Ciaran Mallon, Fund Manager

The stock market in the second quarter was, as is often the case, quite volatile.

Markets ended the quarter slightly down probably due to persistently high inflation and climbing interest rates, and despite some positive economic news.

In his latest video update, Ciaran reflects on the quarter and answers the following questions:

00:21 - What has been happening in the UK equity market over the last quarter?

01:42 - How did the UK Equity Share Portfolio perform over the quarter?

03:34 - What changes have been made in the portfolio over the last quarter?

04:06 – What is the outlook for UK equities?

Investment risks

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 use of borrowings may increase the volatility of the NAV and may reduce returns when asset values fall.

The Invesco Select Trust plc uses derivatives for efficient portfolio management which may result in increased volatility in the NAV. In addition, some companies are suspending, lowering or postponing their dividend payments, which may affect the income received by the product during this period and in the future.

The Invesco Select Trust plc UK Equity Share Portfolio invests in smaller companies which may result in a higher level of risk than a product that invests in larger companies. Securities of smaller companies may be subject to abrupt price movements and may be less liquid, which may mean they are not easy to buy or sell.

Important information

All information correct as at 18 July 2023 unless otherwise stated.

This is marketing material and not financial advice. It is not intended as a recommendation to buy or sell any particular asset class, security or strategy. Regulatory requirements that require impartiality of investment/investment strategy recommendations are therefore not applicable nor are any prohibitions to trade before publication.

Views and opinions are based on current market conditions and are subject to change.

For more information on our products, please refer to the relevant Key Information Document (KID), Alternative Investment Fund Managers Directive document (AIFMD), and the latest Annual or Half-Yearly Financial Reports. This information is available on the website www.invesco.com/uk/en/investment-trusts.html.

Further details of the Company’s Investment Policy and Risk and Investment Limits can be found in the Report of the Directors contained within the Company’s Annual Financial Report.

If investors are unsure if this product is suitable for them, they should seek advice from a financial adviser.

Issued by Invesco Fund Managers Limited, Perpetual Park, Perpetual Park Drive, Henley-on-Thames, Oxfordshire RG9 1HH, UK. Authorised and regulated by the Financial Conduct Authority.