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Trending ETFs

Invesco Floating Rate ESG Fund

mutual fund
AFRIX
Payout Change
Pending
Price as of:
$6.69 -0.01 -0.15%
primary theme
Bank Loan
share class
R (AFRRX) C (AFRCX) A (AFRAX) R5 (AFRIX) Y (AFRYX) R6 (AFRFX)
AFRIX (Mutual Fund)

Invesco Floating Rate ESG Fund

Payout Change
Pending
Price as of:
$6.69 -0.01 -0.15%
primary theme
Bank Loan
share class
R (AFRRX) C (AFRCX) A (AFRAX) R5 (AFRIX) Y (AFRYX) R6 (AFRFX)
AFRIX (Mutual Fund)

Invesco Floating Rate ESG Fund

Payout Change
Pending
Price as of:
$6.69 -0.01 -0.15%
primary theme
Bank Loan
share class
R (AFRRX) C (AFRCX) A (AFRAX) R5 (AFRIX) Y (AFRYX) R6 (AFRFX)

Name

As of 12/19/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Invesco Floating Rate ESG Fund

AFRIX | Fund

$6.69

$2.5 B

8.85%

$0.59

0.84%

Vitals

YTD Return

7.6%

1 yr return

7.8%

3 Yr Avg Return

5.6%

5 Yr Avg Return

4.9%

Net Assets

$2.5 B

Holdings in Top 10

8.0%

52 WEEK LOW AND HIGH

$6.7
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.84%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A

Min Investment

Standard (Taxable)

$1,000,000

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 12/19/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Invesco Floating Rate ESG Fund

AFRIX | Fund

$6.69

$2.5 B

8.85%

$0.59

0.84%

AFRIX - Profile

Distributions

  • YTD Total Return 7.6%
  • 3 Yr Annualized Total Return 5.6%
  • 5 Yr Annualized Total Return 4.9%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 3.73%
DIVIDENDS
  • Dividend Yield 8.8%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Invesco Floating Rate ESG Fund
  • Fund Family Name
    INVESCOFDS
  • Inception Date
    Apr 13, 2006
  • Shares Outstanding
    N/A
  • Share Class
    R5
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Thomas Ewald

Fund Description

The Fund invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in senior secured floating rate loans made by banks and other lending institutions, senior secured floating rate debt instruments, and derivatives and other instruments that have economic characteristics similar to such securities. The Fund’s portfolio managers select the Fund’s portfolio investments by actively employing environmental, social and governance (ESG) criteria in the investment selection process described below, except as otherwise indicated.
Floating rate loans (also known as bank loans) are made to or issued by companies (borrowers), which may include U.S. and non-U.S. companies, and bear interest at a floating rate that resets periodically based on a benchmark that reflects current interest rates. Secured floating rate loans are often issued in connection with recapitalizations, acquisitions, leveraged buyouts and refinancings. Floating rate loans are typically structured and administered by a financial institution that acts as agent for the lenders in the lending group.
Floating rate loans will generally be purchased from banks or other financial institutions through assignments or participations. A direct interest in a floating rate loan may be acquired directly from the agent or another lender by assignment or an indirect interest may be acquired as a participation in another lender’s portion of a floating rate loan.
The Fund may invest up to 100% of its net assets in floating rate loans and floating rate debt securities that are determined to be below investment grade. Such floating rate debt securities are commonly referred to as “junk bonds”. Investment grade securities are: (i) securities rated BBB- or higher by S&P Global Ratings (S&P) or Baa3 or higher by Moody’s Investors Service, Inc. (Moody’s) or an equivalent rating by another nationally recognized statistical rating organization (NRSRO), (ii) securities with
comparable short-term NRSRO ratings, or (iii) unrated securities determined by Invesco Advisers, Inc. (Invesco or the Adviser) to be of comparable quality, each at the time of purchase. The Fund may invest in defaulted or distressed loans and loans to bankrupt companies.
The Fund may invest up to 100% of its net assets in floating rate loans and floating rate debt securities of non-U.S. borrowers or issuers.
The Fund may invest in collateralized loan obligations (CLOs), which are debt instruments backed solely by a pool of other debt securities. CLOs where the CLO securities held by the Fund are in the senior classes with a floating rate of return will be counted toward the Fund’s 80% investment policy described above and are subject to application of the portfolio managers’ ESG criteria with respect to CLOs, as described below.
The Fund can invest up to 20% of its total assets in certain other types of debt obligations or securities and equity securities (including common stocks, preferred stocks, rights, warrants, and securities convertible into common stock), both to seek to increase yield and to manage cash flow. Other types of debt obligations and securities in which the Fund may invest may include unsecured loans, fixed rate high yield bonds, investment grade corporate bonds, and short-term government and commercial debt obligations. The Fund may also invest in CLO securities that are in the subordinated debt tranches of a CLO. Up to 5% of the Fund’s net assets may be invested in subordinated loans. Some of the floating rate loans and debt securities in which the Fund may invest will be considered to be illiquid.
The Fund may invest without limitation in obligations for which there is no readily available trading market or which are otherwise illiquid, including securities restricted as to resale such as those contained in Rule 144A promulgated under the Securities Act of 1933, as amended, and other types of exempt securities.
The Fund can invest in derivative instruments including forward foreign currency contracts, futures contracts and swap contracts. The Fund can engage in foreign currency transactions either on a spot basis (i.e. for prompt delivery and settlement at the rate prevailing in the currency exchange market at the time) or through forward foreign currency contracts to hedge against adverse movements in the foreign currencies in which portfolio securities are denominated. The Fund can use currency futures to seek to hedge its exposure to foreign currencies. The Fund can use swap contracts, including interest rate swaps, to seek to hedge or adjust its exposure to interest rates, and can use currency swaps to hedge its exposure to foreign currencies. The Fund can also use swap contracts, including credit default swaps, and can invest in credit linked notes, to gain or reduce exposure to an asset class or a particular issuer.
The portfolio managers’ ESG criteria will apply to derivatives and other instruments that have economic characteristics similar to senior secured floating rate loans made by banks and other lending institutions and senior secured floating rate debt instruments as reflected in the Fund’s 80% investment policy. However, the Adviser’s ESG criteria will not apply to the Fund’s investments in derivatives for currency hedging purposes.
The Fund invests in loans and debt securities selected by the Fund’s portfolio managers based on a fundamental bottom-up risk assessment of each issuer and issue, combined with a top-down macro and sector overlay. The portfolio managers construct the Fund’s portfolio using a process that focuses on obtaining access to the widest possible range of potential investments available in the market and ongoing credit analysis of issuers. The portfolio managers perform their own independent credit analysis on each borrower and the collateral securing each loan, considering the nature of the industry in which the borrower operates, the nature of the borrower’s assets and the general quality and creditworthiness of the borrower.
For each investment opportunity, the portfolio managers undertake a comprehensive due diligence review of the issuer, including in-depth meetings with the issuer’s management team, the financial sponsor (if applicable), and the industry in which the issuer competes, as well as engage in discussions with third party industry experts to assess credit risk and gain a detailed understanding of the company and the industry. The
portfolio managers’ due diligence looks at detailed cash flow models, credit and relative value comparable company analyses, and structural terms of the loan. The portfolio managers also analyze each company to determine its earnings potential and other factors indicating the sustainability of debt repayment. The analysis concludes with an investment thesis and recommendation that includes an internal risk rating derived from the portfolio managers’ view of the issuer’s probability of default and estimated recovery ratings.
Additionally, as part of the credit selection and portfolio construction process, the Fund employs a proprietary framework for evaluating each issuer based on ESG criteria the portfolio managers have determined to be important in the investment selection process. The Fund’s ESG methodology actively utilizes both proprietary ESG scoring and ESG exclusionary screening to construct the Fund’s portfolio. The portfolio managers apply their ESG criteria in an effort to assess an issuer’s impact of business operations on the environment, the social impact its business has on internal and external communities, and the quality of its corporate governance principles.
Under normal market conditions, the portfolio managers will employ the following ESG methodology to assess investment opportunities for the Fund’s portfolio (except with respect to CLOs, which employ a different ESG methodology described below): The portfolio managers first employ a proprietary ESG screen to exclude issuers from the investment universe of securities in which the Fund may invest that do not meet its investment criteria. Such excluded issuers are those with substantial involvement in the production of tobacco products, controversial weapons, engagement in cultivation, production or distribution of recreational cannabis, extraction of thermal coal, and extraction of fossil fuels from unconventional sources. Issuers involved in the generation of electricity above 30% from coal-fired plants are also excluded. Issuers will also be excluded based on their non-compliance with UN Global Compact principles. The principles of the UN Global Compact represent a set of values that the UN believes responsible businesses should incorporate into their operations in order to meet fundamental responsibilities in the areas of human rights, labor, environment and anti-corruption. To the extent an issuer’s status changes to meet the qualification for exclusion, the Fund shall take steps to divest its holdings of the issuer within a reasonable period of time. Because the Fund's divestment of such investments may not be immediate, the Fund could be invested in investments that do meet the qualification for exclusion. This screening criteria may be updated periodically.
Next, based on research and due diligence reviews conducted with the management teams of the eligible issuers, each investment opportunity is scored by the portfolio management team on a scale of 1-5 for risks related to multiple ESG factors under each individual pillar of the ESG framework (1 indicates “no risk” and 5 indicates “high risk”). The environmental pillar (“E”) factors include natural resources, pollution and waste, supply chain impact, and environmental opportunities. The social pillar (“S”) factors include workforce, community, product responsibility, and human rights. The governance pillar (“G”) factors include management, shareholders, board of directors, auditors, regulatory issuers, corporate social responsibility strategy, anti-corruption, and business ethics. The foregoing factors in each ESG pillar may be updated periodically.
Each investment opportunity is assigned a weighted average score for each ESG pillar. An overall aggregated, or composite, ESG score is also calculated, with pillars weighted differently depending on the industry. The scores are determined at the time of purchase and reviewed at least annually. The Fund will not invest in loans or securities from issuers that have a composite ESG rating or single category E, S, or G pillar rating above levels set within the internal ESG rating methodology, and will seek to divest within a reasonable period of time from investments for which the aggregate ESG rating or single category E, S, or G ratings rise above these limits, as determined by the portfolio managers’ internal rating methodology. Because the Fund's divestment of such investments may not be immediate, the Fund could be invested in investments that do meet the qualification for
exclusion. Under normal circumstances, pursuant to its current internal limits, the Fund will only invest in loans from issuers with a single category E, S or G pillar score of 4.25 and under and will also only invest in loans from issuers with a composite ESG score of 4.0 and under.
With regard to the application of the Fund’s ESG methodology to CLOs, the portfolio managers will utilize a proprietary approach in selecting CLOs for investment. The portfolio managers will assess via their due diligence process how a CLO manager incorporates ESG considerations into its asset selection process. The portfolio managers examine and assess the following ESG considerations with respect to the CLO manager: the existence of an ESG practice that definitively includes/excludes borrowers as eligible investments; the number of the CLO’s investments that must be ESG-rated prior to becoming an eligible investment; the extent to which the ESG ratings process results in a quantitative evaluation; the existence of an exclusionary/screening policy that prohibits investments in certain companies based on ESG considerations; the extent to which formal control procedures are in place to ensure consistency and compliance with ESG policies; the frequency with which ESG ratings are evaluated; and the extent to which the CLO manager is a signatory to UN-backed principles of responsible investment. Based on those considerations, the portfolio managers assign quantitative factor ratings to each CLO manager in order to assess how that manager evaluates the different E, S and G risks within their portfolio and determine a cumulative CLO manager ESG score. Only CLO managers whose ESG practices meet the Fund’s internal ESG standards based on the above considerations and quantitative factor ratings will become an eligible CLO manager. The CLO manager screen will be reviewed and updated at least annually.
Decisions to purchase or sell loans and other investments are determined by the relative value considerations of the portfolio managers that factor in economic and credit-related fundamentals, market supply and demand, market dislocations, situation-specific opportunities and application of the Fund’s ESG criteria. The purchase or sale of loans and other investments may be related to a decision to alter the Fund’s macro risk exposure, a desire to limit or reduce the Fund’s exposure to a particular security or issuer, the degradation of an issuer’s credit quality, an ESG screen or score, or the general liquidity needs of the Fund.
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AFRIX - Performance

Return Ranking - Trailing

Period AFRIX Return Category Return Low Category Return High Rank in Category (%)
YTD 7.6% -4.4% 10.5% 65.53%
1 Yr 7.8% -3.9% 11.1% 67.05%
3 Yr 5.6%* -6.7% 8.3% 46.43%
5 Yr 4.9%* -6.4% 38.1% 26.97%
10 Yr 4.4%* -2.0% 20.0% 21.55%

* Annualized

Return Ranking - Calendar

Period AFRIX Return Category Return Low Category Return High Rank in Category (%)
2023 2.6% -12.0% 11.1% 68.30%
2022 -8.9% -22.9% 5.1% 69.38%
2021 2.1% -12.2% 11.1% 19.05%
2020 -2.7% -14.1% 289.8% 56.61%
2019 1.7% -8.1% 7.5% 73.19%

Total Return Ranking - Trailing

Period AFRIX Return Category Return Low Category Return High Rank in Category (%)
YTD 7.6% -4.4% 10.5% 65.53%
1 Yr 7.8% -3.9% 11.1% 67.05%
3 Yr 5.6%* -6.7% 8.3% 46.43%
5 Yr 4.9%* -6.4% 38.1% 26.97%
10 Yr 4.4%* -2.0% 20.0% 21.55%

* Annualized

Total Return Ranking - Calendar

Period AFRIX Return Category Return Low Category Return High Rank in Category (%)
2023 15.0% -12.0% 22.1% 8.68%
2022 -1.6% -22.9% 5.1% 29.84%
2021 7.0% -10.2% 11.1% 11.90%
2020 2.9% -14.1% 306.9% 21.07%
2019 7.7% -3.6% 10.5% 45.96%

NAV & Total Return History

AFRIX - Holdings

Concentration Analysis

AFRIX Category Low Category High AFRIX % Rank
Net Assets 2.5 B 29.9 M 13.5 B 21.24%
Number of Holdings 546 2 2051 17.90%
Net Assets in Top 10 212 M -191 M 2.37 B 28.40%
Weighting of Top 10 7.97% 5.2% 100.7% 89.45%

Top 10 Holdings

  1. Invesco Treasury Portfolio, Institutional Class 1.11%
  2. Monitronics International, Inc., Term Loan 1.00%
  3. Spin Holdco Inc., Term Loan 0.94%
  4. V Global Holdings LLC (aka Vertellus), Term Loan 0.79%
  5. Virgin Media 02 - LG, Term Loan Q 0.76%
  6. UPC - LG (Sunrise), Term Loan AX 0.71%
  7. Restoration Forest Products Group, LLC 0.70%
  8. Robertshaw US Holding Corp., First Lien Term Loan 0.67%
  9. Dun Bradstreet Corp., The, Incremental Term Loan 0.66%
  10. AI Aqua Merger Sub, Inc., Term Loan B 0.62%

Asset Allocation

Weighting Return Low Return High AFRIX % Rank
Bonds 		96.85% 0.00% 161.82% 32.68%
Stocks 		2.73% 0.00% 100.74% 31.13%
Cash 		1.71% -61.90% 16.36% 64.20%
Preferred Stocks 		0.27% -3.99% 7.54% 13.23%
Other 		0.07% -52.39% 26.58% 40.47%
Convertible Bonds 		0.00% 0.00% 5.51% 98.43%

Stock Sector Breakdown

Weighting Return Low Return High AFRIX % Rank
Utilities 		0.00% 0.00% 100.00% 32.63%
Technology 		0.00% 0.00% 100.00% 95.34%
Real Estate 		0.00% 0.00% 48.61% 93.64%
Industrials 		0.00% 0.00% 100.00% 25.42%
Healthcare 		0.00% 0.00% 100.00% 93.64%
Financial Services 		0.00% 0.00% 89.61% 94.49%
Energy 		0.00% 0.00% 100.00% 54.24%
Communication Services 		0.00% 0.00% 100.00% 16.53%
Consumer Defense 		0.00% 0.00% 100.00% 96.19%
Consumer Cyclical 		0.00% 0.00% 97.66% 16.10%
Basic Materials 		0.00% 0.00% 1.36% 21.61%

Stock Geographic Breakdown

Weighting Return Low Return High AFRIX % Rank
US 		2.71% -0.01% 100.74% 31.13%
Non US 		0.02% 0.00% 0.68% 15.18%

Bond Sector Breakdown

Weighting Return Low Return High AFRIX % Rank
Corporate 		83.17% 0.00% 99.80% 86.67%
Cash & Equivalents 		1.71% 0.00% 25.03% 56.03%
Municipal 		0.29% 0.00% 0.47% 6.67%
Derivative 		0.07% -11.46% 0.67% 22.18%
Securitized 		0.00% 0.00% 91.68% 99.22%
Government 		0.00% 0.00% 3.18% 95.69%

Bond Geographic Breakdown

Weighting Return Low Return High AFRIX % Rank
US 		87.70% 0.00% 124.50% 67.32%
Non US 		9.15% 0.00% 63.23% 24.51%

AFRIX - Expenses

Operational Fees

AFRIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.84% 0.03% 5.51% 72.73%
Management Fee 0.61% 0.00% 1.89% 46.59%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.02% 0.27% N/A

Sales Fees

AFRIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 1.00% 5.75% N/A
Deferred Load N/A 1.00% 1.00% N/A

Trading Fees

AFRIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

AFRIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 4.00% 180.00% 40.15%

AFRIX - Distributions

Dividend Yield Analysis

AFRIX Category Low Category High AFRIX % Rank
Dividend Yield 8.85% 0.00% 11.13% 10.94%

Dividend Distribution Analysis

AFRIX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

AFRIX Category Low Category High AFRIX % Rank
Net Income Ratio 3.73% 1.77% 9.82% 41.50%

Capital Gain Distribution Analysis

AFRIX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

View More +

AFRIX - Fund Manager Analysis

Managers

Thomas Ewald

Start Date

Tenure

Tenure Rank

Feb 27, 2006

16.27

16.3%

Thomas Ewald, Portfolio Manager, has been associated with Invesco Senior Secured and/or its affiliates since 2000. Tom is a Senior Portfolio Manager in Invesco’s Senior Secured Bank Loan Group and a member of the Investment Committee. He is responsible for credit research and portfolio management with a focus on retail funds. Tom joined Invesco in 2000 as a Credit Analyst and was promoted to Portfolio Manager in 2001. Prior to joining Invesco, Tom was one of the initial members of First Union Institutional Debt Management and assisted in growing assets under management. Before joining IDM, To

Scott Baskind

Start Date

Tenure

Tenure Rank

Dec 20, 2013

8.45

8.5%

Scott Baskind Head of Global Senior Loans and Chief Investment Officer Scott is the president and managing director of Invesco’s US$27.9 billion senior loan business and serves as the group’s chief investment officer. Scott is head of the senior loan Investment Committee and serves as the senior portfolio manager for several funds. Scott joined Invesco Senior Secured Management, Inc. in 1999 as a credit analyst, and has taken on progressively more senior roles including his current position in 2014.

Philip Yarrow

Start Date

Tenure

Tenure Rank

Dec 20, 2013

8.45

8.5%

Philip Yarrow is a Portfolio Manager for Invesco Senior Secured Management, Inc. Mr. Yarrow entered the industry in 1995 and joined Invesco in 2010, when the firm combined with Van Kampen. He was previously a portfolio manager in the senior loan group and member of the group’s investment committee at Van Kampen, which he joined in 2005. Prior to joining Invesco Senior Secured, Mr. Yarrow was an Executive Director with Morgan Stanley. Prior to that, he served as a credit analyst and a portfolio manager at Bank One/JPMorgan. Mr. Yarrow earned a BS degree in mathematics and economics from the Uni

Tenure Analysis

Category Low Category High Category Average Category Mode
0.09 21.18 6.08 3.25

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