Invesco has unveiled less concentrated portfolios in Income and High Income in the first factsheet for the funds since the departure of manager Mark Barnett (pictured) in April.
The top-10 holdings of the £1.5bn Invesco Income fund, which is now managed by Ciaran Mallon and James Goldstone, now represent 32.1% of the portfolio, according to the May factsheet, compared to 36.7% in April. Total holdings in the portfolio have increased from 96 to 117 between the two factsheets and while British American Tobacco remains the largest holding, its weighting has dropped from 6.97% to 4.89%.
“The early signs are this fund will be run differently from how Barnett had run it previously but it is best to wait until the restructuring is complete before jumping to any conclusions,” says Willis Owen head of personal investing Adrian Lowcock.
See also: Invesco faces long road stymying outflows despite end of the Mark Barnett problem
French company and investment trust enter top 10 holdings
Mallon and Goldstone only became managers of the fund on 15 May, meaning the factsheet covers just over a fortnight that they were at the helm.
The duo have introduced French energy major Total to the top 10 holdings and peer-to-peer investment trust Pollen Street Secured Lending. Shell and Derwent London have fallen out of the top 10 holdings as a result.
Total was also introduced to the £3.3bn Invesco High Income fund, where even more changes were made to the top 10 holdings.
Vodafone, GlaxoSmithKline and Intercontinental Hotels were introduced, while Shell, Derwent London, Novo Nordisk and Legal & General dropped out.
That portfolio, which the duo also took over from Barnett in May, now has 121 names compared to 103 previously.
The factsheets only reveal changes to the top 10 holdings but during late May, Invesco sold stakes in AJ Bell, Biopharma Credit, Card Factory and easyJet, according to regulatory filings. In early June, which isn’t covered by the factsheets, a 12.57% stake in Provident Financial was sold.
See also: Invesco denies trust sackings and unquoted write downs led to Mark Barnett exit
Mark Barnett’s successors take less punchy sector bets
Lowcock noted the new pair appear to be taking less punchy bets than Barnett with sector diversification increasing.
Financials remain the largest sector weighting in each fund but have been spliced during May. In Invesco Income financials have fallen from 34.7% to 26.7% of the portfolio. In Invesco High Income the sector has gone from 36% to 27.4%.
Consumer services, utilities and industrials have all increased.
Unquoted positions remain the same at 3.3% in Invesco High Income and 3.7% in Invesco Income. But cash levels have increased to 1.4% and 3.4% respectively.
See also: Mark Barnett spotlighted as Invesco reveals £23bn of underperforming funds
