Invesco Perpetual Enhanced Income Ltd IPE

Page 1 of 2 | Morningstar Factsheets | All data as at 05 Feb 2015 unless stated otherwise
Invesco Perpetual Enhanced Income Ltd
Morningstar Peer Group Classification
Global High Income
IPE
Total Return Performance (GBP) over 5 years (or since inception)
Investment Objective
To provide shareholders with a high level of income whilst seeking to
maximise total return through investing in a diversified portfolio of high
yielding corporate and Government bonds.
Valuation statistics (NAVs estimated1) GBX
05 Feb 2015
Price
75.88
Fair Cum NAV
74.02
Fair Ex NAV
73.59
Par Cum NAV
74.02
Par Ex NAV
73.59
Fair Cum Discount
+2.50
Fair Ex Discount
+3.10
Par Cum Discount
+2.50
Par Ex Discount
+3.10
Peer Group Discount
+3.89
-0.46
Z-Statistic2
12 m High
77.25
Low
69.63
73.59
70.76
+6.61
-2.84
Last Actual NAVs (GBX) as at 04 Feb 2015
Fair Cum NAV
74.04
Fair Ex NAV
73.61
Par Cum NAV
74.04
Par Ex NAV
73.61
Key Data
Domicile
Launch Date
Financial Year-end
Exchange
Next AGM
NAV Frequency
Dividend Frequency
Total Assets (GBP)
Net Assets (GBP)
Shares Outstanding
Gross Gearing3
Net Gearing4
Average Daily Shares Traded (1yr)
Average Daily Value Traded (1yr)
Total Expense Ratio5 (2014)
Market Capitalisation (GBP)
Net Dividend Yield6
Jersey
15 Oct 1999
30 Sep
London (LSE)
Feb 2016
Daily
Quarterly
121.0m
86.1m
116,954,287
141
125
0.186m
0.229m
1.45%
88.7m
6.59%
Dividend Policy
The fund intends to pay quarterly dividends
2014
0.00
2013
0.00
2012
0.00
6 months
+5.49
+6.07
+4.47
+4.72
+12.35
1 year
+11.25
+9.65
+9.97
+7.69
+19.70
YTD
+2.85
+4.34
+2.21
+2.64
+3.26
3 years
+74.75
+51.40
+6.44
+0.94
+47.28
5 years
+106.88
+88.25
+15.37
+10.28
+78.66
Peer Group: Morningstar IT Global High Inc P
Morningstar Benchmark: FTSE World Index World
Fund distributions reinvested on ex-dividend date8
Dividend Yields over 5 years (or since inception)
Distributions (GBP) over 5 years (or since inception)
Year-on-Year Dividend Growth % (financial year 30 Sep)
2015
0.00
Performance (Total Return %)8 GBP
1 month 3 months
Price
+2.68
+3.37
NAV
+3.88
+4.72
Peer Group (Price)
+1.81
+2.90
Peer Group (NAV)
+2.48
+3.71
Benchmark
+3.25
+5.95
2011
0.00
Dividend Growth % (annualised on current financial year)7
1 year
0.00
2 years
0.00
3 years
0.00
4 years
0.00
5 years
0.00
Directors
Donald Lindsay Adamson (Chairman), Michael Lombardi, Gordon Neilly,
Clive Spears, Peter Yates
Fund Manager: Paul Causer (01 Feb 2001) / Rhys Davies (02 Jun 2014) /
Paul Read (01 Feb 2001)
Invesco Fund Managers Limited
London
Telephone:
Website: www.invescoperpetual.co.uk/investmenttrusts
Stockbroker: Panmure Gordon
Management Fee Summary
The management fee rate is 1% on the first GBP80m of shareholders
funds; 0.7% on the next GBP70m and 0.6% on any excess of shareholders
funds over GBP150m. A performance fee will be payable for outperformance of a hurdle of LIBOR+1% at the rate of 20% on the first
GBP80m of shareholders funds, reducing to 10% of out-performance in
excess of GBP80m.
Latest Dividend History (GBp)
Type
Income
Income
Income
Income
Income
Income
Income
Income
Income
Income
Income
Income
Dividend Declared Date
1.250
17 Dec 14
1.250
18 Sep 14
1.250
01 Jul 14
1.250
28 Mar 14
17 Dec 13
1.250
19 Sep 13
1.250
02 Jul 13
1.250
27 Mar 13
1.250
19 Dec 12
1.250
19 Sep 12
1.250
03 Jul 12
1.250
27 Mar 12
1.250
Ex Div Date
08 Jan 15
09 Oct 14
09 Jul 14
09 Apr 14
08 Jan 14
09 Oct 13
10 Jul 13
10 Apr 13
09 Jan 13
10 Oct 12
11 Jul 12
11 Apr 12
Record Date
09 Jan 15
10 Oct 14
11 Jul 14
11 Apr 14
10 Jan 14
11 Oct 13
12 Jul 13
12 Apr 13
11 Jan 13
12 Oct 12
13 Jul 12
13 Apr 12
Payment Date
30 Jan 15
31 Oct 14
31 Jul 14
01 May 14
31 Jan 14
31 Oct 13
31 Jul 13
30 Apr 13
31 Jan 13
31 Oct 12
31 Jul 12
30 Apr 12
The factbook pages are compiled by Morningstar and have no regard to the particular needs of any specific recipient. All price information is indicative only. Nothing herein is to be construed as a solicitation or an offer to buy or sell any financial products. The factbook pages
are prepared by Morningstar and based on information obtained from sources believed to be reliable but are not guaranteed as being accurate, nor are they a complete statement of these securities. Morningstar accepts no liability whatsoever for any loss or damage of any
kind arising out of the use of all or part of these factbook pages.
Financial Year
2015
2014
2014
2014
2014
2013
2013
2013
2013
2012
2012
2012
Page 2 of 2 | Morningstar Factsheets | All data as at 05 Feb 2015 unless stated otherwise
Invesco Perpetual Enhanced Income Ltd
IPE
Risk & Return9
Discrete Monthly Price & NAV Total Return % (GBP)
Sector Breakdown (%)
Discrete Yearly Price & NAV Total Return % (GBP)
Geographic Breakdown (%)
Risk & Correlation
Alpha (NAV) 11
Beta (NAV)12
R-squared (NAV)13
Sharpe (NAV)14
Price Volatility15
NAV Volatility15
Benchmark Volatility15
Peer Group Price Volatility15
Peer Group NAV Volatility15
3 months
0.05
0.18
0.23
3.67
3
3
12
4
2
6 months
0.03
0.12
0.11
2.44
8
3
11
5
3
1 year
0.35
0.27
0.12
1.68
8
3
10
10
9
3 years
0.71
0.42
0.28
1.97
8
4
10
13
11
5 years
0.35
0.76
0.41
0.94
10
6
13
11
9
Additional Performance (Total Return%8) GBX
Largest Holdings (% Portfolio ) as at 31 Dec 2014
Lloyd, 6.385% 2020,7.625% 2025 & 6.375%
General Motors WTS 2016 & 2019
TimeWarner 4.65% 01 Jun 2044
Unicredit Intl Bank 8.5925% & 8.125%
Standard Chartered 5.7%2044 & 5.125%2034
ENEL 7.75%&5% 2075, 6.625% 2076
Societe General, 8.875%, 8.75% & 7.785%
Enterprise Inns 6.5% Dec 2018
UPC, 9.5% Mar 2021, 7.625% Jan 2020
Enw Fin 5.875%, Jun 21, 2021
Total
10
Capital Structure
Number of Shares
116,954,287
Loan CCY
GBP
4.5%
3.4%
3.1%
3.0%
2.9%
2.8%
2.5%
2.4%
2.3%
2.3%
29.2%
Share Type
Ord 5p
£m
35.0
Redemption
Coupon
-
Price
+2.85
+15.28
+20.56
+35.86
-1.85
+13.08
+390.99
+57.64
+54.05
NAV Peer Price
+4.34
+2.21
+6.35
+6.91
+13.02
-9.87
+37.36
+16.38
-6.37
-3.38
+20.27
+8.05
+461.97
+114.84
+63.47
-3.54
+59.95
-4.45
Peer NAV Benchmark
+2.64
+3.26
+1.91
+11.29
-12.41
+22.36
+15.62
+11.83
-3.19
-5.79
+10.90
+16.28
+142.74
+160.36
+5.08
+77.14
+3.04
+64.56
Wind-up Provisions/Buy Back Policy
The Company is authorised to purchase up to 14.99% of the its issued ordinary shares, subject to the restrictions
referred to in the notice of the AGM. This authority will expire at the AGM in 2015. If approved, the Company will be
allowed to buy back shares at a discount to NAV. Directors are proposing that shares bought back by the Company
either be cancelled or, alternatively, be held as treasury shares with a view to their re-sale, if appropriate, or later
cancellation. Any re-sale of treasury shares will only take place on terms that are in the best interests of
shareholders.
Net Dividend Yield – This is calculated by dividing the current financial years dividends (this will include prospective dividends) by the current price.
Dividend Growth – The annualised percentage growth in dividends. Based upon the current financial year, including any future estimates or forecasts.
Performance – Calculated using start and end period Share Prices or NAV Dividends are reinvested on the ex-dividend date at the prevailing Share Price or NAV.
Risk & Return – 1 Year ex income par NAV total return performance against 1 Year NAV volatility. Please see notes 8 and 15 for performance and volatility definitions
respectively.
2
10 Portfolio – In order to calculate the portfolio value we deduct any holdings in cash only (Note that Fixed Interest is not included).
11 Alpha – The difference between the fund’s average excess total return and the benchmark’s average excess total return.
3
12 Beta – The sensitivity of the fund to broad market movements. A Beta of 0.5 would imply the fund will move by half as much as the index.
4
13 R-squared – A measure of correlation between the fund and index. A value of 0.8 means that 80% of the fund’s NAV changes can be explained by changes in the index.
14 Sharpe – A risk-adjusted return measure, calculated by dividing the fund’s average monthly excess total return over the risk-free rate by the standard deviation of those returns.
5
The figure shown is the annualized Sharpe Ratio.
15 Volatility – The annualized standard deviation of the logged daily returns, adjusting for distributions from capital.
The factbook pages are compiled by Morningstar and have no regard to the particular needs of any specific recipient. All price information is indicative only. Nothing herein is to be construed as a solicitation or an offer to buy or sell any financial products. The factbook pages
are prepared by Morningstar and based on information obtained from sources believed to be reliable but are not guaranteed as being accurate, nor are they a complete statement of these securities. Morningstar accepts no liability whatsoever for any loss or damage of any
kind arising out of the use of all or part of these factbook pages.
1
NAV Estimation - Fair value of debt refers to the market price of the debt if it is traded or, if it is not traded, an
estimation of its value calculated using points over gilt methodology.
Cum Income NAVs include net revenue in the financial year to date. All estimates are fully diluted for the effects of
warrants, convertibles or treasury shares. NAV estimations are created and maintained by Morningstar. For more
detailed methodology document please contact FD.Support@morningstar.com
Z-Statistic 1y – Shows whether the fund’s current discount is significantly higher or lower than the average over the
past year, calculated as (Current Discount – Mean) / Std Dev
Gross Gearing – The ratio of estimated gross Assets to the Net Assets, expressed as a percentage
Net Gearing – The ratio of estimated Gross Assets minus cash and fixed interest to the Net Assets, expressed as a
percentage. Cash and fixed interest represents not-equity exposure.
Total Expense Ratio – (Total Expenses – Performance Fees – Cost of Leverage – Tax – Restructuring Costs) /
Average Net Assets
Period
2015
2014
2013
2012
2011
2010
Since FTSE 2009 Low (13 Mar 09)
Since Sub-Prime (20 Nov 07)
Since FTSE 2007 Peak (13 Oct 07)
6
7
8
9