Key Morningstar Metrics for Invesco Asian Fund (UK)
- : BronzeMorningstar Medalist Rating
- : HighProcess Pillar
- : Above AveragePeople Pillar
- : AverageParent Pillar
Invesco Asian UK, along with its US-based mirror fund, Invesco Asia Pacific Equity, benefits from several notable strengths, including an experienced portfolio manager operating within a collaborative team structure and a genuinely active investment approach. Consequently, the strategy retains Above Average and High ratings for People and Process, respectively.
The strategy is led by William Lam, who has been involved in the strategy since April 2015, when he became comanager responsible for stock selection alongside previous manager Stuart Parks. Lam formally became sole manager on May 1, 2017, but has been part of the Asian Equities team since 2006.
Lam is supported by the Henley-based Asian and emerging-market equity team, which he co-heads with Ian Hargreaves. The team consists of 10 portfolio managers and analysts (including two new analysts), all of whom have research responsibilities. 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-market, and emerging-market 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-market equities, emerging-market ex-China, and Asia Pacific equities—previously run by the Austin-based team. We do not expect the addition of these strategies to place significant strain on the team’s workload. In anticipation of this transition and as part of a broader effort to enhance analytical depth in the emerging-market space, the team added two new analysts—Anna Cresswell and Ligia Tomas de Melo—before the onboarding of the developing-market strategy.
Overall, we believe the fund’s contrarian and high-conviction approach with a focus on valuation discipline should help the strategy outperform over the cycle. The long-term track record is strong over Lam’s tenure.
Invesco Asian Fund (UK): Performance Highlights
William Lam has been generating strong returns since he became comanager responsible for stock selection in April 2015. From that date through June 30 2026, the strategy, via the Z clean share class, has outperformed the MSCI AC Asia Pacific ex Japan Index and the Morningstar Asia-Pacific ex-Japan equity Morningstar Category average.
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 demand that companies have the backbone to recover from temporary issues.
Given the contrarian approach and valuation focus here, the strategy tends to struggle in high-growth or momentum-driven market environments such as those of 2019 and 2020. On the flip side, the strategy tends to outperform during “value” rallies such as those in 2021 and 2022, when more cyclical stocks did well.
In 2025, the strategy significantly outperformed both the index and its peers. The underweight positions in India and Australia contributed positively, while stock selection was particularly strong across India, Hong Kong, and Thailand. Positive stock contributors included Samsung Electronics, Newmont, Jardine Matheson, and Yageo.
Thus far in 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.
