From QuotedData: 2024-07-26 01:43:00

Invesco Asia (IAT) report for the year ended 30 April 2024 showed underperformance compared to benchmark, with an NAV total return of 2.7% and share price total return of 2.2%. Long-term performance is strong with outperformance over three, five, and ten years. Discount widened slightly to 13.4%. Chairman Neil Rogan remains optimistic despite ongoing trade friction between US and China.

Investment managers’ report for IAT Q&A session addressed the factors impacting the Company’s performance in the last year. Positive stock selection in South Korea, Taiwan, Singapore, and Thailand offset underperformance in China. Biggest detractors include Chinese consumer stocks, Beijing Capital International Airport, and Indonesian investments. Contributors include Shriram Transport Finance, Aurobindo Pharma, and tech stocks in AI server supply chain.

The managers found pockets of value in India despite selling outperformers like Aurobindo Pharma due to full valuations. Indian holdings have generally performed well but challenges in finding undervalued opportunities led to increased underweight position in India. Exposure to HDFC Bank, Delhivery, and Power Grid of India added to portfolio. The Company maintains a small overweight position in China and Hong Kong.

Overall, despite challenges and underperformance in certain sectors, Invesco Asia’s long-term performance remains positive and the investment managers are optimistic about the future. Select opportunities in India, tech stocks, and other key markets continue to provide value for the portfolio, despite ongoing global economic uncertainties.



Read more at QuotedData: Chinese stock selection and India underweight weigh on Invesco Asia