An introduction to the INVESCO Australian Share Funds by lindash


An introduction to the INVESCO Australian Share Funds

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									          An introduction to the
          INVESCO Australian Share Funds
                                                                                                   ROHAN WALSH –– HEAD OF AUST. EQUITIES

                                                                                                   Asset class:
                                                                                                   Australian equities

          Investment objective: To provide investors with long-term capital                        Management style:
          growth and distributions by investing in 25-35 Australian large cap                      Core, style neutral
          stocks plus smaller companies
                                                                                                   S&P/ASX 300 Accumulation Index
           What the Funds offer
           • Core, style-neutral Australian equity portfolios focused on sound companies that      Risk profile:
             are under-appreciated by the market and therefore mispriced

           • A selection of stocks from within the entire Australian sharemarket, regardless
             of their ‘value’ or ‘growth’ characteristics
                                                                                                   Time horizon:
           • Exposure to around 30 stocks from the S&P/ASX 100 market segment as well as
                                                                                                   5-7+ years
             broad active exposure to the smaller company sector (approximately 65 stocks)
                                                                                                   Distribution frequency:
           • Target outperformance of the benchmark of 3% p.a. over rolling 3-year periods
             within a tracking error band of 2.5-4.0%
                                                                                                   Minimum investment:
           • A proven, time-tested investment approach and process that have delivered a
                                                                                                   Wholesale $20,000
             consistent source of outperformance over numerous investment cycles
                                                                                                   Retail $2,000
           • An investment style that is complementary to other successful Australian equity
                                                                                                   Inception date:
                                                                                                   Wholesale 30/4/1991
                                                                                                   Retail 31/10/1992
           • Low turnover of approximately 25% p.a, with the advantage of lowering tax
             and trading costs for our investors
                                                                                                   APIR code:
                                                                                                   Wholesale CNA0811AU
           • A highly experienced and stable team of investment professionals focused
                                                                                                   Retail CNA0005AU
             principally on ‘stock picking’

          The INVESCO Australian equities advantage
          1. We aren’t constrained by style. Although our Australian equity portfolios may
             be biased towards value and growth at various points in the investment cycle,
             generally the portfolios are style neutral over the long term.

             Because we aren’t limited to certain stocks within the market, we have the ability        WINNER

             to outperform in all conditions. This distinguishes us from managers who adopt a
             deliberate value or growth bias, and who are therefore expected to perform better
             or worse at different times in the investment cycle.

             Open to a world of opportunities
             We don’t have a bias to value or growth stocks – we look at all opportunities in
             the market without narrowing the universe in any way and buy stocks on their
             merits. So we don’t aim to be style neutral, it’s simply an outcome of our
             investment process.

          2. We take a longer-term view of 3-4 years to allow the market time to
             realise what we determine to be the true value of a company’s underlying
             earnings stream. Markets can be unpredictable in the short term, but we don’t
             get sidetracked by the distracting day-to-day ‘noise’ that can affect share prices.

             By focusing on the longer term, we take advantage of the fact that the market
             may take time to again price a stock at what we believe to be its true value.
             Our long-term focus also keeps portfolio turnover to around 25-30% p.a,
             meaning lower capital gains tax for our investors.
An introduction to the
INVESCO Australian Share Funds

3. We are a disciplined investor and have a sound temperament. These                         This document has been prepared by INVESCO Australia Ltd (INVESCO)
                                                                                             ABN 48 001 693 232, Australian financial services licence number
   qualities allow us to run counter to market emotion and to maintain our views
                                                                                             239916, who can be contacted on freecall 1800 813 500 or by writing to
   during periods of market uncertainty. We look to anticipate change, and our               GPO Box 231, Melbourne, Victoria, 3001.This document contains general
   actions have a contrarian bias.                                                           information only and does not take into account your individual
                                                                                             objectives, taxation position, financial situation or needs. You should
                                                                                             assess whether the information is appropriate for you and consider
4. We take a broader view of the environment than many of our
                                                                                             obtaining independent taxation, legal, financial or other professional
   competitors. Why? Because the broader operating environment has a significant             advice before making an investment decision. A Product Disclosure
   effect on industry performance and company earnings.                                      Statement (PDS) for INVESCO's range of Funds referred to in this
                                                                                             document is available from INVESCO. The PDS should be considered
   Broad issues such as the ageing population, globalisation and industry structural         before making a decision to invest.

   change may be slow moving but do have a dramatic impact on company earnings.              INVESCO is authorised under its licence to provide financial product
                                                                                             advice, deal in financial products and operate registered managed
                                                                                             investment schemes. If you invest in an INVESCO Fund, INVESCO may
5. The funds are backed by experience, stability, and resources. The investment              receive fees in relation to that investment. Details are in the PDS.
   team behind the INVESCO Australian Share Funds is made up of 11 people from a             INVESCO's employees and directors do not receive commissions but are
   range of backgrounds. They’ve been in the industry for an average of 17 years             remunerated on a salary basis. Neither INVESCO nor any related
   and with INVESCO for eight. Combined, that’s extensive knowledge and insight.             corporation has any relationship with other product issuers that could
                                                                                             influence us in providing the information contained in this document.
                                                                                             Neither INVESCO nor any other member of the AMVESCAP PLC Group
   It also reflects a strong commitment to the company and to the funds they’re
                                                                                             guarantee the return of capital, distribution of income, or the
   responsible for – a key to superior performance over the long term.                       performance of any of the Funds. Any investments in the Funds do not
                                                                                             represent deposits in, or other liabilities of, any other member of the
                                                                                             AMVESCAP PLC Group. Investments in the Funds are subject to
  INVESCO’s Australian equities team is led by Head of Equities Rohan Walsh, who
                                                                                             investment risks including possible delays in repayment and loss of
  has ultimate responsibility for decision-making. Rohan has been with INVESCO since         income and principal invested. INVESCO has taken all due care in the
  1989 and in charge of the team since 1994. This makes him one of the longest-              preparation of this document. To the maximum extent permitted by law,
  serving portfolio managers at the one fund manager in the Australian market.               INVESCO, its related bodies, corporate directors or employees are not
                                                                                             liable and take no responsibility for the accuracy or completeness of this
                                                                                             document and disclaim all liability for any loss or damage of any kind
                                                                                             (whether foreseeable or not) that may arise from any person acting on
Your INVESCO contacts
                                                                                             any statements contained in this document.
For information on how the INVESCO Australian Share Funds can be used in your
                                                                                             Copyright of this document is owned by INVESCO. You may only
clients’ portfolios for optimum results, please contact your INVESCO representative.         reproduce, circulate and use this document (or any part of it) with the
                                                                                             consent of INVESCO.

Sam Sorace              Ron Grima              Matthew Hattersley     Tanya Cherrington
National Retail Sales   Manager Retail Sales   Manager Retail Sales   Manager Retail Sales
Manager                 Qld, NT                NSW, ACT               WA, SA
Vic, Tas,               Phone: 0434 604 751    Phone: 0414 847 511    Phone: 0413 689 000
Phone: 0413 050 909

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