This document has been prepared by Invesco Australia Ltd (Invesco) ABN 48 001 693 232, Australian Financial Services Licence number 239916, RSE Licence number L0002530, who can be contacted on freecall 1800 813 500, by email to info@au.invesco.com, or by writing to GPO Box 231, Melbourne, Victoria, 3001. You can also visit our website at www.invesco.com.au This document contains general information only and does not take into account your individual objectives, taxation position, financial situation or needs. You should assess whether the information is appropriate for you and consider obtaining independent taxation, legal, financial or other professional advice before making an investment decision. A Product Disclosure Statement (PDS) for any Invesco fund referred to in this document is available from Invesco. You should read the PDS and consider whether a fund is appropriate for you before making a decision to invest. Invesco is authorised under its licence to provide financial product advice, deal in financial products and operate registered managed investment schemes. If you invest in an Invesco Fund, Invesco may receive fees in relation to that investment. Details are in the PDS. Invesco’s employees and directors do not receive commissions but are remunerated on a salary basis. Neither Invesco nor any related corporation has any relationship with other product issuers that could influence us in providing the information contained in this document.

Investments in the Invesco funds are subject to investment risks including possible delays in repayment and loss of income and principal invested. Neither Invesco nor any other member of the Invesco Ltd Group guarantee the return of capital, distribution of income, or the performance of any of the Funds. Any investments in the Funds do not represent deposits in, or other liabilities of, any other member of the Invesco Ltd Group. Invesco has taken all due care in the preparation of this document. To the maximum extent permitted by law, Invesco, its related bodies corporate, directors or employees are not liable and take no responsibility for the accuracy or completeness of this document and disclaim all liability for any loss or damage of any kind (whether foreseeable or not) that may arise from any person acting on any statements contained in this document. This document has been prepared only for those persons to whom Invesco has provided it. It should not be relied upon by anyone else. Copyright of this document is owned by Invesco. You may only reproduce, circulate and use this document (or any part of it) with the consent of Invesco.

Concord Australian broad market equity team

• Richard Douglas
  Head of Australian Equities
• Chris Haynes
  Senior Analyst/Portfolio Manager
• Katrina Onishi
  Senior Analyst/Portfolio Manager
• Martin Hickling
  Senior Analyst/Portfolio Manager
• Will Culbert
  Senior Analyst/Portfolio Manager
• Garry Duncan
  Senior Analyst/Portfolio Manager
• Anne Percent
  Quantitative Analyst
• Chris van Rijswijk
  Implementation Manager

Click here for a full list of Concord Australian Equities team bios.

Concord's Australian equity team focuses on managing concentrated portfolios of larger capitalisation stocks. The team has a strong depth of research and investment management experience, which it has applied with discipline and rigour to generate consistently strong returns since Concord was founded in 2000.

In managing Australian broad market equity portfolios, the Concord team uses a fundamental, bottom-up stock selection process that is likely to produce portfolios that are biased to quality businesses with a competitive advantage in industries which themselves have a reasonable competitive outlook.

Our broad market portfolios are managed by a team of five dedicated analysts. This team finds the very best broad market stock ideas, and after a rigorous peer review process, selects around 50 – 60 stocks to form an Approved List, from which four sub-portfolios are constructed (three manager sub-portfolios and one ‘best ideas’ portfolio). The final broad market portfolio is a result of a ‘straight through’ investment process and is a weighted combination of 28-40 ‘high conviction’ stocks.

Key aspects of the Australian broad market equity capability:

• A bias to investing in high quality Australian companies
• Active, broad market investment management portfolios of 28 - 40 stocks
• Concord’s broad cap equity team is highly experienced, having managed equity portfolios collectively for more than 20 years (on average)
• The team has a culture of collaboration while allowing for intense scrutiny of each other’s stock ideas.

Invesco Wholesale Australian Shares Fund
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• Invesco Australian smaller companies

• Concord Australian smaller companies

Cynthia Jenkins
Head of Australian Smaller Company Equities

Cynthia Jenkins leads the Australian smaller companies team. In this capacity, she is ultimately responsible for Invesco’s Australian small cap performance and investment decisions.

Cynthia is supported by Andrew Perks. The team combined have more than 80 years experience in management and research of small cap portfolios.

Invesco’s Australian small cap team’s bottom-up ‘contrarian’ and value-based approach has delivered strong outperformance throughout its history, which stretches back to 1988. The team has earned an array of top research ratings and awards.

The team looks to buy stocks in which change is taking place, and which can enable the company to achieve earnings growth that is not yet reflected in the current market price.
The team’s somewhat contrarian approach to managing small cap assets has seen our smaller companies portfolios add value for clients through market cycles. Moreover, its patience in investing and discipline has rewarded investors over the long term.

Key aspects of our Australian smaller companies capability:

• The longest continuously managed small cap track record in Australia
• Top researcher ratings
• A highly experienced and well established team
• A tax-effective, disciplined investment process.

Invesco Wholesale Australian Smaller Companies Fund
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Concord Australian smaller companies team

• Garry Duncan
  Senior Analyst/Portfolio Manager

• Justin Farley
  Senior Analyst/Portfolio Manager
• Matt Booker
  Senior Analyst/Portfolio Manager

Click here for a full list of Concord Smaller companies team bios.

Concord's small cap team focuses on managing concentrated portfolios of
smaller capitalisation stocks. The team is structured so that the best possible stock ideas are distilled from the overall research effort, which via team discussion and critical review, go into the final portfolio. The team is
well seasoned in researching and managing small cap portfolios, evidence of which is Concord's outstanding performance track record in small caps.

Concord Capital, which joined Invesco in August 2010, also manages smaller companies equity portfolios utilising the same bottom-up approach as that used to manage broad market Australian equities. The investment approach is likely to produce portfolios biased to quality businesses with a competitive advantage in industries which themselves have a reasonable competitive outlook. 

Our smaller companies portfolios are managed by a team of four: one Director and three Analysts. The team finds the best small cap investment ideas through intensive stock research and a rigorous peer review process. From a Recommended List, each Analyst recommends their best 10-15 stock ideas which form three separate sub-portfolios. The final smaller companies portfolio is a combination of the three sub-portfolios and comprises 30-45 stocks.

Key aspects of the Concord Australian smaller companies capability:

• A bias to investing in high quality Australian small companies
• A concentrated group of 30-50 small cap stocks
• Active, smaller companies management offering a concentrated portfolio
• Concord’s small cap equity team is highly experienced with a combined experience of more than 47 years
• The team has a culture of collaboration while allowing for intense scrutiny of each other’s stock ideas.

Concord Discovery Fund - Class A
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• Diversified growth

• Protected growth

Jackson Leung
Senior Investment Manager, Multi Asset Class Group

Jackson Leung is responsible for portfolio management of all multi-asset class products, as well as specialist international equities and indexing portfolios.

Before being appointed to head the Multi Asset Class Group in September 2002, Jackson was Senior Investment Manager for these portfolios. Previous positions held at Invesco include Investment Manager of the International Equities team and Performance Analyst.

Jackson holds Masters and Bachelors degrees in Economics, and holds a CPA and F.Fin accreditations.

 

Invesco’s Multi Asset Class Group, led by Jackson Leung, oversees our Diversified Growth portfolios. Active security selection is undertaken in various Invesco centres while asset allocation decisions are done by the Multi Asset Class Team, as well as supervising and monitoring the investment management of the portfolio.

The investment approach is active and incorporates both top-down asset allocation as well as bottom-up security selection. The team also undertakes currency hedging on a passive basis for some of our international portfolios.

Key aspects of our balanced management capability:

• A highly experienced and well established team
• A disciplined, risk-aware investment process
• Choice of diversified and protected portfolios
• Currency management of other Invesco global portfolios.

Invesco Wholesale Diversified Growth Fund
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Protected Growth

Our other balanced portfolio is our Protected Growth Funds. The Funds aim to achieve medium to long term capital growth and to avoid a negative total return over a 12 month period ending 30 June. The Funds are managed on a total return basis and hence are not managed against a benchmark. ‘Dynamic hedging’ is employed whereby the team ensures the Funds can withstand a serious market crisis but still protect gains from previous years.

Invesco Wholesale Protected Growth Fund
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Michael Fraikin 
Head of Client Portfolio Management – GQE (Frankfurt)

As Head of Client Portfolio Management, Michael is responsible for overseeing the management of IQS’ Australian-based global equity portfolios, including the Invesco Global Matrix Funds.

Michael joined Invesco in 1997 as Portfolio Manager European Equities, then becoming Head of Equities in 2000. Michael has an M.S. in Accounting & Finance from the London School of Economics, as well as a BA (Hons).

The Invesco Global Quantitative Equities (GQE) team manages Invesco’s quantitative global equity portfolios. This team has a strong track record in managing quantitative global equity portfolios for clients worldwide, with more than 40 investment professionals in teams located in investment centres in New York, Boston, Frankfurt, Melbourne and Tokyo. The team manages more than A$20 billion globally.

The GQE team aims to add value in client portfolios via stock selection with fundamental insights, within a quantitative framework. The team’s philosophy - that market inefficiencies can be exploited to add value – underpins all stages of the investment process.

The key to the team’s strong long term performance track record is a proprietary quantitative investment process which enables coverage of a 3000 stock universe, considering a stock’s prospects across a range of earnings, valuation, management and price factors.

Key aspects of our global equity management capability:

• An investment strategy which provides opportunities from a broad universe of stocks (3000)
• Portfolio management by a large and highly experienced team
• Portfolios which are highly risk-controlled and which use leading-edge trading and information systems, helping to lower trading costs.

Invesco Wholesale Global Matrix Fund - hedged
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Invesco Wholesale Global Matrix Fund - unhedged
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William Yuen
Associate Director, Asian investment team

William Yuen is the lead manager of Invesco's Asian Consumer Demand strategy, and is the specialist covering ASEAN markets. William joined Invesco in 2004 and has a total of 12 years' investment experience covering Asian equities.

William holds a Chartered Financial Analyst designation, as well as Masters and Bachelor's degrees in Commerce from the University of Sydney.

 

Invesco first started investing in Asian equity markets in 1962 and is one of the largest fund managers in the Asia-Pacific region, managing approximately A$32 billion.

The Asian Consumer Demand portfolio is one of a range of equity products managed by our Asian investment team. This product provides investors with exposure to Asian (ex Japan) companies whose business is likely to benefit from, or is related to growth in domestic consumption (i.e. a Consumer demand thematic approach to Asian investment).

The strategy seeks to exploit opportunities in Asian demand by:

1. Positive demographics
2. Rising per-capita incomes
3. High current savings
4. Increasing acceptance of consumer credit
5. A cultural shift in spending patterns from bare necessities to discretionary goods (trading up).

In managing the Asian Consumer Demand portfolio, the team seeks to invest in attractively priced, quality stocks that will benefit from an upturn in the earnings cycle. The investment universe of the Fund consists of over 6,000 consumer demand-related securities across a range of demand-driven sectors. The investment process combines a top-down and bottom-up approach, which aims to invest in growth stocks at a reasonable price or value stocks that have a catalyst to be re-rated.

Key aspects of our Asian equities management capability:

• Exposure to the strongly-growing consumer demand theme in a high growth region of the world
• Diversification across different sub-sectors and regions
• Domestic growth-focused
• Western economies such as the US & Europe, consumer-driven growth focussed rather than slowing developed economies
• Management by a large, highly experienced, stable investment team
• Proven results, driven by a bottom up/top-down approach that is tailored to the Asian Consumer Demand theme.

Invesco Wholesale Asian Consumer Demand Fund*
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* Note: on 1 October 2011 the Invesco Wholesale Asian Share Fund changed to the Invesco Wholesale Asian Consumer Demand Fund. Click here for more information on this change.

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Joe Rodriguez
Head of Invesco Real Estate Securities

Joe Rodriguez is an Invesco Managing Director and is the Head of Real Estate Securities for Invesco. He has 25 years of investment experience, having joined Invesco in 1990. In addition to portfolio management, Joe oversees all phases of the unit including securities research and administration. Joe has also served as adjunct professor of economics at the University of Texas, Dallas, and holds a Bachelor of Business Administration degree in Economics and Finance, and a Master of Business Administration degree in Finance from Baylor University.

Invesco’s Real Estate team, led by Joe Rodriguez, is highly experienced and stable, with strong depth, an efficient, team-oriented execution process, and a well developed ability to harness the global research resources at its disposal. The team’s bottom-up, research-driven process has been tested over time and is highly risk-controlled at every step of portfolio stock selection and portfolio construction. Our global REIT capability is also well rated by independent researchers.

The team aims to build well-diversified portfolios with exposure to the major sectors and countries of the global listed property market. In building global REIT portfolios, the team draws on 15 years’ average investment experience in property investment, as well as on Invesco’s worldwide research network of listed and direct property professionals.

The team’s proprietary approach allows the generation of fresh, value-adding investment insights. Disciplined stock selection and risk control methods enable the team to select around 70 stocks for the portfolio from a universe of around 650 stocks.

One of the keys to the Real Estate team’s success in managing property portfolios is in its ability to leverage the experience and resources to consistently find new investment opportunities, as well as to efficiently construct portfolios and execute trades.

Key aspects of our global property securities management capability:

• Active, research-driven approach with bottom-up securities research
• Underlying investments managed by Invesco’s team headquartered in Dallas, US, utilising research resources around the world
• Underlying portfolio typically holds between 60-100 securities
• A highly experienced and stable team
• A highly risk-controlled process at every step of portfolio stock selection and portfolio construction
• Well rated by independent researchers
• Choice of unhedged or hedged portfolios.

Invesco Wholesale Global Property Securities Fund - hedged - Class A
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Invesco Wholesale Global Property Securities Fund - unhedged - Class A
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The objective of our cash management strategy is to provide investors with distributions in line with the prevailing bank bill rate, while managing liquidity and security of capital by investing in short term money market securities.

• We manage against the UBS Australian Bank Bill Index
• The Invesco Wholesale Cash Management Fund invests in prime quality short-term money market securities issued or guaranteed by the Commonwealth Government or rated AAA, A-1+, or A-1 by a recognised ratings agency
• The Fund does not currently use financial derivatives. However, it may invest in financial futures contracts, excluding options.

Invesco Wholesale Cash Management Fund
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