Active Equity

Invesco Global Focus Equity Strategy

Invest in the future: Structural change, durable opportunities.


The Invesco Global Focus Equity strategy invests in themes and trends that are powerful, durable, and sustainable over the long-term. The tailwind provided by a durable, structural growth theme can help create the conditions for quality companies to earn attractive compounding returns over many years.


The objective of the strategy is to achieve long-term capital growth. The strategy invests at least 80% of its assets in shares of companies globally and typically holds a concentrated portfolio of 35-55 stocks. Derivatives (complex instruments) may be used to manage the strategy more efficiently, with the aim of reducing risk, reducing costs and/or generating additional capital or income.¹

Investment philosophy

Global Focus is a high conviction portfolio with a bottom-up approach to stock selection. We believe consistent, long-term outperformance can be achieved by investing within select long-term thematic trends, or tailwinds. Security selection involves discerning best undervalued ideas and taking potentially rewarded risks, as outlined below. Active portfolio management is a key tenet of Global Focus, a high active share portfolio of stocks with asymmetric return profiles.

Investing only where there is opportunity

  • Use theme-based approach to identify companies that can compound value
  • Research large dislocations for value opportunities

Know what matters

  • Identify keys to the investment case for each opportunity
  • Ignore short-term noise and transient news

Play to win

  • Build portfolio independent of the index
  • Concentrate in holdings with best risk/reward asymmetry
Our investment philosophy

Investment process

Within the global equity universe, the team identifies structural growth trends, or tailwinds, that will drive sustainable growth. The team targets attractively priced stocks of companies with durable business attributes and seek absolute value independent of style box parameters. In addition, we buy only when there is a significant gap between our estimate of the private market value of the business and the market price.

Rigorous fundamental company research drives stock selection. The team asks the following three questions, which must be answered in the affirmative to qualify for consideration, to focus the analysis, to give the team conviction in what they buy, and to help them avoid value traps:

  1. Is the business worth owning…ever? Is the business exposed to a sustainable growth theme? What is the company's advantage and is it durable? Do the economics of the business improve with growth?
  2. What’s the right price? If the business economics are sound, what you pay for a company is the single largest determinant of investment success or failure.
  3. Is management working for shareholders? Allocating capital in an economically sensible way creates shareholder value, and our experience has been that past corporate actions by a management team are the best indicator of how they’ll behave in the future. 
Our investment process

Why Invesco

The Invesco Global Focus strategy’s competitive advantages are the following:

Global equity investment leader

  • The Invesco Global Equities Group (NY) (the Group) has been a pioneer in integrated global equity investing since 1969.
  • The portfolio manager average tenure at the firm is 15 years.

Structural growth themes

  • The Group identifies global structural, durable tailwinds that they believe drive sustainable growth.
  • The Group avoids commoditised industries and business.

Long-term investing

  • The Group conducts analysis with an investment horizon of 5-10 years and holds positions for an average of 8 years.

Bottom up stock selection

  • The Group emphasises individual company fundamentals and focuses on microeconomics rather than macroeconomics.

High conviction management

  • The portfolio is benchmark independent with an active share consistently near 90%.

Generalist approach to research

  • The Group continuously aims to deepen understanding of companies across geographies, sectors and market caps to develop judgment through a holistic, global perspective.
  • The Group mentors and develops analysts as generalists tom ensure Group continuity.

Investment team

Randall Dishmon has been the portfolio manager of the Global Focus strategy since inception, September 28, 2007. He is supported by two dedicated research analysts, Jonathan Hartman and James Burke, as well as the additional members of the Global Equity Group.

success failure

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  • 1 The use of derivatives (complex instruments) may result in greater fluctuations of the value of a portfolio. The Manager, however, will ensure that the use of derivatives does not materially alter the overall risk profile of the strategy. For the full objectives and investment policy please consult the current prospectus.

Investment risks

  • 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 strategy invests in a limited number of holdings and is less diversified, and therefore this may result in large fluctuations in value.


    As a portion of the strategy may be exposed to less developed countries, you should be prepared to accept large fluctuations in value.

Important information

  • All data as at 13 August 2020, unless otherwise stated.


    This marketing material 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.