Invesco has promoted one of its equity analysts to co-manager on the Global Opportunities fund which has been trailing peers in the IA global sector.
The fund group announced on Monday Joe Dowling would become deputy fund manager on the £222m mandate starting 30 November.
Dowling has been with Invesco since 2013 working as a global equities analyst where he has provided investment research and in-house screening for the strategy.
He joins lead manager Stephen Anness (pictured) and co-manager Andrew Hall who have overseen the fund since 2012 and 2014 respectively.
The Invesco Global Opportunities fund has struggled in recent years to match peers in the IA Global sector, falling into the third quartile over three and five years. Within the last year both the Invesco Global Opportunities fund and sector have delivered negative performance, although the former has underperformed the latter by 7.5%.
| 1yr | 3yr | 5yr | |
| Invesco Global Opportunities | -8.3% | 40% | 52.3% |
| IA Global | -0.8% | 38.9% | 53% |
Source: Trustnet
Year to date, Invesco Global Opportunities is down 9.37% versus the IA Global sector’s -1.80%.
The global opportunities team’s approach is described on the Invesco website as being “entirely driven by high conviction, unconstrained stock selection” that is irrespective of geography, industry and benchmark. Managers Anness and Hall also focus heavily on valuation and company fundamentals.
Auto companies feature prominently in the fund’s top 10 investments, with luxury brand Rolls Royce making up the portfolio’s largest holding (7.69%). It also has big stakes in pharmaceuticals like Bayer (7.38%), Texas rig provider National Oilwell Varco (4.11%) and financials Santander (3.92%) and Standard Chartered (3.91%).
There will be no change to the investment objective, philosophy or investment process of the fund, following the appointment.
Anness highlighted Dowling’s expertise and relevant experience, calling him a “talented investor”.
“This is the natural next step in his career progression and team development, and is testament to the strength and depth of talent within the Henley Investment Centre,” Anness added.
