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Invesco Asia Trust

Opportunities emerging in Asian equities

Review | Investment Companies | 18 Sep 2018

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 increased 28% in FY18. The MSCI Asia ex-Japan index has corrected around 18% from its January 2018 peak and the manager believes many interesting investment ideas are emerging.

Invesco Asia Trust

Track record of solid long-term performance

Review | Investment Companies | 23 Mar 2018

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 performed strongly over the past two years, leaving valuations above the historic average. However, they remain at a meaningful discount to global equities, and the manager continues to find attractive long-term investment ideas.

Invesco Asia Trust

Still finding attractive investment opportunities

Review | Investment Companies | 03 Oct 2017

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 board actively manages the share price discount to ex-income NAV via share repurchases. Despite the focus on capital growth, IAT’s annual dividends have increased or been maintained every year since 2001.

Invesco Asia Trust

Sustained outperformance versus benchmark

Review | Investment Companies | 09 Dec 2016

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-income NAV via tender offers and share repurchases. Annual dividends have been maintained or increased every year since 2001; the current yield is 1.6%.

Invesco Asia Trust

Unconstrained investment in Asia Pacific region

Review | Investment Companies | 14 Jun 2016

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 compares favourably with its close peers.

Invesco Asia Trust

Quality, value and growth across Asia

Review | Investment Companies | 26 Nov 2015

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 numbers, the manager is finding growing companies on attractive valuations as a result. IAT has a 2.1% yield and an established record of year-on-year dividend growth.

Invesco Asia Trust

Focused portfolio unconstrained by benchmark

Review | Investment Companies | 20 Feb 2015

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 IAT's 1.8% yield is above average among peers focused on capital growth.

Invesco Asia Trust

Positive performance from ‘best ideas' portfolio

Update | Investment Companies | 26 Jun 2014

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, partially driven by reforms in China and India, and are focusing on positioning the portfolio to benefit from this.

Thin Film Electronics

Solid financials complete an exceptional year

Flash note | Technology | 04 Mar 2014

Q413 and Q114 have seen a number of positive commercial and strategic developments at Thinfilm, culminating in the acquisition of Kovio's NFC technology in January, which could be transformational for the business. In this context and with the company's relatively early stage of development, the financial results do not give full insight into the business's performance. Nonetheless, the results were positive, with revenue above our forecasts and a strong cash balance as result of the NOK280m Invesco investment. Thinfilm is therefore in a strong position to accelerate development and meet its important FY14 milestones.

Invesco Asia Trust

Stronger performance, wide discount

Review | Investment Companies | 20 Dec 2013

Invesco Asia Trust (IAT) aims to achieve long-term capital growth through equity investments in Asia (including Australia and excluding Japan). The relative performance of the trust has strengthened markedly over the last six months and the trust has outperformed its benchmark over one, three and five years. Continuation of global economic recovery should favour the portfolio's bias towards economically sensitive stocks. The improved performance has yet to be reflected in a narrowing of the discount.

Thin Film Electronics

Funding, commercial and technology gains

Update | Technology | 12 Nov 2013

Thinfilm's share price has doubled over the last couple of months on the back of two NOK140m investments by Invesco, the development of a new standalone sensor system, a new commercial order for its brand protection product and the appointment of Dr Peter Fischer, previously Plastic Logic's CTO, as chief product officer. Although Q3 results were weaker than expected, long-term forecasts remain unchanged and we confirm a base-case valuation of NOK7.40/share.

Thin Film Electronics

NOK140m vote of confidence

Update | Technology | 09 Sep 2013

The NOK140m ($23m) planned investment by Invesco is a strong vote of confidence in Thinfilm. It provides the funding required for planned capital expenditures over the next year, and the potential exercise of the NOK140m of warrants would provide sufficient funding for remaining development plans. This level of investment by a blue-chip investor should give current and potential shareholders confidence in the strength of the business model.