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Invesco High Yield Bond Factor Fund
mutual fund
OGYIX
Payout Change
Pending
Price as of:
$7.7479
+-0.0
+-0.03%
primary theme
N/A
share class
OGYIX (Mutual Fund)
Invesco High Yield Bond Factor Fund
Payout Change
Pending
Price as of:
$7.7479
+-0.0
+-0.03%
primary theme
N/A
share class
OGYIX (Mutual Fund)
Invesco High Yield Bond Factor Fund
Payout Change
Pending
Price as of:
$7.7479
+-0.0
+-0.03%
primary theme
N/A
share class
Name
As of 12/19/2023Price
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
9.0%
1 yr return
7.9%
3 Yr Avg Return
0.1%
5 Yr Avg Return
3.8%
Net Assets
$33.4 M
Holdings in Top 10
9.5%
52 WEEK LOW AND HIGH
$7.8
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 1.16%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 63.00%
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 12/19/2023Price
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
OGYIX - Profile
Distributions
- YTD Total Return 9.0%
- 3 Yr Annualized Total Return 0.1%
- 5 Yr Annualized Total Return 3.8%
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 4.66%
- Dividend Yield 7.4%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameInvesco High Yield Bond Factor Fund
-
Fund Family NameOppenheimerFunds
-
Inception DateNov 08, 2013
-
Shares OutstandingN/A
-
Share ClassR6
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerNoelle Corum
Fund Description
Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in high-yield, below-investment grade, fixed-income securities (also referred to as “junk” bonds), and in derivatives and other instruments that have economic characteristics similar to such securities.
The Fund’s fixed income investments may include certain restricted securities, including securities that are only eligible for resale pursuant to Rule 144A under the Securities Act of 1933, as amended.
Below-investment grade securities are securities rated below “BBB-” or below “Baa3” by at least one of S&P Global Ratings (S&P) or Moody’s Investors Service (Moody’s), respectively, or that have comparable ratings from other nationally recognized statistical rating organizations (NRSROs). If two or more NRSROs have assigned different ratings to a security, the Adviser uses the lowest rating assigned. The Fund may also invest in unrated securities, in which case Invesco Advisers, Inc. (Invesco or the Adviser) may internally assign ratings to certain of those securities, after assessing their credit quality, in categories similar to those of NRSROs. In such instances, the unrated securities would then be counted toward the 80% investment strategy if determined to be below-investment grade by the Adviser. There can be no assurance, nor is it intended, that the Adviser’s credit analysis is consistent or comparable with the credit analysis process used by an NRSRO. In investing in below-investment grade securities, the Fund may invest in “distressed” securities and securities that are in default.
The Fund may purchase securities of any maturity and of issuers of any market capitalization.
The Fund is managed by Invesco’s Fixed Income Factor Team (FIF). In selecting securities for the portfolio, the Fund’s portfolio managers and FIF analysts utilize a factor-based strategy that involves systematically targeting
securities exhibiting quantifiable issuer characteristics (or “factors”) that FIF believes will have higher returns than other fixed income securities with comparable characteristics over market cycles. The portfolio managers will consider selling securities that no longer exhibit these factors. In practice, this means the Fund may have higher allocations to: value bonds (bonds that have high spreads relative to other securities of similar credit quality and/or sector); low volatility bonds (bonds that have lower levels of price volatility); and high carry bonds (bonds with higher absolute yield or spread). The portfolio managers expect to include additional factors or modify the factors used to build the Fund’s portfolio as they deem appropriate. The portfolio managers will also seek to minimize some of the residual risks associated with the higher allocations to the types of bonds mentioned above (such as duration and sector concentration), including through the use of derivatives, as described below.
Additionally, the Fund may invest up to 20% of its net assets in U.S. Treasury and agency securities. The Fund may also invest up to 10% of its net assets in certain collateralized debt obligations (CDOs), including collateralized mortgage obligations (CMOs) and collateralized loan obligations (CLOs), of any rating, and loan obligations, including bank loans. The Fund may also, subject to the requirements regarding below-investment grade allocations described above, invest in foreign debt securities, including securities issued by foreign governments or companies in developing and emerging markets, i.e., those that are generally in the early stages of their industrial cycles, but may only invest up to 10% of its net assets in securities denominated in non-U.S. dollar currencies. The portfolio managers may use derivatives to seek to hedge any foreign currency exposure.
The Fund may also use certain types of derivative investments for investment purposes or for hedging, including: options, futures, forward contracts, swaps, “structured” notes and other types of derivatives.
The Fund can use swap contracts, including interest rate swaps, to hedge or adjust its exposure to interest rates. The Fund can also use swap contracts, including credit default swaps, to create long or short exposure to corporate or sovereign debt securities. The Fund can further use swap contracts, including credit default index swaps, to hedge credit risk or take a position on a basket of credit entities; total return swaps, to gain exposure to a reference asset; and volatility swaps to adjust the volatility profile of the Fund.
The Fund can use options, including currency options, to seek alpha (return on investments in excess of the benchmark index) or to mitigate risk and to hedge against adverse movements in the foreign currencies in which portfolio securities are denominated. The Fund can also use 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 and options on bond or rate futures to manage interest rate exposure.
The Fund can use futures contracts, including interest rate futures and Treasury futures, to increase or reduce its exposure to interest rate changes. The Fund can also use currency futures to increase or decrease its exposure to foreign currencies. 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 gain or mitigate the risk of foreign currency exposure.
The Fund may also invest in certain mortgage-related securities or asset-backed securities, which may include privately issued and U.S. agency securities and securities of any credit rating.
The Fund may purchase and sell securities on a when-issued and delayed delivery basis, which means that the Fund buys or sells a security with payment and delivery taking place in the future. The payment obligation and the interest rate are fixed at the time the Fund enters into the commitment. No income accrues on such securities until the date the Fund actually takes delivery of the securities.
OGYIX - Performance
Return Ranking - Trailing
| Period | OGYIX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 9.0% | -5.7% | 16.5% | 83.23% |
| 1 Yr | 7.9% | -8.1% | 76.0% | 87.87% |
| 3 Yr | 0.1%* | -14.7% | 20.2% | 85.40% |
| 5 Yr | 3.8%* | -9.8% | 38.4% | 66.39% |
| 10 Yr | 3.0%* | -4.1% | 19.7% | 69.00% |
* Annualized
Return Ranking - Calendar
| Period | OGYIX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | -17.1% | -33.4% | 3.6% | 74.96% |
| 2022 | -0.3% | -8.4% | 8.2% | 61.70% |
| 2021 | 0.8% | -13.2% | 302.7% | 31.02% |
| 2020 | 7.6% | -4.4% | 13.3% | 56.74% |
| 2019 | -9.7% | -18.4% | -0.4% | 85.51% |
Total Return Ranking - Trailing
| Period | OGYIX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 9.0% | -5.7% | 16.5% | 83.23% |
| 1 Yr | 7.9% | -8.1% | 76.0% | 87.87% |
| 3 Yr | 0.1%* | -14.7% | 20.2% | 85.40% |
| 5 Yr | 3.8%* | -9.8% | 38.4% | 66.39% |
| 10 Yr | 3.0%* | -4.1% | 19.7% | 69.00% |
* Annualized
Total Return Ranking - Calendar
| Period | OGYIX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | -11.7% | -33.4% | 47.8% | 72.10% |
| 2022 | 5.0% | -8.4% | 12.4% | 49.45% |
| 2021 | 7.2% | -9.6% | 325.6% | 20.36% |
| 2020 | 14.3% | 0.9% | 19.4% | 38.60% |
| 2019 | -4.1% | -10.7% | 4.5% | 76.15% |
NAV & Total Return History
OGYIX - Holdings
Concentration Analysis
| OGYIX | Category Low | Category High | OGYIX % Rank | |
|---|---|---|---|---|
| Net Assets | 33.4 M | 1.85 M | 22.6 B | 93.94% |
| Number of Holdings | 369 | 2 | 2736 | 42.88% |
| Net Assets in Top 10 | 3.22 M | -492 M | 4.6 B | 97.48% |
| Weighting of Top 10 | 9.55% | 4.2% | 149.0% | 79.97% |
Top 10 Holdings
- Invesco High Yield Bond Factor ETF 2.79%
- Invesco Private Prime Fund 1.35%
- Directv Financing LLC / Directv Financing Co-Obligor Inc. 0.82%
- Paramount Global 0.73%
- Rand Parent, LLC 0.69%
- TransDigm, Inc. 0.68%
- Five Point Operating Co. L.P./ Five Point Capital Corp. 0.67%
- DISH DBS Corp. 0.62%
- Rakuten Group, Inc. 0.60%
- Olympus Water US Holding Corp. 0.60%
Asset Allocation
| Weighting | Return Low | Return High | OGYIX % Rank | |
|---|---|---|---|---|
| Bonds | 94.86% | 0.00% | 154.38% | 46.97% |
| Stocks | 3.04% | 0.00% | 99.61% | 19.20% |
| Cash | 1.96% | -52.00% | 50.57% | 77.00% |
| Convertible Bonds | 1.60% | 0.00% | 17.89% | 28.93% |
| Other | 0.14% | -63.70% | 98.03% | 33.68% |
| Preferred Stocks | 0.00% | 0.00% | 7.89% | 39.02% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | OGYIX % Rank | |
|---|---|---|---|---|
| Energy | 100.00% | 0.00% | 100.00% | 4.00% |
| Utilities | 0.00% | 0.00% | 100.00% | 46.67% |
| Technology | 0.00% | 0.00% | 33.17% | 46.40% |
| Real Estate | 0.00% | 0.00% | 86.71% | 41.33% |
| Industrials | 0.00% | 0.00% | 100.00% | 50.13% |
| Healthcare | 0.00% | 0.00% | 22.17% | 38.13% |
| Financial Services | 0.00% | 0.00% | 100.00% | 48.00% |
| Communication Services | 0.00% | 0.00% | 99.99% | 64.00% |
| Consumer Defense | 0.00% | 0.00% | 100.00% | 40.00% |
| Consumer Cyclical | 0.00% | 0.00% | 100.00% | 55.20% |
| Basic Materials | 0.00% | 0.00% | 100.00% | 44.80% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | OGYIX % Rank | |
|---|---|---|---|---|
| US | 3.04% | 0.00% | 99.61% | 19.29% |
| Non US | 0.00% | -0.01% | 0.83% | 35.16% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | OGYIX % Rank | |
|---|---|---|---|---|
| Corporate | 87.48% | 0.00% | 129.69% | 84.70% |
| Government | 12.20% | 0.00% | 99.07% | 4.01% |
| Cash & Equivalents | 1.88% | 0.00% | 50.57% | 65.73% |
| Derivative | 0.14% | -12.96% | 42.26% | 13.06% |
| Securitized | 0.00% | 0.00% | 97.24% | 60.48% |
| Municipal | 0.00% | 0.00% | 4.66% | 31.80% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | OGYIX % Rank | |
|---|---|---|---|---|
| US | 94.86% | 0.00% | 129.21% | 32.64% |
| Non US | 0.00% | 0.00% | 97.19% | 57.12% |
OGYIX - Expenses
Operational Fees
| OGYIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 1.16% | 0.04% | 31.61% | 36.50% |
| Management Fee | 0.37% | 0.00% | 1.84% | 11.11% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | N/A | 0.00% | 0.50% | N/A |
Sales Fees
| OGYIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 2.25% | 5.75% | 36.80% |
| Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
| OGYIX 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.
| OGYIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 63.00% | 1.00% | 255.00% | 45.23% |
OGYIX - Distributions
Dividend Yield Analysis
| OGYIX | Category Low | Category High | OGYIX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 7.42% | 0.00% | 34.52% | 35.60% |
Dividend Distribution Analysis
| OGYIX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Monthly | Monthly | Monthly | Monthly |
Net Income Ratio Analysis
| OGYIX | Category Low | Category High | OGYIX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 4.66% | -2.39% | 14.30% | 36.05% |
Capital Gain Distribution Analysis
| OGYIX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Nov 30, 2022 | $0.044 | OrdinaryDividend |
| Oct 31, 2022 | $0.044 | OrdinaryDividend |
| Sep 30, 2022 | $0.042 | OrdinaryDividend |
| Aug 31, 2022 | $0.038 | OrdinaryDividend |
| Jul 29, 2022 | $0.038 | OrdinaryDividend |
| Jun 30, 2022 | $0.033 | OrdinaryDividend |
| May 31, 2022 | $0.033 | OrdinaryDividend |
| Apr 29, 2022 | $0.033 | OrdinaryDividend |
| Mar 31, 2022 | $0.033 | OrdinaryDividend |
| Feb 28, 2022 | $0.033 | OrdinaryDividend |
| Jan 31, 2022 | $0.033 | OrdinaryDividend |
| Dec 31, 2021 | $0.033 | OrdinaryDividend |
| Nov 30, 2021 | $0.033 | OrdinaryDividend |
| Oct 29, 2021 | $0.033 | OrdinaryDividend |
| Sep 30, 2021 | $0.033 | OrdinaryDividend |
| Aug 31, 2021 | $0.037 | OrdinaryDividend |
| Jul 30, 2021 | $0.037 | OrdinaryDividend |
| Jun 30, 2021 | $0.037 | OrdinaryDividend |
| May 28, 2021 | $0.037 | OrdinaryDividend |
| Apr 30, 2021 | $0.042 | OrdinaryDividend |
| Mar 31, 2021 | $0.042 | OrdinaryDividend |
| Feb 26, 2021 | $0.032 | OrdinaryDividend |
| Jan 29, 2021 | $0.032 | OrdinaryDividend |
| Dec 31, 2020 | $0.043 | OrdinaryDividend |
| Nov 30, 2020 | $0.043 | OrdinaryDividend |
| Oct 30, 2020 | $0.043 | OrdinaryDividend |
| Sep 30, 2020 | $0.042 | OrdinaryDividend |
| Aug 31, 2020 | $0.043 | OrdinaryDividend |
| Jul 31, 2020 | $0.045 | OrdinaryDividend |
| Jun 30, 2020 | $0.045 | OrdinaryDividend |
| May 29, 2020 | $0.047 | OrdinaryDividend |
| Apr 30, 2020 | $0.045 | OrdinaryDividend |
| Mar 31, 2020 | $0.038 | OrdinaryDividend |
| Feb 28, 2020 | $0.027 | OrdinaryDividend |
| Jan 31, 2020 | $0.028 | OrdinaryDividend |
| Dec 31, 2019 | $0.040 | DailyAccrualFund |
| Nov 29, 2019 | $0.036 | DailyAccrualFund |
| Oct 31, 2019 | $0.036 | DailyAccrualFund |
| Sep 30, 2019 | $0.042 | DailyAccrualFund |
| Aug 30, 2019 | $0.042 | DailyAccrualFund |
| Jul 31, 2019 | $0.044 | DailyAccrualFund |
| Jun 28, 2019 | $0.042 | DailyAccrualFund |
| May 31, 2019 | $0.043 | DailyAccrualFund |
| Apr 30, 2019 | $0.043 | DailyAccrualFund |
| Mar 29, 2019 | $0.044 | DailyAccrualFund |
| Feb 28, 2019 | $0.042 | DailyAccrualFund |
| Jan 31, 2019 | $0.046 | DailyAccrualFund |
| Dec 31, 2018 | $0.048 | DailyAccrualFund |
| Nov 30, 2018 | $0.045 | DailyAccrualFund |
| Oct 31, 2018 | $0.046 | DailyAccrualFund |
| Aug 31, 2018 | $0.047 | DailyAccrualFund |
| Jul 31, 2018 | $0.048 | DailyAccrualFund |
| Jun 29, 2018 | $0.047 | DailyAccrualFund |
| May 31, 2018 | $0.048 | DailyAccrualFund |
| Apr 30, 2018 | $0.043 | DailyAccrualFund |
| Mar 29, 2018 | $0.046 | DailyAccrualFund |
| Feb 28, 2018 | $0.041 | DailyAccrualFund |
| Jan 31, 2018 | $0.043 | DailyAccrualFund |
| Dec 29, 2017 | $0.048 | DailyAccrualFund |
| Nov 30, 2017 | $0.040 | DailyAccrualFund |
| Oct 31, 2017 | $0.045 | DailyAccrualFund |
| Sep 29, 2017 | $0.044 | DailyAccrualFund |
| Aug 31, 2017 | $0.044 | DailyAccrualFund |
| Jul 31, 2017 | $0.043 | DailyAccrualFund |
| Jun 30, 2017 | $0.042 | DailyAccrualFund |
| May 31, 2017 | $0.043 | DailyAccrualFund |
| Apr 28, 2017 | $0.044 | DailyAccrualFund |
| Mar 31, 2017 | $0.045 | DailyAccrualFund |
| Feb 28, 2017 | $0.040 | DailyAccrualFund |
| Jan 31, 2017 | $0.042 | DailyAccrualFund |
| Dec 30, 2016 | $0.043 | DailyAccrualFund |
| Nov 30, 2016 | $0.041 | DailyAccrualFund |
| Oct 31, 2016 | $0.041 | DailyAccrualFund |
| Sep 30, 2016 | $0.037 | DailyAccrualFund |
| Aug 31, 2016 | $0.038 | DailyAccrualFund |
| Jul 29, 2016 | $0.040 | DailyAccrualFund |
| Jun 30, 2016 | $0.038 | DailyAccrualFund |
| May 31, 2016 | $0.037 | DailyAccrualFund |
| Apr 29, 2016 | $0.036 | DailyAccrualFund |
| Mar 31, 2016 | $0.040 | DailyAccrualFund |
| Feb 29, 2016 | $0.037 | DailyAccrualFund |
| Jan 29, 2016 | $0.042 | DailyAccrualFund |
| Dec 31, 2015 | $0.045 | DailyAccrualFund |
| Nov 30, 2015 | $0.039 | DailyAccrualFund |
| Oct 30, 2015 | $0.043 | DailyAccrualFund |
| Sep 30, 2015 | $0.039 | DailyAccrualFund |
| Aug 31, 2015 | $0.039 | DailyAccrualFund |
| Jul 31, 2015 | $0.045 | DailyAccrualFund |
| Jun 30, 2015 | $0.042 | DailyAccrualFund |
| May 29, 2015 | $0.043 | DailyAccrualFund |
| Apr 30, 2015 | $0.043 | DailyAccrualFund |
| Mar 31, 2015 | $0.042 | DailyAccrualFund |
| Feb 27, 2015 | $0.039 | DailyAccrualFund |
| Jan 30, 2015 | $0.043 | DailyAccrualFund |
| Dec 31, 2014 | $0.038 | DailyAccrualFund |
| Nov 28, 2014 | $0.043 | DailyAccrualFund |
| Oct 31, 2014 | $0.050 | DailyAccrualFund |
| Sep 30, 2014 | $0.043 | DailyAccrualFund |
| Aug 29, 2014 | $0.048 | DailyAccrualFund |
| Jul 31, 2014 | $0.046 | DailyAccrualFund |
| Jun 30, 2014 | $0.046 | DailyAccrualFund |
| May 30, 2014 | $0.046 | DailyAccrualFund |
| Apr 30, 2014 | $0.043 | DailyAccrualFund |
| Mar 31, 2014 | $0.043 | DailyAccrualFund |
| Feb 28, 2014 | $0.042 | DailyAccrualFund |
| Jan 31, 2014 | $0.049 | DailyAccrualFund |
| Dec 30, 2013 | $0.045 | DailyAccrualFund |
| Nov 29, 2013 | $0.013 | DailyAccrualFund |
OGYIX - Fund Manager Analysis
Managers
Noelle Corum
Start Date
Tenure
Tenure Rank
Feb 28, 2020
2.25
2.3%
Noelle Corum, Portfolio Manager, has been associated with Invesco and/or its affiliates since 2010.
Jay Raol
Start Date
Tenure
Tenure Rank
Feb 28, 2020
2.25
2.3%
Jay Raol, Portfolio Manager, has been associated with Invesco and/or its affiliates since 2013.
James Ong
Start Date
Tenure
Tenure Rank
Feb 28, 2020
2.25
2.3%
James Ong is a Senior Macro Strategist and a Derivative Portfolio Manager for Invesco Fixed Income (IFI). Mr. Ong contributes economic and market analysis to the macro research platform, in addition to leading the IFI derivative strategy and overseeing derivatives held in IFI portfolios. Mr. Ong began his investment career in 2001. Prior to joining Invesco in 2014, he was a senior vice president, a senior portfolio manager and a senior trader at Hartford Investment Management Company. Mr. Ong earned his BA degree in economics from Middlebury College. He is a Chartered Financial Analyst® (CFA) charterholder.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.13 | 37.79 | 7.12 | 8.17 |
