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Trending ETFs

Name

As of 03/27/2024

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

$3.51

$1.08 B

6.56%

$0.23

1.04%

Vitals

YTD Return

1.9%

1 yr return

10.4%

3 Yr Avg Return

1.4%

5 Yr Avg Return

2.5%

Net Assets

$1.08 B

Holdings in Top 10

13.7%

52 WEEK LOW AND HIGH

$3.5
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.04%

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

IRA

$250


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 03/27/2024

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

$3.51

$1.08 B

6.56%

$0.23

1.04%

HYINX - Profile

Distributions

  • YTD Total Return 1.9%
  • 3 Yr Annualized Total Return 1.4%
  • 5 Yr Annualized Total Return 2.5%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 3.90%
DIVIDENDS
  • Dividend Yield 6.6%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    INVESCO High Yield Fund
  • Fund Family Name
    INVESCOFDS
  • Inception Date
    Sep 30, 2003
  • Shares Outstanding
    N/A
  • Share Class
    Investor
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Niklas 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 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 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 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) and its peer group index (the Lipper High Current Yield Bond Funds 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.
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.
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HYINX - Performance

Return Ranking - Trailing

Period HYINX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.9% -4.9% 8.2% 21.84%
1 Yr 10.4% -4.3% 26.0% 79.66%
3 Yr 1.4%* -15.6% 20.6% 61.76%
5 Yr 2.5%* -11.2% 37.3% 83.94%
10 Yr 1.3%* -4.7% 19.5% 91.53%

* Annualized

Return Ranking - Calendar

Period HYINX Return Category Return Low Category Return High Rank in Category (%)
2023 2.9% -4.7% 14.3% 90.84%
2022 -13.9% -33.4% 3.6% 26.65%
2021 -0.8% -8.4% 14.9% 76.51%
2020 -2.7% -13.9% 302.7% 88.74%
2019 6.5% -4.4% 13.3% 72.93%

Total Return Ranking - Trailing

Period HYINX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.9% -4.9% 8.2% 21.84%
1 Yr 10.4% -4.3% 26.0% 79.66%
3 Yr 1.4%* -15.6% 20.6% 61.76%
5 Yr 2.5%* -11.2% 37.3% 83.94%
10 Yr 1.3%* -4.7% 19.5% 91.53%

* Annualized

Total Return Ranking - Calendar

Period HYINX Return Category Return Low Category Return High Rank in Category (%)
2023 10.0% -4.7% 18.7% 84.78%
2022 -9.3% -33.4% 47.8% 27.74%
2021 4.4% -8.4% 24.8% 64.11%
2020 4.1% -9.6% 325.6% 71.09%
2019 11.6% -3.8% 21.5% 78.97%

NAV & Total Return History


HYINX - Holdings

Concentration Analysis

HYINX Category Low Category High HYINX % Rank
Net Assets 1.08 B 1.85 M 22.6 B 35.79%
Number of Holdings 206 2 2736 72.99%
Net Assets in Top 10 142 M -492 M 4.45 B 33.64%
Weighting of Top 10 13.68% 4.2% 149.6% 49.07%

Top 10 Holdings

  1. Aethon United BR L.P./ Aethon United Finance Corp. 2.03%
  2. iShares iBoxx High Yield Corporate Bond ETF 2.01%
  3. iShares 0-5 Year High Yield Corporate Bond ETF 1.50%
  4. Camelot Finance S.A. 1.26%
  5. Carriage Services, Inc. 1.25%
  6. Group 1 Automotive, Inc. 1.25%
  7. Allison Transmission Inc. 1.24%
  8. Mativ Holdings, Inc. 1.05%
  9. Studio City Finance Ltd. 1.05%
  10. Melco Resorts Finance Ltd. 1.03%

Asset Allocation

Weighting Return Low Return High HYINX % Rank
Bonds
93.29% -3.13% 154.38% 66.36%
Stocks
4.01% 0.00% 99.61% 17.97%
Cash
2.43% -52.00% 49.49% 70.52%
Convertible Bonds
2.07% 0.00% 17.89% 21.30%
Other
0.35% -63.70% 102.57% 25.46%
Preferred Stocks
0.00% 0.00% 8.06% 39.51%

Stock Sector Breakdown

Weighting Return Low Return High HYINX % Rank
Communication Services
99.99% 0.00% 99.99% 0.84%
Energy
0.01% 0.00% 100.00% 73.74%
Utilities
0.00% 0.00% 100.00% 51.12%
Technology
0.00% 0.00% 33.17% 52.51%
Real Estate
0.00% 0.00% 86.71% 46.93%
Industrials
0.00% 0.00% 93.12% 52.23%
Healthcare
0.00% 0.00% 22.17% 43.85%
Financial Services
0.00% 0.00% 100.00% 50.84%
Consumer Defense
0.00% 0.00% 100.00% 45.81%
Consumer Cyclical
0.00% 0.00% 100.00% 61.45%
Basic Materials
0.00% 0.00% 100.00% 50.00%

Stock Geographic Breakdown

Weighting Return Low Return High HYINX % Rank
US
4.01% 0.00% 99.61% 18.06%
Non US
0.00% -0.01% 0.83% 45.52%

Bond Sector Breakdown

Weighting Return Low Return High HYINX % Rank
Corporate
96.20% 0.00% 129.69% 40.49%
Cash & Equivalents
2.43% 0.00% 49.49% 56.33%
Derivative
0.11% -15.04% 42.26% 14.81%
Government
0.06% 0.00% 99.07% 28.75%
Securitized
0.00% 0.00% 97.24% 66.77%
Municipal
0.00% 0.00% 4.66% 39.72%

Bond Geographic Breakdown

Weighting Return Low Return High HYINX % Rank
US
88.84% -3.13% 129.21% 70.52%
Non US
4.45% 0.00% 97.33% 20.52%

HYINX - Expenses

Operational Fees

HYINX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.04% 0.04% 31.61% 45.68%
Management Fee 0.55% 0.00% 1.84% 47.23%
12b-1 Fee 0.25% 0.00% 1.00% 31.88%
Administrative Fee N/A 0.00% 0.50% N/A

Sales Fees

HYINX 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

HYINX 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.

HYINX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 88.00% 1.00% 255.00% 80.81%

HYINX - Distributions

Dividend Yield Analysis

HYINX Category Low Category High HYINX % Rank
Dividend Yield 6.56% 0.00% 35.52% 36.81%

Dividend Distribution Analysis

HYINX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly SemiAnnual Monthly Monthly

Net Income Ratio Analysis

HYINX Category Low Category High HYINX % Rank
Net Income Ratio 3.90% -2.39% 14.30% 74.25%

Capital Gain Distribution Analysis

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

Distributions History

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HYINX - 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 7.12 8.17