Focus Fund

Invesco Pan European High Income Fund

The largest European-focused multi-asset balanced fund* using active asset allocation to achieve income and capital growth.

Source: ©2026 Morningstar as of 31 July 2026. The largest fund in Morningstar Category - EAA Fund EUR Cautious Allocation.

    • The Fund invests primarily in European securities (debt and equity).
    • Investors should note the dynamic asset allocation risk, liquidity risk, risk of Eurozone crisis, risk of investing in convertibles/convertible bonds/convertible debts, sovereign debt risk, concentration risk of investing in higher yielding European debt securities and equities, risk of investing in perpetual bonds, risk associated with investments in debt instruments with loss-absorption features including senior non-preferred debts, contingent convertible bonds which are subject to the risk of being written down or converted to ordinary shares upon the occurrence of pre-defined trigger events and may result in a significant or total reduction in the value of such instruments, currency exchange risk, RMB currency and conversion risks of RMB hedged share classes, equities risk, credit rating risk, volatility risk, general investment risk. Investment in bonds or other fixed income securities is subject to (a) interest rate risk (b) credit risk (including default risk, downgrading risk and liquidity risk) and (c) risks relating to high yield bonds/non-investment grade bonds and/or un-rated bonds.
    • Financial derivative instruments (FDI) may be used for efficient portfolio management and hedging purpose and for investment purposes. Risks associated with FDI include counterparty/credit risk, liquidity risk, valuation risk, volatility risk and over-the-counter transaction risk. As a result of the use of FDI for investment purposes, investors should note the additional/high leverage risk. Also, the active FDI positions implemented by the Fund may not be correlated with its underlying securities positions held by the Fund which may lead to a significant or total loss to the Fund.
    • For certain share class(es), the Fund may at discretion pay dividend out of capital and/or effectively out of capital, which amounts to a return or withdrawal of part of an investor’s original investment or from any capital gains attributable to that original investment. Any such distributions may result in an immediate reduction of the net asset value per share in respect of such share class after the monthly distribution date. (Note 1)
    • In addition, investors of Monthly Distribution-1 share classes that are currency hedged (MD-1 hedged) should be aware of the uncertainty of relative interest rates. The net asset value of the MD-1 hedged may fluctuate and may significantly differ from other share class due to fluctuation of the interest rate differential between the currency in which the MD-1 hedged is denominated and the base currency of the Fund and may result in a greater erosion of capital than other non-hedged share class. (Note 2)
    • The value of the Fund can be volatile and could go down substantially.
    • Investors should not base their investment decision on this material alone.

Key features

Morningstar 5-stars rated fund


A (USD Hgd)-MD1: Top quartile over 1,3,5,10 years, 1st fund in peer group.^

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Strong market recognition

 

Largest fund in peer group(€7.4bn)*

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Active asset allocation


Flexibly adjust the portfolio in response to changing market conditions.

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A (USD Hgd)-MD1 share class


Enjoy up to 7.85% annualized dividend. Aims to pay dividend on monthly basis. Dividend is not guaranteed. For MD-1 shares, dividend may be paid out of capital. (Please refer to Note 1 and/or Note 2 of the "Important information")

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Source: Invesco as at 31 July 2026. ^Performance is sourced from ©2026 Morningstar, data as of 31 July, 2026, based on A (USD Hgd) MD1 share class. Share class launch date: 10 December 2014. Peer group: EAA EUR Cautious Allocation.
*Peer group: EAA EUR Cautious Allocation. Any reference to a ranking, a rating or an award provides no guarantee for future performance results and is not constant over time.

Capturing opportunities

1. Inflation under control and modest growth

Indicators show monetary policy was effective in controlling inflation which as now stabilized around the European Central Bank target. Growth is also expected to improve over the next couple of years. 

Source: Invesco as at 31 July 2026.

2. Attractive equity markets

Low expectations coupled with low valuations present and opportunity to add value. Higher equity risk premiums versus other developed markets regions may provide downside risk mitigation. 

3. Mitigate volatility and drawdowns

A multi-asset approach can help reduce market volatility and support a smoother investment journey. Attractive valuations in Europe compared with the US may also provide additional downside protection.

Portfolio characteristics

Source: Invesco as at 31 July 2026. Portfolio weightings, sector weightings and portfolio holdings are subject to change without notice. The weightings for each breakdown are rounded to the nearest tenth or hundredth of a percent; therefore, the aggregate weights for each breakdown may not equal 100%. 

Distribution information*

*Aims to pay dividend on monthly basis. Dividend is not guaranteed; For MD-1 shares, dividend may be paid out of capital. (Please refer to Note 1 and/or Note 2 of the "Important information")

  Intended frequency

Record date

Amount/Share

Annualized dividend (%)

A (USD Hgd)-MD1 Shares

Monthly

03/08/26

0.0580

7.85
A (HKD Hgd)-MD1 Shares Monthly 03/08/26 0.4790 7.22

A (RMB Hgd)-MD-1 Shares

Monthly

03/08/26

0.3750

4.59
A (AUD Hgd)-MD1 Shares Monthly 03/08/26 0.0460 6.94

A (EUR)-MD1 Shares

Monthly

03/08/26

0.0400

6.29

A (JPY Hgd)-MD1 Shares

Monthly

03/08/26

25.0000

3.01

A (GBP Hgd)-MD-1 Shares

Monthly

03/08/26

0.0600

7.48
A (NZD Hgd)-MD1 Shares Monthly 03/08/26 0.0530 8.07

A (CAD Hgd)-MD1 Shares

Monthly

03/08/26

0.0510

7.50

Source: Invesco as at 31 July 2026.
Effective 30 November 2025, the formula used to calculate annualized dividend (%) figures on the factsheet was updated. Annualized dividend (%) = [ (1 + Distribution per unit / Ex-Dividend NAV) ^ Frequency ] - 1 on Ex-Dividend date. Upon dividend distribution, the Fund's net asset value may fall on the ex-dividend date. For Frequency, Monthly = 12; Quarterly = 4; Semi-Annually = 2; Annually =1. All distributions below USD 50/EUR 50/AUD 50/HKD 400/RMB 400/GBP 40/NZD 500/JPY 5000/CAD 50 will be automatically applied in the purchase of further shares of the same class. Positive distribution yield does not imply a positive return.

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