Shares of asset manager Invesco Ltd. look cheap and could return at least 20 percent over the next year, according to Barron’s.

Invesco shares recently traded at 10.7 times projected earnings for the next year, making the stock among the cheapest among asset managers, the Barron’s article said.

The stock trades at a 44 percent discount to BlackRock Inc shares, more than twice the average such discount over the past decade, the article said.

At the same time, Invesco is well-positioned in part because of its history of buying weaker players during downturns, Barron’s said.

In 2018, Invesco shares have fallen nearly 12 percent compared with a 0.9 percent rise for the S&P 500 asset management and custody banks index.