Investment Objective

To achieve long term capital appreciation by investing solely in the Invesco Pooled Investment Fund - Europe Fund which is an APIF and in turn invests in European (including the United Kingdom) equities.

Fund Details

Latest Fund Expense Ratio: 1.36%

Launch Date(dd/mm/yyyy): 10/07/2009

Unit Price: HKD 12.4341

Fund Size: HKD 14.44M

Fund Commentary

European equities fell sharply over the quarter as news emerged that the spread of the COVID-19 was accelerating across the western hemisphere. Investors were spooked by fears of an impending global recession as national governments began implementing extreme measures to contain the spread of the virus. Against this backdrop, investors fled stocks in search of safer assets and all sectors of the broad equity market returned negatively. In an emergency meeting, the ECB announced €750bn in asset purchases under a new Pandemic Emergency Purchase Programme (PEPP). The new package came only days after they had already announced a further €120bn of asset purchases at their last scheduled meeting. The PEPP is temporary and set to last till the end of 2020 at least, although can be extended if the COVID-19 crisis persists. Throughout the month, national governments also began to step up their efforts by announcing large fiscal packages to help support the economy while it remains under lockdown. In addition, Angela Merkel also mentioned that Germany would consider joint bonds (‘coronabonds’) to fight the economic impacts of the virus. This would be a significant development given Germany’s previously strict stance on cross border/joint issuance debt.

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