Invesco ICVC China Equity (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 | 3.1% | 32.5% | -31.7% | 6.6% | -19.8% |
| Sector | -0.2% | 40.9% | -21.5% | -3.6% | -20.7% |
| Rank | 10/47 | 44/53 | 51/58 | 2/63 | 38/67 |
| Quartile | 1 | 4 | 4 | 1 | 3 |
Annualised performance
| Annualised | ||||
|---|---|---|---|---|
| 3 Years to 31/03/24 |
5 Years to 31/03/24 |
10 Years to 31/03/24 |
||
| Fund | -16.4% | -4.4% | 4.3% | |
| Sector | -15.6% | -3.3% | 4.6% | |
| Rank | 26/58 | 24/47 | 11/32 | |
| Quartile | 2 | 2 | 2 | |
Top 10 Holdings
| Stock | % Weight |
|---|---|
| ALIBABA GROUP HOLDING LIMITED | 9.24 |
| TENCENT HOLDINGS LIMITED | 9.15 |
| PDD HOLDINGS INC | 6.06 |
| NETEASE INC | 4.21 |
| CHINA CONSTRUCTION BANK CORPORATION | 3.65 |
| AIA GROUP LIMITED | 2.84 |
| NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP | 2.61 |
| ZIJIN MINING GROUP | 2.49 |
| KWEICHOW MOUTAI GROUP CO. LTD | 2.27 |
| MEITUAN | 2.00 |
| Total | 44.51 |
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 of companies incorporated, domiciled or carrying out the main part of their economic activity in China, including Hong Kong. Exposure to China will be largely obtained through investment in securities traded on Hong Kong exchanges and other markets. The Fund may use derivatives (complex instruments) to manage the Fund more efficiently, with the aim of reducing risk, reducing costs and/or generating additional capital or income. 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 China, including Hong Kong. Exposure to China will be accessed by investing in securities listed on Hong Kong and other relevant exchanges and China A shares listed on the Shanghai and Shenzhen Stock Exchanges via Stock Connect. In pursuing the Fund’s investment objective, the fund manager may consider it appropriate to also invest in other transferable securities (including non-Chinese companies), money market instruments, collective investment schemes (including funds managed by the Invesco group), deposits and cash. 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.
Fund Manager
TBC
Lorraine Kuo joined Invesco in September 2011 as a fund manager. She is responsible for stock research and analysis in the Greater China markets.
Previously, Lorraine spent six years as a sell-side analyst in Deutsche Bank, covering chemical and cement sectors in Taiwan from 2004 to 2008 and the technology sector in China during 2010-2011. Lorraine was an investment analyst with Manulife Asset Management (HK) Ltd between 2008 and 2010 where she was responsible for stock research and recommendations for the Taiwanese and Korean markets. She also had experience in the banking industry and worked as a credit analyst at Credit Lyonnais Taipei for two years.
Fund Overview
| Mid (26/04/2024) | 408.58p |
| Historic yield | 1.65% |
| Fund size (31/01/2024) | £128.74m |
| Number of holdings | 204 |
| Entry Charge | 0.00% |
| Ongoing Charges | 0.89% |
| Launch date | 11/12/2012 |
Asset Allocation
| International Equities | 94.94% | |
| Money Market | 2.57% | |
| UK Equities | 1.38% | |
| International Bonds | 0.12% | |
| Cash and Equivalents | 0.12% | |
| UK Corporate Bonds | 0.04% | |
| Other Assets | 0.82% |
Important Information
Source of portfolio data: Broadridge. Source of performance data: FE fundinfo. Please remember that past performance is not a reliable indicator of future performance. The figures shown are intended only to demonstrate performance history of the fund and take no account of product charges. Fund performance is based upon the movement of the daily price and is shown as total return in GBP with net income reinvested. The value of your client's investment may go down as well as up and the fund value may be less than the payments your client has made. Please also note that our 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. 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 report or make any warranties regarding results from its usage.
Asset Allocation
| International Equities | 94.94% | |
| Money Market | 2.57% | |
| UK Equities | 1.38% | |
| International Bonds | 0.12% | |
| Cash and Equivalents | 0.12% | |
| UK Corporate Bonds | 0.04% | |
| Other Assets | 0.82% |
Equity Sector Breakdown
| Industry | Supersector | Sector | Subsector | ||
|---|---|---|---|---|---|
| Consumer Discretionary | 28.33% | - | - | - | |
| Consumer Products & Services | - | 11.50% | - | - | |
| Leisure Goods | - | - | 4.21% | - | |
| Electronic Entertainment | - | - | - | 4.21% | |
| Personal Goods | - | - | 3.07% | - | |
| Clothing & Accessories | - | - | - | 3.07% | |
| Consumer Services | - | - | 2.61% | - | |
| Education Services | - | - | - | 2.61% | |
| Household Goods & Home Construction | - | - | 1.61% | - | |
| Household Appliance | - | - | - | 1.61% | |
| Retail | - | 11.28% | - | - | |
| Retailers | - | - | 11.28% | - | |
| Diversified Retailers | - | - | - | 11.28% | |
| Travel & Leisure | - | 3.23% | - | - | |
| Travel & Leisure | - | - | 3.23% | - | |
| Restaurants & Bars | - | - | - | 0.91% | |
| Casinos & Gambling | - | - | - | 0.86% | |
| Hotels & Motels | - | - | - | 0.86% | |
| Travel & Tourism | - | - | - | 0.60% | |
| Media | - | 1.54% | - | - | |
| Media | - | - | 1.54% | - | |
| Entertainment | - | - | - | 1.54% | |
| Automobiles & Parts | - | 0.78% | - | - | |
| Automobiles & Parts | - | - | 0.78% | - | |
| Automobiles | - | - | - | 0.78% | |
| Technology | 22.97% | - | - | - | |
| Technology | - | 22.97% | - | - | |
| Software & Computer Services | - | - | 20.16% | - | |
| Consumer Digital Services | - | - | - | 20.16% | |
| Technology Hardware & Equipment | - | - | 2.81% | - | |
| Electronic Components | - | - | - | 2.01% | |
| Computer Hardware | - | - | - | 0.48% | |
| Production Technology Equipment | - | - | - | 0.32% | |
| Financials | 15.18% | - | - | - | |
| Banks | - | 8.47% | - | - | |
| Banks | - | - | 8.47% | - | |
| Banks | - | - | - | 8.47% | |
| Insurance | - | 6.00% | - | - | |
| Life Insurance | - | - | 4.57% | - | |
| Life Insurance | - | - | - | 4.57% | |
| Non-life Insurance | - | - | 1.43% | - | |
| Property & Casualty Insurance | - | - | - | 1.43% | |
| Financial Services | - | 0.71% | - | - | |
| Investment Banking & Brokerage Services | - | - | 0.71% | - | |
| Investment Services | - | - | - | 0.71% | |
| Industrials | 11.55% | - | - | - | |
| Industrial Goods & Services | - | 10.47% | - | - | |
| Industrial Engineering | - | - | 4.87% | - | |
| Machinery: Industrial | - | - | - | 3.45% | |
| Machinery: Specialty | - | - | - | 0.95% | |
| Machinery: Construction & Handling | - | - | - | 0.46% | |
| Electronic & Electrical Equipment | - | - | 2.66% | - | |
| Electronic Equipment: Gauges & Meters | - | - | - | 1.24% | |
| Electrical Components | - | - | - | 0.94% | |
| Electronic Equipment: Control & Filter | - | - | - | 0.47% | |
| General Industrials | - | - | 1.61% | - | |
| Glass | - | - | - | 1.21% | |
| Containers & Packaging | - | - | - | 0.40% | |
| Industrial Transportation | - | - | 1.34% | - | |
| Marine Transportation | - | - | - | 0.82% | |
| Railroads | - | - | - | 0.52% | |
| Construction & Materials | - | 1.08% | - | - | |
| Construction & Materials | - | - | 1.08% | - | |
| Engineering & Contracting Services | - | - | - | 0.79% | |
| Cement | - | - | - | 0.29% | |
| Consumer Staples | 5.59% | - | - | - | |
| Food, Beverage & Tobacco | - | 4.06% | - | - | |
| Beverages | - | - | 3.06% | - | |
| Distillers & Vintners | - | - | - | 2.27% | |
| Brewers | - | - | - | 0.79% | |
| Food Producers | - | - | 1.00% | - | |
| Farming, Fishing, Ranching & Plantations | - | - | - | 1.00% | |
| Personal Care, Drug & Grocery Stores | - | 1.53% | - | - | |
| Personal Care, Drug & Grocery Stores | - | - | 1.53% | - | |
| Personal Products | - | - | - | 1.53% | |
| Basic Materials | 4.34% | - | - | - | |
| Basic Resources | - | 3.16% | - | - | |
| Precious Metals & Mining | - | - | 2.49% | - | |
| Gold Mining | - | - | - | 2.49% | |
| Industrial Metals & Mining | - | - | 0.67% | - | |
| Iron & Steel | - | - | - | 0.67% | |
| Chemicals | - | 1.18% | - | - | |
| Chemicals | - | - | 1.18% | - | |
| Specialty Chemicals | - | - | - | 1.18% | |
| Health Care | 4.21% | - | - | - | |
| Health Care | - | 4.21% | - | - | |
| Pharmaceuticals & Biotechnology | - | - | 4.05% | - | |
| Biotechnology | - | - | - | 3.66% | |
| Pharmaceuticals | - | - | - | 0.40% | |
| Medical Equipment & Services | - | - | 0.15% | - | |
| Medical Supplies | - | - | - | 0.15% | |
| Cash and Equivalents | 2.69% | - | - | - | |
| Utilities | 1.87% | - | - | - | |
| Utilities | - | 1.87% | - | - | |
| Electricity | - | - | 1.87% | - | |
| Alternative Electricity | - | - | - | 1.87% | |
| Energy | 1.31% | - | - | - | |
| Energy | - | 1.31% | - | - | |
| Non-Renewable Energy | - | - | 1.31% | - | |
| Integrated Oil & Gas | - | - | - | 0.72% | |
| Oil Equipment & Services | - | - | - | 0.60% | |
| Real Estate | 0.70% | - | - | - | |
| Real Estate | - | 0.70% | - | - | |
| Real Estate Investment & Services | - | - | 0.70% | - | |
| Real Estate Services | - | - | - | 0.38% | |
| Real Estate Holding and Development | - | - | - | 0.32% | |
| Non-Classified | 0.56% | - | - | - | |
| Telecommunications | 0.53% | - | - | - | |
| Telecommunications | - | 0.53% | - | - | |
| Telecommunications Equipment | - | - | 0.53% | - | |
| Telecommunications Equipment | - | - | - | 0.53% | |
| Bonds | 0.16% | - | - | - | |
Regional Allocation
| Emerging Asia | 80.58% | |
| Developed Asia | 8.82% | |
| North America | 3.68% | |
| Non-Classified | 2.72% | |
| Cash and Equivalents | 2.69% | |
| UK | 1.42% | |
| Australia & New Zealand | 0.08% |
Fixed Interest Currencies
| Non-Fixed Interest Assets | 99.82% | |
| Pound Sterling | 0.16% | |
| Cash | 0.02% |
Regional Breakdown
| Region | Country | ||
|---|---|---|---|
| Emerging Asia | 80.58% | - | |
China
|
- | 80.26% | |
Taiwan
|
- | 0.32% | |
| Developed Asia | 8.82% | - | |
Hong Kong
|
- | 8.82% | |
| North America | 3.68% | - | |
United States
|
- | 3.65% | |
Canada
|
- | 0.03% | |
| Non-Classified | 2.72% | - | |
| Cash and Equivalents | 2.69% | - | |
| UK | 1.42% | - | |
United Kingdom
|
- | 1.42% | |
| Australia & New Zealand | 0.08% | - | |
Australia
|
- | 0.08% | |
Breakdown By Market Cap (%)
| Mega |
|
41.16% |
| Large |
|
15.55% |
| Medium |
|
7.74% |
| Small |
|
0.29% |
| Non-Classified |
|
32.41% |
| Bonds |
|
0.16% |
| Cash |
|
2.69% |
Top 10 Holdings
| Stock | % Weight | Sector | Country | |
|---|---|---|---|---|
| 1 | ALIBABA GROUP HOLDING LIMITED | 9.24% | Retailers | China |
| 2 | TENCENT HOLDINGS LIMITED | 9.15% | Software & Computer Services | China |
| 3 | PDD HOLDINGS INC | 6.06% | Software & Computer Services | China |
| 4 | NETEASE INC | 4.21% | Leisure Goods | China |
| 5 | CHINA CONSTRUCTION BANK CORPORATION | 3.65% | Banks | China |
| 6 | AIA GROUP LIMITED | 2.84% | Life Insurance | Hong Kong |
| 7 | NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP | 2.61% | Consumer Services | China |
| 8 | ZIJIN MINING GROUP | 2.49% | Precious Metals & Mining | China |
| 9 | KWEICHOW MOUTAI GROUP CO. LTD | 2.27% | Beverages | China |
| 10 | MEITUAN | 2.00% | Software & Computer Services | China |
Dual Aspect Equity Analysis
| UK Equities | Int'l Equities | UK Bonds | Int'l Bonds | UK Gilts | Property | Other | Cash & Equiv | Total | |
|---|---|---|---|---|---|---|---|---|---|
| Technology | - | 22.97% | - | - | - | - | - | - | 22.97% |
| Telecommunications | - | 0.53% | - | - | - | - | - | - | 0.53% |
| Financials | 1.14% | 14.04% | - | - | - | - | - | - | 15.18% |
| Real Estate | - | 0.70% | - | - | - | - | - | - | 0.70% |
| Consumer Discretionary | - | 28.33% | - | - | - | - | - | - | 28.33% |
| Consumer Staples | - | 5.59% | - | - | - | - | - | - | 5.59% |
| Energy | - | 1.31% | - | - | - | - | - | - | 1.31% |
| Utilities | - | 1.87% | - | - | - | - | - | - | 1.87% |
| Health Care | - | 4.21% | - | - | - | - | - | - | 4.21% |
| Industrials | - | 11.55% | - | - | - | - | 0.46% | - | 12.01% |
| Basic Materials | - | 4.34% | - | - | - | - | - | - | 4.34% |
| Cash and Equivalents | - | - | - | - | - | - | - | 0.12% | 0.12% |
| Bonds | - | - | 0.04% | 0.12% | - | - | - | - | 0.16% |
| Non-Classified | 0.25% | -0.50% | - | - | - | - | 0.36% | 2.57% | 2.67% |
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 | B8N44V3 |
| Mex Code | BRGAAQ |
| Isin Code | GB00B8N44V30 |
| Citi Code | GUVK |
Fund Charges
| Entry Charge | 0.00% |
| Ongoing Charges | 0.89% |
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 of companies incorporated, domiciled or carrying out the main part of their economic activity in China, including Hong Kong. Exposure to China will be largely obtained through investment in securities traded on Hong Kong exchanges and other markets. The Fund may use derivatives (complex instruments) to manage the Fund more efficiently, with the aim of reducing risk, reducing costs and/or generating additional capital or income. 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 China, including Hong Kong. Exposure to China will be accessed by investing in securities listed on Hong Kong and other relevant exchanges and China A shares listed on the Shanghai and Shenzhen Stock Exchanges via Stock Connect. In pursuing the Fund’s investment objective, the fund manager may consider it appropriate to also invest in other transferable securities (including non-Chinese companies), money market instruments, collective investment schemes (including funds managed by the Invesco group), deposits and cash. 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. |
| Benchmark | MSCI China 10/40 Index GBP (Net Total Return) |
| Benchmark Category | - |
| IA Sector | China/Greater China |
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 | No income |
| 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. 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 report or make any warranties regarding results from its usage.
Risk Analysis
| Ratio | Value |
|---|---|
| Alpha | 1.17 |
| Beta | 1.03 |
| Sharpe | -0.05 |
| Standard Deviation | 26.16 |
| Info Ratio | 0.04 |
Risk Factors
| Risk Factor | Yes / No |
|---|---|
| Charges to Capital | No |
| Emerging Markets | Yes |
| 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
Emerging Markets
The fund invests in emerging markets. Generally less well regulated than the UK. There is an increased chance of political and economic instability with less reliable custody, dealing and settlement arrangements. The market(s) can be less liquid. If a fund investing in markets is affected by currency exchange rates, the investment could either increase or decrease. These investments therefore carry more risk.
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.