INVESCO CORPORATE BOND FUND
Name
As of 10/09/2024Price
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
5.4%
1 yr return
14.1%
3 Yr Avg Return
-1.4%
5 Yr Avg Return
1.7%
Net Assets
$3.09 B
Holdings in Top 10
18.4%
52 WEEK LOW AND HIGH
$6.4
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 0.37%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 133.00%
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 10/09/2024Price
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
ICBFX - Profile
Distributions
- YTD Total Return 5.4%
- 3 Yr Annualized Total Return -1.4%
- 5 Yr Annualized Total Return 1.7%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 3.03%
- Dividend Yield 5.3%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameINVESCO CORPORATE BOND FUND
-
Fund Family NameINVESCOFDS
-
Inception DateSep 24, 2012
-
Shares OutstandingN/A
-
Share ClassR6
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerCharles Burge
Fund Description
The Fund invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in corporate bonds, and in derivatives and other instruments that have economic characteristics similar to such securities. For these purposes, a corporate bond is defined as any corporate debt security with an original term to maturity of greater than one year.
At least 65% of the Fund’s net assets must be, and up to 100% may be, invested in investment grade securities; securities issued or guaranteed by the U.S. government, its agencies or instrumentalities; commercial paper rated Prime by Moody’s Investors Service, Inc. (Moody’s) or A- or higher by S&P Global Ratings (S&P); and cash and cash equivalents. Investment grade securities are:(i) securities rated BBB- or higher by S&P or Baa3 or higher by Moody’s or an equivalent rating by another NRSRO,(ii) securities with comparable short-term NRSRO ratings, or (iii) unrated securities determined by the Adviser to be of comparable quality, each at the time of purchase.
Up to 35% of the Fund’s net assets may be invested in securities rated below investment grade. Below investment grade securities are commonly referred to as junk bonds. No more than 20% of the Fund’s net assets may be invested in securities rated B- or below by S&P, or B3 or below by Moody’s, or unrated securities determined by the investment adviser, Invesco Advisers, Inc. (Invesco or the Adviser), to be of comparable quality (excluding unrated U.S. government agency obligations). The ratings specified above apply to preferred stocks as well as to corporate bonds.
The Fund may invest up to 10% of its net assets in preferred stocks. In addition, the Fund may invest a portion or all of its net assets in securities issued by foreign governments or corporations, including those located in emerging markets countries, i.e., those that are generally in the early stages of their industrial cycles; provided, however, that the Fund may not invest more than 30% of its net assets in non-U.S. dollar denominated securities.
The Fund may invest up to 20% of its net assets in convertible securities.
The Fund does not generally purchase common stock but may acquire them as a result of conversion of convertible securities into such common stocks or upon exercise of warrants attached to or included in a unit with a debt security purchased by the Fund.
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 in illiquid or thinly traded investments. The Fund may also 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 purchase and sell securities on a when-issued and delayed delivery basis, which means that a Fund buys or sells a security with payment and delivery taking place in the future. The Fund may also engage in “to be announced” (TBA) transactions, which are transactions in which a fund buys or sells mortgage-backed securities on a forward commitment basis.
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 create long or short exposure to corporate or sovereign debt securities. The Fund can further use credit default index swaps to seek 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 to seek investment return 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, to increase or reduce its exposure to interest rate changes. The Fund can also use currency futures to hedge against adverse movements in or to increase or decrease its exposure to foreign currencies.
The Fund can engage in foreign currency transactions either on a spot basis or through forward foreign currency contracts to gain or mitigate the risk of foreign currency exposure. Spot contracts allow for prompt delivery and settlement at the rate prevailing in the currency exchange market at the time. Forward foreign currency contracts are used to protect against uncertainty in the level of future currency exchange rates or to gain or modify exposure to a particular currency.
The Fund utilizes active duration (i.e., making investments to reduce or increase the sensitivity of the Fund’s portfolio to interest rate changes) and yield curve positioning (i.e., making investments that allow the Fund to benefit from varying interest rates) for risk management and for generating alpha.
The portfolio managers utilize the Bloomberg U.S. Credit Index as a reference in structuring the portfolio, but the Fund is not an index fund. The portfolio managers decide on appropriate risk factors—such as sector and issuer weightings and duration—relative to the index. The portfolio managers then employ proprietary technology to calculate position sizes for each of these risk factors. In doing so, the portfolio managers consider recommendations from a globally interconnected team of specialist decision makers in positioning the Fund to generate alpha.
The portfolio managers generally rely upon a team of market-specific specialists for trade execution and for assistance in determining efficient ways (in terms of cost-efficiency and security selection) to implement those recommendations. Although a variety of specialists provide input in the management of the Fund, the portfolio managers retain responsibility for ensuring the Fund is positioned in a manner that they believe is appropriate in terms of risk exposures and position sizes.
Specialists employ a bottom-up approach to recommend larger or smaller exposure to specific risk factors. In general, specialists will look for attractive risk-reward opportunities and securities that they believe best enable the Fund to pursue those opportunities. The portfolio managers consider the recommendations of these market-specific specialists in adjusting the Fund’s risk exposures and security selection on a real-time basis using proprietary communication technology.
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.
ICBFX - Performance
Return Ranking - Trailing
| Period | ICBFX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 5.4% | 0.3% | 7.1% | 12.57% |
| 1 Yr | 14.1% | 2.2% | 20.7% | 9.71% |
| 3 Yr | -1.4%* | -9.3% | 41.5% | 59.77% |
| 5 Yr | 1.7%* | -7.2% | 25.8% | 14.81% |
| 10 Yr | 2.0%* | 0.2% | 14.4% | 78.22% |
* Annualized
Return Ranking - Calendar
| Period | ICBFX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 3.1% | -5.6% | 6.3% | 85.14% |
| 2022 | -19.8% | -28.7% | 142.1% | 90.23% |
| 2021 | -4.4% | -12.3% | 4.9% | 54.39% |
| 2020 | 4.9% | -8.0% | 10.6% | 64.67% |
| 2019 | 11.6% | 4.3% | 13.4% | 13.38% |
Total Return Ranking - Trailing
| Period | ICBFX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 5.4% | 0.3% | 7.1% | 12.57% |
| 1 Yr | 14.1% | 2.2% | 20.7% | 9.71% |
| 3 Yr | -1.4%* | -9.3% | 41.5% | 59.77% |
| 5 Yr | 1.7%* | -7.2% | 25.8% | 14.81% |
| 10 Yr | 2.0%* | 0.2% | 14.4% | 78.22% |
* Annualized
Total Return Ranking - Calendar
| Period | ICBFX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 8.9% | -5.6% | 12.9% | 32.00% |
| 2022 | -16.3% | -25.6% | 151.8% | 57.47% |
| 2021 | 1.0% | -5.1% | 7.5% | 12.87% |
| 2020 | 12.2% | -8.0% | 116.0% | 19.16% |
| 2019 | 15.4% | 6.7% | 17.4% | 13.38% |
NAV & Total Return History
ICBFX - Holdings
Concentration Analysis
| ICBFX | Category Low | Category High | ICBFX % Rank | |
|---|---|---|---|---|
| Net Assets | 3.09 B | 4.83 M | 47.3 B | 20.57% |
| Number of Holdings | 1171 | 4 | 10344 | 14.29% |
| Net Assets in Top 10 | 632 M | -29.6 M | 2.56 B | 8.57% |
| Weighting of Top 10 | 18.45% | 1.6% | 143.7% | 28.57% |
Top 10 Holdings
- Invesco Private Prime Fund 9.60%
- Invesco Private Government Fund 3.75%
- U.S. Treasury Notes/Bonds 1.09%
- U.S. Treasury Notes/Bonds 0.84%
- Invesco Treasury Portfolio, Institutional Class 0.65%
- Invesco Government Agency Portfolio, Institutional Class 0.57%
- Abu Dhabi Government International Bond 0.51%
- Wells Fargo Co., Series L, Conv. Pfd. 0.48%
- Coca-Cola Co. (The) 0.48%
- American Express Co. 0.47%
Asset Allocation
| Weighting | Return Low | Return High | ICBFX % Rank | |
|---|---|---|---|---|
| Bonds | 94.81% | 0.00% | 136.47% | 72.57% |
| Cash | 14.98% | -43.80% | 45.89% | 1.14% |
| Convertible Bonds | 3.42% | 0.00% | 78.47% | 68.00% |
| Other | 1.81% | -4.61% | 11.28% | 22.29% |
| Preferred Stocks | 1.19% | 0.00% | 9.18% | 8.00% |
| Stocks | 0.14% | 0.00% | 99.97% | 10.29% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | ICBFX % Rank | |
|---|---|---|---|---|
| Technology | 24.68% | 0.00% | 24.68% | 4.35% |
| Healthcare | 14.32% | 0.00% | 14.32% | 4.35% |
| Financial Services | 13.20% | 0.00% | 100.00% | 56.52% |
| Consumer Cyclical | 11.22% | 0.00% | 11.22% | 4.35% |
| Communication Services | 8.63% | 0.00% | 8.64% | 8.70% |
| Industrials | 8.28% | 0.00% | 8.34% | 13.04% |
| Consumer Defense | 7.33% | 0.00% | 7.33% | 4.35% |
| Energy | 4.14% | 0.00% | 4.21% | 8.70% |
| Real Estate | 2.93% | 0.00% | 100.00% | 34.78% |
| Utilities | 2.85% | 0.00% | 100.00% | 21.74% |
| Basic Materials | 2.42% | 0.00% | 3.60% | 34.78% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | ICBFX % Rank | |
|---|---|---|---|---|
| US | 0.14% | 0.00% | 99.97% | 10.29% |
| Non US | 0.00% | 0.00% | 0.00% | 25.14% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | ICBFX % Rank | |
|---|---|---|---|---|
| Corporate | 91.35% | 41.80% | 99.52% | 32.57% |
| Cash & Equivalents | 14.98% | 0.00% | 45.89% | 1.14% |
| Government | 3.66% | 0.00% | 25.63% | 66.86% |
| Securitized | 2.56% | 0.00% | 23.18% | 31.43% |
| Municipal | 0.32% | 0.00% | 3.62% | 38.86% |
| Derivative | 0.01% | -2.67% | 2.11% | 52.57% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | ICBFX % Rank | |
|---|---|---|---|---|
| US | 94.66% | 0.00% | 110.12% | 70.29% |
| Non US | 0.15% | 0.00% | 47.05% | 25.71% |
ICBFX - Expenses
Operational Fees
| ICBFX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.37% | 0.03% | 4.56% | 78.49% |
| Management Fee | 0.29% | 0.00% | 1.35% | 32.00% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | N/A | 0.02% | 0.45% | N/A |
Sales Fees
| ICBFX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 1.00% | 4.75% | N/A |
| Deferred Load | N/A | 1.00% | 4.00% | N/A |
Trading Fees
| ICBFX 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.
| ICBFX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 133.00% | 0.00% | 259.00% | 79.19% |
ICBFX - Distributions
Dividend Yield Analysis
| ICBFX | Category Low | Category High | ICBFX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 5.29% | 0.00% | 6.00% | 7.43% |
Dividend Distribution Analysis
| ICBFX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Monthly | Monthly | Monthly | Monthly |
Net Income Ratio Analysis
| ICBFX | Category Low | Category High | ICBFX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 3.03% | 0.38% | 5.93% | 6.94% |
Capital Gain Distribution Analysis
| ICBFX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Sep 30, 2024 | $0.028 | OrdinaryDividend |
| Aug 30, 2024 | $0.028 | OrdinaryDividend |
| Jul 31, 2024 | $0.028 | OrdinaryDividend |
| Apr 30, 2024 | $0.028 | OrdinaryDividend |
| Mar 28, 2024 | $0.028 | OrdinaryDividend |
| Feb 29, 2024 | $0.028 | OrdinaryDividend |
| Jan 31, 2024 | $0.028 | OrdinaryDividend |
| Dec 29, 2023 | $0.028 | OrdinaryDividend |
| Nov 30, 2023 | $0.028 | OrdinaryDividend |
| Oct 31, 2023 | $0.026 | OrdinaryDividend |
| Sep 29, 2023 | $0.026 | OrdinaryDividend |
| Aug 31, 2023 | $0.025 | OrdinaryDividend |
| Jul 31, 2023 | $0.025 | OrdinaryDividend |
| Jun 30, 2023 | $0.025 | OrdinaryDividend |
| May 31, 2023 | $0.025 | OrdinaryDividend |
| Apr 28, 2023 | $0.025 | OrdinaryDividend |
| Mar 31, 2023 | $0.026 | OrdinaryDividend |
| Feb 28, 2023 | $0.026 | OrdinaryDividend |
| Jan 31, 2023 | $0.025 | OrdinaryDividend |
| Dec 30, 2022 | $0.025 | OrdinaryDividend |
| Nov 30, 2022 | $0.025 | OrdinaryDividend |
| Oct 31, 2022 | $0.023 | OrdinaryDividend |
| Sep 30, 2022 | $0.023 | OrdinaryDividend |
| Aug 31, 2022 | $0.022 | OrdinaryDividend |
| Jul 29, 2022 | $0.022 | OrdinaryDividend |
| Jun 30, 2022 | $0.021 | OrdinaryDividend |
| May 31, 2022 | $0.020 | OrdinaryDividend |
| Apr 29, 2022 | $0.020 | OrdinaryDividend |
| Mar 31, 2022 | $0.020 | OrdinaryDividend |
| Feb 28, 2022 | $0.020 | OrdinaryDividend |
| Jan 31, 2022 | $0.020 | OrdinaryDividend |
| Dec 31, 2021 | $0.020 | OrdinaryDividend |
| Dec 14, 2021 | $0.158 | OrdinaryDividend |
| Nov 30, 2021 | $0.020 | OrdinaryDividend |
| Oct 29, 2021 | $0.020 | OrdinaryDividend |
| Sep 30, 2021 | $0.021 | OrdinaryDividend |
| Aug 31, 2021 | $0.021 | OrdinaryDividend |
| Jul 30, 2021 | $0.021 | OrdinaryDividend |
| Jun 30, 2021 | $0.020 | OrdinaryDividend |
| May 28, 2021 | $0.020 | OrdinaryDividend |
| Apr 30, 2021 | $0.021 | OrdinaryDividend |
| Mar 31, 2021 | $0.021 | OrdinaryDividend |
| Feb 26, 2021 | $0.021 | OrdinaryDividend |
| Jan 29, 2021 | $0.021 | OrdinaryDividend |
| Dec 31, 2020 | $0.022 | OrdinaryDividend |
| Dec 11, 2020 | $0.232 | OrdinaryDividend |
| Nov 30, 2020 | $0.022 | OrdinaryDividend |
| Oct 30, 2020 | $0.022 | OrdinaryDividend |
| Sep 30, 2020 | $0.023 | OrdinaryDividend |
| Aug 31, 2020 | $0.023 | OrdinaryDividend |
| Jul 31, 2020 | $0.023 | OrdinaryDividend |
| Jun 30, 2020 | $0.023 | OrdinaryDividend |
| May 29, 2020 | $0.023 | OrdinaryDividend |
| Apr 30, 2020 | $0.024 | OrdinaryDividend |
| Mar 31, 2020 | $0.024 | OrdinaryDividend |
| Feb 28, 2020 | $0.024 | OrdinaryDividend |
| Jan 31, 2020 | $0.024 | OrdinaryDividend |
| Dec 31, 2019 | $0.024 | OrdinaryDividend |
| Nov 29, 2019 | $0.024 | OrdinaryDividend |
| Oct 31, 2019 | $0.024 | OrdinaryDividend |
| Sep 30, 2019 | $0.024 | OrdinaryDividend |
| Aug 30, 2019 | $0.024 | OrdinaryDividend |
| Jul 31, 2019 | $0.027 | OrdinaryDividend |
| Dec 14, 2018 | $0.002 | CapitalGainLongTerm |
| Dec 13, 2017 | $0.005 | CapitalGainShortTerm |
| Dec 13, 2017 | $0.036 | CapitalGainLongTerm |
ICBFX - Fund Manager Analysis
Managers
Charles Burge
Start Date
Tenure
Tenure Rank
Feb 12, 2010
12.3
12.3%
Chuck Burge is a Senior Portfolio Manager with Invesco Fixed Income. Mr. Burge joined Invesco in 2002 as a portfolio manager and has held various positions with increased responsibility within the Taxable Investment team. He assumed fund management responsibilities in 2009. Prior to joining Invesco, Mr. Burge spent seven years with Criterion Investment Management. He entered the industry in 1993. Mr. Burge earned a BS degree in economics from Texas A&M University. He also earned an MBA in finance and accounting from Rice University.
Michael Hyman
Start Date
Tenure
Tenure Rank
Jun 28, 2013
8.93
8.9%
Michael Hyman is Chief Investment Officer, Global Investment Grade & Emerging Markets for Invesco Fixed Income. He joined Invesco in 2013 and entered the industry in 1991. Previously, Mr. Hyman was with ING Investment Management and ING Institutional Markets for 12 years. At ING, he was the head of investment grade corporate credit, responsible for investment grade corporate credit as well as collaterized loan obligation and synthetic collateralized debt obligation investment portfolios. Mr. Hyman earned a BSE degree in finance from Pennsylvania State University and an MBA from NYU.
Matthew Brill
Start Date
Tenure
Tenure Rank
Jun 28, 2013
8.93
8.9%
Matt Brill is Head of North America Investment Grade for Invesco Fixed Income. Mr. Brill joined Invesco in 2013 as a senior portfolio manager. Prior to joining the firm, he was a portfolio manager and vice president at ING Investment Management, where he specialized in investment-grade credit and commercial mortgage-backed securities. Before that, he was a portfolio analyst at Wells Real Estate Funds. Mr. Brill has been in the industry since 2002. Mr. Brill earned a BA degree in economics at Washington and Lee University. He is a Chartered Financial Analyst® (CFA) charterholder
Todd Schomberg
Start Date
Tenure
Tenure Rank
Jun 28, 2019
2.93
2.9%
Todd Schomberg has been associated with Invesco and/or its affiliates since 2016. From 2008 to 2016, he served as a Portfolio Manager and Vice President at Voya Investment Management
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.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.33 | 24.76 | 6.74 | 2.41 |