Latin American Fund

January 2018
Covering the month of December 2017
On 30 June 2017, Nicholas Mason became the co-manager of the Invesco Perpetual
Latin American Fund.

Fund objective Fund strategy

— The objective of the fund is to achieve
capital growth.
— The fund invests primarily in shares of
Latin American companies.
— The fund may use derivatives (complex
instruments) to manage the fund more
efficiently, with the aim of reducing risk,
minimising costs and/or generating
additional capital or income.
— The fund defines Latin America as
Fund Managers: Dean Newman & Nicholas
Mason countries in South America, Central
America, Mexico and the Caribbean.
— The fund is actively managed within its
Key facts1 objectives and is not constrained by a
Dean Newman benchmark.
Our holdings in Latin America are
concentrated in Brazil and Mexico. We also
have significant positions in companies
based in the smaller economies of Colombia,
Chile and Peru. The fund’s diversified
approach is reflected in sector positioning,
which is spread across a broad range of
industries. We believe that stock selection is
the key to performance and that the region
still offers, in our view, attractive
opportunities for stock picking. The fund
favours small- and mid-cap stocks in sectors
such as consumer discretionary, for example
retailers.

Managed fund since January 2004 Five year performance % growth

Industry experience 32 years Invesco Perpetual Latin American Fund (Z Accumulation share class)
Based in Henley-on-Thames MSCI EM Latin America Index
Nicholas Mason Dec 12 Dec 13 Dec 14 Dec 15 Dec 16 30
Managed fund since June 2017 20
Industry experience 18 years
Based in Henley-on-Thames 10

Fund launch date 5 November 1994 0

Fund size £162.29m -10

Legal status UK authorised ICVC -20
Yield (Z Accumulation share class) -30
Historic Yield2 1.69%
-40
Income distribution 31 October
date(s) -50

Accounting period ends 28 February -60

31 August Performance % growth
Available within an ISA? Yes 5 year 10 year
1 year 3 years 5 years ACR* 10 years ACR*
Benchmark MSCI EM Latin America
Index Fund (Z Accumulation 7.57 15.18 -10.76 -2.25 14.82 1.39
share class)
Benchmark 13.41 30.16 3.66 0.72 27.75 2.48
Investment opportunities
* ACR - Annual Compound Return
— Invest in a region with an exciting future
– favourable demographics, a growing As there is no suitable IA peer group for this fund, we are comparing its performance with
middle class base and a key commodity its benchmark index MSCI EM Latin America Index.
producer.
— Gain exposure to a wide range of Standardised rolling 12-month performance % growth
companies, ranging from small- and
medium-sized cash-generative 31.12.12 31.12.13 31.12.14 31.12.15 31.12.16
31.12.13 31.12.14 31.12.15 31.12.16 31.12.17
businesses to larger “blue-chip” firms.
— Benefit from a diversified and actively Fund (Z Accumulation share class) -13.87 -10.05 -26.79 46.26 7.57
managed fund that is supported by a Benchmark -14.77 -6.56 -26.81 56.82 13.41
stable and experienced team of
investment professionals. Past performance is not a guide to future returns. Performance figures are based on the
— Agile investment team can make quick Z Accumulation share class. As this was launched on 12 November 2012, for the periods
decisions, leading to effective and prior to this launch date, performance figures are based on the accumulation share class,
timely implementation of good ideas. without any adjustment for fees. Performance figures for all share classes can be found in
the relevant Key Investor Information Document. Fund performance figures are shown in
sterling, inclusive of reinvested income and net of the ongoing charge and portfolio
transaction costs to 29 December 2017 unless otherwise stated. The figures do not
reflect the entry charge paid by individual investors.The standardised past performance
information is updated on a quarterly basis. Source: Lipper. Benchmark index information
source: Lipper, total return, in Sterling,

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Top 10 Issuers1 % Important information
Itau Unibanc 7.94 Credicorp 3.61 1 All fund portfolio figures within this leaflet are as
Petrobras 7.68 Kroton Educacional 3.35 at 29 December 2017 (source: Invesco
Banco Bradesco 5.21 Arca Continental 3.34 Perpetual).
2 The Historic Yield reflects distributions declared
Vale 4.56 Bradespar 3.10 over the past twelve months as a percentage of
Grupo Financiero Banorte 3.64 Telefonica 3.03 the mid-market price of the fund, as at the date
shown. It does not include any entry charge and
Total Top 10 Issuers (%) 45.46 investors may be subject to tax on their
Total number of holdings 47 distributions.

Industry breakdown1 % Country of investment % Where individuals or the business have expressed
breakdown1 opinions, they are based on current market
Financials 25.96 conditions, they may differ from those of other
Brazil 61.89 investment professionals and are subject to change
Consumer Discretionary 19.07
Mexico 18.59 without notice. This document is marketing material
Materials 18.21 and is not intended as a recommendation to invest in
Chile 6.70 any particular asset class, security or strategy.
Energy 9.03
Argentina 4.03 Regulatory requirements that require impartiality of
Consumer Staples 8.69 investment/investment strategy recommendations
Peru 3.61 are therefore not applicable nor are any prohibitions
Telecommunication 5.92
Services Panama 1.68 to trade before publication. The information
Industrials 5.25 Colombia 1.35 provided is for illustrative purposes only, it should
not be relied upon as recommendations to buy or
Utilities 4.86 Canada 0.95 sell securities.
Real Estate 1.17 Cash 1.19 For the most up to date information on our funds,
Information Technology 0.64 Total 100 please refer to the relevant fund and share class-
specific Key Investor Information Documents, the
Cash 1.19 Supplementary Information Document, the ICVC ISA
Total 100 Terms and Conditions, the Annual or Interim Reports
and the Prospectus, which are available using the
contact details shown.
Investment risks Telephone calls may be recorded.
The value of investments and any income will fluctuate (this may partly be
the result of exchange rate fluctuations) and investors may not get back
the full amount invested.
The fund invests in emerging and developing markets, where there is
potential for a decrease in market liquidity, which may mean that it is not
easy to buy or sell securities. There may also be difficulties in dealing and
settlement, and custody problems could arise.
The fund may use derivatives (complex instruments) in an attempt to
reduce the overall risk of its investments, reduce the costs of investing
and/or generate additional capital or income, although this may not be
achieved. The use of such complex instruments may result in greater
fluctuations of the value of the fund. The Manager, however, will ensure
that the use of derivatives within the fund does not materially alter the
overall risk profile of the fund.

Contact information

Client services
Telephone 0800 085 8677
Facsimile 01491 416000
Email enquiry@invescoperpetual.co.uk
www.invescoperpetual.co.uk
Invesco Perpetual is a business name of Invesco Fund Managers Limited.
Perpetual Park, Perpetual Park Drive, Henley-on-Thames,
Oxfordshire RG9 1HH, UK
Authorised and regulated by the Financial Conduct Authority.

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