The Invesco Perpetual Select Trust Global Equity Income portfolio (managed by Nick Mustoe – pictured) generated a total return on net assets of 9.1% over the year that ended on 31 May 2014. Its discount widened however so that the return to shareholders was 8.3%. This was still better than the return on the MSCI World Index (+7.4%).
The run rate of the dividend has been increased by 29% to the equivalent of an annual dividend of 4.22p per share.
The manager’s report says being overweight Europe and getting stock selection right within that region contributed to the portfolio’s outperformance. Stock picking in Asia also helped but being underweight the IT and energy sectors was unhelpful.