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Invesco Income Advantage U.S. Fund
mutual fund
SCRUX
Payout Change
Pending
Price as of:
$11.17
+0.06
+0.54%
primary theme
N/A
share class
SCRUX (Mutual Fund)
Invesco Income Advantage U.S. Fund
Payout Change
Pending
Price as of:
$11.17
+0.06
+0.54%
primary theme
N/A
share class
SCRUX (Mutual Fund)
Invesco Income Advantage U.S. Fund
Payout Change
Pending
Price as of:
$11.17
+0.06
+0.54%
primary theme
N/A
share class
Name
As of 12/23/2024Price
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
18.8%
1 yr return
19.2%
3 Yr Avg Return
6.3%
5 Yr Avg Return
6.9%
Net Assets
$188 M
Holdings in Top 10
39.3%
52 WEEK LOW AND HIGH
$11.1
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 1.40%
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
IRA
$250
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 12/23/2024Price
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
SCRUX - Profile
Distributions
- YTD Total Return 18.8%
- 3 Yr Annualized Total Return 6.3%
- 5 Yr Annualized Total Return 6.9%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 0.90%
- Dividend Yield 6.2%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameInvesco Income Advantage U.S. Fund
-
Fund Family NameINVESCOFDS
-
Inception DateMar 31, 2006
-
Shares OutstandingN/A
-
Share ClassR
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerChristian Ulrich
Fund Description
The Fund seeks to achieve its investment objective by investing primarily in a diversified portfolio of U.S equity securities, including common stock and equity-linked notes (ELNs). The Fund is designed to generate income while providing some downside protection in the event of broad equity market downturns and also providing equity market upside participation. The Fund invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in securities of U.S. issuers, and in derivatives and other instruments that have economic characteristics similar to such securities. ELNs are counted toward the foregoing 80% policy to the extent they have economic characteristics similar to the securities included within that policy. The Fund uses various criteria to determine whether an issuer is a U.S. issuer, including whether (i) its principal securities trading market (i.e., a U.S. stock exchange, NASDAQ or over-the-counter markets) is in the U.S.; (ii) it (alone or through its consolidated subsidiaries) derives 50% or more of its annual revenue from goods produced, sales made, or services performed in the U.S.; (iii) it is organized under the laws of, or has a principal office in, the U.S.; or (iv) its “country of risk” is the U.S. as determined by a third party service provider such as Bloomberg.
The Fund may also invest in real estate investment trusts (REITs), which are trusts that sell equity and/or debt securities to investors and use the proceeds to invest in real estate or interests therein. ELNs are hybrid derivative-type instruments that are specially designed to combine the characteristics of investing in one or more underlying equity securities or an index of equity securities and a related equity derivative, such as a put or
call option (or a combination thereof), in a single note form (typically senior, unsecured debt) issued by financial institutions. The options within the ELNs in which the Fund invests will reference either a broad-based equity security index or an exchange-traded fund that passively tracks such an index and such options will generally have covered call and/or cash secured put strategies embedded within them. The Fund’s portfolio of ELNs will be constituted by positions in short-term ELNs issued by a diversified group of U.S. and international financial institutions and cash and cash equivalents. When the Fund purchases an ELN from the issuing counterparty, the Fund is generally entitled to receive a premium generated by options positions within the ELN. Therefore,the ELNs are intended to provide recurring cash flow to the Fund based on the premiums received from selling the options. ELNs may be subject to resale restrictions such as those contained in Rule 144A promulgated under the Securities Act of 1933, as amended. Selling a call option entitles the seller to a premium equal to the value of the option at the time of trade. When the Fund sells call options within an ELN, it receives a premium but limits its opportunity to profit from an increase in the market value of either the underlying benchmark or ETF to the exercise price of the call option (plus the premium received). The maximum potential gain on the call option embedded within the ELN will be equal to the difference between the exercise price of the option and the purchase price of the underlying benchmark or ETF at the time the option is written, plus the premium received. Accordingly, because these premiums can partially offset losses incurred by the Fund’s equity portfolio, the Fund’s investments in ELNs may reduce the Fund’s volatility relative to the index, while providing limited downside protection against declines in the value of the Fund’s equity portfolio.
The Fund can invest in derivative instruments including futures contracts. The Fund can use futures contracts, including equity index futures, to gain exposure to the broad market in connection with managing cash balances. The Fund can hold long and short positions in equity index futures to hedge against adverse movements in the equity markets. A long position involves the Fund buying a derivative with the anticipation of a price increase of the underlying asset, and a short position involves the Fund writing (selling) a derivative with the anticipation of a price decrease of the underlying asset.
The portfolio managers seek to construct the equity portion of the Fund’s portfolio using quantitative models that generate broad-based large-cap equity market indices developed by Invesco's affiliate, Invesco Indexing LLC, or third-party index providers (the Equity portfolio). The indices will be constructed based on factors to which the portfolio managers seek to gain market exposure, including but not limited to, momentum, value, quality and low volatility. The factors and their relative weighting will change over time based on the portfolio managers' views on the relative strength of each factor and market conditions. The Equity portfolio will therefore change over time.
The portfolio managers also seek to construct a portion of the Fund’s portfolio by investing in high-income, short-term ELNs with a focus on downside protection (the ELN portfolio). The portfolio managers seek to enhance portfolio diversification by staggering the maturity dates of the ELNs to create more consistent returns over time. The portion of the ELN portfolio maintained in cash and cash equivalents is aimed at providing additional downside protection by limiting the ELN portfolio’s exposure to broad equity market risk. The portion of the Fund’s assets allocated between the Equity portfolio and ELN portfolio will be actively adjusted on a periodic basis to balance yield targets, equity participation with less volatility, and downside protection.
The Fund may hold up to 25% of its assets in cash or cash equivalents, including treasury bills and money market funds, outside of the ELN portfolio in an effort to maintain high liquidity and a downside buffer.
SCRUX - Performance
Return Ranking - Trailing
| Period | SCRUX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 18.8% | -88.2% | 43.3% | 75.60% |
| 1 Yr | 19.2% | -11.4% | 81.7% | 97.87% |
| 3 Yr | 6.3%* | -1.8% | 22.6% | 99.51% |
| 5 Yr | 6.9%* | 3.1% | 19.7% | 98.77% |
| 10 Yr | 4.8%* | 2.0% | 19.2% | 98.70% |
* Annualized
Return Ranking - Calendar
| Period | SCRUX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 9.4% | -26.7% | 285.0% | 84.00% |
| 2022 | -18.6% | -32.1% | 76.3% | 89.89% |
| 2021 | 8.2% | -62.4% | 16.7% | 24.24% |
| 2020 | -4.9% | -72.0% | 37.9% | 23.76% |
| 2019 | 10.7% | -61.4% | 31.0% | 81.00% |
Total Return Ranking - Trailing
| Period | SCRUX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 18.8% | -88.1% | 43.3% | 75.74% |
| 1 Yr | 19.2% | -11.4% | 86.0% | 95.19% |
| 3 Yr | 6.3%* | -1.8% | 22.6% | 98.96% |
| 5 Yr | 6.9%* | 2.7% | 19.7% | 97.47% |
| 10 Yr | 4.8%* | 1.8% | 19.2% | 98.57% |
* Annualized
Total Return Ranking - Calendar
| Period | SCRUX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 16.9% | -26.7% | 285.0% | 84.00% |
| 2022 | -14.3% | -32.1% | 76.3% | 89.89% |
| 2021 | 22.2% | -37.1% | 17.4% | 54.49% |
| 2020 | -3.5% | -9.5% | 37.9% | 63.69% |
| 2019 | 12.0% | -27.9% | 32.2% | 93.13% |
NAV & Total Return History
SCRUX - Holdings
Concentration Analysis
| SCRUX | Category Low | Category High | SCRUX % Rank | |
|---|---|---|---|---|
| Net Assets | 188 M | 390 K | 131 B | 78.95% |
| Number of Holdings | 384 | 2 | 1654 | 4.07% |
| Net Assets in Top 10 | 87.5 M | 1.44 K | 28.6 B | 57.99% |
| Weighting of Top 10 | 39.29% | 5.3% | 100.0% | 20.73% |
Top 10 Holdings
- Invesco Treasury Portfolio, Institutional Class 11.93%
- Invesco Government Agency Portfolio, Institutional Class 6.47%
- Microsoft Corp. 4.25%
- NVIDIA Corp. 3.16%
- Apple Inc. 2.85%
- Meta Platforms, Inc., Class A 2.68%
- Alphabet Inc., Class A 2.66%
- Amazon.com, Inc. 2.08%
- Berkshire Hathaway Inc., Class B 1.76%
- Johnson Johnson 1.45%
Asset Allocation
| Weighting | Return Low | Return High | SCRUX % Rank | |
|---|---|---|---|---|
| Stocks | 77.45% | 51.79% | 144.97% | 99.94% |
| Cash | 19.30% | -78.75% | 44.25% | 0.45% |
| Bonds | 4.42% | 0.00% | 71.66% | 93.70% |
| Preferred Stocks | 0.00% | 0.00% | 23.40% | 94.27% |
| Other | 0.00% | -8.78% | 26.80% | 91.34% |
| Convertible Bonds | 0.00% | 0.00% | 9.12% | 93.51% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | SCRUX % Rank | |
|---|---|---|---|---|
| Technology | 22.47% | 0.00% | 54.02% | 7.85% |
| Healthcare | 15.88% | 0.00% | 37.79% | 67.24% |
| Communication Services | 13.54% | 0.00% | 27.08% | 2.11% |
| Financial Services | 12.88% | 0.00% | 54.74% | 84.04% |
| Industrials | 8.02% | 0.00% | 45.08% | 80.27% |
| Consumer Defense | 7.97% | 0.00% | 37.30% | 73.50% |
| Consumer Cyclical | 7.95% | 0.00% | 32.98% | 24.58% |
| Utilities | 3.37% | 0.00% | 32.19% | 71.78% |
| Real Estate | 3.25% | 0.00% | 97.30% | 40.74% |
| Energy | 2.59% | 0.00% | 26.93% | 86.27% |
| Basic Materials | 2.07% | 0.00% | 27.17% | 71.84% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | SCRUX % Rank | |
|---|---|---|---|---|
| US | 77.45% | 26.40% | 143.58% | 99.49% |
| Non US | 0.00% | 0.00% | 49.16% | 73.71% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | SCRUX % Rank | |
|---|---|---|---|---|
| Cash & Equivalents | 19.30% | 0.00% | 100.00% | 73.79% |
| Derivative | 0.00% | 0.00% | 75.06% | 92.56% |
| Securitized | 0.00% | 0.00% | 43.45% | 92.64% |
| Corporate | 0.00% | 0.00% | 100.00% | 93.93% |
| Municipal | 0.00% | 0.00% | 0.49% | 92.31% |
| Government | 0.00% | 0.00% | 88.82% | 92.31% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | SCRUX % Rank | |
|---|---|---|---|---|
| US | 4.42% | -0.10% | 45.24% | 93.63% |
| Non US | 0.00% | 0.00% | 26.42% | 93.44% |
SCRUX - Expenses
Operational Fees
| SCRUX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 1.40% | 0.01% | 4.02% | 15.61% |
| Management Fee | 0.60% | 0.00% | 1.69% | 57.55% |
| 12b-1 Fee | 0.50% | 0.00% | 1.00% | 74.70% |
| Administrative Fee | N/A | 0.01% | 0.50% | N/A |
Sales Fees
| SCRUX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 0.00% | 5.75% | N/A |
| Deferred Load | N/A | 0.95% | 5.50% | N/A |
Trading Fees
| SCRUX 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.
| SCRUX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | N/A | 0.00% | 488.00% | 89.53% |
SCRUX - Distributions
Dividend Yield Analysis
| SCRUX | Category Low | Category High | SCRUX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 6.21% | 0.00% | 2.60% | 93.60% |
Dividend Distribution Analysis
| SCRUX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Monthly | Annually | Monthly | Monthly |
Net Income Ratio Analysis
| SCRUX | Category Low | Category High | SCRUX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 0.90% | -3.83% | 5.38% | 67.81% |
Capital Gain Distribution Analysis
| SCRUX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Dec 12, 2024 | $0.058 | OrdinaryDividend |
| Nov 21, 2024 | $0.057 | OrdinaryDividend |
| Oct 17, 2024 | $0.057 | OrdinaryDividend |
| Sep 26, 2024 | $0.057 | OrdinaryDividend |
| Aug 15, 2024 | $0.057 | OrdinaryDividend |
| Jul 18, 2024 | $0.057 | OrdinaryDividend |
| Apr 18, 2024 | $0.057 | OrdinaryDividend |
| Mar 28, 2024 | $0.054 | OrdinaryDividend |
| Jan 18, 2024 | $0.054 | OrdinaryDividend |
| Dec 13, 2023 | $0.054 | OrdinaryDividend |
| Nov 16, 2023 | $0.054 | OrdinaryDividend |
| Oct 19, 2023 | $0.054 | OrdinaryDividend |
| Sep 28, 2023 | $0.054 | OrdinaryDividend |
| Aug 17, 2023 | $0.054 | OrdinaryDividend |
| Jul 20, 2023 | $0.053 | OrdinaryDividend |
| Jun 22, 2023 | $0.053 | OrdinaryDividend |
| May 18, 2023 | $0.052 | OrdinaryDividend |
| Apr 20, 2023 | $0.052 | OrdinaryDividend |
| Mar 23, 2023 | $0.052 | OrdinaryDividend |
| Feb 16, 2023 | $0.052 | OrdinaryDividend |
| Jan 19, 2023 | $0.052 | OrdinaryDividend |
| Dec 14, 2022 | $0.050 | OrdinaryDividend |
| Nov 17, 2022 | $0.050 | OrdinaryDividend |
| Oct 20, 2022 | $0.050 | OrdinaryDividend |
| Sep 22, 2022 | $0.049 | OrdinaryDividend |
| Aug 18, 2022 | $0.049 | OrdinaryDividend |
| Jul 21, 2022 | $0.049 | OrdinaryDividend |
| Jun 23, 2022 | $0.049 | OrdinaryDividend |
| May 19, 2022 | $0.048 | OrdinaryDividend |
| Apr 21, 2022 | $0.048 | OrdinaryDividend |
| Mar 24, 2022 | $0.048 | OrdinaryDividend |
| Dec 14, 2021 | $1.236 | OrdinaryDividend |
| Nov 18, 2021 | $0.047 | OrdinaryDividend |
| Oct 21, 2021 | $0.046 | OrdinaryDividend |
| Sep 23, 2021 | $0.035 | OrdinaryDividend |
| Jun 24, 2021 | $0.022 | OrdinaryDividend |
| Mar 25, 2021 | $0.029 | OrdinaryDividend |
| Dec 11, 2020 | $0.034 | OrdinaryDividend |
| Sep 17, 2020 | $0.035 | OrdinaryDividend |
| Jun 18, 2020 | $0.035 | OrdinaryDividend |
| Mar 19, 2020 | $0.034 | OrdinaryDividend |
| Dec 13, 2019 | $0.034 | OrdinaryDividend |
| Sep 19, 2019 | $0.034 | OrdinaryDividend |
| Jun 20, 2019 | $0.034 | OrdinaryDividend |
| Mar 21, 2019 | $0.024 | OrdinaryDividend |
| Dec 14, 2018 | $0.024 | OrdinaryDividend |
| Dec 14, 2018 | $0.199 | CapitalGainLongTerm |
| Sep 13, 2018 | $0.017 | OrdinaryDividend |
| Jun 21, 2018 | $0.018 | OrdinaryDividend |
| Mar 22, 2018 | $0.028 | OrdinaryDividend |
| Dec 13, 2017 | $0.056 | OrdinaryDividend |
| Sep 14, 2017 | $0.056 | OrdinaryDividend |
| Jun 15, 2017 | $0.057 | OrdinaryDividend |
| Mar 16, 2017 | $0.057 | OrdinaryDividend |
| Dec 13, 2016 | $0.057 | OrdinaryDividend |
| Sep 15, 2016 | $0.057 | OrdinaryDividend |
| Jun 16, 2016 | $0.057 | OrdinaryDividend |
| Mar 17, 2016 | $0.071 | OrdinaryDividend |
| Sep 17, 2015 | $0.072 | OrdinaryDividend |
| Jun 18, 2015 | $0.071 | OrdinaryDividend |
| Mar 19, 2015 | $0.071 | OrdinaryDividend |
| Dec 12, 2014 | $0.070 | OrdinaryDividend |
| Dec 12, 2014 | $0.848 | CapitalGainLongTerm |
| Sep 18, 2014 | $0.070 | OrdinaryDividend |
| Jun 19, 2014 | $0.066 | OrdinaryDividend |
| Mar 20, 2014 | $0.066 | OrdinaryDividend |
| Dec 13, 2013 | $0.066 | OrdinaryDividend |
| Dec 13, 2013 | $0.167 | CapitalGainLongTerm |
| Sep 19, 2013 | $0.064 | OrdinaryDividend |
| Dec 07, 2012 | $0.078 | OrdinaryDividend |
| Dec 09, 2011 | $0.029 | OrdinaryDividend |
| Dec 10, 2010 | $0.069 | OrdinaryDividend |
| Dec 11, 2009 | $0.104 | OrdinaryDividend |
| Dec 12, 2008 | $1.302 | CapitalGainLongTerm |
| Dec 12, 2008 | $0.063 | OrdinaryDividend |
| Dec 14, 2007 | $0.053 | CapitalGainLongTerm |
| Dec 15, 2006 | $0.162 | OrdinaryDividend |
SCRUX - Fund Manager Analysis
Managers
Christian Ulrich
Start Date
Tenure
Tenure Rank
Jul 15, 2021
0.88
0.9%
Christian Ulrich currently serves as a Portfolio Manager for the IGAA team. Christian joined Invesco in 2000 and the Global Asset Allocation team in 2009. Prior to affiliating as a Portfolio manager with IGAA team, Christian served as a client portfolio manager for Invesco Global Asset Management. Christian began his investment career in 1987 and was with Credit Suisse Group AG where he had assignments in Zurich, New York and London.Christian graduated from the KV Zurich Business School in Zurich, Switzerland, and holds the CFA designation.
Scott Hixon
Start Date
Tenure
Tenure Rank
Jul 15, 2021
0.88
0.9%
Scott Hixon joined Invesco in 1994 and became affiliated with the Global Asset Allocation team in 1997. He is responsible for the fundamental research, quantitative modeling and portfolio investment decisions for asset classes and currencies. Mr. Hixon began his investment management career in 1992 and was with SunTrust Bank prior to joining Invesco. He earned a Bachelor of Business Administration in finance, graduating magna cum aude from Georgia Southern University. He earned an M.B.A. in finance from Georgia State University. Mr. Hixon is a CFA charterholder.
Mark Ahnrud
Start Date
Tenure
Tenure Rank
Jul 15, 2021
0.88
0.9%
Mark Ahnrud currently serves as a Portfolio Manager for Invesco's Global Asset Allocation team. Mark joined Invesco in 2000 and the Global Asset Allocation team in 2002. Mark began his investment career in 1985 and was a fixed income portfolio manager with Bank of America prior to joining Invesco. Mark received his BS in Finance and Investments from Babson College. He received his MBA from the Fuqua School of Business at Duke University with a concentration in Finance and Real Estate Investment. Mark holds the Chartered Financial Analyst designation.
Scott Wolle
Start Date
Tenure
Tenure Rank
Jul 15, 2021
0.88
0.9%
Scott Wolle is a portfolio manager and chief investment officer (CIO) of Invesco Global Asset Allocation. Mr. Wolle joined Invesco in 1999 and became affiliated with the Global Asset Allocation team in 2000. He began his investment management career in 1991 and was with Bank of America prior to joining Invesco. Mr. Wolle earned a Bachelor of Science in finance from Virginia Polytechnic Institute and State University, graduating magna cum laude. He earned a MBA from the Fuqua School of Business at Duke University where he earned the distinction of Fuqua Scholar. He is a CFA charterholder.
Chris Devine
Start Date
Tenure
Tenure Rank
Jul 15, 2021
0.88
0.9%
Chris Devine joined Invesco in 1998 and became affiliated with the Global Asset Allocation team in January 2003. He is responsible for portfolio construction, risk management, trading and derivative management. He began his investment management career in 1996 and was with The Robinson-Humphrey Co. prior to joining Invesco. Mr. Devine earned a Bachelor of Arts degree in economics from Wake Forest University and a Master of Business Administration degree from the University of Georgia. He is a CFA charterholder.
John Burrello
Start Date
Tenure
Tenure Rank
Jul 15, 2021
0.88
0.9%
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.06 | 85.84 | 7.17 | 5.96 |
