Invesco European Growth Fund (Trades, Portfolio) looks for long-term capital growth through investments in a mixed-bag portfolio of primarily (but not exclusively) European companies. The Fund produced annual returns exceeding 20% in 2012 and 2013.
Most of Invesco’s quarterly activity involved adding to existing positions in its portfolio, but Invesco did pick up two new stakes in the quarter ended July 31, one of which was its most significant transaction.
Invesco acquired a 5,994,564-share stake in Israel Discount Bank Ltd. (XTAE:DSCT, Financial), one of Israel’s largest banks with more than 250 branches, for an average price of ILS 7.12 (about $1.81 in U.S. currency) per share. The purchase had a 0.82% impact on Invesco’s portfolio.
Israel Discount Bank has a market cap of $7.55 billion. It has a P/E of 13.3, a P/B of 0.6 and a P/S of 1.0.
Alon Blue Square Israel Ltd. (BSI, Financial), Israel’s largest retail company, announced Wednesday that Israel Discount Bank had agreed to extend to Oct. 11 its on-call loan to Alon Blue Square.
Invesco also purchased a 327,174-share stake in Tullett Prebon PLC (LSE:TLPR, Financial), a London-based banking company, for an average price of £3.82 (nearly $5.79 in American dollars) per share. That acquisition had a 0.14% impact on Invesco’s portfolio.
Tullett Prebon has a market cap of $910.51 million and an enterprise value of $834.01 million. It has a P/E of 33.4, a P/B of 1.8 and a P/S of 1.2.
Invesco also reduced its positions in Adidas AG (XTER:ADS, Financial), a German-based sports apparel and accessories company, and GEA Group AG (XTER:G1A, Financial), a German-based provider for food and energy processes, during the quarter.
Invesco sold 45,298 shares of Adidas – more than one-quarter of its stake – for an average price of €71.54 (approximately $80.24 in U.S. money) per share. The deal had a -0.27% impact on Invesco’s portfolio.
Adidas has a market cap of $14.42 billion and an enterprise value of $15 billion. It has a P/E of 29.0, a P/B of 2.6 and a P/S of 1.0. David Herro (Trades, Portfolio) and Signature Select Canadian Fund (Trades, Portfolio) have shares of Adidas in their portfolios.
Invesco sold 45,290 shares of GEA Group for an average price of €41.66 (about $46.72 in American currency) per share. The sale had a -0.16% impact on Invesco’s portfolio.
GEA Group has a market cap of $6.55 billion and an enterprise value of $5.53 billion. It has a P/E of 30.8, a P/B of 2.6 and a P/S of 1.4.
Invesco added to more than three dozen stakes in the quarter, the most noteworthy addition being its purchase of 5,166,129 shares of Lloyds Banking Group PLC (LSE:LLOY, Financial), a London-based banking and financial services company, for an average price of £0.86 (roughly $1.30 in U.S. dollars) per share. The deal had a 0.46% impact on Invesco’s portfolio.
Lloyds Banking Group has a market cap of $53.71 billion and an enterprise value of $86.79 billion. It has a P/B of 1.1 and a P/S of 1.9. David Herro (Trades, Portfolio) and Causeway International Value (Trades, Portfolio) have shares of Lloyds Banking Group in their portfolios.
Invesco bought 849,475 shares of Israel Chemicals Ltd. (XTAE:ICL), a Tel Aviv, Israel-based chemical, fertilizer and mineral company, for an average price of ILS 26.87 (approximately $6.84 in American money) per share. The reduction had a 0.4% impact on Invesco’s portfolio.
Israel Chemicals has a market cap of $26.15 billion and an enterprise value of $36.67 billion. It has a P/E of 11.5, a P/B of 2.2 and a P/S of 1.2.
Invesco added 205,332 shares to its stake in Getinge AB (OSTO:GETI B), a Swedish health care company, for an average price of Kr205.67 (about $24.51 in U.S. currency) per share. The transaction had a 0.34% impact on Invesco’s portfolio.
Getinge has a market cap of $44.42 billion and an enterprise value of $64.62 billion. It has a P/E of 27.4, a P/B of 2.4 and a P/S of 1.6.
Invesco acquired 276,260 shares of RELX PLC (LSE:REL), a media company with offices in London and Amsterdam, for an average price of £10.81 (roughly $16.38 in American dollars) per share. The deal had a 0.33% impact on Invesco’s portfolio.
RELX has a market cap of $13.66 billion and an enterprise value of $13.66 billion. It has a P/E of 106.8 and a P/B of 12.2. MS Global Franchise Fund (Trades, Portfolio) also has shares of RELX in its portfolio.
RELX is the eighth-most valuable stake in Invesco’s portfolio.
Invesco added 5,610,438 shares to its stake in Sberbank of Russia PJSC (MIC:SBERP), a Moscow-based banking and financial services company, for an average price of ₽49.35 (approximately 75 cents in U.S. money) per share. The acquisition had a 0.32% impact on Invesco’s portfolio.
Sberbank of Russia has a P/E of 7.3, a P/B of 0.8 and a P/S of 1.5. Steven Romick (Trades, Portfolio) has shares of Sberbank of Russia in his portfolio.
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