invesco global equity income fund - particuliere belegger...

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Invesco Global Equity Income Fund

May 2016

John BothamThis marketing document is for Professional Clients and Financial Advisers in Continental Europe, Qualified Investors in Switzerland and Professional Clients in the UK only and is not for consumer use.

Product Director

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Contents

Our organisation


Investment team and philosophy

The ‘MAPS’ investment framework

Risk management

Strategy performance

Strategy positioning

Appendix

2

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Invesco Perpetual is part of Invesco, a global group dedicated solely to investment management Manages US$122.8bn*

3

Source: Invesco Ltd as at 31 March 2016.Investment Professionals includes CIO, Fund Managers, Analysts and Trainee Analysts, Multi Asset Product Directors and Fixed Income Dealers. Equities information includes Global, US, European, UK, Emerging Market, Asian and Japan equities teams. 1As at 31 December 2015. *Including retail, offshore and institutional assets. Years experience and tenure subject to rounding. The funds and strategies featured in this document are managed by the firm’s investment centre in Henley (UK), Invesco Perpetual. Invesco Perpetual is a business name of Invesco Asset Management Limited (IAML) and forms part of Invesco UK Limited, which itself forms part of Invesco.

Equities Fixed income Multi Asset

37 Investment Professionals

17 years avg. experience

10 years avg. with firm

AUM US$70.2bn



9 years avg. with firm

AUM US$39.4bn



3 year avg. with firm

AUM US$13.2bn

Invesco:

AUM US$775.6bn1

More than 750 investment professionals

On-the-ground presence in more than 20 countries

57%32%

11%

Equities Fixed income Multi-Asset

Henley Investment CentreInvesco Perpetual:

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Invesco PerpetualBreadth of experience, depth of expertise, unique culture

4

Away from the ‘noise’

A world-class investment centre

Idea sharing, collaboration and debate

Long-term approach

66

Investment professionals*

40

Miles from the ‘noise’ of the City

28

Heads of team average years

experience16

Heads of team average years tenure

Asset class/

regional experts

InteractShare

Debate

IQ compounding

83%3 years

88%5 years

Percentage of asset weighted pooled vehicles outperforming

peers1

Breadth and depth of knowledge

Henley

Past performance is not a guide to future returns.Source: Invesco Perpetual as at 30 April 2016. *Investment Professionals includes CIO, Fund Managers, Analysts and Trainee Analysts, Multi Asset Product Directors and Fixed Income Dealers. Equities information includes Global, US, European, UK, Emerging Market, Asian and Japan equities teams. 1This makes use of the Investment Association (IA) peer ranking for each UK fund’s primary share class and the Morningstar peer ranking of the primary share class of Luxembourg and Ireland domiciled funds. Excludes fund-of-funds and passively managed products. May not sum due to rounding.

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Invesco Perpetual Global Equity StrategiesHarnessing a world class investment centre

5

Source: Invesco Perpetual as at 31 December 2015.

Global Diversified

Equity

Global Equity

Income

Global Smaller

Companies

Global Opportunities

Diversified Total return Small cap Concentrated

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Invesco Global Equity Income FundInvestment proposition

7

Please note there is no guarantee the targets will be achieved.

“Our best ‘quality income’ ideas from around the world, in a diversified, globally integrated portfolio.”

Nick Mustoe and the Global Equity Income GroupInvestment team

We aim to deliver a portfolio of our best quality income ideas that:

Affords each stock the potential to contribute meaningful risk-adjusted returns

Is diversified by stock type, sector, region, and risk contribution

Provides a mix of sustainable and growing income, with capital growth

Delivers lower volatility than the market over the long-term

Invesco Perpetual Global Equity Income Group (GIG)

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Invesco Global Equity Income FundKey differentiators

8

Source: Invesco Perpetual as at 31 March 2016. *Please see risk-return profile slide.

A world class investment centre Access to a unique investment environment and proven stock-picking capabilities.

An experienced and stable investment team Led by CIO Nick Mustoe, the team includes senior fund managers from Henley’s successful regional

equity desks.

A robust investment process, with repeatable idea generation Investment process efficiently captures the best regional ideas in a global valuation context.

A perspective advantage Deep regional knowledge, with a unique global perspective.

An attractive historic performance profile Attractive historic* long-term, risk-adjusted return, typically with lower volatility and better up/down

market capture than the market.

Investment team and philosophy

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Invesco Perpetual Global Equity Income Group (GIG)Bringing together the best of Henley in a global portfolio

10

Source: Invesco Perpetual as at 31 March 2016. Years of experience are subject to rounding.

Martin WeissGlobal Equities Inv. Strategist

25 yearsexperience

Nick MustoeCIO/Lead Manager

31 years experience

Arwel GreenGlobal Equities Strategist

15 years experience

Global portfolio strategyTotal portfolio ownership/monitoring

John BothamGlobal Equities Product Director

23 years experience

Global product and business Client communication/business management management

David AujlaGlobal Equities Product Specialist

7 years experience

Stephanie ButcherEuropean Fund Manager

22 years experience

Simon ClinchUS Fund Manager

18 years experience

Tony RobertsJapanese Fund Manager

21 years experience

Mark BarnettHead of UKEquities

24 years experience

Tim DicksonAsian Fund Manager

23 years experience

Andrew HallGlobal Fund Manager

15 years experience

US Europe UK Japan Asia Global

Fund managersOriginal fundamental research & portfolio construction insight

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Invesco Perpetual Global Equity Income GroupInvestment philosophy and approach

11

Investment philosophy:

Short-term market participants increasingly give rise to valuation anomalies. Dividends are a key component of equity market returns. Stock-specific factors are the primary driver of long-term returns.

Active

Unconstrained

Fundamental

Valuation

Long-term

Risk-focused

Delivering sustainable outperformance means differing from the market

Ability to invest across stock types, sectors, regions and styles

We believe original research is the key to identifying true intrinsic worth

We believe valuation is the key driver of long-term returns

Being prepared to wait is the key to sustainable value realisation

We view risk as permanent capital loss, but relative-risk is diversified

Investment approach:

Source: Invesco Perpetual as at 31 March 2016.

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The types of stocksQuality income examples

12

Source: Invesco Perpetual as at 31 December 2015For illustrative purposes only. This must not be seen as investment advice. FCF = Free Cash Flow.

Sound fundamentalsGood management teams In our view, attractively valued

4.2% dividend yield

12.0% dividend CAGR since 1999

The market underestimates:

The magnitude and duration of FCF generation

The level of profits growth achievable despite falling volumes

3.0% dividend yield



The potential of existing products and the development pipeline

The continued secular growth opportunity for sector

2.9% dividend yield



The margin and growth potential in the existing businesses

Management’s track record of creating shareholder value

4.3% dividend yield

24.0% dividend CAGR forecast for next 3 yrs


Profits growth in the next 3 years due to cost cutting/streamlining

The decline in the cost of capital enjoyed by the company

The Global Equity Income Group looks to identify what it believes are undervalued companies, with high and sustainable dividends, or dividend growth potential

British multinational tobacco company

Swiss global health-care company

American multinational conglomerate

Dutch multinational banking and financial services corporation

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How the Global Equity Income Group (GIG) worksContinuous management, with a robust investment platform

Led by Lead Manager, Nick Mustoe:

Market review Regional performance Macro backdrop Valuations

Portfolio review Performance attribution Sector/region/risk exposures Balance of relative risk

Existing stocks review Stock winners/losers Manager conviction check Forthcoming company meetings

New idea proposals Assessment of investment thesis Global perspective challenge Source of capital

Fortnightly GIG meeting

Investment Strategists Portfolio monitoring/implementation Regional manager dealing/conviction Intra-meeting GIG communication

CIO/Lead Manager Daily responsibility for the portfolio Harnesses views of Henley team Sets agenda for GIG meetings

Regional Fund Managers Ongoing fundamental stock research Regional stock dealing updates Recommendations for intra-meeting trading

Daily managementPortfolio

Source: Invesco Perpetual as at 31 March 2016. For illustrative purposes only.

13

The ‘MAPS’ investment framework

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Investment process: The ‘MAPS’ frameworkMapping our best regional ideas in a global context

15


M A P S

MANAGER ASSESSMENT PERSPECTIVE STRUCTURE

Conviction Valuation Diversification RiskContinuous monitoring

Globalportfolio

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‘MAPS’ framework: MANAGERA repeatable source of high-quality regional ideas

16

Source: Invesco Perpetual as at 31 March 2016. See slide 13 for details of regional fund manager research process. For illustrative purposes only.

MA

P

SProposal criteria:

A high conviction, quality income idea, owned by regional equity investment team.

Detailed original fundamental research undertaken.

A clear and understandable investment thesis, including return expectation, and key risks.

Regional fund managers propose their best ideas at the fortnightly Global Equity Income Group investment meeting

Strong, repeatable regional ideasOutput

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‘MAPS’ framework: ASSESSMENTUnderstanding the idea, and testing the investment thesis

17


MA

P

S

Rigorously tested regional investment

ideas

The Global Equity Income Group rigorously tests and assesses the idea

Financials analysisAre revenues/margins sustainable?

How strong is the balance sheet?

Do we agree with assumptions?

Macro/industryWhat drives this business?

Position within the industry?

Impact of operating/economic environment?

ManagementHow well do we know them?

Alignment of interests?

Strategy/capital allocation discipline?

ValuationAttractively valued, or value trap?

What is the market missing?

What is the true intrinsic value?

Investment thesisWhat are the drivers of expected upside?

Confidence in return drivers?

RisksWhat are the key risks to the thesis?

Potential downside?

Output

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‘MAPS’ framework: PERSPECTIVEDeploying our unique global perspective advantage

18


MA

P

S

Our best ‘truly global’ investment ideas

The Global Equity Income Group determines whether ideas are truly attractive, on a global basis

Valuation

Valuation relative to its regional peers?Valuation relative to its global peers?

Opportunity cost

What are the global alternatives?Is there a more attractive idea elsewhere?

Source of capital

More attractive than existing ideas?

Output

The Global Equity Income Group is compensated at the total portfolio level.

Fund manager interests are aligned with choosing the best global ideas.

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‘MAPS’ framework: STRUCTUREBuilding diversified, risk-adjusted return potential

19

Source: Invesco Perpetual as at 31 March 2016. For illustrative purposes only. *TE = Tracking Error. For the full objectives and investment policy please consult the current prospectus.

Typical portfolio parameters

Stocks Minimum size: 0.5% at entry Maximum size: 2.5% at entry (5% overall) Maximum 15% of total stock level TE*

Market capitalisation Maximum 20% of portfolio <US$10bn

Sectors Minimum of 7 GICS sectors Maximum of 2.5x GICS sector weight

Geographical exposures Developed markets focused US: 0% - 75% Europe ex. UK: 0% - 50% UK: 0% - 30% Japan: 0% - 30% Asia ex Japan: 0% - 30%

Cash levels Fully invested: Typically less than 3%

MA

P

S

Position sizing criteria:

Stock specific:

Upside Risk Strength of conviction Level of liquidity

Portfolio considerations:

Total portfolio yield Diversification potential Relative-risk contribution

A diversified portfolio of our best global

valuation opportunities Output

Bottom-up construction, driven by conviction and risk/return potential

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Portfolio monitoringContinuous investment team oversight

20


Globally diversifiedportfolio

50-70 holdingsActive share >90%

Low turnoverLiquid

Portfolio monitoring/implementation

Regional manager dealing/conviction

Intra-meeting GIG communication

Daily responsibility for the portfolio Harnesses views of Henley team Sets agenda for GIG meetings

Ongoing fundamental stock research

Regional stock dealing updates

Recommendations for intra-meeting trading

CIO/Lead Manager

Investment Strategists Regional Fund Managers

Risk management

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Risk managementA robust framework, with independent oversight

22


Investment Oversight Governance of the portfolio Oversight of the investment process

Global Equity Income Group Stock level risk management Portfolio level risk management

Independent Risk Function/GPMR Independent risk analysis Independent risk challenge

A robust framework, from investment team to independent risk management

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Risk managementThe Global Equity Income Group

23


Stock level Investment thesis challenge Valuation/conviction challenge Management assessment Levels of stock liquidity Contribution to relative risk (APT)

Risk is primarily considered to be the permanent loss of capital.

Risk is not considered to be share price volatility.

The team aims to diversify relative-risk contributions at the stock level.

Portfolio level Performance attribution (CaPER) Portfolio liquidity (Style Research) Style analysis (Style Research) Risk analysis (APT) Sector/geographic/factor exposures

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Risk managementInvestment oversight

24


Performance

Attribution/contribution

Assets/flows/liquidity

Risk

Style attributes

Active positioning

Transaction analysis

Stock analysis

Key questions

Are portfolios being managed in line with the stated investment philosophy/approach?

Are fund managers acting in a way that adds value for clients?

Are the risks taken on behalf of clients understood and appropriate?

Is the investment process robust?

Key considerations

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Risk managementThe Independent Risk Function/GPMR

Source: Invesco Perpetual as at 31 March 2016. *Relative VaR is calculated as: VaR of the UCITS/2* VaR of the reference portfolio.

Independent risk functions monitor portfolio and operational risk.

Independent Risk Function (IRF) Identify, quantify and assess portfolio risk These include market, liquidity, leverage,

operational and counterparty Operates an ‘early warning’ traffic light

system (RPLS) Undertakes quarterly/semi-annual meetings

with fund managers

Global Performance Measurement and Risk team (GPMR) Provides comprehensive and reliable sources of information and analysis Provides regular reviews of investment team performance/risk attributes to senior leadership Risk reporting focuses on Value at Risk (VaR), back-testing/stress-testing, and liquidity risk analysis

Green Yellow Amber Red

Relative VaR* < 60% 60% 70% 100%

Risk Profile & Limit System (RPLS)

Internal risk limits take into account portfolio objectives, strategy and risk profile

25

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34.0028.23

25.39

4.35 3.78 2.26

17.26

62.66

7.212.74 1.74

8.40

0

10

20

30

40

50

60

70

Europe ex. UK North America United Kingdom Australasia Pacific Rim* Japan

Invesco Global Equity Income Fund MSCI World Index

Portfolio breakdown (%)

Invesco Global Equity Income FundRegional weightings

26

Source: Invesco Perpetual as at 31 March 2016. *Pacific Rim = Hong Kong and Singapore. Holdings may change without notice.

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Invesco Global Equity Income FundTop ten holdings

27

Source: Invesco Perpetual & Bloomberg as at 31 March 2016.1Last 12 month dividend yield. As at 10 May 20162Based on Bloomberg projected compound annual growth rate of dividend over three years. As at 10 May 2016. This is not financial advice and no recommendation to buy / hold / sell these securities. There is no guarantee that Invesco will hold these securities in its funds in the future. Holdings may change without notice.

Stocks Portfolio weight (%) Dividend yield1 (%) 3 year dividend CAGR2 (%)

British American Tobacco 3.3 3.6 6.3

BT 3.2 2.9 11.3

Philip Morris International 3.0 4.0 7.8

JP Morgan Chase 2.9 2.9 10.9

Chevron 2.8 4.3 0.7

Microsoft 2.8 2.7 9.3

Legal & General 2.7 6.1 10.0

Novartis 2.7 3.7 9.0

RELX (Investments) 2.6 2.4 4.4

Nielsen 2.6 2.2 13.6

MSCI World index 2.7 6.0

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Invesco Global Equity Income Fund Sector weightings

28

Source: Invesco Perpetual as at 31 March 2016. Holdings may change without notice. It must not be seen as investment advice.

Sector Portfolio (%) Active weight (%) MSCI World (%) Sector yield (%)

Financials 27.94 19.57 3.1

Industrials 16.10 10.97 2.3

Energy 11.05 6.36 4.4

Telecoms 5.36 3.65 4.4

Utilities 2.00 3.49 3.8

Materials 2.91 4.60 2.9

Health Care 9.98 12.74 1.8

Consumer Staples 7.66 10.94 2.6

Consumer Discretionary 9.17 13.27 1.7

IT 5.85 14.41 1.4

8.37

5.12

4.68

1.71

-1.49

-1.70

-2.76

-3.28

-4.10

-8.56

Fund performance

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Invesco Global Equity Income FundNet performance

30

The data relates to a past period and past returns are not a guarantee of future returns.Source: Morningstar © 2016 as at 31 March 2016. Fund and sector performance figures are shown for the A share class in USD on a mid-to-mid basis, inclusive of gross reinvested income and net of ongoing charges and portfolio transaction costs. The figures do not reflect the entry charge paid by individual investors. Benchmark source: Invesco, net return, in USD. Invesco has managed the fund since 5 July 2010. Exchange rate fluctuations may impact negatively the value of the investment.

Calendar year returns USD (%) 2010 2011 2012 2013 2014 2015

Invesco Global Equity Income Fund A Acc. USD 9.29 4.90 15.07 28.89 -0.84 -0.29

MSCI World index 11.76 -5.54 15.83 26.68 4.94 -0.87

GIF OS Global Equity Income Sector - Quartile 2 1 2 1 4 1

Cumulative returns USD (%) YTD 1 year 2 years 3 years 5 years

Invesco Global Equity Income Fund A Acc. USD -2.75 -5.47 -5.50 13.70 41.39

MSCI World index -0.35 -3.45 2.37 21.89 37.09

GIF OS Global Equity Income Sector -Quartile 4 3 3 2 1

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Invesco Global Equity Income FundGross performance

31

The data relates to a past period and past returns are not a guarantee of future returns.Source: Invesco as at 31 March 2016. Performance figures are shown in USD on a mid-to-mid basis, inclusive of gross reinvested income and gross of ongoing charges and portfolio transaction costs. The figures do not reflect the entry charge paid by individual investors. Benchmark source: Invesco, net return, in USD. Invesco has managed the fund since 5 July 2010. Exchange rate fluctuations may impact negatively the value of the investment. Please see Net Performance slide for the impact of all fund charges, including ongoing charges. *Periods over one year are annualised.

Calendar year returns USD (%) 2010 2011 2012 2013 2014 2015

Invesco Global Equity Income Fund 11.28 6.86 17.15 31.17 0.86 1.44

MSCI World index 11.76 -5.54 15.83 26.68 4.94 -0.87

Out/Underperformance -0.48 +12.40 +1.32 +4.49 -4.08 +2.31

Annualised* returns USD (%) YTD 1 year 2 years 3 years 5 years

Invesco Global Equity Income Fund -2.33 -3.85 -1.11 6.18 9.07

MSCI World index -0.35 -3.45 1.18 6.82 6.51

Out/Underperformance -1.98 -0.40 -2.29 -0.64 +2.56

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Invesco Global Equity Income FundAn attractive risk-return profile

32

The data relates to a past period and past returns are not a guarantee of future returns.Source: Morningstar © 2016 as at 31 March 2016. Performance figures are provided for the A share class of the Invesco Global Equity Income Fund and are shown in USD on a mid-to-mid basis, inclusive of net reinvested income and net of ongoing charges and portfolio transaction costs. The figures do not reflect the entry charge paid by individual investors. Exchange rate fluctuations may impact negatively the value of the investment.

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

10 11 12 13 14

An

nu

alis

ed r

etu

rn

Annualised risk


Global Equity Income sector

Higher riskHigher return

Higher riskLower return

Lower risk Higher return

Lower riskLower return

Risk versus return (%)3 years to 31 March 2016

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Invesco Global Equity Income FundUnderlying portfolio characteristics

33

Source: Bloomberg as at 17 February 2016. Characteristics are trailing 12 month figures.

Characteristic Portfolio MSCI World index

Dividend Yield 3.8% 2.6%

Price to Earnings 18.3x 19.2x

Free Cash Flow Yield 6.9% 5.6%

Return on Equity 11.2% 9.9%

Appendix

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K#

Invesco Global Equity Income FundProduct overview

35

Investment objective Aims to generate a rising level of income, together with long-term capital growth, investing primarily in global equities

Investment team Nick Mustoe (lead) and Invesco Perpetual Global Equity Income Group

Investment approach Unconstrained, style-agnostic, valuation-driven, low turnover

Strategy assets US$2.3 billion

Dividend yield 3.7%

No. of stocks 50-70

Benchmark MSCI World index ND

Active share* 91%

Market capitalisation Multi-cap.

Tracking error c.2-7% (3 years annualised)

Portfolio turnover c.25% p.a. (4 year average holding period)

Fund domicile Luxemburg

Source: Invesco Perpetual as at 31 March 2016. *Versus MSCI World index. Active share defined as sum of the fund’s equity positions less index weightings. For the full objectives and investment policy please consult the current prospectus.

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Regional fund managersTypical regional research methodology

36

1. Idea generation

2. Operating environment

analysis

3. Financials assessment

4. Management Assessment

5.Valuation judgement

1. Idea generation Fundamental screens Company meetings External analysts/industry specialists

2. Operating environment analysis Key drivers and position within industry Competitive and regulatory environment Risks and opportunities

3. Financials assessment Accounting quality & balance sheet structure Revenues and margins, return on capital Earnings and cash flow volatility

4. Management assessment Alignment of interests/corporate governance Track record, strategy and dividend policy Capital allocation competence

5. Valuation judgement Variety of valuation metrics Absolute and relative valuation Return expectations

Original fundamental research

Source: Invesco Perpetual. For illustrative purposes only.

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ValuationOne size does not fit all

37

Stability of earnings

Ass

et i

nte

nsi

ty

SemiconductorsBasic MaterialsEnergyIndustrialsFinancialsAutosRetail

UtilitiesTelecom ServicesInfrastructure

Health CareConsumer Staples

Consumer ServicesIT HardwareMediaIT Software

Stability of earnings

Ass

et i

nte

nsi

ty

P/B vs ROE MarginEV/Sales vs EBIT MarginDividend Yield

P/B vs ROE MarginEV/EBITDAFCF Yield

FCF YieldDividend Yield

EV/EBITDAEV/Sales vs EBITMarginFCF Yield

Industry groups Valuation tools

A pragmatic approach, based on company and industry-specific factors.

Source: Invesco Perpetual. For illustrative purposes only.

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Invesco Global Equity Income FundHistorical portfolio characteristics

38

Source: Top chart: Invesco as at 31 March 2016. Portfolio Turnover calculated using in-house method: {[(Purchases of securities + sales of securities) -(subscriptions of shares + redemption of shares)] / (NAV at start of period + NAV at end of period)} x 100%. Active share measured against MSCI World index.Bottom chart: Style Research as at 31 March 2016.

-30-20-10

0102030405060708090

100

Mar 11 Mar 12 Mar 13 Mar 14 Mar 15 Mar 16

Active share and annual portfolio turnover (%) Invesco Global Equity Income Fund: Monthly calculations

-1.5

-1.0

-0.5

0.0

0.5

1.0

1.5

2.0

2.5

Value Growth Market cap

Current Median

Port

folio

Tilt

Rel

ativ

e to

M

SCI

Wor

ld I

ndex

Style and market capitalisation tiltsInvesco Global Equity Income Fund: Minimum/Maximum range, median and current values: 5 years to 31 March 2016

High active share

Low portfolio turnover

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Invesco Global Equity Income Fund: portfolio level riskLiquidity analysis (Style Research)

39

Source: Invesco Perpetual as at 31 March 2016. *Assumes daily tradable volume of 25%. Benchmark is MSCI World index.

0

20

40

60

80

100

0.1 0.2 0.3 0.4 0.5 1 2 3 4 5 10Pos

itio

ns

elim

inat

ed (

%)

DaysTrade to cash Trade to benchmark

At current portfolio size*

0

20

40

60

80

100

0.1 0.2 0.3 0.4 0.5 1 2 3 4 5 10Pos

itio

ns

elim

inat

ed (

%)

DaysTrade to cash Trade to benchmark

At USD10 billion portfolio size*

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Invesco Global Equity Income Fund: portfolio level riskStyle analysis (Style Research)

40

Source: Invesco Perpetual as at 31 March 2016. Benchmark is MSCI World index.

-3-2-1012345

Portfolio style tilt31 March 2016

0

10

20

30

40

50

60

Large Value Large Growth Small Value Small Growth

Portfolio Benchmark MarketPortfolio style distribution31 March 2016

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Invesco Global Equity Income Fund: portfolio level risk Relative risk analysis (APT)

Stock

Portfolio weight

(%)

Contribution to total volatility

(%)

Contribution to total TE

(%)

Total 100.00 11.45 4.09

Intesa Sanpaolo 2.81 5.26 0.38

Nielsen 2.35 1.05 0.32

ING Groep 2.62 5.11 0.29

BT Group 3.35 2.80 0.20

Airbus 2.35 3.08 0.18

Legal & General 2.96 3.84 0.17

Nordea Bank 2.15 3.04 0.16

CK Holdings 1.17 2.60 0.14

Deutsche Boerse 2.25 2.74 0.14

Orange 2.01 2.48 0.13

Source: APT as at 31 December 2015. Contribution figures are estimates and should be used for indicative purposes only. Data cleansing and retrospective information availability may cause changes. Benchmark is MSCI World index Portfolio characteristics are subject to change and current holdings may differ. There is no guarantee that securities are currently held or will be held by Invesco in the future nor a recommendation to buy/sell/hold the securities. It must not be seen as investment advice.

SectorAllocation contribution to total TE

(%)Selection contribution to total TE

(%)Combined contribution to total TE

(%)

Total 0.28 3.65 3.93

Financials 0.08% 1.25% 1.33%Cyclical Services 0.01% 0.55% 0.56%Non-Cyclical Services 0.01% 0.36% 0.37%Non-Cyclical Consumer Goods 0.01% 0.35% 0.36%Resources 0.06% 0.27% 0.33%Information Technology 0.09% 0.11% 0.21%General Industrials 0.00% 0.20% 0.20%Utilities 0.02% 0.08% 0.10%Basic Industries -0.06% 0.07% 0.01%Currencies 0.00% 0.00% 0.00%

Country

Activeweight

(%)

Contribution to total volatility

(%)

Contribution to total TE

(%)

Total 0.00 11.75 3.93

United States -29.50 3.27 0.99

United Kingdom 14.37 2.31 0.74

Netherlands 5.09 0.97 0.40

Italy 1.64 0.49 0.28

France 2.91 0.97 0.27

Switzerland 4.08 0.70 0.21

Germany 2.71 0.87 0.20

Norway 1.74 0.25 0.11

Japan -6.48 0.26 0.10

Luxembourg 1.76 0.16 0.10

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Important information (1)

This marketing document is for Professional Clients and Financial Advisers in Continental Europe, Qualified Investors in Switzerland and Professional Clients in the UK only and is not for consumer use. Data as at 31 March 2016 unless otherwise stated. Please do not redistribute this document. This marketing document is not subject to German regulatory requirements that ensure impartiality of financial analysis. Therefore, the prohibition of trading before the release of a financial analysis does not apply.

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.

Whilst great care has been taken to ensure that the information contained herein is accurate, no responsibility can be accepted for any errors, mistakes or omissions or for any action taken in reliance thereon. Where Invesco has expressed views and opinions, these may change.

This document is not an invitation to subscribe for shares in the fund and is by way of information only. Where securities are mentioned in this document they do not necessarily represent a specific portfolio holding and do not constitute a recommendation to purchase or sell. It is not investment advice for buying/holding/selling shares of mentioned companies. This document contains general information only and does not take into account individual objectives, taxation position or financial needs. Neither does this constitute a recommendation of the suitability of any investment strategy for a particular investor. The performance data shown does not take account of the commissions and costs incurred on the issue and redemption of units. Any reference to a ranking, a rating or an award provides no guarantee for future performance results and is not constant over time. Asset management services are provided by Invesco in accordance with appropriate local legislation and regulations.

Past performance is not an indication for future performance, provides no guarantee for the future and is not constant over time. Any

reference to a ranking, a rating or an award provides no guarantee for future performance results and is not constant over time.

The distribution and the offering of the fund 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. The fund is available only in jurisdictions where its promotion and sale is permitted.

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.

Not all share classes of this fund are available for public sale in all jurisdictions and not all share classes are the same nor do they necessarily suit every investor. There may be differences in fee structures, in minimum investment amounts, etc. 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. Please be advised that the information provided in this document is referring to Class A (accumulation- USD) of the Invesco Global Equity Income Fund exclusively.

Further information on our products is available using the contact details shown.

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Important information (2)

Denmark: The fund is not registered for public distribution in these jurisdictions. This document is provided only at the request of a Professional Client or qualified investor and is intended for the sole use of this person.

Germany, Austria and Switzerland: This document is issued in Germany by Invesco Asset Management Deutschland GmbH. This document is issued in Austria by Invesco Asset Management ÖsterreichGmbH and in Switzerland by Invesco Asset Management (Schweiz) AG. Subscriptions of shares are only accepted on the basis of the most up to date legal offering documents. The legal offering documents (fund & share class specific Key Investor Information Document, prospectus, annual & semi-annual reports, articles and trustee deed) are available free of charge at our website and in hardcopy and local language from the issuers: Invesco Asset Management Deutschland GmbH, An der Welle 5, D-60322 Frankfurt am Main, Invesco Asset Management Österreich GmbH, Rotenturmstrasse 16-18, A-1010 Wien, and Invesco Asset Management (Schweiz) AG, Talacker 34, CH-8001 Zürich, who acts as a representative for the funds distributed in Switzerland. Paying agent for the fund distributed in Switzerland: BNP PARIBAS SECURITIES SERVICES, Paris, succursale de Zurich, Selnaustrasse 16, CH-8002 Zürich. www.invescoeurope.com. The Fund is domiciled in Luxembourg. Issued in the UK by Invesco Global Investment Funds Limited, Perpetual Park, Perpetual Park Drive, Henley-on-Thames, Oxon, RG9 1HH, UK. Authorised and regulated by the Financial Conduct Authority.

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