Standard & Poor’s Fund Services has placed the Invesco Wholesale Asian Share Fund ‘On Hold’. This follows notification from the manager Invesco Australia Ltd. that the fund will move to an Asian consumer demand-themed strategy from its broad-based Asian equities strategy.
“Invesco’s Hong Kong-based Asian investment team has managed the Asian consumer demand strategy for over three years. Investing to this strategy, the restructured Asian share fund will seek exposure to those businesses likely to benefit from growth in domestic consumption in Asia (ex Japan) economies,” said S&P Fund Services analyst Nathan Bode.
According to Invesco, the Asian consumer demand strategy is well placed to capture the investment opportunities provided by positive demographics, rising incomes, strong consumer balance sheets, and a cultural shift in attitudes toward spending and consumer credit within the region.
The change in strategy will coincide with a change in fund name to the Invesco Wholesale Asian Consumer Demand Fund, and a move to a new benchmark. From Oct. 1, 2011, the fund’s reference benchmark will be the MSCI All Countries Asia ex Japan index. The fund was formerly benchmarked against the MSCI All Countries Far East Free ex Japan Index, which excluded India.
“We will formally review the fund as part of our sector review starting in September, when we will seek to resolve the ‘On Hold’ status,” said Mr. Bode.
