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Shake-up for Invesco global equity funds

Invesco Perpetual has revamped its flagship £1.4bn global equity retail funds, including axing the number of holdings and shifting to a best ideas strategy.

The company is gearing up for a marketing push on the funds. Its new chief investment officer Nick Mustoe has taken over full control of the global equity and global smaller companies funds from former CIO Bob Yerbury following Yerbury’s phased retirement. Changes to the investment management committees are complete.

The £1.15bn global equity fund has seen its holdings slashed from 293 in June 2009 to around 90 now and Mustoe is now running it as a best ideas portfolio, with Invesco’s regional teams pitching stock ideas to a central team headed by Mustoe.

The £274m global smaller companies fund has around 330 holdings compared with nearly 600 a year ago.

The fund still defers stock selection decisions to individual regional managers, as did the global equity fund, but it has been given a new global smaller companies team, led by Mustoe, to make asset allocation calls.

Its US equity portion has been handed to Invesco’s Houston-based manager Juliet Ellis who selects fewer stocks than the previous quantitative manager.



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