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INVESCO High Yield Fund
mutual fund
AHIYX
Payout Change
Pending
Price as of:
$3.54
+0.0
+0.0%
primary theme
High Yield Bond
share class
AHIYX (Mutual Fund)
INVESCO High Yield Fund
Payout Change
Pending
Price as of:
$3.54
+0.0
+0.0%
primary theme
High Yield Bond
share class
AHIYX (Mutual Fund)
INVESCO High Yield Fund
Payout Change
Pending
Price as of:
$3.54
+0.0
+0.0%
primary theme
High Yield Bond
share class
Name
As of 12/24/2024Price
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
Vitals
YTD Return
8.6%
1 yr return
8.6%
3 Yr Avg Return
2.5%
5 Yr Avg Return
3.2%
Net Assets
$1.08 B
Holdings in Top 10
13.0%
52 WEEK LOW AND HIGH
$3.5
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 0.73%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 88.00%
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 12/24/2024Price
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
AHIYX - Profile
Distributions
- YTD Total Return 8.6%
- 3 Yr Annualized Total Return 2.5%
- 5 Yr Annualized Total Return 3.2%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 4.21%
- Dividend Yield 6.8%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameINVESCO High Yield Fund
-
Fund Family NameINVESCOFDS
-
Inception DateApr 30, 2004
-
Shares OutstandingN/A
-
Share ClassR5
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerNiklas Nordenfelt
Fund Description
The Fund invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in debt securities that are determined to be below investment grade quality and in derivatives and other instruments that have economic characteristics similar to such securities. These types of 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. If two or more NRSROs have assigned different ratings to a security, the Adviser uses the lowest rating assigned.
The Fund will principally invest in junk bonds rated B or above by an NRSRO or, if unrated, deemed to be of comparable quality by the Adviser.
The Fund may invest in preferred stocks and convertible securities, which are securities that generally pay interest and may be converted into common stock.
The Fund may invest up to 25% of its net assets in foreign securities. With regard to foreign security holdings, up to 15% of the Fund’s net assets may be in securities of issuers located in emerging markets countries, i.e., those that are generally in the early stages of their industrial cycles. The Fund may also invest in securities not considered foreign securities that carry foreign credit exposure.
The Fund may purchase mortgage-backed and asset-backed securities such as collateralized mortgage obligations (CMOs), collateralized loan obligations (CLOs) and collateralized debt obligations (CDOs) of any rating. The Fund may invest up to 15% of its net assets in illiquid or thinly traded investments. The Fund also may invest in securities that are subject to resale restrictions such as those contained in Rule 144A promulgated under the Securities Act of 1933, as amended. The Fund may also purchase municipal securities. The Fund’s investments may include securities that do not produce immediate cash income, such as zero coupon securities and payment-in-kind securities. The Fund may also invest, subject to an overall 15% limit on loans, in loan participations or assignments.
The Fund may also invest in real estate investment trusts (REITs) and in the securities of other investment companies, including ETFs.
The Fund can invest in derivative instruments, including swap contracts, options, futures contracts and forward foreign currency contracts.
The Fund can use swap contracts, including interest rate swaps, to seek to hedge or adjust its exposure to interest rates. The Fund can also use swap contracts, including credit default swaps, to gain or reduce exposure to an asset class or a particular issue. The Fund can further use swap
contracts, including credit default index swaps, to seek to hedge credit risk or take a position on a basket of credit entities and to gain or reduce exposure to an asset class or a particular issue; and use total return swaps to gain exposure to a reference asset.
The Fund can use options, including credit default swap options, to gain the right to enter into a credit default swap at a specified future date. The Fund can further use swaptions (options on swaps) to manage interest rate risk; currency options to manage currency exposure; and options on bond or rate futures to manage interest rate exposure.
The Fund can use futures contracts, including interest rate futures, to increase or reduce its exposure to interest rate changes. The Fund can also use currency futures contracts and/or forward foreign currency contracts to seek to hedge against adverse movements in the foreign currencies in which portfolio securities are denominated.
In selecting securities for the Fund’s portfolio, the Adviser focuses on securities that it believes have favorable prospects for high current income and the possibility of growth of capital. The Adviser conducts a bottom-up fundamental analysis of an issuer before its securities are purchased by the Fund. The fundamental analysis involves an evaluation by a team of credit analysts of an issuer’s financial statements in order to assess its financial condition. The credit analysts also assess the ability of an issuer to reduce its leverage (i.e., the amount of borrowed debt).
The bottom-up fundamental analysis is supplemented by an ongoing review of the securities’ relative value compared with other junk bonds, and a top-down analysis of sector and macro-economic trends, such as changes in interest rates.
The portfolio managers attempt to control the Fund’s risk by limiting the portfolio’s assets that are invested in any one security, and by diversifying the portfolio’s holdings over a number of different industries. Although the Fund is actively managed, it is reviewed regularly against its style-specific benchmark index (the Bloomberg U.S. Corporate High Yield 2% Issuer Cap Index) to assess the portfolio’s relative risk and its positioning.
Decisions to purchase or sell securities 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 and situation-specific opportunities. The purchase or sale of securities may be related to a decision to alter the Fund’s macro risk exposure (such as duration, yield curve positioning and sector exposure), a need to limit or reduce the Fund’s exposure to a particular security or issuer, degradation of an issuer’s credit quality, or general liquidity needs of the Fund.
In attempting to meet its investment objective or to manage subscription and redemption requests, the Fund may engage in active and frequent trading of portfolio securities.
The credit research process utilized by the Fund to implement its investment strategy in pursuit of its investment objective considers factors that may include, but are not limited to, an issuer’s operations, capital structure and environmental, social and governance (“ESG”) considerations. Credit quality analysis for certain issuers therefore may consider whether any ESG factors pose a material financial risk or opportunity to an issuer. The portfolio managers may determine that ESG considerations are not material to certain issuers or types of investments held by the Fund. In addition, not all issuers or investments in the Fund may undergo a credit quality analysis that considers ESG factors, and not all investments held by the Fund will rate strongly on ESG criteria.
AHIYX - Performance
Return Ranking - Trailing
| Period | AHIYX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 8.6% | -8.8% | 17.7% | 21.62% |
| 1 Yr | 8.6% | -9.2% | 18.4% | 27.23% |
| 3 Yr | 2.5%* | -14.6% | 21.0% | 48.73% |
| 5 Yr | 3.2%* | -12.0% | 36.6% | 59.57% |
| 10 Yr | 2.6%* | -4.8% | 20.1% | 90.07% |
* Annualized
Return Ranking - Calendar
| Period | AHIYX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 2.9% | -4.7% | 14.3% | 90.46% |
| 2022 | -13.9% | -33.4% | 3.6% | 27.41% |
| 2021 | -0.8% | -8.4% | 8.2% | 77.24% |
| 2020 | -2.7% | -13.2% | 302.7% | 89.70% |
| 2019 | 6.8% | -4.4% | 13.3% | 66.61% |
Total Return Ranking - Trailing
| Period | AHIYX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 8.6% | -8.8% | 17.7% | 21.62% |
| 1 Yr | 8.6% | -9.2% | 18.4% | 27.23% |
| 3 Yr | 2.5%* | -14.6% | 21.0% | 48.73% |
| 5 Yr | 3.2%* | -12.0% | 36.6% | 59.57% |
| 10 Yr | 2.6%* | -4.8% | 20.1% | 90.07% |
* Annualized
Total Return Ranking - Calendar
| Period | AHIYX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 10.4% | -4.7% | 18.7% | 82.40% |
| 2022 | -9.0% | -33.4% | 47.8% | 24.75% |
| 2021 | 4.8% | -8.4% | 12.4% | 57.76% |
| 2020 | 4.5% | -9.6% | 325.6% | 67.50% |
| 2019 | 12.3% | -3.8% | 21.6% | 71.72% |
NAV & Total Return History
AHIYX - Holdings
Concentration Analysis
| AHIYX | Category Low | Category High | AHIYX % Rank | |
|---|---|---|---|---|
| Net Assets | 1.08 B | 3.13 M | 25.3 B | 38.20% |
| Number of Holdings | 325 | 2 | 3879 | 59.14% |
| Net Assets in Top 10 | 122 M | -492 M | 5.25 B | 41.68% |
| Weighting of Top 10 | 12.96% | 4.2% | 146.0% | 56.01% |
Top 10 Holdings
- Carriage Services, Inc. 1.74%
- Mativ Holdings, Inc. 1.73%
- American Airlines Inc./AAdvantage Loyalty IP Ltd. 1.50%
- Allison Transmission, Inc. 1.48%
- Invesco Treasury Portfolio, Institutional Class 1.30%
- Vistra Operations Co. LLC 1.21%
- Aircastle Ltd. 1.04%
- LCM Investments Holdings II, LLC 1.00%
- EMRLD Borrower L.P./ Emerald Co-Issuer Inc. 0.98%
- Fortress Transportation and Infrastructure Investors LLC 0.98%
Asset Allocation
| Weighting | Return Low | Return High | AHIYX % Rank | |
|---|---|---|---|---|
| Bonds | 96.39% | 0.00% | 145.36% | 37.05% |
| Cash | 2.95% | -52.00% | 48.02% | 64.91% |
| Convertible Bonds | 2.07% | 0.00% | 17.89% | 21.75% |
| Stocks | 0.40% | 0.00% | 97.54% | 49.18% |
| Other | 0.26% | -39.08% | 99.86% | 27.18% |
| Preferred Stocks | 0.00% | 0.00% | 4.97% | 58.65% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | AHIYX % Rank | |
|---|---|---|---|---|
| Communication Services | 99.99% | 0.00% | 99.99% | 0.89% |
| Energy | 0.01% | 0.00% | 100.00% | 72.70% |
| Utilities | 0.00% | 0.00% | 100.00% | 47.48% |
| Technology | 0.00% | 0.00% | 33.17% | 48.66% |
| Real Estate | 0.00% | 0.00% | 86.71% | 40.65% |
| Industrials | 0.00% | 0.00% | 93.12% | 49.26% |
| Healthcare | 0.00% | 0.00% | 22.17% | 37.69% |
| Financial Services | 0.00% | 0.00% | 100.00% | 47.48% |
| Consumer Defense | 0.00% | 0.00% | 100.00% | 40.36% |
| Consumer Cyclical | 0.00% | 0.00% | 100.00% | 57.27% |
| Basic Materials | 0.00% | 0.00% | 100.00% | 46.88% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | AHIYX % Rank | |
|---|---|---|---|---|
| US | 0.38% | 0.00% | 97.54% | 48.43% |
| Non US | 0.02% | -0.01% | 2.00% | 14.66% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | AHIYX % Rank | |
|---|---|---|---|---|
| Corporate | 96.20% | 0.00% | 100.00% | 40.26% |
| Cash & Equivalents | 2.06% | 0.00% | 48.02% | 66.39% |
| Derivative | 0.26% | -14.58% | 42.26% | 10.71% |
| Government | 0.06% | 0.00% | 99.07% | 28.22% |
| Securitized | 0.00% | 0.00% | 97.24% | 61.39% |
| Municipal | 0.00% | 0.00% | 1.17% | 31.02% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | AHIYX % Rank | |
|---|---|---|---|---|
| US | 93.99% | 0.00% | 126.57% | 45.80% |
| Non US | 2.40% | 0.00% | 96.91% | 24.55% |
AHIYX - Expenses
Operational Fees
| AHIYX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.73% | 0.02% | 38.33% | 72.20% |
| Management Fee | 0.54% | 0.00% | 1.75% | 40.07% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | N/A | 0.00% | 0.50% | N/A |
Sales Fees
| AHIYX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 2.25% | 5.75% | N/A |
| Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
| AHIYX 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.
| AHIYX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 88.00% | 1.00% | 255.00% | 80.94% |
AHIYX - Distributions
Dividend Yield Analysis
| AHIYX | Category Low | Category High | AHIYX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 6.78% | 0.00% | 11.76% | 19.97% |
Dividend Distribution Analysis
| AHIYX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Monthly | SemiAnnual | Monthly | Monthly |
Net Income Ratio Analysis
| AHIYX | Category Low | Category High | AHIYX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 4.21% | -2.39% | 9.30% | 58.22% |
Capital Gain Distribution Analysis
| AHIYX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Nov 29, 2024 | $0.020 | OrdinaryDividend |
| Oct 31, 2024 | $0.020 | OrdinaryDividend |
| Sep 30, 2024 | $0.020 | OrdinaryDividend |
| Aug 30, 2024 | $0.020 | OrdinaryDividend |
| Jul 31, 2024 | $0.020 | OrdinaryDividend |
| Apr 30, 2024 | $0.020 | OrdinaryDividend |
| Mar 28, 2024 | $0.020 | OrdinaryDividend |
| Feb 29, 2024 | $0.020 | OrdinaryDividend |
| Jan 31, 2024 | $0.020 | OrdinaryDividend |
| Nov 30, 2023 | $0.020 | OrdinaryDividend |
| Oct 31, 2023 | $0.019 | OrdinaryDividend |
| Sep 29, 2023 | $0.019 | OrdinaryDividend |
| Aug 31, 2023 | $0.018 | OrdinaryDividend |
| Jul 31, 2023 | $0.018 | OrdinaryDividend |
| Jun 30, 2023 | $0.018 | OrdinaryDividend |
| May 31, 2023 | $0.017 | OrdinaryDividend |
| Apr 28, 2023 | $0.017 | OrdinaryDividend |
| Mar 31, 2023 | $0.016 | OrdinaryDividend |
| Feb 28, 2023 | $0.016 | OrdinaryDividend |
| Jan 31, 2023 | $0.016 | OrdinaryDividend |
| Dec 30, 2022 | $0.015 | OrdinaryDividend |
| Nov 30, 2022 | $0.015 | OrdinaryDividend |
| Oct 31, 2022 | $0.015 | OrdinaryDividend |
| Sep 30, 2022 | $0.015 | OrdinaryDividend |
| Aug 31, 2022 | $0.015 | OrdinaryDividend |
| Jul 29, 2022 | $0.015 | OrdinaryDividend |
| Jun 30, 2022 | $0.015 | OrdinaryDividend |
| May 31, 2022 | $0.015 | OrdinaryDividend |
| Apr 29, 2022 | $0.015 | OrdinaryDividend |
| Mar 31, 2022 | $0.015 | OrdinaryDividend |
| Feb 28, 2022 | $0.015 | OrdinaryDividend |
| Jan 31, 2022 | $0.015 | OrdinaryDividend |
| Dec 31, 2021 | $0.015 | OrdinaryDividend |
| Nov 30, 2021 | $0.015 | OrdinaryDividend |
| Oct 29, 2021 | $0.015 | OrdinaryDividend |
| Sep 30, 2021 | $0.016 | OrdinaryDividend |
| Aug 31, 2021 | $0.016 | OrdinaryDividend |
| Jul 30, 2021 | $0.016 | OrdinaryDividend |
| Jun 30, 2021 | $0.016 | OrdinaryDividend |
| May 28, 2021 | $0.016 | OrdinaryDividend |
| Apr 30, 2021 | $0.016 | OrdinaryDividend |
| Mar 31, 2021 | $0.016 | OrdinaryDividend |
| Feb 26, 2021 | $0.018 | OrdinaryDividend |
| Jan 29, 2021 | $0.018 | OrdinaryDividend |
| Dec 31, 2020 | $0.021 | OrdinaryDividend |
| Nov 30, 2020 | $0.021 | OrdinaryDividend |
| Oct 30, 2020 | $0.021 | OrdinaryDividend |
| Sep 30, 2020 | $0.021 | OrdinaryDividend |
| Aug 31, 2020 | $0.021 | OrdinaryDividend |
| Jul 31, 2020 | $0.021 | OrdinaryDividend |
| Jun 30, 2020 | $0.021 | OrdinaryDividend |
| May 29, 2020 | $0.021 | OrdinaryDividend |
| Apr 30, 2020 | $0.021 | OrdinaryDividend |
| Mar 31, 2020 | $0.021 | OrdinaryDividend |
| Feb 28, 2020 | $0.021 | OrdinaryDividend |
| Jan 31, 2020 | $0.021 | OrdinaryDividend |
| Dec 31, 2019 | $0.021 | OrdinaryDividend |
| Nov 29, 2019 | $0.021 | OrdinaryDividend |
| Oct 31, 2019 | $0.021 | OrdinaryDividend |
| Sep 30, 2019 | $0.021 | OrdinaryDividend |
| Aug 30, 2019 | $0.021 | OrdinaryDividend |
| Jul 31, 2019 | $0.023 | OrdinaryDividend |
AHIYX - Fund Manager Analysis
Managers
Niklas Nordenfelt
Start Date
Tenure
Tenure Rank
Oct 15, 2020
1.62
1.6%
Mr. Nordenfelt joined Invesco in 2020. Prior to joining the firm, he was a managing director, senior portfolio manager, and co-head of US high yield at Wells Fargo Asset Management. Before that, Mr. Nordenfelt was a principal and investment strategist at Barclays Global Investors. Prior to that, he was a quantitative analyst at Fidelity Management Trust Co. and, before that, a portfolio manager at Mellon Capital Management. Mr. Nordenfelt earned a BA degree in economics from the University of California, Berkeley. He is a Chartered Financial Analyst (CFA) charterholder.
Rahim Shad
Start Date
Tenure
Tenure Rank
May 31, 2021
1.0
1.0%
Rahim Shad is a Portfolio Manager for the Invesco Fixed Income High Yield team. Mr. Shad joined Invesco in 2009 as a fixed income research generalist. He joined the high yield team as a research analyst in 2010. Mr. Shad began his career in 2000 as a technology analyst for AIM Investments (the US retail predecessor to Invesco). Mr. Shad earned a BBA degree and an MS in finance from the University of Houston.
Philip Susser
Start Date
Tenure
Tenure Rank
Jul 30, 2021
0.84
0.8%
Philip Susser is managing director, senior portfolio manager and co-head for the Wells Fargo Asset Management (WFAM) U.S. High Yield Fixed team. Phil joined the U.S. High Yield Fixed Income team as a senior research analyst in 2001. He has extensive research experience in the cable/satellite, gaming, hotels, restaurants, printing/publishing, telecom, REIT, lodging and distressed sectors. Phil’s investment experience began in 1995 spending three years as a securities lawyer at Cahill Gordon and Shearman & Sterling representing underwriters and issuers of high yield debt. Later, Phil evaluated venture investment opportunities for MediaOne Ventures before joining Deutsche Bank as a research analyst. He graduated summa cum laude from the University of Pennsylvania with a bachelor’s degree in economics, graduated cum laude with a law degree from the University of Michigan Law School, and was a Benjamin Franklin Scholar.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.13 | 37.79 | 7.31 | 8.17 |
