Invesco Perpetual is to launch a UK recovery fund unit trust, prior to the reconstruction of the £17...
Invesco Perpetual is to launch a UK recovery fund unit trust, prior to the reconstruction of the £17.7m Invesco Convertible investment trust.
The fund, to be managed by Ian Carstairs, will aim to achieve capital growth through a portfolio of primarily UK securities that are considered to offer recovery prospects, such as those whose prices are particularly depressed by unjustified adverse sentiment and where a re-rating is expected.
The fund will be launched by the end of August as a vehicle to retain investors following the reconstruction of the Invesco Perpetual Convertible investment trust, which is due to wind up by 31 August.
The trust has returned -16.0% over the 12 months to 12 August, compared to a sector average of -37.3%.
Investors also have the option to roll their holdings in the trust into ordinary shares or convertible unsecured loan stock in the Invesco Income Growth investment trust, or accumulation units in the Invesco Perpetual Money unit trust.
Carstairs also manages the £43.1m Invesco Recovery 2005 split-cap investment trust, which has returned -26.4% over the 12 months to 12 August against a sector average of -37.3%.
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