Last Word
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Square Mile
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The Invesco Global Opportunities Fund (UK) is a high conviction global equity fund, that combines the benefits of a concentrated portfolio with the advantages of a long-term, patient investment style. With around 35 lowly correlated stocks, it is characterised by the investment team’s valuation-intensive investment philosophy.
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COMPANY_ Square Mile Investment
A high conviction global offering
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
“The fund is managed under the philosophy of ‘in order to beat the market, one needs to be different from the market’.”
JOB TITLE_ Research Manager
The fund is managed by a small team of like minded investors, who can also can draw upon the expertise of the broader Henley based team. The managers have designed an approach that results in a concentrated portfolio which can look and behave very different from its benchmark.
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AMAYA ASSAN
Last Word
Perspective
When a fund carries an active share of some 95%, meaning it is 95% different from its benchmark, its managers should always expect periods of volatility where returns diverge from the benchmark, both in a positive and negative perspective. For Stephen Anness and Andrew Hall, Fund Managers of the Invesco Global Opportunities Fund (UK), the third quarter of 2018 was one of those periods, with the duo describing it as the toughest quarter since the team took on the management of the fund.
But as Anness notes, ”the very essence of being a contrarian investor is that you have a different perspective to the market; this means that in the short term the market can make your stock picking look flawed. However, the key is to continue to reassess the investment case for each stock and if it remains intact, then buy more. We see the volatility witnessed in 2018 as a provider of opportunities.”
“I have been doing this job for over 16 years and I would say, particularly in the last 12 months, that it feels like market participants are driving levels of volatility that we have never really seen before,” adds Anness. “I think there is more price insensitive trading taking place than ever in history.”
Yet for Anness and Hall the key is to think long-term and they maintain the belief that the way the portfolio is set up and managed today will stand it in good stead in the coming years.
“Given the effects of quantitative easing following the global financial crisis, we have almost become used to this environment of very low volatility,” says Hall. “It has been a lot higher this year. Arguably this is a welcome return to normality since historically, volatility has been the friend of the long-term investor.”
“We have learned from seasoned investors, such as Howard Marks, that you have to control your feelings and that’s what we seek to do,” Hall says. “That is one of the benefits of having a team, it means we can help each other stay in the right frame of mind and make positive, proactive decisions.”
“This is a style agnostic fund,” says Anness. “We are not pure value, growth or momentum investors, we just try to find companies where we think the intrinsic value is significantly more than the current share price implies.”
Because of this focus on individual companies, whereas other managers are talking about being ‘risk on’ or ‘risk off’ at this stage in the investment cycle, Anness says the team’s aim is simply to build a portfolio that is diverse by sector, geography and themes.
“If you look at the correlation of the fund over the long term we have actually been broadly uncorrelated to the market which we think is a very important differentiator to our peers,” says Anness. “It means the fund does not necessarily perform in rising or falling markets, it will be driven by the performance of individual stocks over time.”
Why volatility leads to global opportunities
AUTHOR_ ADAM LEWIS
When it comes to investment there is often the misconception that risk and volatility are the same thing, but as Anness notes, the current level of volatility in markets is creating investment opportunities at a global level.
“There are companies and sectors trading at valuations that have been rarely seen in history, even at the depths of the financial crisis in 2008-09,” says Anness. “Our job is to avoid the negative noise in markets and embrace the volatility.”
Hall says that in terms of sector the biggest extremes sit within energy, automotive and financials, while from a geographic point-of-view valuation anomalies exist in the UK, Europe and selective emerging markets.
“We try to find stocks from around the world that are broadly uncorrelated, and trading at a significant discount to their intrinsic worth,” says Anness. “Our investment process is designed to make sure the stacks of success are in our favour by finding those companies, doing the due diligence, putting them in the portfolio and having a long-term perspective on waiting for those valuation anomalies to reverse out.”
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
Vincent McEntegart
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From the end of November 2012 to the end of March 2019, i.e. under the fund’s current guise, cumulative performance is solid (118% against 113% for the index). However, in terms of discrete year returns, the fund’s track record is somewhat mixed in our view. 2013 was a strong year (38% versus 21%), with decent showing in both 2016 (32% versus 29%) and 2017 (17% versus 13%). In contrast, 2014 was a challenging year (4% versus 11%) as was 2018 to the end of October (-14% versus -4%). 2015 was in line with the index’s return of 3%.
In summary, we feel the fund has some promising attributes and is managed using a sensible approach that combines a core element of dependable companies capable of compounding returns over the long term, with a smaller, satellite allocation to a range of turnaround situations. However, whilst it does have the propensity to deliver robust returns, investors need to be mindful that these can be variable over shorter timeframes.
Performance numbers are in GBP terms and calculated using the Z Acc share class. Data is sourced from FE Analytics.
AUTHOR_ AMAYA ASSAN
“Away from the ‘noise’ of the City of London, the global opportunities team believes that it can make better informed investment decisions and despite it working in relative isolation, its members can and do draw upon a broader team of around 60 investment professionals, many of whom have considerable industry experience.”
The fund is managed under the philosophy of ‘in order to beat the market, one needs to be different from the market’. This results in adopting an approach that is conviction-led and seeks to build a rather concentrated portfolio of between 35 and 45 stocks. Initial screens are used to reduce what is a sizeable universe (there are approximately 2,500 stocks in the fund’s MSCI All Countries World Index benchmark) and organise potential ideas into two ‘buckets’ – compounders and special situations. Ideas can also be sourced from other teams within the Henley office, sell-side brokers and a watchlist of stocks that have been previously analysed but not yet selected.
Regardless of the source of idea, the team ultimately seeks to discover companies that are considered undervalued relative to their intrinsic value. Rigorous analysis is undertaken and risk is considered in terms of the potential for the permanent loss of capital as opposed to the stock’s weight within the index. However, this does not result in a fund that is focused towards a very small number of sectors or regions. In fact, there are some sensible parameters to ensure an appropriate level of diversification. These include, a maximum stock position of 8%, limiting direct emerging market exposure to 25%, holding a minimum of five GICS sectors and allocating a maximum of 10% to companies capitalised below $2.5bn.
With assets under management of US$1159.3bn (as at end 31 May 2019) and offices located across the globe, Invesco is an asset manager with a considerable reach.
The group has a number of underlying investment teams, with each free to operate using its own investment philosophy and process. This particular strategy is managed out of Henley-on-Thames and was previously known as the Invesco Perpetual Global Opportunities Fund; the ‘Perpetual’ element of the name being dropped earlier this year as part of Invesco’s rebranding exercise.
Although the team responsible for the Invesco Global Opportunities Fund (UK) is part of an asset management behemoth, with offices around the world, it is managed from the rather tranquil setting of Henley-on-Thames. Away from the ‘noise’ of the City of London, the global opportunities team believes that it can make better informed investment decisions and despite it working in relative isolation, its members can and do draw upon a broader team of around 60 investment professionals, many of whom have considerable industry experience.
The fund’s lead manager is Stephen Anness, who has over 15 years of experience and has spent his entire career with Invesco. He initially analysed and managed UK equities (including within the context of a global equity strategy), prior to moving onto the global equities team at the end of 2012. His experience as a lead manager in this space is slightly less than a number of high profile peers and we would also mention that although the fund has a track record dating back to 2005, it has only been managed in its current form since December 2012. Mr Anness is supported by the fund’s co-managers, Andrew Hall (appointed in May 2014) and the recently appointed Joe Dowling.
A fund which seeks to be different to the market
Amaya Assan, Research Manager, Square Mile Investment
Square Mile
Perspective
Fund buyers' perspective
Fund buyers provide their views on the Invesco fund and why it is good value for money.
Market Reaction
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Jonathan Woo_ investment research_ Santander Asset Management
×
“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 managers.
together with an explanation of the strategy
Axis analyses the fund from four perspectives
When it comes to investment there is often the misconception that risk and volatility are the same thing, but as Anness notes, the current level of volatility in markets is creating investment opportunities at a global level.
“There are companies and sectors trading at valuations that have been rarely seen in history, even at the depths of the financial crisis in 2008-09,” says Anness. “Our job is to avoid the negative noise in markets and embrace the volatility.”
Hall says that in terms of sector the biggest extremes sit within energy, automotive and financials, while from a geographic point-of-view valuation anomalies exist in the UK, Europe and selective emerging markets.
“We try to find stocks from around the world that are broadly uncorrelated, and trading at a significant discount to their intrinsic worth,” says Anness. “Our investment process is designed to make sure the stacks of success are in our favour by finding those companies, doing the due diligence, putting them in the portfolio and having a long-term perspective on waiting for those valuation anomalies to reverse out.”
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Fund Manager, Invesco Global Opportunities Fund (UK)
Andrew joined Invesco in 2013 with a background in hedge funds. He began his career in October 2000 in Equity Sales at UBS Warburg, before moving to Merrill Lynch in 2007 to help grow its UK equities franchise. In May 2009, he took on his first ‘buy-side’ role as a European equities analyst at Moore Europe Capital Management. Most recently, he was a Partner at Bramshott Capital LLP, a spin-off of Moore Europe Capital Management.
Stephen is lead manager for the Henley Investment Centre's global opportunities strategy. He joined the global equities desk in January 2013 to build an investment strategy that reflects his belief in applying an intensive focus on company valuations to a global investment universe. He has over a decade of experience managing focused portfolios, having started his investment career with the group’s Henley-based UK Equities team as a trainee analyst in 2002.
Andrew Hall
Stephen Anness
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The fund is managed by a small team of like minded investors, who can also can draw upon the expertise of the broader Henley based team. The managers have designed an approach that results in a concentrated portfolio which can look and behave very different from its benchmark.Scroll down to read more...
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background in hedge funds. He began his career in October 2000 in Equity Sales at UBS Warburg, before moving to Merrill Lynch in 2007 to help grow its UK equities franchise. In May 2009, he took on his first ‘buy-side’ role as a European equities analyst at Moore Europe Capital Management. Most recently, he was a Partner at Bramshott Capital LLP, a spin-off of Moore Europe Capital Management.
Stephen Anness is lead manager for the Henley Investment Centre's global opportunities strategy. He joined the global equities desk in January 2013 to build an investment strategy that reflects his belief in applying an intensive focus on company valuations to a global investment universe. He has over a decade of experience managing focused portfolios, having started his investment career with the group’s Henley-based UK Equities team as a trainee analyst in 2002. Andrew Hall joined Invesco in 2013 with a
The fund is managed by a small team of like minded investors, who can also can draw upon the expertise of the broader Henley based team. The managers have designed an approach that results in a concentrated portfolio which can look and behave very different from its benchmark. Disclaimer »
A fund which seeks to be different
to the market
“We have known the Invesco Global Opportunities team for a considerable time. What we admire is their ability to learn from mistakes, which happens to all fund managers, by owning that decision and refining their processes to make their next decision better than their last. They are a young team, which has the benefit of not being constrained by a legacy and being able to focus on growing their franchise. For us, it is simply about finding those fund managers that are building their reputations, not living off them. It is a fund I and the team look forward to holding for decades.”
Shane Balkham_ Beaufort Investment
Andrew Alexander_ director_ Three Counties
“Invesco Global Opportunities offers investors two valuable benefits; conviction of position and meaningful diversification from the benchmark. Marry this with the unconstrained approach that the team adhere to, along with a focus on paying the right price, you have the blueprint for an excellent long term global equity proposition.”
Sean Roberts_ Gilmour Hamilton Wealth Management
“At Gilmour Hamilton Wealth Management we use the Invesco Global Opportunities Fund (UK) due to its distinct valuation driven process and the fundamental driven approach used by Stephen and Andrew. The communication provided by the fund managers to investors is outstanding and it is clear that they want to keep investors involved and engaged in the process at all times. The fund is a core holding within the global equity space for our clients.”
strategy directly from the
from four perspectives to
fund managers.
Axis analyses the fund
Invesco
Global
Opportunities
and market views together
bring you insight, research
with an explanation of the
Stephen Anness is lead manager for the Henley Investment Centre's global opportunities strategy. He joined the global equities desk in January 2013 to build an investment strategy that reflects his belief in applying an intensive focus on company valuations to a global investment universe. He has over a decade of experience managing focused portfolios, having started his investment career with the group’s Henley-based UK Equities team as a trainee analyst in 2002. Andrew Hall joined Invesco in 2013 with a background in hedge funds. He began his career in October 2000 in Equity Sales at UBS Warburg, before moving to Merrill Lynch in 2007 to help grow its UK equities franchise. In May 2009, he took on his first ‘buy-side’ role as a European equities analyst at Moore Europe Capital Management. Most recently, he was a Partner at Bramshott Capital LLP, a spin-off of Moore Europe Capital Management.
The fund is managed under the philosophy of ‘in order to beat the market, one needs to be different from the market’. This results in adopting an approach that is conviction-led and seeks to build a rather concentrated portfolio of between 35 and 45 stocks. Initial screens are used to reduce what is a sizeable universe (there are approximately 2,500 stocks in the fund’s MSCI All Countries World Index benchmark) and organise potential ideas into two ‘buckets’ – compounders and special situations. Ideas can also be sourced from other teams within the Henley office, sell-side brokers and a watchlist of stocks that have been previously analysed but not yet selected.
Regardless of the source of idea, the team ultimately seeks to discover companies that are considered undervalued relative to their intrinsic value. Rigorous analysis is undertaken and risk is considered in terms of the potential for the permanent loss of capital as opposed to the stock’s weight within the index. However, this does not result in a fund that is focused towards a very small number of sectors or regions. In fact, there are some sensible parameters to ensure an appropriate level of diversification. These include, a maximum stock position of 8%, limiting direct emerging market exposure to 25%, holding a minimum of five GICS sectors and allocating a maximum of 10% to companies capitalised below $2.5bn.
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“We have known the Invesco Global Opportunities team for a considerable time. What we admire is their ability to learn from mistakes, which happens to all fund managers, by owning that decision and refining their processes to make their next decision better than their last. They are a young team, which has the benefit of not being constrained by a legacy and being able to focus on growing their franchise. For us, it is simply about finding those fund managers that are building their reputations, not living off them. It is a fund I and the team look forward to holding for decades.”
“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%.”
G
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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YEARS IN INDUSTRY_ 25+
JOB TITLE_ Director
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“Anness and Hall seek to identify businesses that trade at a discount to their intrinsic worth. The key to their contrarian approach is to focus on stocks where sentiment is creating a divergence between perception and reality.”
Review By Adam Lewis
The nature of running a concentrated portfolio is that it not only looks different to the benchmark, but it is likely to have a different performance profile. As we saw in Q3 2018, there will be periods of short-term underperformance but due to the long-term perspective of the Invesco Global Opportunities Fund (UK) Fund Managers, this volatility is considered an opportunity to buy stocks at cheaper valuations.
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YEARS IN INDUSTRY_ 17
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The nature of running a concentrated portfolio is that it not only looks different to the benchmark, but it is likely to have a different performance profile. As we saw in Q3 2018, there will be periods of short-term underperformance but due to the long-term perspective of the Invesco Global Opportunities Fund (UK) Fund Managers, this volatility is considered an opportunity to buy stocks at cheaper valuations.
Review By Adam Lewis at Last Word
Review By Adam Lewis
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Active
share
years
% growth*
(IA Global)
Past performance is not a guide to future returns.
Performance figures are from 1 January 2013 to 1 July 2019. All other figures are to 31 March 2019.
*Stephen Anness took on the management of the fund on 1 January 2013
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size
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tenure
Invesco Global Opportunities
Average industry
experience
% growth*
(Fund)
1
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2
3
4
5
6
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More Info
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Source: Invesco
as at 31 March '19
Country Allocation
Russia 3.15%
Spain 5.78%
United States
36.61%
Ireland 0.13%
Germany 6.96%
Brazil 2.14%
United Kingdom
21.64%
Bermuda 1.74%
Mexico 2.49%
Hong Kong 7.84%
Taiwan 4.06%
South Korea 2.27%
Canada 3.17%
Brazil 2.01%
Performance vs peers
Source: FE Analytics
Data from 1 Jan '13 - 26 Jun '19
Jul
Jan ‘13
Jan ‘14
150
Jan ‘18
30
60
120
IA Global
Jan ‘15
90
Jan ‘16
Jan ‘17
Jan ‘19