Why Did Analysts Upgrade Invesco Perpetual High Income?

Following the departure of manager Neil Woodford two years ago Morningstar fund analysts downgraded the Gold Rated fund to Neutral, now the fund has been upgraded to Bronze

Daniel Vaughan, CFA 28 August, 2015 | 11:09AM

 

 
 
 

We have high regard for Mark Barnett and his ability as an equity income manager. He’s had some challenges since taking over as manager of Invesco Perpetual High Income, but he’s rebuilt the team, added resources to cover large caps and unquoted companies, and delegated a number of responsibilities to senior team members.

We’ve also seen Barnett’s ability to reshape the portfolio to bring it more in line with how he has run portfolios in the past. While his overall investment approach is largely similar to previous managers, his own style is coming through in the portfolio construction. Barnett prefers less stock concentration at the top end of the portfolio with reduced allocation to the top 10 names and at the bottom end he favours a smaller allocation to unquoted names.

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About Author

Daniel Vaughan, CFA

Daniel Vaughan, CFA  is a portfolio manager for Morningstar Investment Management

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