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Invesco Perpetual Distribution

Ranked 70 out of 107 in - Flexible GBP over 12 months
All calculations are in GBP

Managed by

Paul Causer

Paul Causer has clocked up more than 20 years' fund management experience. He started out as a research and credit analyst with Japanese bank Asahi Bank and moved on to the group's treasury department before he was given responsibility for the bank's multi-currency investment portfolio. Along with his co-manager Paul Read, Causer signed a new contract with Invesco Perpetual in 2002 after turning down an approach from New Star. The 'two Ps' also co-manage the Invesco Global Bond fund, and the Invesco Leveraged High Yield investment trust. In January 2004 they began co-managing the newly launched Invesco Perpetual Distribution fund alongside colleague Neil Woodford.

Ciaran Mallon

Ciaran Mallon studied at Oxford University where he obtained his degree in Chemistry. He is also a CFA charterholder, and has the Securities Institute Diploma. He started his career at HSBC Private Clients where he worked as an investment analyst. In 1999, he joined United Friendly Asset Management (acquired by Royal London Asset Management). Ciaran joined Invesco Perpetual in January 2005 and is part of the UK equities team managing UK equity portfolios. His investment style is pragmatic, active and valuation-orientated.

Paul Read

Although Paul Read cites Neil Woodford as the investor he admires most, he has tremendous respect for Paul Causer, the man with whom he has established a highly successful partnership during the past seven years at Invesco Perpetual. The pair head fixed interest retail investment at the group and jointly oversee billions of pounds in a diverse range of unit trusts, pension funds, offshore funds and investment trusts. Within this range is their key portfolio, the Invesco Perpetual Corporate Bond fund, which they have managed since July 1995. Born in November 1961, Read graduated in Economics and History from the University of Toronto.


The Fund aims to achieve a combination of income and capital growth over the medium to long term. The Fund seeks to achieve its objective by investing primarily in corporate and government debt securities globally (which may be unrated or sub-investment grade) and equities. The Fund may also invest in cash, cash equivalents, money market instruments, collective investment schemes, currencies and other transferable securities.


Flexible GBP over : 31/10/2014 - 31/10/2015

Total Return

Quarterly Performance

to 30/09/2015 Annual Q1 Q2 Q3 Q4
2015 3.3% -1.9% -1.9%
2014 4.7% 1.7% 1.8% -0.1% 1.2%
2013 14.1% 7.2% 0.8% 2.6% 2.9%
2012 19.7% 8.5% -0.3% 6.2% 4.2%
2011 1.4% 3.5% 1.6% -7.3% 4.1%
2010 11.4% 6.3% -3.2% 7.9% 0.3%
2009 32.8% -6.8% 17.7% 16.1% 4.3%
2008 -19.6% -6.5% 1.3% -6.3% -9.3%
2007 4.4% 1.5% 0.5% 0.7% 1.6%
2006 11.6% 2.9% 0.2% 5.0% 3.1%
2005 12.6% 1.4% 3.9% 3.5% 3.4%
2004 1.9% 3.1% 6.2%

Month by Month Performance

Returns Vs Risk

Asset Allocation



Top 10 Holdings

Stock Size
GBP Forward Contract 21.70
GBP Cash 5.52
Southern Missouri Bancorp Inc Time/Term Deposits 3.09
Future General Security 2.83
Imperial Tobacco Group PLC ORD 1.87
British American Tobacco PLC ORD 1.41
Next PLC ORD 1.22
Croda International PLC ORD 1.21
Smith & Nephew PLC ORD 1.16

Registered For Sale In

  1. United Kingdom

Fund Info

  • Launch date26/01/2004
  • Share Class size3,233Mn
  • Base currencyGBP
  • ISIN GB0033947226

Purchase Info

  • Min. initial investment500
  • Min. additional investment20


  • Initial investment5

Related News

Paul Causer: the extraordinary intellectual challenge for bond industry

Invesco Perpetual's fixed income boss outliness the massive challenge for the bond fund industry as it goes through a period of unprecedented upheaval.

Woodford plans 'more concentrated' fund for second launch

Neil Woodford has revealed plans to launch a followup fund focused on smaller companies and private equity investments.

Buxton powers OMGI beyond Schroders at top of sales league

Richard Buxton helped Old Mutual Global Investors rise to the top of the Pridham report in the first quarter, replacing Schroders, which closed a number of its star funds on capacity grounds.

Invesco Perpetual launch Global Distribution fund for Causer & Read

The firm's co-fixed income heads Paul Causer and Paul Read will be supported by global equity manager Nick Mustoe as they look to replicate the success of their UK fund on a global stage.

Revealed: Woodford to launch Invesco income replica in May

Neil Woodford's new venture is readying an income fund launch for late May, Wealth Manager can reveal.

Woodford's income funds see £500m more outflows in October

Investors in Neil Woodford's Income and High Income funds redeemed over £500 million since the star manager announced his departure in mid-October.

Woodford to launch fund firm after quitting Invesco Perpetual

(Update) Neil Woodford is to leave Invesco Perpetual on 29 April to launch a fund firm, with Mark Barnett assuming his responsibilities.

Sponsored Video: Invesco Perpetual's Paul Read on Fixed Income

Citywire ratings update: Gibbs and Woodford excel with seven-year ratings run

The Citywire ratings have reached the seven-year mark with fund managers Philip Gibbs and Neil Woodford holding ratings over the entire period

Neil Woodford: No recovery within next three to four years

Invesco Perpetual's head of investment Neil Woodford says there are no green shoots for a recovery on the horizon, and there will not be for up to four years.


Performance is for the period shown (month end to month end, bid/bid, gross income reinvested, calculated in GBP).