IVPH Inv.Perp.Sel Hd

 
TIDMIVPH 
 
Invesco Perpetual Select Trust plc 
 
HEADLINE: Hedge Fund Portfolio 
 
The Company's Hedge Fund Share portfolio principally consists of two debt 
securities, the return on each of which is directly linked to the performance 
of the Fauchier Allocator Funds (`FAFs'), two exempt open-ended investment 
companies incorporated in Bermuda and listed on the Irish Stock Exchange. The 
Fauchier Allocator Funds together are invested in a diversified portfolio of 
hedge funds. 
 
The Board has been reviewing the Hedge Fund Share Portfolio and believes that 
shareholders interests would be better served by making a change to the funds 
of hedge funds underlying the portfolio's assets. This is because of the 
relatively small size of the FAFs, which means that periodic flows into and out 
of the FAFs resulting from conversion elections can be difficult to manage. 
 
Following discussions with Fauchier Partners, the investment manager to the 
FAFs, it has been agreed that the performance of the Hedge Fund Share portfolio 
will in future be referenced to the performance of Paragon Capital Appreciation 
Fund Ltd (`Paragon'), an open-ended investment company with assets of GBP193m as 
at 30 September 2009 which is domiciled in Guernsey and listed on the Irish 
Stock Exchange. Fauchier Partners acts as investment manager to Paragon, using 
the same team as is responsible for the portfolio of the FAFs. Paragon's 
investment objective is to deliver consistent and superior capital appreciation 
with low volatility and its targeted return is LIBOR + 5% per annum. The 
objective and targeted return are thus the same as the FAFs'. There is 
considerable commonality between the composition of the respective portfolios 
of the FAFs and Paragon and the change is not expected to give rise to any 
material difference to the way in which the underlying portfolio of hedge funds 
is managed, or to any period of under-investment in hedge funds. 
 
Arrangements for the transfer are under way and are expected to be completed in 
the first quarter of 2010. 
 
Holders of Hedge Fund Shares should note that the redemption procedures for 
Paragon will require longer notice to be given that is the case for the FAFs. 
Accordingly notices for the exercise of conversion rights in respect of Hedge 
Fund Shares will require to be returned in December rather than January each 
year for conversion the following April; and June rather than July for 
conversion the following October. Letters reminding Hedge Fund shareholders of 
their conversion rights and forms to exercise such rights are being posted 
today. Elections must be returned by 14 December 2009 for the conversion on 29 
April 2010. 
 
Invesco Asset Management Limited 
 
12 November 2009 
 
 
 
END 
 

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