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Invesco Perpetual launches Tactical Bond Fund

Tuesday 19th January 2010
By Mike Jones

Invesco Perpetual has announced the launch of a new fund, the Invesco Perpetual Tactical Bond Fund, which aims to maximise total return primarily through a flexible allocation to fixed interest securities and cash. The fund will be managed by the award-winning team of Paul Causer and Paul Read who have over 50 years combined investment experience.

The Invesco Perpetual Tactical Bond Fund is the most flexible of the Henley-managed fixed-interest range. The fund’s investment remit covers the entire range of cash, government bond and credit markets, allowing it to adapt to a wide variety of market conditions. It will sit in the IMA Strategic Bond sector. Given the highly unconstrained nature of the fund, it will not be managed to an income target and is not suitable for investors seeking a consistent level of yield.

Read said: "The fund seeks to achieve an attractive total return over the long term by exploiting opportunities wherever we perceive them to be across the full range of government and credit markets including cash. Over the long term, because we have the flexibility to move portfolios across the risk spectrum, we would hope that we can outperform cash and indeed the major government and credit markets.

"The high-conviction management style means the fund is able to alter its asset allocation quickly which can lead to material changes in the risk profile of the fund. For example, the fund may go through periods of being fully invested in cash or near cash (gilt/bond securities with less than 12 months to mature) if the fund managers feel there are no attractive opportunities in fixed-interest markets.

"The investment process that we apply to this fund will not differ from that applied to our broad fund range, our macro views will be the same and our credit analysis will also be the same. The differences are going to be more about the degree to which we can apply any one theme or investment idea. These are likely to be amplified in this fund. This fund will attempt to capture the best ideas that we have across our range and to apply them in a concentrated way."

The initial offer period for the Invesco Perpetual Tactical Bond Fund is 25 January to 1 February 2010.

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