The FSA Spy market buzz – 4 April 2025
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HEAD-TO-HEAD: First State versus Invesco
FSA compares two mixed asset products: the First State Bridge Fund and the Invesco Asia Balanced Fund.
Conclusion
The First State fund has a five-star Morningstar rating and an analyst rating of Silver, while the Invesco fund carries four-stars and a Neutral analyst rating.
Morningstar’s star rating looks at historical risk-adjusted performance and the analyst rating is based on forward-looking analysis.
Nel prefers the First State fund, which is also reflected in its ratings, he said.
“We’ve got a lot of conviction that the First State Bridge will beat its index or peers because of the consistency of its process and stability of its people,” he said.
Turning to the Invesco fund, Nel said that more time is needed to see whether the new process will work.
However, he believes that if it does, the product should be a consideration for investors who are looking for stronger upside than most peer funds.
“Because of its flexibility to invest up to 70% in equities, the Invesco fund should do well versus the First State fund if there is a rally in equity markets. The Invesco fund is also good for investors who are looking for high dividend yields.”
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