Overview
                                    
                                    
                                        
                                            Firm Description 
Invesco Asset Management (Japan) Limited (“IAMJ”) is a leading independent global 
investment management company and operating and managing equity, balanced and 
money market vehicles since 1983.  The Tokyo based Invesco  office  obtained a 
Japanese Investment Trust Manager license as one of the first foreign fund management 
companies in 1990, and today, Japanese equity is one of the largest foreign owned fund 
management operations in Japan, is managing Japanese assets for institutional clients 
and individual investors. 
Principal Owners 
IAMJ is wholly owned by Invesco Far East Limited which is wholly owned by Invesco 
Holding Company  Limited.  Invesco  Holding Company  Limited is wholly owned  by 
Invesco Ltd, which is publicly traded on the New York Stock Exchange as IVZ. 
Types of Advisory Services 
IAMJ provides investment supervisory services, also known as asset management 
services; manages investment accounts and provide investment advice for the advisory 
accounts; issues periodical materials about  the fund  performance as well as market 
views. 
As of December 31, 2023, IAMJ manages approximately $ 56,505 million in assets for 
its discretionary and advisory accounts. 
Tailored Relationships 
The goals and objectives for each client are documented in investment management 
agreements/advisory agreements. Clients may impose restrictions on investing in certain 
securities or types of securities for the Discretionary Investment Management Agreement. 
Types of Agreements 
The following agreements define the typical client relationships. 
Investment Management Agreement 
Most clients choose to have IAMJ  manage their assets through a  Discretionary 
Investment Management Agreement (hereinafter called the “IMA”).  These include full 
discretionary, Japanese investment portfolio services to pension clients based in Japan. 
These services will be furnished against the payment of a fee which is based on the 
value of asset under management and complexity of the mandate, and it is subject to 
negotiation. 
The scope of work and fee for an Investment Management Agreement is provided to the 
client in writing prior to the start of the relationship. 
Investments mainly include equities, bonds, funds, cash equivalents and financial 
derivative instrument. 
Investment Trust Management 
This represents the management of investment trusts (hereinafter called the “J-fund”) 
which are organized under Japanese laws and regulations and distributed to investors 
in Japan, usually distributed through broker dealers and retail banks. 
These services will be furnished against the payment of a fee which is based on the 
value of asset under management and complexity of the mandate. 
Investments mainly include equities,  bonds, funds, cash  and cash equivalents and 
financial derivative instrument. 
Advisory Service Agreement 
Some of the IAMJ’s client would like to obtain IAMJ’s advice on IAMJ  expertise  of 
managing a portfolio of Japanese securities and enter an Advisory Service Agreement 
(hereinafter called the “ASA”) with IAMJ. 
The scope of work and fee for an ASA is provided to the client in writing prior to the start 
of the relationship. 
These services will be furnished against
                                        
                                        
                                             the payment of a fee which is based on the 
value of asset under management and complexity of the mandate, and it is subject to 
negotiation. 
IAMJ  will also provide sub-advisory services to affiliated entities under common 
ownership of Invesco Ltd. 
Termination of Agreement 
The IMA and the ASA generally may be terminated by either party upon prior written 
notice.    Upon termination, any unearned fee will be refunded to the client in accord with 
the client. 
Fee and Compensation 
Description 
With regards to  investment service includes the IMA,  the J-fund and the ASA,  IAMJ 
receives payment of a fee which is based on the value of asset under management and 
complexity of the mandate which are subject to negotiation. 
Billing 
Investment management fees are billed in arrears, meaning that IAMJ invoices the client 
for the IMA and the ASA after the billing period ended. Billing period would be subject to 
the agreement with the client; Payment in full is expected upon invoice presentation. 
Client can elect to deduct fees from client’s assets or to have separate bill on this. 
With regards to the J-fund IAMJ will receive management fee after billing period ended 
from a J-fund respectively. Billing period would be subject to its trust deed. 
Performance-Based Fees 
Performance-Based Fees 
 
The client for Discretionary Investment Management Agreement can select fixed fee or 
performance-based fees. Some of IAMJ’s clients select performance-based fee.   
IAMJ has the fair allocation policy and procedures in place to ensure fair allocation of 
executed  securities  among accounts/funds.  Under certain condition, the orders are 
combined with other client’s account and executed shares are allocated fairly by trading 
system automatically. IAMJ Compliance receives Daily Allocation Report and confirms if 
there is any unfair allocation or suspicious allocation  by manually.  In addition, IAMJ 
monitors asset commonality of accounts which hire same investment strategy and asset 
commonality report is periodically reported to Investment Risk Management Committee. 
Performance fees 
 
As negotiated with certain clients or the trust deed of J-Fund, additional fees may be paid, 
based on portfolio out-performance relative to an agreed formula. 
Other Fees 
Brokerage fees would be incurred  during the  execution  of  securities  transitions. 
Custodian who keeps client money in outside Japan may charge transaction fees for 
certain transaction that are usually small and incidental to the  purchase or sale of a 
security. 
IAMJ may buy or sell securities or investment products in which IAMJ or Invesco Ltd’s 
affiliates or the portfolios managed by IAMJ or IAMJ’s affiliates may have some financial 
interest. 
Concerning said investment product, there may be other fees such as the initial fees or 
the redemption charges which are stated in the relevant prospectuses. 
Conflicts of Interest 
IAMJ may acquire funds which are managed by IAMJ’s affiliates for the clients’ portfolios.  
In these cases, pre-approvals from clients need to be obtained in writing and the limits 
on such investment, as well as the fees are needed to be agreed before any purchase 
can be made.