Fixed Income

Introducing the Invesco Belt and Road Debt Fund

Become part of a massive infrastructure project, investing in debt issued by companies in Asia, Europe, the Middle East and Africa.

China takes the Silk Road to the next level

The Belt and Road - or One Belt One Road - Initiative (BRI) is a project to promote land and sea connectivity between Asia, Europe, the Middle East and Africa.

Examples of BRI infrastructure investments include ports, skyscrapers, railroads, roads, bridges, airports, dams, coal-fired power stations, and railroad tunnels.

What are the opportunities?

The world’s largest infrastructure project

More than 150 countries have signed cooperation agreements with China on Belt & Road projects. Around 40% of global GDP is generated in the Belt & Road region.

Attractive total return potential

Economic improvement tends to benefit both government and corporate bond issuers along the Belt & Road region. Higher income and capital gains from selective bonds.

Early mover advantage

Early investors could capture investment opportunities from a large universe of eligible bonds.

Three reasons to choose the Invesco Belt and Road Debt Fund

The fund managers invest flexibly across fixed income asset classes, credit ratings and regions. They can hold government, quasi-government and corporate securities with investment grade and high yield ratings. They aim to capture opportunities in countries which have good diplomatic relations with both China and western countries.

ESG ratings are integrated into the credit analysis process. While there are no binding investment restrictions, the team aims to exclude the worst issuers and focuses on companies with an improving or stable ESG rating.

They have developed a proprietary sustainability bond framework to help them assess whether green, social and sustainable bonds are suitable investments. The portfolio’s carbon emissions are considerably less than the global EM bond index.

Any investment decision should take into account all the characteristics of the fund as described in the legal documents. For sustainability related aspects, please refer to

The investment team forms part of Invesco’s global fixed income platform. They combine local market knowledge with a strong global perspective and have a presence in > 10 key markets .

Access the Invesco Belt and Road Debt Fund product page to view KIDs/KIIDs and factsheets. The investment concerns the acquisition of units in an actively managed fund and not in a given underlying asset.

Investment risks

  • For complete information on risks, refer to the legal documents. 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. Debt instruments are exposed to credit risk which is the ability of the borrower to repay the interest and capital on the redemption date. Changes in interest rates will result in fluctuations in the value of the fund. The fund uses derivatives (complex instruments) for investment purposes, which may result in the Fund being significantly leveraged and may result in large fluctuations in the value of the fund. As a large portion of the fund is invested in less developed countries, you should be prepared to accept significantly large fluctuations in the value of the fund. Investments in debt instruments which are of lower credit quality may result in large fluctuations in the value of the Fund. As this fund is invested in a particular sector, you should be prepared to accept greater fluctuations in the value of the fund than for a fund with a broader investment mandate. The fund may invest in a dynamic way across assets/asset classes, which may result in periodic changes in the risk profile, underperformance and/or higher transaction costs. The fund may invest in distressed securities which carry a significant risk of capital loss. The fund may invest in certain securities listed in China which can involve significant regulatory constraints that may affect the liquidity and/or the investment performance of the fund.

Meet the team

The primary drivers of the fund’s positioning and performance are its named fund managers, Yifei Ding and Norbert Ling, who are part of a wider team of 12.

Fund facts

The fund managers apply a flexible investment approach to capture opportunities within a USD 1.7 trillion eligible bond market. They mitigate risk by limiting exposure to single issuers to 1.5% for high yield and 3.5% for investment grade issuers. 

Flexible investment approach

Risk mitigation

Large opportunity set

success failure

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Frequently asked questions

The fund primarily invests in emerging market sovereign debt and developed market non-government debt. The idea is that these issuers should benefit either directly or indirectly from the Belt & Road initiative.


This will include debt issued by governments, local public authorities, quasi-sovereigns, supranational bodies, public international bodies and corporations.


The fund allocates to investment grade, non-investment grade and/or unrated debt securities. 

The fund aims to take advantage of the long-term investment opportunities emerging from the Belt & Road initiative. The fund managers base investment decisions on five investment themes: improving financial strength; modernising economic corridors; improving commodity production; rising local income and consumption; and expanding infrastructure network.


The fund managers adopt a flexible management style, depending on market conditions. The fund is overweight in countries that have good diplomatic relations with both China and the west, and in the infrastructure sector.


The investment team reviews each investment on its own merits and how it is expected to benefit from China’s Belt & Road initiative. The team assesses how the countries and companies exposed to the Belt & Road region will cooperate and mutually complement each other in different areas or sectors.

For several reasons, bond markets in the Belt & Road region are structurally inefficient:


  • Non-profit-oriented governments and policymakers frequently intervene in the markets directly or indirectly.
  • Some state-owned companies and agencies invest in bonds for non-commercial reasons.
  • Large institutional investors may be constrained by benchmarks which tend to be over-represented by bond issuers which are excessively borrowing money.
  • Foreign and local investors may have very different interpretations of and reactions to the same piece of news.
  • Home-biased investors may underprice local country risks and/or over-price yields.
  • Accounting standards and regulations may differ among the Belt & Road countries.
  • Capital controls may generate arbitrage opportunities between the USD bonds market and the onshore local currency bond markets of individual Belt & Road countries.

The Belt and Road Initiative is a global infrastructure development strategy adopted by the Chinese government in 2013 to invest in more than 150 countries and international organizations.


Chinese leader Xi Jinping originally announced the strategy as the "Silk Road Economic Belt" in September 2013. "Belt" refers to the proposed overland routes for road and rail transportation through landlocked Central Asia along the famed historical trade routes of the Western Regions. Meanwhile "road" is short for the "21st Century Maritime Silk Road", referring to the Indo-Pacific sea routes through Southeast Asia to South Asia, the Middle East and Africa.


Examples of Belt and Road Initiative infrastructure investments include ports, skyscrapers, railroads, roads, bridges, airports, dams, coal-fired power stations, and railroad tunnels.

Important Information

  • Data as at 31.12.2022, unless otherwise stated. This is marketing material and not intended as a recommendation to buy or sell 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.

    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. For more information on our funds and the relevant risks, please refer to the share class-specific Key Information Documents/Key Investor Information Documents (available in local language), the Annual or Interim Reports, the Prospectus, and constituent documents, available from A summary of investor rights is available in English from The management company may terminate marketing arrangements. This is not an invitation to subscribe for shares in the fund and is by way of information only, it should not be considered financial advice. 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 communication 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.