Invesco Asia reduces cash position

Invesco Asia is starting to reduce its 15% cash position because its fund manager Alfred Ho believes valuations in the market are looking attractive. The trust is one of only a few in the Far East ex-Japan sector which has recorded positive returns, at 3.6%, over the past three months to 21 March. William Proudfoot, managing director of specialist funds at Invesco, has put the performance down to Ho's market timing of cash levels and his defensive portfolio. Ho is optimistic that valuations for key stocks and sectors have reached acceptable and attractive levels, and he believes...