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Page 1: Invesco

Invesco Euro Corporate Bond Fund

Paul Read,

Co-Manager Fixed Income,Invesco Perpetual

7 June 2011

Citywire Frankfurt Forum

This document is exclusively for use by professional clients in Continental Europe and is not for consumer use. Please do not redistribute this document.

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The Invesco Henley Fixed Income Team

• One of the UK’s largest managers of retail fixed income funds

• £16.3bn assets under management*

• Both lead managers over 25 years in fixed income markets including a 16 year track record at Invesco

• 45 awards for investment performance— 5x winner of Investment Week Awards— 8x winner of Lipper Fund Awards— 8x winner of Standard & Poor’s awards

• 6 S&P rated funds, 6 OBSR rated funds

Source: Invesco. *As at 23 May 2011.

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Spreads tighter, yields higher

50

100

150

200

250

300

350

Apr 10 Jul 10 Oct 10 Jan 11 Mar 11

AA rated A rated BBB rated

Euro investment grade spreads (bps)

Source: Merrill Lynch, data as at 30 April 2011.

2.0

2.5

3.0

3.5

4.0

4.5

5.0

Apr 10 Jul 10 Oct 10 Jan 11 Mar 11

AA Rated A Rated BBB Rated

Euro investment grade yield to maturity (%)

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Euro credit markets – longer term

0

100

200

300

400

500

600

700

00 01 02 03 04 05 06 07 08 09 10 11

AA RatedA RatedBBB Rated

Euro investment grade spreads (bps)

Source: Merrill Lynch, data as at 30 April 2011.

2

3

4

5

6

7

8

9

10

00 01 02 03 04 05 06 07 08 09 10 11

AA RatedA RatedBBB Rated

Euro investment grade yield to maturity (%)

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Invesco Euro Corporate Bond FundKey features

• Euro denominated fund

• Minimum 70% investment grade credit

• Up to 30% in a combination of high yield and government bonds

• No duration restrictions

• Little or no currency risk (sector permits up to 10%)

Source: Invesco as at 31 March 2011.

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Invesco Euro Corporate Bond FundCurrent investment strategy

Source: Invesco as at 30 April 2011. There is no guarantee that the securities mentioned will be held by Invesco funds in the future

Attractive value ~28%

Includes high yield, T1/ECN and hybrids

e.g.

Pernod 4.875% 2016 UPC 8.125% 2017Lloyds 6.439% ECN

UBS 8.836% T1

Core/defensive ~56%

e.g.

NAB 3.5% 2015JPM 3.875% 2020

Telefonica 4.693% 2019France Telecom 3.875% 2020

Liquidity ~16%

Includes cash, short-dated paper, government and

government guaranteed

e.g.

Ford 7.125% 2012Germany 2.5% 2015

1 2 3

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Source: Invesco, Bloomberg LP. ‘Corporate bond average’ is Merrill Lynch Euro Corporate Bond Index yield. Fund data isaverage position-weighted yield as at 30 April 2011. ‘Hybrids’ and T1/ECNs are yield to call. High yield is ex-subordinated sub-investment grade rated bonds. Gross current yield 4.91%; gross redemption yield 5.40% as at 30 April 2011.

Invesco Euro Corporate Bond FundStill areas of value

4.08

5.455.91

7.52

2

3

4

5

6

7

8

9

Corporate bond indexaverage

High yield in fund (5%of fund)

Hybrids in fund (10% offund)

T1/ECNs in fund (13%of fund)

Average yield (%)

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Invesco Euro Corporate Bond FundBank exposure with YTD change %

Source: Invesco as at 30 April 2011. Includes Banks and Building Societies.

40.50

0.11

14.02

3.37

6.42

16.58

0.00

Dec 10 %

73.90Covered

2010.40Tier 1

12.55Enhanced Capital Notes

21.20Convertible

267.03Lower Tier 2

36.08

11.00

Apr 11 %

Total

Senior

91

35

No. of holdings Apr 11

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Subordinated bank capital

• Cyclical stabilisation

• Balance sheet risk reduction

• Regulatory reform

• Value

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Balance sheet risk reductionExample - Lloyds Banking Group

13.3%12.2%11.5%10.2%Core 1 ratio

129%136%144%155%Loan/deposit ratio

14.8%13.6%13.0%11.6%Tier 1 ratio

Key metrics

Balance sheet (£m) 12/10 12/11E 12/12E 12/13E

Total assets 991,574 929,817 891,862 865,293

Risk weighted assets 406,372 382,163 395,048 384,270

Customer deposits 393,633 407,108 431,174 455,240

Source: Goldman Sachs estimates data as at 30th March 2011. There is no guarantee that the securities mentioned will be held by Invesco funds in the future.

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Source: Bloomberg LP, Merrill Lynch data, as at 30 April 2011.

Value concentrated in financials

0

100

200

300

400

500

Cons

Non-

Cyc

Cons

Cyc

Energ

y

Indust

rials

Media

Basi

cIn

dust

ry

Tele

com

s

Utilit

ies

Insu

rance

-Sen

Real Est

ate

Bankin

g-

Snr

Serv

ices

Cyc

Capital

Goods

Low

er

Tie

r2

Upper

Tie

r2 Tie

r 1

Selected Euro investment grade spreads (bps)

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Subordinated bank capitalSample of holdings

• Lloyds 6.439% ECN 2020, 8.4% yield to maturity

• Barclays 4.75% T1 2020 call, 9.3% yield to call

• SocGen 7.756% T1 2013 call, 6.7% yield to call

• BNP 7.781% T1 2018 call, 6.4% yield to call

There is no guarantee that the securities mentioned will be held by Invesco funds in the future.

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Invesco Euro Corporate Bond Fund Key purchases and sales in 2011

Steadily improving credit quality and increasing duration

• Purchases— Wal-Mart 4.875% 2029, AA rated— EDF 4.5% 2040, A+ rated — Telecom Italia 5.25% 2055, BBB rated— McDonalds 4.0% 2021, A rated— Tesco 5.125% 2047, A- rated— Allianz 5.75% hybrid A+ rated

• Sales— Parpublica 5.25% 2017, BB+ rated — Barclays 4.75% T1 A- rated— LBG 6.439% 2020, BB rated— Rhodia FRN 2013, BB- rated

There is no guarantee that the securities mentioned will be held by Invesco funds in the future.

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Invesco Euro Corporate Bond Fund Credit exposure (%) - quality improving

5.54

4.64

35.76

22.00

9.94

12.67

3.08

Sep 10

-3.30

+2.56

-5.94

+4.29

-0.11

+3.05

+0.14

Pps change

2.24B

7.20BB

29.82BBB

26.29A

9.83AA

15.72AAA

3.22

Apr 11

Cash

Source: Invesco as at 30 April 2011. Data excludes unrated bonds, CDS, futures & equities.

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Invesco Euro Corporate Bond FundModified duration

2

2.5

3

3.5

4

4.5

5

5.5

Apr06

Aug06

Dec06

Apr07

Aug07

Dec07

Apr08

Aug08

Dec08

Apr09

Aug09

Dec09

Apr10

Aug10

Dec10

Apr11

2

2.5

3

3.5

4

4.5

5

Modified duration (lhs)10Yr bund yield, %

Source: Invesco as at 30 April 2011.

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Direct peripheral exposure in the index is limited

• Italy 8.6% of market— Banking 4.6% (Intesa Sanpaolo, Unicredit, Mediobanca, M del Paschi etc)— Utility 1.4% (Enel, Edison, Terna, A2A)— Energy 0.6% (ENI)— Insurance 0.6% (Generali, Assicurazioni)— Telcos 0.6% (Telecom Italia, Olivetti)

• Spain 4.7% of market— Banking 1.8% (Santander, BBVA, Banesto, La Caixa, Banco Bilbao)— Energy/utility 1.6% (Enagas, Repsol, Gas Natural, Iberdrola)— Telecom 1.1% (Telefonica)

• Portugal (1.1%), Ireland (31bps), Greece (zero)

Source: Data based on Merrill Lynch Euro Corporate Bond Index March 2011There is no guarantee that the securities mentioned will be held by Invesco funds in the future.

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Invesco Euro Corporate Bond Fund Peripherals exposure %1

• Currently no exposure to Greece or Ireland

• 0.35% in Portugal — Parpublica 0.14%— Portugal Telecom 0.21%

• 5.45% in Italy— e.g. Lottomatica, A2A, Unicredit, Intesa, Tel Italia

• 5.13% in Spain— e.g BBVA, Santander, Telefonica, Gas Natural, Iberdrola

Source: Invesco as at 30 April 2011. 1Exposure excludes government & government agency. There is no guarantee that the securities mentioned will be held by Invesco funds in the future..

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High yield fundamentals supportive

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

1999 2001 2003 2005 2007 2009 2011

Actual Forecast

3.5

3.7

3.9

3.1

2.7

4.1

3.6

3.4

4.1

4.4

2

3

4

5

2007 2008 2009 2010 2011E

Net debt/EBITDA EBITDA/Interest

Moody’s Europe trailing 12-month high yield default rate with forecast

Source: Left hand chart, Moody’s Monthly Default Report, April 2011. Right hand chart, JP Morgan data as at January 2011. Data based on 56 high yield companies.

European high yield credit ratio forecasts

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Source: Merrill Lynch European Currency High Yield Index, ex financials, 2% constrained.

But yields now quite low

0

5

10

15

20

25

30

<5% 5%-6% 6%-7% 7%-8% 8%-9% 9%-10% >10%

Mar-11 Mar-10

% of the high yield market (excluding financials) in each yield cohort

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Invesco Euro Corporate Bond Fund Performance %

4.05

9.48

11/96

12.61

31.17

3 years

2.49

6.24

13/85

13.10

35.37

5 years

2.37

6.02

13/84

12.62

34.55

Since Launch (31 March 2006)

n/an/aInvesco Euro Corporate Bond Fund

Annualised returns

4.312.97Invesco Euro Corporate Bond Fund

1.811.23Mstar GIF OS EUR Corporate Bond

20/14814/158Rank11Quartile

n/an/aMstar GIF OS EUR Corporate Bond

1 yearYTDCumulative returns

Past performance is not a guide to future returns

Performance figures are shown in euro on a mid-to-mid basis, for the ‘A’ share class, inclusive of gross reinvested income and net of the annual management charge and all other fund expenses. The figures do not reflect the initial charge paid by individual investors. Data Source © 2011 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information All data as at 30 April 2011. S&P Fund Rating as at February 2011.

1

15.6

30.2

2009

3

-7.8

-6.6

2008

2

-1.1

-0.7

2007

4.2Mstar GIF OS EUR Corporate Bond

1Quartile

6.3Invesco Euro Corporate Bond Fund

2010Calendar year

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Appendix

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Credit ex financials

0

50

100

150

200

250

300

350

400

450

00 01 02 03 04 05 06 07 08 09 10 11

Telecoms

Utilities

Industrials

2

3

4

5

6

7

8

00 01 02 03 04 05 06 07 08 09 10 11

Telecoms

Utilities

Industrials

Euro investment grade spreads (bps) Euro investment grade yield to maturity (%)

Source: Merrill Lynch, data as at 29 April 2011.

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High yield spreads and yields

300

400

500

600

700

800

900

1000

Apr 10 Jul 10 Oct 10 Jan 11 Mar 11

AllBB RatedB RatedAll ex financials

5

6

7

8

9

10

11

12

Apr 10 Jul 10 Oct 10 Jan 11 Mar 11

AllBB ratedB ratedAll ex financials

Spread (bps) Yield to maturity (%)

Source: Merrill Lynch, data as at 30 April 2011, European Currency Index includes sterling and euro denominated bonds.

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Banks raising capital and de-risking

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

UBS

Cre

dit S

uis

seAm

erica

n E

xpre

ssM

org

an S

tanle

ySta

ndard

Chart

ere

dCitig

roup

RBS

Barc

lays

HSBC

JP M

org

an

LBG

ING

Inte

sa S

anpaolo

Santa

nder

DB

BN

PN

ord

ea

Unic

redit

SunTru

stW

ells

Farg

oBBVA

SocG

en

Cre

dit A

grico

leBank o

f Am

erica

Capital O

ne

Bank o

f Ir

ela

nd

AIB

Source: Left hand chart, Goldman Sachs. Data to latest filings which is 1Q11 except Bank of Ireland & AIB which are 4Q10. Right hand chart, Credit Suisse to 31 March 2011. There is no guarantee that the securities mentioned will be held by Invesco funds in the future.

110

115

120

125

130

98 99 00 01 02 03 04 05 06 07 08 09 10 11

Banks’ core T1 ratios European banks’ aggregate loan to deposit ratio

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German bund yields (%)

2

3

4

5

6

00 01 02 03 04 05 06 07 08 09 10 11

10-year yield (%)

Source: Bloomberg as at 29 April 2011.

2

3

4

5

6

00 01 02 03 04 05 06 07 08 09 10 11

30-year yield (%)

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Source: Invesco to 30 April 2011. NR is unrated investment grade bonds.

Invesco Euro Corporate Bond Fund Credit exposure %

0

10

20

30

40

50

60

70

80

90

100

Apr-09 Oct-09 Apr-10 Oct-10 Apr-11

Cash+AAA AA A BBB High Yield NR

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Invesco Euro Corporate Bond FundTop 10 country exposures %1

% of fundCountry

Total

Switzerland

Canada

Netherlands

Australia

Italy

Spain

US

UK

Germany

France

89.83

1.40

1.88

4.19

4.87

7.41

8.09

10.44

16.44

17.36

17.75

Source: Invesco as at 31 March 2011. 1Exposure refers to ultimate parent country of issuer.

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Invesco Euro Corporate Bond Fund Issue and issuer exposure

2.70Societe Generale1.74Germany 2.5% 2014

22.89

1.37

1.42

1.45

1.60

1.78

2.13

2.82

2.93

5.66

% of fund

Total Top 10 bond issues

Societe Generale 7.756% (T1) 2013

Allianz 5.75% 2021

Scottish & Southern 7.756% 2015

Barclays 4.75% (T1) 2020

CDP* 3.5% 2020

Italy 2.25% 2013

Wal-Mart 4.875% 2029

Lloyds 6.439% ECN 2020

Germany 2.5% 2021

Top 10 issues

1.78CDP

1.87Telefonica

2.24RBS

2.25EDF

2.82Wal-Mart

2.93Republic of Italy

3.58Barclays Bank

4.43Lloyds Banking Group

31.99Total Top 10 bond issuers

7.40Federal Republic of Germany

% of fundTop 10 issuers

Source: Invesco as at 31 March 2011. *CDP is a wholly owned subsidiary of the Caisse de depot et placement du Quebec and is AAA/AAA. There is no guarantee that the securities mentioned will be held by Invesco funds in the future.

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Invesco Euro Corporate Bond Fund Performance characteristics

Source: Mercer MPA databases from 1 April 2006 to 31 December 2010. Performance figures are for the Invesco Euro Corporate Bond Fund, A share class, and are shown in Euros on a total return basis, and gross of the annual management charge and all other fund expenses. The figures do not reflect the initial (sales) charge paid by individual investors. Past performance is not a guide to future returns. S&P Fund Rating as at February 2011.

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Invesco Euro Corporate Bond Fund Performance characteristics

Source: Mercer MPA databases from 1 April 2006 to 31 December 2010. Performance figures are for the Invesco Euro Corporate Bond Fund, A share class, and are shown in Euros on a total return basis, and gross of the annual management charge and all other fund expenses. The figures do not reflect the initial (sales) charge paid by individual investors. Past performance is not a guide to future returns. S&P Fund Rating as at February 2011.

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Invesco Euro Corporate Bond Fund Performance characteristics

Source: Invesco as at 31 December 2010. Based on Mercer MPA performance characteristic data. S&P Fund Rating as at February 2011.

• Ranked 1 (of 47) for return

• Ranked 1 (of 47) for excess return

• High confidence level and tracking error – indicating that historical results were statistically different from the Reference Index

• Sharp ratio of 0.8 ranked 4 (of 47) - the higher the Sharpe ratio, the greater the excess return (or Risk Premium) earned per unit of risk

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Important information

This presentation is for Professional Clients only and is not for consumer use.

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.

Past performance is not a guide to future returns.

Where Lewis Aubrey-Johnson has expressed opinions, they are based on current market conditions and are subject to change without notice. These opinions may differ from those of other Invesco investment professionals.

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.

The IP Corporate Bond Fund, the Invesco Euro Corporate Bond Fund, the IP Monthly Income Plus Fund and the Invesco Pan European High Income Fund invest in bonds and other fixed income securities that are subject to the risk that issuers do not make payments on such securities. The funds may be adversely affected by a decrease in market liquidity which may impair the fund’s ability to acquire or to dispose of securities at their intrinsic value. The Invesco Euro Corporate Bond Fund may invest in high yield bonds which are regarded as being more speculative (than investment grade bonds) as to the issuer’s ability to make payments of principal and interest.

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 initial charge of the fund. Investors may be subject to tax on distributions.

The distribution and the offering of the Invesco Euro Corporate Bond Fund and the Invesco Pan European High Income 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 funds 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 funds are recognised schemes 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 investments in the funds. Compensation under the UK’s Financial Services Compensation Scheme will not be available and UK cancellation rights do not apply to this fund.

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

Invesco Global Investment Funds Limited and Invesco Fund Managers Limited Perpetual Park, Perpetual Park Drive, Henley-on-Thames, Oxfordshire RG9 1HH, UKWebsite: www.invescointernational.co.uk / www.invescoperpetual.co.ukAuthorised and regulated by the Financial Services Authority.

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Important information

This document is exclusively for use by professional clients in Continental Europe and is not for consumer use. Data as at 30/04/11, unless otherwise stated. Please do not redistribute this document.

This marketing document does not form part of any prospectus. 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. Opinions and forecasts are subject to change without notice. The value of investments and the income from them can go down as well as up (this may partly be the result of exchange rate fluctuations in investments which have an exposure to foreign currencies) and investors may not get back the amount invested. Past performance is not an indication of future performance, provides no guarantee for the future and is not constant over time. 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. There is potential for increased volatility in emerging stock markets, and only a modest proportion of investable wealth should be invested in them. Investing in funds focused on specific themes, particular areas of the market or small capitalisation companies may increase the risk associated with them due to the volatility and/or the concentrated nature of these investments. Investors should read the fund simplified and full prospectuses for specific risk factors and further information. This document is not an invitation to subscribe for shares in the fund and is by way of information only. It is notintended to provide specific investment advice including, without limitation, investment, financial, legal, accounting or tax advice, or to make any recommendations about the suitability of the fund(s) for the circumstances of any particular investor. You should take appropriate advice as to any securities, taxation or other legislation affecting you personally prior to investment. Asset management services are provided by Invesco in accordance with appropriate local legislation and regulations. www.invescoeurope.com

Additional information for professional clients in Germany, Austria and Switzerland

This document is issued in Germany by Invesco Asset Management Deutschland GmbH regulated by Bundesanstalt für Finanzdienstleistungsaufsicht. This document is issued in Austria by Invesco Asset Management Österreich GmbH and in Switzerland by Invesco Asset Management (Schweiz) AG. Subscriptions of shares are only accepted on the basis of the current fund prospectus. Swiss investment professionals should consider this document only in connection with the relevant monthly fund fact sheet which contains further performance information. Prospectuses and reports are available free of charge at Invesco Asset Management Deutschland GmbH, An der Welle 5, D-60322 Frankfurt/M., Invesco Asset Management Österreich GmbH, Rotenturmstrasse 16-18, A-1010 Vienna, and Invesco Asset Management (Schweiz) AG, Stockerstrasse14, CH-8002 Zurich. Paying agent for the funds registered for sale in Switzerland: BNP Paribas Securities Services, Paris, Zürich branch, Selnaustrasse 16, CH-8002 Zurich.


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