Invesco Asia Trust
Combination to create the ‘go-to’ Asian trust
28 October 2024
Invesco Asia Trust (IAT) today announced the combination with Asia Dragon Trust (DGN), involving the transfer of certain assets of the latter to IAT in exchange for new IAT shares through a scheme of reconstruction and wind-up of DGN, with the new entity renamed Invesco Asia Dragon Trust. Investors in both trusts will benefit from IAT’s investment strategy with a proven track record, greater economies of scale, a new attractive fee structure, as well as an unconditional tender offer for up to 100% of the issued share capital conducted every three years. MORE »
Patiently waiting for re-rating of Chinese equities
4 June 2024
Invesco Asia Trust (IAT) posted a one-year NAV total return (TR) to end-May 2024 of 3.8%, below its benchmark return of 8.7%, as some of IAT’s Chinese stock picks de-rated significantly over the period. That said, IAT’s managers remain confident in their current Chinese holdings (and the trust’s overweight position to China/Hong Kong), as they believe that the widespread weakness in local equities has allowed them to build a portfolio of high-quality names at attractive valuations. IAT also remains overweight South Korea, and the trust could benefit from the recently announced government initiative aimed at enhancing the appeal of local equities through reforms to corporate governance and enhanced distributions to shareholders (inspired by the recent success in Japan). MORE »
Abundance of earnings recovery
2 June 2021
Invesco Asia Trust (IAT) continues to generate double-digit annualised NAV total return (11.8% over the past 10 years), supported by consistent income. In August 2020, the board introduced a new dividend policy to pay a regular six-monthly dividend equivalent to 2% of NAV (4% pa), a sizeable dividend enhancement from the FY20 annual dividend of 7p per share, at c 2.5% of NAV. The fund manager, Ian Hargreaves, runs the portfolio, blending growth and value styles. He targets double-digit annualised returns from each portfolio holding for over three years. MORE »
Rallying out of the crisis
2 September 2020
Invesco Asia Trust (IAT) has generated an annualised NAV total return of 10.1% over the past 10 years, supported by steady income. The board aims to pay a regular six-monthly dividend equivalent to 2% of NAV. A performance-related conditional tender offer (subject to shareholder approval), announced in August 2020, emphasises the board’s focus on total return. The fund manager, Ian Hargreaves, who has co-managed IAT since 2011 and has been sole manager since 2015, aims to outperform the market over three- to five-year rolling periods, following a bottom-up, contrarian approach, blending growth and value. He targets a double-digit annualised return from each portfolio holding. The manager expects his strategy to work well in the current environment. MORE »
Weak markets may present golden opportunities
16 March 2020
Invesco Asia Trust’s (IAT’s) primary objective is to deliver long-term capital returns through investing in Asian companies that are worth more than the market believes, following a rigorous bottom-up process. Over the past 10 years the trust has generated an annualised NAV total return of 10%. Investor sentiment towards Asian equities has suffered from an extended period of negative events, including trade disputes, political protests in Hong Kong and, more recently, the outbreak of the coronavirus. The manager, Ian Hargreaves, has a long-term investment horizon and believes golden opportunities are presenting themselves in this environment. MORE »
Exciting opportunities emerging
27 September 2019
Invesco Asia Trust (IAT) aims to deliver significant capital returns to shareholders over the long term through investing in Asian equities, following a rigorous bottom-up process. The manager, Ian Hargreaves, is not constrained by index considerations and the portfolio of 50–70 stocks represents his highest-conviction investment ideas over a three- to five-year horizon. The trust has a solid medium- and long-term performance track record and has generated an annualised NAV total return of 11.3% over 10 years, while its dividend per share has more than doubled. MORE »
Disciplined Asia specialist, solid long-term returns
19 March 2019
Invesco Asia Trust (IAT) aims to provide significant capital returns over the long-term through investing in listed companies in Asia. It follows a rigorous bottom-up investment process with few constraints, to build a relatively concentrated 50–70 stock portfolio representing the manager’s highest-conviction ideas over a three- to five-year horizon. The approach also emphasises the valuation discipline and favours cash-generative companies, which is reflected in the underlying portfolio yield of c 3%. IAT has increased its annual dividend in seven out of the past 10 years and over that time has delivered an annualised NAV total return of c 16%. MORE »
Opportunities emerging in Asian equities
18 September 2018
Invesco Asia Trust (IAT) aims to deliver significant capital gains to shareholders over a three- to five-year horizon, primarily through investing in Asian equities, following a disciplined, bottom-up process. It has a solid long-term track record of NAV total return outperformance against its benchmark and has delivered annualised returns of 13% pa over the past 10 years. Although the primary objective is capital gains, since 2001 IAT has also consistently maintained or grown dividends, which increased 28% in FY18. The MSCI Asia ex-Japan index has corrected around 18% from its January 2018 peak and the manager believes many interesting investment ideas are emerging. MORE »
Track record of solid long-term performance
23 March 2018
Invesco Asia Trust (IAT) aims to provide attractive long-term capital growth through investing in a diversified portfolio of Asian and Australasian equities. With few investment constraints, the relatively concentrated portfolio of 50-60 stocks is a reflection of the manager’s highest conviction ideas, driven primarily by bottom-up considerations. IAT has a solid long-term track record and its NAV total return has outperformed the benchmark over three, five and 10 years. Asian equities have performed strongly over the past two years, leaving valuations above the historic average. However, they remain at a meaningful discount to global equities, and the manager continues to find attractive long-term investment ideas. MORE »
Track record of solid long-term performance
23 March 2018
Invesco Asia Trust (IAT) aims to provide attractive long-term capital growth through investing in a diversified portfolio of Asian and Australasian equities. With few investment constraints, the relatively concentrated portfolio of 50-60 stocks is a reflection of the manager’s highest conviction ideas, driven primarily by bottom-up considerations. IAT has a solid long-term track record and its NAV total return has outperformed the benchmark over three, five and 10 years. Asian equities have performed strongly over the past two years, leaving valuations above the historic average. However, they remain at a meaningful discount to global equities, and the manager continues to find attractive long-term investment ideas. MORE »
Still finding attractive investment opportunities
3 October 2017
Invesco Asia Trust (IAT) seeks capital appreciation from a diversified portfolio of Asian equities across the market cap spectrum. Despite a re-rating of global equities, the manager is still finding attractive investment opportunities across a variety of sectors and geographies. IAT is benchmarked against the MSCI AC Asia ex-Japan index; its NAV total return has outperformed over one, three, five and 10 years. It has also outperformed peers over these periods, ranking first over five years. The board actively manages the share price discount to ex-income NAV via share repurchases. Despite the focus on capital growth, IAT’s annual dividends have increased or been maintained every year since 2001. MORE »
Sustained outperformance versus benchmark
9 December 2016
Invesco Asia Trust (IAT) aims to generate long-term capital growth from investment in Asia ex-Japan equities across the capitalisation spectrum. The portfolio of c 60 stocks is diversified by sector and geography. IAT’s NAV total return has outperformed its MSCI AC Asia ex-Japan benchmark over one, three, five and 10 years. Near-term absolute returns have been particularly strong, having been enhanced by a fall in the value of sterling. IAT’s board actively manages the share price discount to ex-income NAV via tender offers and share repurchases. Annual dividends have been maintained or increased every year since 2001; the current yield is 1.6%. MORE »
Unconstrained investment in Asia Pacific region
14 June 2016
Invesco Asia Trust (IAT) seeks capital appreciation from a portfolio of Asia Pacific ex-Japan stocks, diversified by sector and geography. Despite investor concerns about slowing growth in the region, and China in particular, the manager is finding attractive investment opportunities. IAT’s NAV has outperformed its benchmark over the short, medium and long term. In absolute terms, over 10 years both the NAV and share price have returned more than 10% pa. IAT has a 1.9% dividend yield, which compares favourably with its close peers. MORE »
Quality, value and growth across Asia
26 November 2015
Invesco Asia Trust (IAT) has marked the year of its 20th anniversary with the appointment of Ian Hargreaves as sole manager and the adoption of the MSCI AC Asia ex-Japan index as its benchmark. The trust continues to seek capital growth from a portfolio of attractively valued Asian companies, and retains a small weighting in Australia. Long-term performance remains strong in both absolute and relative terms; while the sharp summer sell-off that began in China has had an impact on short-term numbers, the manager is finding growing companies on attractive valuations as a result. IAT has a 2.1% yield and an established record of year-on-year dividend growth. MORE »
Focused portfolio unconstrained by benchmark
20 February 2015
Invesco Asia Trust (IAT) is a specialist, actively-managed closed-end fund that aims to achieve long-term capital growth through investing in a diversified portfolio of companies in the Asia-Pacific region excluding Japan. Sector and geographic allocations are not constrained by the benchmark, which will change in May 2015 to an index excluding Australia, reflecting IAT’s historical underweight to that market. Performance has been ahead of the benchmark over one, three, five and 10 years and IAT’s 1.8% yield is above average among peers focused on capital growth. MORE »
Positive performance from ‘best ideas’ portfolio
26 June 2014
Invesco Asia Trust (IAT) aims to achieve long-term capital growth through investing in undervalued companies in the Asia-Pacific region, including Australia but excluding Japan. The trust has outperformed the benchmark MSCI AC Asia Pacific ex Japan Index over one, three, five and 10 years and has recently seen its discount tighten to a band below its longer-term average. Managers Stuart Parks and Ian Hargreaves continue to see good potential for medium-term economic improvements in the region, partially driven by reforms in China and India, and are focusing on positioning the portfolio to benefit from this. MORE »
Stronger performance, wide discount
20 December 2013
Invesco Asia Trust (IAT) aims to achieve long-term capital growth through equity investments in Asia (including Australia and excluding Japan). The relative performance of the trust has strengthened markedly over the last six months and the trust has outperformed its benchmark over one, three and five years. Continuation of global economic recovery should favour the portfolio's bias towards economically sensitive stocks. The improved performance has yet to be reflected in a narrowing of the discount. MORE »
Look to the long term
18 June 2013
Invesco Asia Trust (IAT) has an actively managed portfolio of Asian equities (including Australia but excluding Japan), which is co-managed by Stuart Parks and Ian Hargreaves. Their stock-picking approach uses a blend of fundamental bottom-up and top-down analysis with the aim of achieving absolute long-term capital growth. An underweight to Australia has contributed to short-term NAV underperformance over the past year of 0.4% vs the benchmark index, the MSCI AC Asia-Pacific ex-Japan. However, over the past five years, IAT has beaten its benchmark by 13.5%. MORE »
Long-term outperformance
1 November 2012
Invesco Asia Trust (IAT) targets long-term capital growth from a portfolio of Asian (ex-Japan) and Australasian equities. It is co-managed by Invesco Perpetual’s Stuart Parks and Ian Hargreaves, who actively manage the portfolio with a view to absolute returns, using a blend of fundamental bottom-up and top-down analysis. Given this active approach, short-term divergences from the benchmark index, the MSCI AC Asia Pacific ex-Japan, are inevitable, but IAT has beaten its benchmark by over 11% under the managers since 2004, despite a weaker performance in the last year. MORE »
