Invesco ICVC Responsible Japanese Equity Value Discovery Fund (UK) Class Z Acc
Report And Accounts
Simplified Prospectus / KIID
Private Investor Factsheet
Professional Investor Factsheet
Performance
Discrete performance - to last month end
| 31/03/19 to 31/03/20 |
31/03/20 to 31/03/21 |
31/03/21 to 31/03/22 |
31/03/22 to 31/03/23 |
31/03/23 to 31/03/24 |
|
|---|---|---|---|---|---|
| Fund | -18.7% | 27.7% | -5.7% | -2.5% | 15.2% |
| Sector | -3.4% | 31.8% | -4.4% | 0.7% | 18.2% |
| Rank | 92/93 | 63/93 | 66/98 | 74/101 | 76/101 |
| Quartile | 4 | 3 | 3 | 3 | 3 |
Annualised performance
| Annualised | ||||
|---|---|---|---|---|
| 3 Years to 31/03/24 |
5 Years to 31/03/24 |
10 Years to 31/03/24 |
||
| Fund | 2.0% | 1.9% | 5.9% | |
| Sector | 4.4% | 7.7% | 9.4% | |
| Rank | 68/97 | 87/93 | 67/68 | |
| Quartile | 3 | 4 | 4 | |
Top 10 Holdings
| Stock | % Weight |
|---|---|
| HITACHI | 5.02 |
| MITSUBISHI CORPORATION | 4.67 |
| MITSUBISHI UFJ FINANCIAL GROUP | 4.39 |
| YAMAHA MOTOR CO. LTD | 4.39 |
| DAIWA HOUSE INDUSTRY CO. | 3.96 |
| FUJITSU LIMITED | 3.75 |
| MURATA MANUFACTURING CO. | 3.73 |
| NITTO DENKO CORP | 3.67 |
| ORIX CORPORATION | 3.62 |
| SUZUKI MOTOR CORP | 3.59 |
| Total | 40.78 |
Fund Aims
The Fund aims to achieve long-term (5 years plus) capital growth. The Fund invests at least 80% of its assets in shares or other equity related securities of companies incorporated, domiciled or carrying out the main part of their economic activity in Japan which meet the Fund’s environmental, social and governance (ESG) criteria as further detailed below. The Fund follows the following ESG methodology: 1. Negative ESG screening: The Fund will exclude companies with a certain level of involvement in some sectors, including but not limited to weapons, coal, fossil fuels, tobacco, adult entertainment and gambling, as well as companies not compliant with the UN global compact principles. The current exclusion criteria may be updated from time to time. 2. Positive ESG screening: The Fund will also increase overall exposure to those companies with sufficient practice and standards in terms of ESG and sustainable development, based on the fund manager’s proprietary rating system. In pursuing the Fund’s investment objective, the fund manager may consider it appropriate to also invest in other transferable securities (including non Japanese companies), money-market instruments, collective investment schemes (including funds managed by the Invesco group), deposits and cash. The Fund intends to invest 100% of its assets (excluding cash and cash equivalents) in investments meeting the ESG screening criteria described above. Derivatives use: The Fund may use derivatives for efficient portfolio management purposes only, to reduce risk, reduce costs and/or generate additional capital or income. Such derivatives may not be fully aligned with the Fund’s ESG screening criteria.
Fund Manager
Based in Tokyo, Daiji is Chief Portfolio Manager for Japanese Equity Value portfolios.
Daiji started his investment career in 1986, gaining fund management experience at a number of firms including Bank of Tokyo, Tokyo-Mitusbishi Asset Management, Citigroup Asset Management, Western Asset Management and most recently Morgan Stanley, where he was Head of Equity Investments. He joined our company in 2010 as a result of Invesco’s acquisition of Morgan Stanley’s retail asset management business.
He holds a BA in Political Science from Waseda University, holds the Chartered Financial Analyst® (CFA®) designation and is a member of the Security Analysts Association of Japan.
Fund Overview
| Mid (26/04/2024) | 503.99p |
| Historic yield | 1.30% |
| Fund size (31/01/2024) | £106.88m |
| Number of holdings | 166 |
| Entry Charge | 0.00% |
| Ongoing Charges | 0.75% |
| Launch date | 11/12/2012 |
Asset Allocation
| International Equities | 99.80% | |
| Money Market | 0.46% | |
| UK Corporate Bonds | 0.08% | |
| International Bonds | -0.06% | |
| Cash and Equivalents | -0.31% | |
| Other Assets | 0.02% |
Important Information
Source of portfolio data: Broadridge. Source of performance data: FE fundinfo. We can’t predict the future. Past performance isn’t a guide to future performance. The figures shown are intended only to demonstrate performance history of the fund, after allowing for the impact of ongoing charges, but take no account of product charges. Ongoing charges may vary in the future and may be higher than they are now. Fund performance is based upon the movement of the daily price and is shown as total return in GBP with income reinvested. The value of your client’s investment can go down as well as up and the amount your client gets back may be less than they put in.
This factsheet is for investment professionals and is for information purposes only. Should you wish to present any of this content to your client, please refer to similar pages on pru.co.uk. You should refer to your client’s policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this information or make any warranties regarding results from its usage.
Asset Allocation
| International Equities | 99.80% | |
| Money Market | 0.46% | |
| UK Corporate Bonds | 0.08% | |
| International Bonds | -0.06% | |
| Cash and Equivalents | -0.31% | |
| Other Assets | 0.02% |
Equity Sector Breakdown
| Industry | Supersector | Sector | Subsector | ||
|---|---|---|---|---|---|
| Industrials | 27.49% | - | - | - | |
| Industrial Goods & Services | - | 22.32% | - | - | |
| General Industrials | - | - | 9.69% | - | |
| Diversified Industrials | - | - | - | 9.69% | |
| Industrial Support Services | - | - | 7.06% | - | |
| Business Training & Employment Agencies | - | - | - | 3.31% | |
| Security Services | - | - | - | 2.41% | |
| Industrial Suppliers | - | - | - | 1.33% | |
| Industrial Engineering | - | - | 5.58% | - | |
| Machinery: Industrial | - | - | - | 3.98% | |
| Machinery: Construction & Handling | - | - | - | 1.60% | |
| Construction & Materials | - | 5.17% | - | - | |
| Construction & Materials | - | - | 5.17% | - | |
| Building Materials: Other | - | - | - | 3.00% | |
| Building: Climate Control | - | - | - | 2.17% | |
| Consumer Discretionary | 27.19% | - | - | - | |
| Consumer Products & Services | - | 13.70% | - | - | |
| Household Goods & Home Construction | - | - | 8.09% | - | |
| Home Construction | - | - | - | 5.45% | |
| Household Equipment & Products | - | - | - | 2.64% | |
| Leisure Goods | - | - | 5.61% | - | |
| Recreational Vehicles & Boats | - | - | - | 4.39% | |
| Consumer Electronics | - | - | - | 1.22% | |
| Automobiles & Parts | - | 9.76% | - | - | |
| Automobiles & Parts | - | - | 9.76% | - | |
| Auto Parts | - | - | - | 4.18% | |
| Automobiles | - | - | - | 3.59% | |
| Tires | - | - | - | 1.99% | |
| Travel & Leisure | - | 1.97% | - | - | |
| Travel & Leisure | - | - | 1.97% | - | |
| Hotels & Motels | - | - | - | 1.97% | |
| Media | - | 1.75% | - | - | |
| Media | - | - | 1.75% | - | |
| Entertainment | - | - | - | 1.75% | |
| Technology | 14.60% | - | - | - | |
| Technology | - | 14.60% | - | - | |
| Software & Computer Services | - | - | 8.84% | - | |
| Computer Services | - | - | - | 7.62% | |
| Consumer Digital Services | - | - | - | 1.22% | |
| Technology Hardware & Equipment | - | - | 5.77% | - | |
| Electronic Components | - | - | - | 5.77% | |
| Financials | 11.50% | - | - | - | |
| Banks | - | 4.39% | - | - | |
| Banks | - | - | 4.39% | - | |
| Banks | - | - | - | 4.39% | |
| Financial Services | - | 3.62% | - | - | |
| Investment Banking & Brokerage Services | - | - | 3.62% | - | |
| Diversified Financial Services | - | - | - | 3.62% | |
| Insurance | - | 3.49% | - | - | |
| Non-life Insurance | - | - | 3.49% | - | |
| Property & Casualty Insurance | - | - | - | 3.49% | |
| Health Care | 8.34% | - | - | - | |
| Health Care | - | 8.34% | - | - | |
| Pharmaceuticals & Biotechnology | - | - | 4.80% | - | |
| Pharmaceuticals | - | - | - | 4.80% | |
| Medical Equipment & Services | - | - | 3.54% | - | |
| Medical Equipment | - | - | - | 3.54% | |
| Basic Materials | 5.67% | - | - | - | |
| Chemicals | - | 4.17% | - | - | |
| Chemicals | - | - | 4.17% | - | |
| Specialty Chemicals | - | - | - | 3.67% | |
| Chemicals & Synthetic Fibers | - | - | - | 0.50% | |
| Basic Resources | - | 1.50% | - | - | |
| Industrial Metals & Mining | - | - | 1.50% | - | |
| Nonferrous Metals | - | - | - | 1.50% | |
| Consumer Staples | 4.61% | - | - | - | |
| Personal Care, Drug & Grocery Stores | - | 4.61% | - | - | |
| Personal Care, Drug & Grocery Stores | - | - | 4.61% | - | |
| Personal Products | - | - | - | 4.14% | |
| Nondurable Household Products | - | - | - | 0.47% | |
| Real Estate | 0.40% | - | - | - | |
| Real Estate | - | 0.40% | - | - | |
| Real Estate Investment & Services | - | - | 0.40% | - | |
| Real Estate Services | - | - | - | 0.40% | |
| Cash and Equivalents | 0.15% | - | - | - | |
| Bonds | 0.03% | - | - | - | |
| Non-Classified | 0.02% | - | - | - | |
Regional Allocation
| Japan | 99.72% | |
| Cash and Equivalents | 0.15% | |
| UK | 0.08% | |
| Non-Classified | 0.02% | |
| Australia & New Zealand | 0.01% | |
| North America | 0.01% |
Fixed Interest Currencies
| Non-Fixed Interest Assets | 99.97% | |
| Pound Sterling | 0.03% |
Regional Breakdown
| Region | Country | ||
|---|---|---|---|
| Japan | 99.72% | - | |
Japan
|
- | 99.72% | |
| Cash and Equivalents | 0.15% | - | |
| UK | 0.08% | - | |
United Kingdom
|
- | 0.08% | |
| Non-Classified | 0.02% | - | |
| Australia & New Zealand | 0.01% | - | |
Australia
|
- | 0.01% | |
| North America | 0.01% | - | |
Canada
|
- | 0.01% | |
Breakdown By Market Cap (%)
| Mega |
|
29.03% |
| Large |
|
48.05% |
| Medium |
|
22.26% |
| Small |
|
0.47% |
| Non-Classified |
|
0.02% |
| Bonds |
|
0.03% |
| Cash |
|
0.15% |
Top 10 Holdings
| Stock | % Weight | Sector | Country | |
|---|---|---|---|---|
| 1 | HITACHI | 5.02% | General Industrials | Japan |
| 2 | MITSUBISHI CORPORATION | 4.67% | General Industrials | Japan |
| 3 | MITSUBISHI UFJ FINANCIAL GROUP | 4.39% | Banks | Japan |
| 4 | YAMAHA MOTOR CO. LTD | 4.39% | Leisure Goods | Japan |
| 5 | DAIWA HOUSE INDUSTRY CO. | 3.96% | Household Goods & Home Construction | Japan |
| 6 | FUJITSU LIMITED | 3.75% | Software & Computer Services | Japan |
| 7 | MURATA MANUFACTURING CO. | 3.73% | Technology Hardware & Equipment | Japan |
| 8 | NITTO DENKO CORP | 3.67% | Chemicals | Japan |
| 9 | ORIX CORPORATION | 3.62% | Investment Banking & Brokerage Services | Japan |
| 10 | SUZUKI MOTOR CORP | 3.59% | Automobiles & Parts | Japan |
Dual Aspect Equity Analysis
| UK Equities | Int'l Equities | UK Bonds | Int'l Bonds | UK Gilts | Property | Other | Cash & Equiv | Total | |
|---|---|---|---|---|---|---|---|---|---|
| Technology | - | 14.60% | - | - | - | - | - | - | 14.60% |
| Financials | - | 11.50% | - | - | - | - | - | - | 11.50% |
| Real Estate | - | 0.40% | - | - | - | - | - | - | 0.40% |
| Consumer Discretionary | - | 27.19% | - | - | - | - | - | - | 27.19% |
| Consumer Staples | - | 4.61% | - | - | - | - | - | - | 4.61% |
| Health Care | - | 8.34% | - | - | - | - | - | - | 8.34% |
| Industrials | - | 27.49% | - | - | - | - | - | - | 27.49% |
| Basic Materials | - | 5.67% | - | - | - | - | - | - | 5.67% |
| Cash and Equivalents | - | - | - | - | - | - | - | -0.31% | -0.31% |
| Bonds | - | - | 0.08% | -0.06% | - | - | - | - | 0.03% |
| Non-Classified | - | - | - | - | - | - | 0.02% | 0.46% | 0.48% |
Important Information
The Industry Classification Benchmark is a product of FTSE International Limited and has been licensed for use. This factsheet is for investment professionals and is for information purposes only. Should you wish to present any of this content to your client, please refer to similar pages on pru.co.uk. You should refer to your client’s policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this information or make any warranties regarding results from its usage.
Identification Codes
| Sedol Code | B8N44W4 |
| Mex Code | BRGAAR |
| Isin Code | GB00B8N44W47 |
| Citi Code | GUVL |
Fund Charges
| Entry Charge | 0.00% |
| Ongoing Charges | 0.75% |
Aims and Benchmark
| Aims | The Fund aims to achieve long-term (5 years plus) capital growth. The Fund invests at least 80% of its assets in shares or other equity related securities of companies incorporated, domiciled or carrying out the main part of their economic activity in Japan which meet the Fund’s environmental, social and governance (ESG) criteria as further detailed below. The Fund follows the following ESG methodology: 1. Negative ESG screening: The Fund will exclude companies with a certain level of involvement in some sectors, including but not limited to weapons, coal, fossil fuels, tobacco, adult entertainment and gambling, as well as companies not compliant with the UN global compact principles. The current exclusion criteria may be updated from time to time. 2. Positive ESG screening: The Fund will also increase overall exposure to those companies with sufficient practice and standards in terms of ESG and sustainable development, based on the fund manager’s proprietary rating system. In pursuing the Fund’s investment objective, the fund manager may consider it appropriate to also invest in other transferable securities (including non Japanese companies), money-market instruments, collective investment schemes (including funds managed by the Invesco group), deposits and cash. The Fund intends to invest 100% of its assets (excluding cash and cash equivalents) in investments meeting the ESG screening criteria described above. Derivatives use: The Fund may use derivatives for efficient portfolio management purposes only, to reduce risk, reduce costs and/or generate additional capital or income. Such derivatives may not be fully aligned with the Fund’s ESG screening criteria. |
| Benchmark | TOPIX Index (Net Total Return) |
| Benchmark Category | - |
| IA Sector | Japan |
Fund Background
| Valuation frequency | Daily |
| Valuation point | 12:00 |
| Fund type | ICVC |
| Launch price | £1.00 |
| Fund currency | Pound Sterling |
| Fund domicile | United Kingdom |
| ISA allowable | Yes |
| SIPP allowable | Yes |
Distribution Details
| Income frequency | Annually |
| Distribution Type | Dividend |
| Distribution Payment Basis | Net |
Ratings
| FE Crown |  |
Effect of Deductions
| Assuming a growth rate of 6.00% | Assuming a growth rate of 7.00% |
|---|---|
| - | - |
Fund Administration
| Fund Trustee/Depository | Citibank |
| Fund Administrator | Internal |
| Fund Registrar | Internal |
| Fund Custodian | The Bank of New York Mellon (International) Limited |
Group Details
| Group name | Invesco ICVC |
| Group address | INVESCO Park Henley-on-Thames Oxfordshire RG9 1HH United Kingdom |
| Group telephone | 0800 028 2121 |
| Dealing telephone | 0800 085 8571 |
| Sally.Elsbury@Invesco.com | |
| Homepage | https://www.invesco.co.uk/uk |
| Fax number | 01491 416000 |
Dealing
| Minimum Investment | £500 |
| Minimum Top Up | £100 |
| Minimum Regular Saving | £20 |
| Settlement Period: Buy | 3 days |
| Settlement Period: Sell | 3 days |
| Pricing Basis | Forward |
| Dealing Decimals | 2 |
Important Information
Ongoing charges may vary in the future and may be higher than they are now.
This factsheet is for investment professionals and is for information purposes only. Should you wish to present any of this content to your client, please refer to similar pages on pru.co.uk. You should refer to your client’s policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this information or make any warranties regarding results from its usage.
Risk Analysis
| Ratio | Value |
|---|---|
| Alpha | -2.14 |
| Beta | 0.89 |
| Sharpe | 0.00 |
| Standard Deviation | 10.06 |
| Info Ratio | -0.85 |
Risk Factors
| Risk Factor | Yes / No |
|---|---|
| Charges to Capital | No |
| Emerging Markets | No |
| Concentrated Portfolio | Yes |
| Smaller Companies | No |
| High Yield Bonds | No |
| Sector Specific | No |
| Geared Investments | No |
| Value of Investments | Yes |
| Investments Long Term | Yes |
| Property | No |
| Exchange Rate | No |
| Higher Risk | No |
| Performance Charges | No |
| Derivative Exposure | No |
| Offshore | No |
| Income Eroding Capital Growth | No |
| Umbrella Liabilities | No |
| New Fund | No |
| Solvency of Depository | No |
| Solvency of Bond Issuers | No |
| Ethical Restrictions | Yes |
| Liquidity | No |
| Returns Are Not Guaranteed | Yes |
| Inflation | Yes |
| Taxation and Tax Relief | Yes |
Fund Specific Risks
Concentrated Portfolio
The fund may invest in a relatively smaller number of stocks. This stock concentration may carry more risk than funds spread across a larger number of companies.
Value of Investments
The value of investments, and any income can fall, as well as rise, so you could get back less than you invested. Neither capital nor income is guaranteed.
Investments Long Term
Investments should be regarded as long term and are not suitable for money which may be needed in the short term, you should always have a sufficient cash reserve.
Ethical Restrictions
The fund is unable to invest in certain sectors and companies due to the ethical criteria used to select investments for the fund.
Returns Are Not Guaranteed
What you receive when you sell your investment is not guaranteed; it depends on how your investments perform.
Inflation
Inflation will reduce the real value of your investments in future.
Taxation and Tax Relief
Levels of taxation and tax relief are subject to change.
Important Information
The risk factor definitions are provided by Broadridge. These definitions may differ from those of Prudential or any underlying fund manager. The data itself is provided by Prudential or the underlying fund manager. This factsheet is for investment professionals and is for information purposes only. Should you wish to present any of this content to your client, please refer to similar pages on pru.co.uk. You should refer to your client’s policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this information or make any warranties regarding results from its usage.
Important Information
Source of performance data: FE fundinfo. We can’t predict the future. Past performance isn’t a guide to future performance. The figures shown are intended only to demonstrate performance history of the fund, after allowing for the impact of ongoing charges, but take no account of product charges. Ongoing charges may vary in the future and may be higher than they are now. Fund performance is based upon the movement of the daily price and is shown as total return in GBP with income reinvested. The value of your client’s investment can go down as well as up and the amount your client gets back may be less than they put in. This factsheet is for investment professionals and is for information purposes only. Should you wish to present any of this content to your client, please refer to similar pages on pru.co.uk. You should refer to your client’s policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this information or make any warranties regarding results from its usage. "Prudential" is a trading name of The Prudential Assurance Company Limited, which is registered in England and Wales. Registered office at 10 Fenchurch Avenue, London EC3M 5AG. Registered number 15454. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.