This page should be read in conjunction with the investment risks below.
The world around us is always changing, in ways small and large. The key to investment success, we believe, is to find the significant changes, and then to identify the stocks that benefit most from them.
THE MOVE TO CLOUD COMPUTING
The shift to cloud delivery of software is, in our view, one of the most powerful and underappreciated changes going on in the world today. Cloud companies are gaining market share from legacy providers at an accelerating rate, and the economics of their business models means their margins can improve even as they grow.
MEDICAL DEVICES AND TECHNOLOGY
A post-COVID world is one that pays attention to rapid, accurate medical diagnostics. And aging populations suggest the consumption of healthcare will be robust for decades to come. The precision, sophisticated devices needed and the technologies necessary are produced by a few key health care companies, several of which we are invested in.
This trend represents a structural shift in consumer behaviour dating back to 1997, when the first book was purchased on Amazon. Since then, every major economic crisis has only accelerated the market share gains for e-commerce companies. The current crisis has been no different, and we think the trend will be reinforced moving forward.
“Growth¹, value², core³, small, large, balanced… we’re in the business of making money with money. We do that by buying great companies trading at prices less than they are worth. That’s it.”
Randall Dishmon, Fund Manager
For professional investors only.
The value of investments and any income will fluctuate (this may partly be the result of exchange-rate fluctuations) and investors may not get back the full amount invested.
The Fund may use Stock Connect to access China A Shares traded in mainland China. This may result in additional liquidity risk and operational risks including settlement and default risks, regulatory risk and system failure risk. As the Fund typically has a concentrated number of holdings, it may carry a higher degree of risk than a fund which invests in a broader range of holdings or takes smaller positions in a relatively large number of holdings. The fund may use derivatives (complex instruments) in an attempt to reduce the overall risk of its investments, reduce the costs of investing and/or generate additional capital or income, although this may not be achieved. The use of such complex instruments may result in greater fluctuations of the value of the fund. The Manager, however, will ensure that the use of derivatives within the fund does not materially alter the overall risk profile of the fund. Although the Fund invests mainly in established markets, it can invest in emerging and developing markets, where there is potential for a decrease in market liquidity, which may mean that it is not easy to buy or sell securities. There may also be difficulties in dealing and settlement, and custody problems could arise.
1 In contrast to value investing, growth investing is when the investor chooses a company that has yet to reach its full potential to invest in.
2 Value investing is an investment paradigm that involves buying securities that appear underpriced by some form of fundamental analysis.
3 Core & Satellite Portfolio Management is an investment strategy that incorporates traditional securities known as the "core" portion of the portfolio, with a percentage of selected individual securities of the portfolio known as the "satellite" portion.
This marketing document is intended for investors in Switzerland only. By accepting this document, you consent to communicate with us in English, unless you inform us otherwise.
Data as at 12/01/2021, unless otherwise stated. This document is marketing material and is not intended as a recommendation to invest in any particular asset class, security or strategy. Regulatory requirements that require impartiality of investment/investment strategy recommendations are therefore not applicable nor are any prohibitions to trade before publication. The information provided is for illustrative purposes only, it should not be relied upon as recommendations to buy or sell securities.
Where individuals or the business have expressed opinions, they are based on current market conditions, they may differ from those of other investment professionals and are subject to change without notice.
This does not constitute an offer or solicitation by anyone in any jurisdiction in which such an offer is not authorised or to any person to whom it is unlawful to make such an offer or solicitation. Persons interested in acquiring the fund should inform themselves as to (i) the legal requirements in the countries of their nationality, residence, ordinary residence or domicile; (ii) any foreign exchange controls and (iii) any relevant tax consequences. As with all investments, there are associated risks. This document is by way of information only. Asset management services are provided by Invesco in accordance with appropriate local legislation and regulations. The fund is available only in jurisdictions where its promotion and sale is permitted. Not all share classes of this fund may be available for public sale in all jurisdictions and not all share classes are the same nor do they necessarily suit every investor. Fee structure and minimum investment levels may vary dependent on share class chosen. Please check the most recent version of the fund prospectus in relation to the criteria for the individual share classes and contact your local Invesco office for full details of the fund registration status in your jurisdiction.
For more information on our funds, please refer to the most up to date relevant fund and share class-specific Key Investor Information Documents, the latest Annual or Interim Reports and the latest Prospectus, and constituent documents. Subscriptions of shares are only accepted on the basis of the most up to date legal offering documents. These documents are available from our website www.invesco.eu and are without charge.
Issued by Invesco Asset Management (Schweiz) AG, Talacker 34, 8001 Zurich, Switzerland, who acts as representative for the funds distributed in Switzerland. Paying agent for the funds distributed in Switzerland: BNP PARIBAS SECURITIES SERVICES, Paris, succursale de Zurich, Selnaustrasse 16, CH-8002 Zürich.