolio.
The fund will invest in a spread of up to 30 companies and will concentrate on companies that the fund team feels are currently undervalued but with good potential for growth. It will also consider companies undergoing management restructuring as well as tech wrecks, or technology companies that have fallen sharply in value but which have potential.
Some of the companies that the fund will invest in include Northern Rock, Rolls Royce, Courts, Wilson Bowden, Somerfield, Cambridge Antibody/Oxford Glycosciences and Psion.
The UK aggressive fund will be managed by Ed Burke, who joined Perpetual in 1999 and who has been managing the UK content of the INVESCO Perpetual international core, the Perpetual international growth and the Perpetual worldwide recovery funds.
Over the past six months the UK market has experienced a great deal of volatility and the success of the fund will therefore depend on the ability of the fund team to ride out the current storm.
According to Standard & Poor's the Invesco Perpetual international growth fund is ranked 119 out of 122 funds, based on £1,000 invested on a bid-to-bid basis with net income reinvested over three years to July 16, 2001.