Last Word
Perspective
ARTICLE
01
Fund Manager
VIDEO
02
Square Mile
03
Fund Buyer
REACTIONS
04
Terms & Conditions
strategy directly from the fund manager.
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The Invesco Enhanced Index range comprises of four funds – UK, European, Global and US – which provide investors with index-like exposure while seeking to outperform the index, after fees, over a full market cycle. These funds sit on the spectrum between index tracker funds at one end and actively managed, unconstrained funds at the other.
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COMPANY_ Square Mile Investment
The funds which embrace active and passive skills
LOCATION_ London
A_
To view Square Mile Investment Consulting and Research Ltd's disclosure on their involvement on this site, please click here.
YEARS IN INDUSTRY_ 21
“Systematic funds don’t have the inherent biases that impact human fund managers such as falling in love with a certain stock or herd mentality.”
JOB TITLE_ Research Manager
In recent years within the investment industry there seems to have been a somewhat “Black and White” argument on active versus passive. You either invest entirely in passive funds or entirely in active funds. However the four enhanced index funds managed by Invesco are neither fully active nor fully passive funds. Their OCFs of 0.25% are slightly higher than the OCF of a competitively priced passive fund but considerably cheaper than the average active fund. However the systematic, factor based, process means that all four funds look to generate an annualised alpha greater than 1%. This fund range could therefore be ideal for investors who are either looking to reduce the cost of their active portfolios or slightly increase the alpha opportunities in their passive portfolios.
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Last Word
Perspective
After a strong decade of returns from equity markets following the global financial crisis, 2018 reminded investors that the stock market is not a one-way bet. With most major markets finishing the year down, and the ongoing expectation of volatility, investors are being warned to re-set their expectations going forward, and brace themselves for a period of low returns.
In such an environment, every little extra, in performance terms will be increasingly important. The problem is where do investors turn? Last year saw increased inflows into index tracking funds as many investors lost faith in active managers to outperform their indices, while at the same time charging high fees to do so.
However, by going down the passive route, with most major stock indices registering negative gains in 2018, investors were guaranteeing themselves underperformance. But is there another option, one that sits between active and passive?
In 2003 Invesco Perpetual (now Invesco) launched the UK Enhanced Index Fund, followed by a global offering in 2006 and US and Europe funds in 2016. Georg Elsaesser, senior portfolio manager on the Invesco Quantitative Strategies (IQS) team, describes this Enhanced Index Range as combining the best of both worlds; namely the best of passive and the best of traditional active funds.
“A typical index tracker provides market beta, giving investors the index minus the cost,” he says. “What it cannot give is any particular outperformance. What the Enhanced Index Range sets out to achieve is a passive risk profile, meaning the funds replicate the index in a similar way, but adding an explicit outperformance expectation on top.”
At the same time as aiming to provide better returns than passive funds, Elsaesser says the Enhanced Index Range seek to reduce the volatility of relative returns associated with active funds.
“The funds should have the ability to outperform in every phase of the business cycle and then really look through the cycle,” he says. “Since inception all the funds have delivered, credibly generating the excess they were supposed to deliver. The idea is not to necessarily outperform every quarter or year, but on rolling three-year horizons and since inception this is what they have done.”
When Invesco asked people why they used the Enhanced Index Range, Elsaesser says three answers are typically given.
“The first is they want to manage risk, the second is to improve performance and the third, with a considerable gap to the other two, is to reduce their overall investment costs.”
The IQS team who manage the Enhanced Index Range have been running such mandates for over three decades.
Consisting of over 60+ professionals, and managing over £26bn of assets under management, Elsaesser says over the past 30 years the team has witnessed many different market environments.
“We have seen the new economy, the bubble burst, the great financial market crisis and we have seen a year like 2018,” he says. “All the experience gained feeds into our research and gives us more information to fine tune the research process and are eventually reflected in our model. So the model we have set up today is probably the best we have ever had.”
Designed to form the core of an investor’s equity exposure, and charging between 23-25 basis points, the appeal of a halfway house between active and passive is clear. More so if markets continue to behave like 2018 going forward.
The best of both worlds
AUTHOR_ ADAM LEWIS
“We are replacing the aspiration of achieving the highest possible alpha, with the target instead of getting the most stable alpha as possible,” he says. “This will mean that over time, while the compounding effect of alpha generation will be moderate, the end result will consistently exceed returns.”
So how does Invesco go about enhancing index returns while straddling active and passive management? Elsaesser says the funds are managed using an active multi-factor investment approach, meaning they are not only broadly diversified across value, quality and momentum, but they are also not based on market cap weightings.
“In contrast to traditional stock pickers who put their highest conviction in their best stocks, we seek to build a broader exposure to companies that are cheap, to stocks that have good momentum and stocks which are high quality.”
“In doing this, we follow an investment process which ensures the portfolios will provide an ‘index-like experience’ in terms of the stock allocations across countries, sectors, company size and currency exposure, but with the potential to outperform the index.”
For Elsaesser, the factors of value, quality and momentum have proven to be the key drivers of risk and return in equity markets, and the Enhanced Index Range was created in a broadly diversified way with the intention of sailing smoothly through market cycles.
Kames Global Diversified Income Fund
Fund
Vincent McEntegart has been managing the Kames Global Diversified Income Fund for six years and is well-versed to the changeable financial climate. Curabitur blandit tempus porttitor. Aenean lacinia bibendum nulla sed consectetur.
Manager
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A passive fund is the only way a retail investor can access benchmark like returns, therefore at Square Mile we believe that funds should be compared to the equivalent passive fund ahead of their benchmarks. As you can see from the graph above, the Invesco UK Enhanced Index fund has not only consistently outperformed the FTSE All Share but also the L&G UK Index Trust.
*Source Square Mile and FE Analytics
** Source FE Analytics
AUTHOR_ AMAYA ASSAN
"There are many things to like about the Invesco enhance index range, firstly all four funds have an OCF of 0.25%, which is slightly higher than the OCF of a competitively priced passive fund, and significantly cheaper than the OCF of an active fund. The median OCF for active funds in the IA Global sector is 0.9%. However investors should not invest in these funds purely because of cost, the 60 strong team behind the fund range have adopted a stable fund process that should be able to provide small incremental gains during stable market conditions. The fund will suffer during inflection points and choppy market conditions, however the constraints in place mean that underperformance will not be significant.
Overall the fund range could be suitable for investors who are currently just using passive funds and are looking to add a little bit of alpha to their portfolio. Or for an investor who predominantly invests in active funds and is looking to reduce the cost of their portfolio."
Funds which follow systematic approaches have many benefits over traditionally managed active funds. Firstly systematic funds don’t have the inherit biases that impact human fund managers such as falling in love with a certain stock or herd mentality. However systematic funds are not perfect. Firstly they are dependent on the data which is fed into their process. The team at Invesco look to avoid the problem of garbage in, garbage out by employing four members of a data integrity team who check the numbers that go into the process. The daily running of the “optimiser” also means that if there are any seismic changes to the portfolio, data can be checked for inaccuracy. During inflection points or choppy market conditions, systematic funds will tend to underperform and 2018 was a perfect example of this as each quarter had significant positive or negative market returns. The Invesco Global ex UK Enhanced fund was no exception as in 2018 the fund returned -5.9% compared to the MSCI World ex UK index which returned -2.6%**. Senior Portfolio Manager Georg Elsaesser at Invesco understands that during certain periods the fund range will underperform, but the team at Invesco have conviction in the fund’s process and they believe over rolling three year periods the fund should outperform.
Whilst the optimisation process is run on a daily basis, the portfolio is only rebalanced monthly with a maximum turnover of 5% each month. The main positives of monthly rebalancing are two fold, firstly rebalancing the fund’s trading costs will be lower, which is reflected in the Global ex UK Enhanced Index fund’s ex ante transaction cost being 0.15% compared to the IA Global sector average cost of 0.21%*. Secondly monthly trading ensures that the fund will not overreact during market turmoil. The only drawdown to this approach is that the portfolio may not change quickly enough to react to changing market conditions. Peers who have adopted a similar systematic process will trade on a daily basis, but limit the funds turnover in order to avoid excessive trading.
The constraints applied to the final optimisation of the portfolio ensure that these funds will never be truly active funds as we should not expect a significant deviation from the funds benchmark. Depending on your outlook, this can be a positive or negative. The positive is that the fund will never significantly underperform the fund’s benchmark, however nor will it significantly outperform its benchmark. Therefore the fund's return is predominantly dependent on the return of the underlying benchmark and not the fund manager's skill.
Taking an enhanced approach to returns
Amaya Assan, Research Manager, Square Mile Investment
Square Mile
Perspective
Fund buyers' perspective
The halfway house between active and passive investing.
Market Reaction
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Jonathan Woo_ investment research_ Santander Asset Management
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“There has been considerable structural reform in giant markets like India, China and the Pacific Tiger economies. It’s a time of change from investment in infrastructure to innovation. Baillie Gifford looks for superior growth, meaning its style is suited to this change. They make some debatable valuations but are valiant investors and can spot businesses with great fundamentals early. They are picking the sort of businesses that have the potential to steam ahead and accrue multiple years of earnings growth for investors.”
Scott Spencer_ Investment Manager_ F&C Multi-manager solutions, BMO Global Asset Management
“The key rationale behind Income Maximiser is the delivery of a 7% yield. The use of derivatives in the portfolio means the upside is therefore limited but we find the fund is a lower beta way of getting equity exposure as well as some downside protection.”
“The fund managers of Schroder Income [Nick Kirrage and Kevin Murphy] pick the stocks, and the derivatives for Income Maximiser are then written accordingly. We like the fact that derivatives provide a diversification element and we have a great deal of confidence that the derivatives are run by a separate team. It is a very different skill set and is a USP of theirs.”
Richard Philbin_ CIO_ Wellian Investment Solutions
Mona Shah_ head of collectives_ Rathbones
“After years of lacklustre performance, Asia and the emerging world experienced a resurgence last year, driven by rising commodity prices and a fundamental shift in favour of more cyclical sectors like financials, energy and materials. But many of the fortunes of Asia and emerging markets are driven by sentiment from the West, which was negatively affected by the US election in November. While markets have regained their initial losses, we’ve had no more clarity on what Donald Trump’s policies will mean with regards to global trade and protectionism. For this reason, we believe that diversification should offer benefits in a period where markets are likely to be volatile. In addition, the economies in Asia-Pacific are showing increasing dependence on domestic demand, and we believe funds exposed to growing demand from consumers in China, for example, may be better placed to withstand headwinds from the US.”
Robert Shepherd_ Director_ Bright & Co.
We were on the lookout for something different and, let’s face it, 4% or lower is the norm in this environment. So this is attractive”
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Achievable, sustainable, reliable
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Fund
Manager
Perspective
Fund Buyer
Perspective
This demo version has been optimised for desktop, laptop and tablet. Smartphones, iPhones will be supported in the next version.
to bring you insight, research and market views
directly from the fund manager.
together with an explanation of the strategy
Axis analyses the funds from four perspectives
After a strong decade of returns from equity markets following the global financial crisis, 2018 reminded investors that the stock market is not a one-way bet. With most major markets finishing the year down, and the ongoing expectation of volatility, investors are being warned to re-set their expectations going forward, and brace themselves for a period of low returns.
In such an environment, every little extra, in performance terms will be increasingly important. The problem is where do investors turn? Last year saw increased inflows into index tracking funds as many investors lost faith in active managers to outperform their indices, while at the same time charging high fees to do so.
However, by going down the passive route, with most major stock indices registering negative gains in 2018, investors were guaranteeing themselves underperformance. But is there another option, one that sits between active and passive?
In 2003 Invesco Perpetual (now Invesco) launched the UK Enhanced Index Fund, followed by a global offering in 2006 and US and Europe funds in 2016. Georg Elsaesser, senior portfolio manager on the Invesco Quantitative Strategies (IQS) team, describes this Enhanced Index Range as combining the best of both worlds; namely the best of passive and the best of traditional active funds.
“A typical index tracker provides market beta, giving investors the index minus the cost,” he says. “What it cannot give is any particular outperformance. What the Enhanced Index Range sets out to achieve is a passive risk profile, meaning the funds replicate the index in a similar way, but adding an explicit outperformance expectation on top.”
At the same time as aiming to provide better returns than passive funds, Elsaesser says the Enhanced Index Range seek to reduce the volatility of relative returns associated with active funds.
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Senior portfolio manager, Invesco Quantitative Strategies
Georg joined Invesco in 2016 from Allianz Global Investors, where he was a director of their systematic equity division covering global equities. Based in Frankfurt, Georg has over 19 years experience, and prior to Allianz worked as a sell side equity and multi-asset strategist at WestLB. He also served as an investment analyst in the asset management division of CologneRe, where he focussed on equities and asset allocation.
Georg Elsäesser
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In recent years within the investment industry there seems to have been a somewhat “Black and White” argument on active versus passive. You either invest entirely in passive funds or entirely in active funds. However the four enhanced index funds managed by Invesco are neither fully active nor fully passive funds. Their OCFs of 0.25% are slightly higher than the OCF of a competitively priced passive fund but considerably cheaper than the average active fund. However the systematic, factor based, process means that all four funds look to generate an annualised alpha greater than 1%. This fund range could therefore be ideal for investors who are either looking to reduce the cost of their active portfolios or slightly increase the alpha opportunities in their passive portfolios.Scroll down to read more...
"There are many things to like about the Invesco enhance index range, firstly all four funds have an OCF of 0.25%, which is slightly higher than the OCF of a competitively priced passive fund, and significantly cheaper than the OCF of an active fund. The median OCF for active funds in the IA Global sector is 0.9%. However investors should not invest in these funds purely because of cost, the 60 strong team behind the fund range have adopted a stable fund process that should be able to provide small incremental gains during stable market conditions. The fund will suffer during inflection points and choppy market conditions, however the constraints in place mean that underperformance will not be significant.
Overall the fund range could be suitable for investors who are currently just using passive funds and are looking to add a little bit of alpha to their portfolio. Or for an investor who predominantly invests in active funds and is looking to reduce the cost of their portfolio."
“There are many things to like about the Invesco enhance index range, firstly all four funds have an OCF of 0.25%, which is slightly higher than the OCF of a competitively priced passive fund, and significantly cheaper than the OCF of an active fund. The median OCF for active funds in the IA Global sector is 0.9%. However investors should not invest in these funds purely because of cost, the 60 strong team behind the fund range have adopted a stable fund process that should be able to provide small incremental gains during stable market conditions. The fund will suffer during inflection points and choppy market conditions, however the constraints in place mean that underperformance will not be significant.
Overall the fund range could be suitable for investors who are currently just using passive funds and are looking to add a little bit of alpha to their portfolio. Or for an investor who predominantly invests in active funds and is looking to reduce the cost of their portfolio.”
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strategist at WestLB. He also served as an investment analyst in the asset management division of CologneRe, where he focussed on equities and asset allocation.
Georg joined Invesco in 2016 from Allianz Global Investors, where he was a director of their systematic equity division covering global equities. Based in Frankfurt, Georg has over 19 years experience, and prior to Allianz worked as a sell side equity and multi-asset
In recent years within the investment industry there seems to have been a somewhat “Black and White” argument on active versus passive. You either invest entirely in passive funds or entirely in active funds. However the four enhanced index funds managed by Invesco are neither fully active nor fully passive funds. Their OCFs of 0.25% are slightly higher than the OCF of a competitively priced passive fund but considerably cheaper than the average active fund. However the systematic, factor based, process means that all four funds look to generate an annualised alpha greater than 1%. This fund range could therefore be ideal for investors who are either looking to reduce the cost of their active portfolios or slightly increase the alpha opportunities in their passive portfolios. Disclaimer »
“The principle of a halfway house between pure active stock-picking funds and pure index funds makes some sense. History has shown that stocks which exhibit certain factors, such as value and momentum, tend to outperform the wider market. So if a fund is offering exposure to these factors at only a marginally higher cost than traditional index funds, we think there is a good chance that the enhanced indices will outperform traditional index funds net of costs.”
Edward Hancock_ investment manager_ DHM Wynchwood
Simon West_ managing director_ Hulbert West Financial Advisers
“We use the Invesco UK Enhanced Index as a core UK equity market holding in our portfolios. Due to the fund’s index focused remit and low cost we see it very much as an alternative to a passive index tracker. The fund managers have demonstrated consistent outperformance in relation to the benchmark generating real value compared to a passive alternative. Our clients like consistency and understand if a fund moves with the markets. The internal risk controls used by the managers limit the potential for nasty surprises.”
Adrian Lowcock_ head of personal investing_ Willis Owen
“This fund uses smart beta to generate investment returns. Instead of looking at the market cap of a company it considers other factors such as earnings, price, quality and value. This should give a more active approach to a passive fund as it favours companies which are attractively valued and have good earnings and price momentum. The portfolio is also actively managed to ensure no unnecessary risk is taken through exposure to sectors or individual companies. Overall and as the name suggests I would expect this to deliver an enhanced performance over a traditional index tracker. The test is how these types of funds do in inflection points.”
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“We use the Invesco UK Enhanced Index as a core UK equity market holding in our portfolios. Due to the fund’s index focused remit and low cost we see it very much as an alternative to a passive index tracker. The fund managers have demonstrated consistent outperformance in relation to the benchmark generating real value compared to a passive alternative. Our clients like consistency and understand if a fund moves with the markets. The internal risk controls used by the managers limit the potential for nasty surprises.”
“The UK equity portfolio is based on the Chris White-managed Premier Income Fund that is currently expected to generate a yield of 4% to 4.5%.”
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Review By Gary Corcoran
COMPANY_ Last Word
Chris White and Geoff Kirk joined forces in October 2017 to co-manage the Premier Optimum Income Fund. As the new fund managers, they have made changes to the way the UK equity portfolio and covered call strategy is managed, introducing an explicit target yield of 7% p.a.
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at Last Word
YEARS IN INDUSTRY_ 25+
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“The factors of value, quality and momentum have proven to be the key drivers of risk and return in equity markets, and the Enhanced Index Range was created in a broadly diversified way with the intention of sailing smoothly through market cycles.”
Review By Adam Lewis
The use of index funds as part of an investor’s investment portfolio is on the increase owing to a focus on costs by some and investment philosophy by others. Invesco believe that by adding its investment expertise to index investing, it can deliver a better return for investors.
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YEARS IN INDUSTRY_ 17
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The use of index funds as part of an investor’s investment portfolio is on the increase owing to a focus on costs by some and investment philosophy by others. Invesco believe that by adding its investment expertise to index investing, it can deliver a better return for investors.
Review By Adam Lewis at Last Word
Review By Adam Lewis
at Last Word
The IQS team who manage the Enhanced Index Range have been running such mandates for over three decades
The number of factors (value, quality and momentum) involved in the multi-factor investment process
Data correct as at 31 March 2019
Assets under management run by the IQS team
Invesco Enhanced Index
The basis points charged by the four Enhanced Index funds
The number of team members involved in the running of the Enhanced Index funds
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Source: FE Analytics
Data from 26 Jun ’09 - 26 Jun ‘19
Invesco UK Enhanced Index Fund (UK) performance versus the benchmark
Invesco UK Enhanced Index Fund (UK)
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