Invesco Perpetual Select UK Equity is one of the portfolios that make up Invesco Perpetual Select – an umbrella fund designed to allow shareholders to switch between other share classes without triggering a capital gains charge (NB while this works at the moment please bear in mind that HMRC can change their minds). The Invesco Perpetual Select UK Equity portfolio's investment objective is to provide shareholders with an attractive real long-term total return by investing primarily in quoted UK equities. The portfolio is unconstrained, but for performance management purposes it is measured against the FTSE All-Share Index. In pursuing the objective, the fund manager controls the stock specific risk of individual securities by ensuring that the portfolio is always diversified across market sectors. In-depth and continual analysis of the fundamentals of investee companies allows the Manager to assess the financial risks associated with any particular security. The Directors believe that the use of borrowings (gearing) can enhance returns to Shareholders and this will generally use borrowings in pursuing its investment objective