Value-based approach for Gerrard's European fund

after taking over, manager cut fund's holdings down from 80 to 50

The £974m Invesco Perpetual European Growth fund formerly run by Rory Powe has moved to an increasingly value-based approach under current manager Stephanie Gerrard. Over three years to the start of 2004, the fund has had three managers and fallen just under 40% on a bid-to-bid basis. Gerrard, previously at Aberdeen, took on the portfolio in July 2003 from Alister Hibbert and has since cut the number of holdings down from around 80 to 50. She is broadly aligning the European Growth fund with the group's European Equity portfolio, managed by Jeff Taylor, although hers remains a more focus...