reports
Edison issues update on Invesco Asia Trust (IAT): Ready to exploit val...
Edison Investment Research Limited Edison issues update on Invesco Asia Trust (IAT): Ready to exploit valuation dislocations in Asia 15-Dec-2023 / 08:42 GMT/BST The issuer is solely responsible for the content of this announcement. London, UK, 15 December 2023 Edison issues update on Invesco Asia Trust (IAT): Ready to exploit valuation dislocations in Asia Invesco Asia Trust’s (IAT’s) one-year NAV total return (TR) of negative 3.7% (vs negative 3.5% for the benchmark) was limited by the measured Chinese re-opening rebound, as the trust moved to an overweight position in C...
- Pedro Fonseca
Invesco Asia Trust - Ready to exploit valuation dislocations in Asia
Invesco Asia Trust’s (IAT’s) one-year NAV total return (TR) of negative 3.7% (vs negative 3.5% for the benchmark) was limited by the measured Chinese re-opening rebound, as the trust moved to an overweight position in China and Hong Kong earlier this year (now at c 43% of portfolio, c 3–4pp above benchmark weight). That said, the managers uphold their conviction in IAT’s Chinese stock picks, and the trust maintained its long-term outperformance of the benchmark and its AIC Asia Pacific Equity In...
- Pedro Fonseca
Invesco Asia Trust - Conviction pays off
Leaning into opportunities in China, along with stock selection in India, Korea and Hong Kong, has contributed positively to performance. The fund is ahead of its Asian closed-ended peers on an NAV total return (TR) basis for the year to end-February 2023 and over the long term it continues to generate a double-digit annualised NAV TR (c 10% in sterling over the past 10 years), supported by consistent income. IAT pays a regular six-monthly dividend equivalent to 2% of NAV (4% pa). The managers, ...
- Pedro Fonseca
Invesco Asia Trust - Seizing an opportunity
Despite the setback in Asian markets during Q122, Invesco Asia Trust (IAT) continues to generate a double-digit annualised NAV total return (c 11.5% in sterling over the past 10 years), supported by consistent income. It pays a regular six-monthly dividend equivalent to 2% of NAV (4% per year). In January 2022, the fund management team was enhanced when Fiona Yang was appointed co-manager alongside Ian Hargreaves, who has run the portfolio since 2011 (from 2015 as sole manager). IAT’s team targe...
- Pedro Fonseca
Invesco Asia Trust - Picking quality value stocks
Despite the notable setback in Asian markets during Q122, Invesco Asia Trust (IAT) continues to generate a double-digit annualised NAV total return (c 11% over the past 10 years), supported by consistent income. It has continued to pay a regular six-monthly dividend equivalent to 2% of NAV (4% per year). In January 2022, the fund management team was enhanced when Fiona Yang was appointed co-manager alongside Ian Hargreaves, who has run the portfolio since 2011 (from 2015 as a sole manager). IAT’...
- Pedro Fonseca
Invesco Asia Trust - Abundance of earnings recovery
Invesco Asia Trust (IAT) continues to generate double-digit annualised NAV total return (11.8% over the past 10 years), supported by consistent income. In August 2020, the board introduced a new dividend policy to pay a regular six-monthly dividend equivalent to 2% of NAV (4% pa), a sizeable dividend enhancement from the FY20 annual dividend of 7p per share, at c 2.5% of NAV. The fund manager, Ian Hargreaves, runs the portfolio, blending growth and value styles. He targets double-digit annualise...
- Pedro Fonseca
Invesco Asia Trust - Rallying out of the crisis
Invesco Asia Trust (IAT) has generated an annualised NAV total return of 10.1% over the past 10 years, supported by steady income. The board aims to pay a regular six-monthly dividend equivalent to 2% of NAV. A performance-related conditional tender offer (subject to shareholder approval), announced in August 2020, emphasises the board’s focus on total return. The fund manager, Ian Hargreaves, who has co-managed IAT since 2011 and has been sole manager since 2015, aims to outperform the market...
- Pedro Fonseca
Invesco Asia Trust - Weak markets may present golden opportunities
Invesco Asia Trust’s (IAT’s) primary objective is to deliver long-term capital returns through investing in Asian companies that are worth more than the market believes, following a rigorous bottom-up process. Over the past 10 years the trust has generated an annualised NAV total return of 10%. Investor sentiment towards Asian equities has suffered from an extended period of negative events, including trade disputes, political protests in Hong Kong and, more recently, the outbreak of the cor...
Invesco Asia Trust: 1 director maiden bought
A director at Invesco Asia Trust maiden bought 5,000 shares at 304p and the significance rating of the trade was 68/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years c...
- Pedro Fonseca
Invesco Asia Trust - Exciting opportunities emerging
Invesco Asia Trust (IAT) aims to deliver significant capital returns to shareholders over the long term through investing in Asian equities, following a rigorous bottom-up process. The manager, Ian Hargreaves, is not constrained by index considerations and the portfolio of 50–70 stocks represents his highest-conviction investment ideas over a three- to five-year horizon. The trust has a solid medium- and long-term performance track record and has generated an annualised NAV total return of 11....
- Helena Coles
Invesco Asia Trust - Disciplined Asia specialist, solid long-term retu...
Invesco Asia Trust (IAT) aims to provide significant capital returns over the long-term through investing in listed companies in Asia. It follows a rigorous bottom-up investment process with few constraints, to build a relatively concentrated 50–70 stock portfolio representing the manager’s highest-conviction ideas over a three- to five-year horizon. The approach also emphasises the valuation discipline and favours cash-generative companies, which is reflected in the underlying portfolio yie...
- Helena Coles
Invesco Asia Trust - Opportunities emerging in Asian equities
Invesco Asia Trust (IAT) aims to deliver significant capital gains to shareholders over a three- to five-year horizon, primarily through investing in Asian equities, following a disciplined, bottom-up process. It has a solid long-term track record of NAV total return outperformance against its benchmark and has delivered annualised returns of 13% pa over the past 10 years. Although the primary objective is capital gains, since 2001 IAT has also consistently maintained or grown dividends, which i...
- Helena Coles
Invesco Asia Trust - Track record of solid long-term performance
Invesco Asia Trust (IAT) aims to provide attractive long-term capital growth through investing in a diversified portfolio of Asian and Australasian equities. With few investment constraints, the relatively concentrated portfolio of 50-60 stocks is a reflection of the manager’s highest conviction ideas, driven primarily by bottom-up considerations. IAT has a solid long-term track record and its NAV total return has outperformed the benchmark over three, five and 10 years. Asian equities have pe...
- Mel Jenner
- Still finding attractive investment opportunities
Invesco Asia Trust (IAT) seeks capital appreciation from a diversified portfolio of Asian equities across the market cap spectrum. Despite a re-rating of global equities, the manager is still finding attractive investment opportunities across a variety of sectors and geographies. IAT is benchmarked against the MSCI AC Asia ex-Japan index; its NAV total return has outperformed over one, three, five and 10 years. It has also outperformed peers over these periods, ranking first over five years. The...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
- Mel Jenner
Sustained outperformance versus benchmark
Invesco Asia Trust (IAT) aims to generate long-term capital growth from investment in Asia ex-Japan equities across the capitalisation spectrum. The portfolio of c 60 stocks is diversified by sector and geography. IAT’s NAV total return has outperformed its MSCI AC Asia ex-Japan benchmark over one, three, five and 10 years. Near-term absolute returns have been particularly strong, having been enhanced by a fall in the value of sterling. IAT’s board actively manages the share price discount to ex...
Review: Unconstrained investment in Asia Pacific region
Invesco Asia Trust (IAT) seeks capital appreciation from a portfolio of Asia Pacific ex-Japan stocks, diversified by sector and geography. Despite investor concerns about slowing growth in the region, and China in particular, the manager is finding attractive investment opportunities. IAT’s NAV has outperformed its benchmark over the short, medium and long term. In absolute terms, over 10 years both the NAV and share price have returned more than 10% pa. IAT has a 1.9% dividend yield, which co...
Review: Quality, value and growth across Asia
Invesco Asia Trust (IAT) has marked the year of its 20th anniversary with the appointment of Ian Hargreaves as sole manager and the adoption of the MSCI AC Asia ex-Japan index as its benchmark. The trust continues to seek capital growth from a portfolio of attractively valued Asian companies, and retains a small weighting in Australia. Long-term performance remains strong in both absolute and relative terms; while the sharp summer sell-off that began in China has had an impact on short-term numb...
Review: Focused portfolio unconstrained by benchmark
Invesco Asia Trust (IAT) is a specialist, actively-managed closed-end fund that aims to achieve long-term capital growth through investing in a diversified portfolio of companies in the Asia-Pacific region excluding Japan. Sector and geographic allocations are not constrained by the benchmark, which will change in May 2015 to an index excluding Australia, reflecting IAT’s historical underweight to that market. Performance has been ahead of the benchmark over one, three, five and 10 years and ...
Update: Positive performance from ‘best ideas’ portfolio
Invesco Asia Trust (IAT) aims to achieve long-term capital growth through investing in undervalued companies in the Asia-Pacific region, including Australia but excluding Japan. The trust has outperformed the benchmark MSCI AC Asia Pacific ex Japan Index over one, three, five and 10 years and has recently seen its discount tighten to a band below its longer-term average. Managers Stuart Parks and Ian Hargreaves continue to see good potential for medium-term economic improvements in the region, p...
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