Paul Chesson has added a “significant position” in Honda Motors to the portfolio of the £307.1m Invesco Perpetual Japan fund.
Honda has entered the fund’s top-ten holdings, accounting for 4.47% of the portfolio. Some 57.10% of the fund is now allocated to manufacturing stocks, up from 46% in the previous month.
“Our analysis [of Honda] looked particularly attractive, with the long-term earnings potential of the company not reflected in the share price,” the latest factsheet says.
Chesson, who is assisted by fund manager Tony Roberts, also invested in technology group THK last month.
The Invesco Perpetual Japan fund used the proceeds from the recent sale of construction firm Kajima and Mizuho Financial Group to pay for the two investments.
Kajima was sold after outperforming the market over the year to date, while Mizuho was sold on concerns it would issue new shares to bolster its balance sheet.
Similar changes have been seen in the portfolio of Stuart Parks’ £190m Invesco Perpetual Pacific fund, which has also sold Kajima and Mizuho to buy into Honda and THK.
October also saw Parks invest in Chinese internet company Sohu in both the Invesco Perpetual Pacific fund and the £634m Invesco Perpetual Asian fund.
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