REG-Invesco Perp Sel Tst: Statement re Portfolio Guidance

Invesco Select TrustAnnouncement

20/04/2020 09:40

Invesco Perpetual Select Trust plc

LEI: 549300JZQ39WJPD7U596

Statement re Portfolio Guidance

The Board announces an adjustment to its guidance as to the number of stocks
typically held in the Company’s Global Equity Income portfolio.  The new
guidance is that the portfolio will typically comprise 40 to 55 stocks
(previously 45 to 80 stocks, as published in the last annual financial
report).  The portfolio has tended to be managed around the lower end of the
range, with 52 stocks held at the Company’s last year end, 31 May 2019, and
45 stocks at 31 March 2020.  The portfolio manager aims to generate superior
performance through active management of a relatively concentrated portfolio
and the Board believes that its guidance as to a narrower range, which allows
slightly more concentration, will emphasise this.  For the avoidance of
doubt, it is not intended that the number of stocks held will be less than
40. 

Investors are reminded that from the beginning of 2020 Stephen Anness has
taken over full responsibility for the management of the Company’s Global
Equity Income portfolio.  The portfolio was previously managed by Invesco’s
Global Equity Income Group, which was chaired by Nick Mustoe.  Stephen leads
Invesco’s Global Equity team in Henley, which takes responsibility for
research, portfolio construction and communications.  Additional idea
generation and market insights are provided by regional equity market
specialists in the Henley Investment Centre.  In the current environment
Stephen’s focus is on companies with strong balance sheets that will enable
them to see out the Covid-19 crisis.

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Invesco Asset Management Ltd
Corporate Company Secretary

20 April 2020



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