Key Morningstar Metrics for Invesco Global Emerging Markets Fund (UK)
- : NeutralMorningstar Medalist Rating
- : Above AverageProcess Pillar
- : Above AveragePeople Pillar
- : AverageParent Pillar
Invesco Global Emerging Markets Equity has strong features, including a talented portfolio manager within a collegiate team structure and a truly active approach. Consequently, the strategy retains Above Average ratings for both the People and Process Pillars.
Charles Bond has managed the fund since January 2020. He joined the Asia and emerging-markets team in Henley in 2011 as an analyst and began managing Asia-focused portfolios in 2018, before assuming responsibility for this emerging-markets strategy.
Bond is supported by the Henley-based Asian and emerging-markets team, which comprises 10 portfolio managers/analysts. The team has solid credentials, good records, and stability. There is a strong collaborative approach in the process, given the common investment philosophy on the desk. The managers have largely worked together at Invesco for many years and manage different variations of the same core strategy, including Asia ex-Japan, Asia-Pacific, emerging-markets, and emerging-markets ex-China mandates.
The approach is unconstrained, seeking to unearth companies that are trading at a significant discount to the team’s estimate of fair value—a core principle of the investment approach. Fundamental research is rigorous and multifaceted, with a strong emphasis on financial analysis, including balance-sheet strength, profitability, and cash flow dynamics. Qualitative factors are equally important, such as the quality of a company’s products or services, key risks, and the presence of any unique characteristics or tangible advantages over competitors.
In June 2025, this team took over management of three US-domiciled funds—Developing Markets Equities, emerging-markets ex-China, and Asia-Pacific equities—previously run by the Austin-based team. In anticipation of this transition and as part of a broader effort to enhance analytical depth in the emerging-markets space, the team added two new analysts—Anna Cresswell and Ligia Tomas de Melo—before the onboarding of the developing-markets strategy.
Invesco Developing Markets Equities is led by William Lam and differs slightly from this all-cap emerging-markets strategy. It holds around 70 names, compared with the 50-60 typically found in the all-cap strategy, while avoiding the smaller, less liquid stocks included in the latter. That distinction has narrowed somewhat, however, as the all-cap strategy has raised its minimum market-capitalization threshold for holdings from USD 1 billion to USD 3 billion.
There is a high degree of overlap across the portfolios, with Invesco Developing Markets sharing nearly 80% of its holdings with Bond’s emerging-markets strategy. Position ownership is capped at 10%, although no holdings currently approach that limit across the portfolios.
Overall, we believe the fund’s high-conviction approach with a focus on valuation discipline should help the strategy to outperform over the cycle.
Invesco Global Emerging Markets Fund (UK): Performance Highlights
Since Charles Bond took over the strategy in January 2020 through June 30, 2026, it has outperformed the MSCI Emerging Markets Index and the global emerging-markets equity Morningstar Category.
The strategy boasts superior downside protection compared with peers. This is mainly a residual of the valuation discipline and focus on balance-sheet strength. They prefer to invest in companies with strong balance sheets, especially when taking contrarian positions, which typically demands that companies have the backbone to recover from temporary issues.
In 2025, the fund outperformed both its benchmark and peers. The underweighting position in India contributed positively, supported by strong stock selection within the market. Overweight exposure to Saudi Arabia, together with stock selection in Thailand and Indonesia, also added value. At the stock level, key contributors included Samsung Electronics, Valterra Platinum, and Tencent Music.
Thus far into 2026 (through June 30), the fund underperformed both comparators, primarily due to its significant underweight position in technology stocks—particularly TSMC and SK Hynix—as well as weak stock selection within the industrials sector.
