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Invesco Global High Income Fund
A (EUR Hgd)-MD Shares
31 May 2015
Summary of fund objective
Quarterly fund commentary
The objective of the Fund is to achieve
long-term returns through investments in a
spread of debt securities in developed and
emerging countries while maintaining a
high income yield. For the full objectives
and investment policy please consult the
current prospectus.
In the first quarter of 2015, emerging markets (EM) and high yield (HY) bonds posted
positive returns in US dollar terms with high yield outperforming emerging markets. Despite
spreads drifting wider over the quarter, EM bonds recovered post the testimony by the US
Federal Reserve (Fed) that suggested an interest rate hike could arrive in September rather
than June. We favour countries that import and subsidize commodities. We expect that
countries with less favourable fundamentals will underperform as sovereign fundamental
differentiation will, in our view, increase going forward. In HY bonds, ever changing opinions
regarding interest rate policy weighed on the market in the latter part of the first quarter. We
believe that the latest language from the Fed is quite constructive for the high yield asset
class. Specifically, if the Fed does indeed embark on a campaign of raising interest rates at a
measured pace, this would be consistent with the US economy growing at a moderate rate.
This type of growth has been positive for corporate earnings in the past, allowing for better
credit valuations and lower default risks. In short, we believe any fear of the Fed’s actions by
high yield investors is misplaced.
Key facts
Joseph Portera, Atlanta, Managed fund
since August 2013
Co-Fund Managers
Darren Hughes, Atlanta, Managed fund
since August 2012
Scott Roberts, Atlanta, Managed fund
since August 2013
Rashique Rahman, Atlanta, Managed fund
since March 2015
Jack Deino, Atlanta, Managed fund since
August 2013
Share class launch
08 December 2010
Original fund launch ¹
12 January 1994
Legal status
Mutual Fund - Irish Unit Trust authorised
as UCITS
Share class base currency
EUR
Share class type
Income
Fund size
EUR 486.74 mn
Reference index
50% JPM EMBI Glbl Div'd & 50% BarCap
US HY 2% Issuer Cap TR USD
Bloomberg code
IGHAEHM ID
ISIN code
IE00B41SHM13
Settlement date
Trade Date + 3 Days
Morningstar RatingTM
AA
Indexed performance*
Fund
Index
140
130
120
110
100
90
80
05/11
05/12
05/13
05/14
05/15
Cumulative performance*
in %
YTD
1 year
3 years
Since inception
Fund
4.01
0.89
19.73
30.03
Index
3.68
2.23
22.84
36.06
Calendar year performance*
in %
2010
2011
2012
2013
2014
Fund
-
3.24
18.12
-0.36
2.67
Index
-
6.20
16.62
0.94
4.93
Standardised rolling 12 month performance**
in %
Fund
31.03.10
31.03.11
31.03.11
31.03.12
31.03.12
31.03.13
31.03.13
31.03.14
31.03.14
31.03.15
-
7.95
11.01
1.74
1.65
The standardised rolling 12 month performance information is updated on a quarterly basis beginning
one year after the share class launch. As the share class was launched less than 5 years ago, data is not
available for all periods
Past performance is not a guide to future returns.
* (Source: © 2015 Morningstar) Mid to mid, gross income re-invested to 31 May 2015 unless otherwise stated. The figures do not reflect the entry charge payable
by individual investors. **Mid to mid, gross income re-invested to 31 March 2015. All performance data on this factsheet is in the currency of the share class, apart
from the index performance which is shown in USD. Reference Index Source: Factset. Please refer to Page 3 for Risk Warnings and Important Information.
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Invesco Global High Income Fund
A (EUR Hgd)-MD Shares
31 May 2015
Geographical weightings of the fund in %*
Credit ratings*
Geographical weightings*
g
(average rating: BB-)
g
in %
Fund
Index
AA
0.5
3.0
A
3.4
8.4
BBB
26.1
25.2
BB
35.1
33.6
B
24.5
21.9
CCC and Below
7.5
7.2
Not Rated
2.4
0.7
Cash and FX
0.6
0.0
United States
Brazil
g China
g Mexico
g Indonesia
g Colombia
g United Kingdom
g Russia
g Others
g Cash
Sector weightings of the fund in %*
in %
Fund
Index
39.9
41.2
Brazil
5.5
2.1
China
4.1
1.1
Mexico
3.5
2.2
Indonesia
3.4
2.2
Colombia
2.6
1.9
United Kingdom
2.5
1.3
Russia
2.5
2.0
Others
35.5
46.2
0.6
0.0
United States
Cash
Developed Corporates
EM Corporates
g Quasi and Foreign
Government
g Cash
g
g
Sector weightings*
in %
Fund
Index
Developed Corporates
48.3
50.0
EM Corporates
28.7
50.0
Quasi and Foreign Government
22.5
0.0
0.6
0.0
Cash
NAV and fees
Current NAV
EUR 9.76
12 month price high
EUR 10.25 (17/07/2014)
12 month price low
EUR 9.31 (17/12/2014)
Minimum investment ²
EUR 1,000
Entry charge
Up to 5.00%
Annual management fee
1.0%
Ongoing charges
1.25% (30/11/2014)
Maturity distribution*
in %
Fund
Index
0-3 years
4.6
9.5
3-7 years
42.7
44.5
7-10 years
41.9
26.2
10-15 years
4.5
5.3
15+ years
5.6
14.6
Others
0.8
0.0
Fund
Index
Under 3 years
12.7
20.7
3-4 years
14.0
13.6
4-5 years
24.5
17.3
5-6 years
13.4
12.6
6+ years
35.4
35.9
Duration distribution*
(average duration: 5.3)
in %
Yield %*
Source: *Invesco
Gross Current Yield
6.06
Gross Redemption Yield
6.38
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Invesco Global High Income Fund
A (EUR Hgd)-MD Shares
31 May 2015
Risk Warnings
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. As a large portion of the fund is invested in less developed countries, you should be prepared to accept
significantly large fluctuations of the value of the fund. The fund may hold a significant amount of debt instruments which are of lower
credit quality and may result in large fluctuations of the value of the fund.
Important Information
1
The original fund launch date in this factsheet is identical with the fund launch date on the KIID.
The minimum investment amounts are: USD 1,500 / EUR 1,000 / GBP 1,000 / CHF 1,500 / SEK 10,000.
Please contact us or refer to the most up to date Prospectus for details of minimum investment amounts in other currencies.
2
Where Invesco has expressed views and opinions, these may change. If investors are unsure if this product is suitable for them, they
should seek advice from a financial adviser. The distribution and the offering of the fund or its share classes in certain jurisdictions may be
restricted by law. Persons into whose possession this document may come are required to inform themselves about and to comply with
any relevant restrictions. 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. For the purposes of UK law, the fund is a recognised scheme under
section 264 of the Financial Services & Markets Act 2000. The protections provided by the UK regulatory system, for the protection of
Retail Clients, do not apply to offshore investments. Compensation under the UK’s Financial Services Compensation Scheme will not be
available and UK cancellation rights do not apply. The fund is available only in jurisdictions where its promotion and sale is permitted.
Where securities are mentioned in this document they do not necessarily represent a specific portfolio holding and do not constitute a
recommendation to purchase, hold or sell. The ongoing charges figure is based on annualised expenses for the period ending
30/11/2014. This figure may vary from year to year. It excludes portfolio transaction costs except in the case of an entry or exit charge
paid by the Fund when buying or selling shares/units in another fund. Please refer to the most up to date relevant fund and share classspecific Key Investor Information Document, the latest Prospectus and Annual or Interim Short Reports for more information on our funds.
UK based investors should also refer to the relevant Supplementary Information Document. This information is available using the contact
details shown. The yields shown are expressed as a % per annum of the current NAV of the fund. They are an estimate for the next 12
months, assuming that the fund’s portfolio remains unchanged and there are no defaults or deferrals of coupon payments or capital
repayments. Cash income is estimated coupons from bonds. The gross current yield is an indication of the expected cash income over the
next 12 months. The estimated gross redemption yield is a longer-term picture indicating expected annual total return. This means that in
addition to expected cash income, it includes the amortised annual value of unrealised capital gains or losses of bond holdings currently
held by the fund, calculated with reference to their current market price and expected redemption value made upon maturity of the bonds.
Neither of the yields is guaranteed. Nor do they reflect the fund charges or the entry charge of the fund. Investors may be subject to tax
on distributions. Issued in Jersey and Guernsey by Invesco International Limited, 2nd Floor, Orviss House, 17a Queen Street, St Helier,
Jersey, JE2 4WD. Regulated by the Jersey Financial Services Commission. Issued in the UK by Invesco Global Investment Funds Limited,
Perpetual Park, Perpetual Park Drive, Henley-on-Thames, Oxfordshire RG9 1HH, UK. Authorised and regulated by the Financial Conduct
Authority. Issued in Dubai for Professional Clients only by Invesco Asset Management Limited, PO Box 506599, DIFC Precinct Building No
4, Level 3, Office 305, Dubai, United Arab Emirates. Regulated by the Dubai Financial Services Authority.
© 2015 Morningstar. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers;
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