Invesco Perpetual has revamped its flagship £1.4 billion global equity retail funds, including axing the number of holdings and shifting to a best ideas strategy.
Nick Mustoe, the group’s new chief investment officer (CIO), has taken over full control of the Global Equity and Global Smaller companies funds from Bob Yerbury, former CIO, following Yerbury’s phased retirement. Changes to the investment management committees are complete.
The £1.15 billion Global Equity fund has seen its holdings slashed from 293 in June 2009 to about 90 now. Mustoe is now running the portfolio as a best ideas fund, with Invesco’s regional teams pitching stock ideas to a central team headed by Mustoe. (article continues below)
The £274m Global Smaller companies fund has about 330 holdings compared with nearly 600 a year ago.
The fund still defers stock selection decisions to individual regional managers, as did the Global Equity fund, but it has been given a new global smaller companies team, led by Mustoe, to make asset allocation calls.
Its US equity portion has been handed to Invesco’s Houston-based manager Juliet Ellis who selects fewer stocks than the previous quantitative manager.