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ACTHX Invesco High Yield Muni A

  • Fund
  • ACTHX
  • Price as of: Aug 08, 2016
  • $10.46
  • - $0.00
  • - 0.00%
  • Category
  • High Yield Municipal Bonds

ACTHX - Profile

Vitals

  • YTD Return 3.6%
  • 3 Yr Annualized Return 9.7%
  • 5 Yr Annualized Return 8.4%
  • Net Assets $8.25 B
  • Holdings in Top 10 7.4%

52 WEEK LOW AND HIGH

$10.46
$9.93
$10.54

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.93%

SALES FEES

  • Front Load 4.25%
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 14.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

Closed to new investors as of 2014-08-01

STANDARD (TAXABLE)

$1,000

IRA

$250

Investment Themes

CATEGORY

High Yield Municipal Bonds
  • Fund Type Open End Mutual Fund
  • Investment Style High Yield Muni

Distributions

  • YTD Total Return 3.6%
  • 3 Yr Annualized Total Return 8.2%
  • 5 Yr Annualized Total Return 7.4%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 5.22%
DIVIDENDS
  • Dividend Yield 0.5%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name Invesco High Yield Municipal
  • Fund Family Name Invesco
  • Inception Date Jan 02, 1986
  • Shares Outstanding N/A
  • Share Class A
  • Currency USD
  • Domiciled Country United States
  • Manager Mark Paris

Fund Description

Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in municipal securities at the time of investment. It invests at least 75% of its net assets in higher yielding municipal securities, specifically medium- and lower-grade municipal securities. The fund may not, however, invest more than 25% of its net assets in industrial development revenue bonds issued for companies in the same industry.

ACTHX - Performance

Return Ranking - Trailing

Period ACTHX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD 3.6% 1.0% 6.2% 40.28% 3
1 Yr 11.4% 3.5% 15.4% 19.73% 1
3 Yr 9.7% * 3.6% 11.6% 14.29% 1
5 Yr 8.4% * 3.2% 10.3% 13.01% 1
10 Yr 5.3% * 1.2% 6.2% 14.42% 1

* Annualized


Return Ranking - Calendar

Period ACTHX Return Category Return Low Category Return High Rank in Category (%) Quintile
2015 1.1% -2.0% 2.9% 7.64% 1
2014 N/A N/A N/A N/A N/A
2013 N/A N/A N/A N/A N/A
2012 N/A N/A N/A N/A N/A
2011 N/A N/A N/A N/A N/A

Total Return Ranking - Trailing

Period ACTHX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD 3.6% 1.0% 6.2% 40.28% 3
1 Yr 6.7% -1.4% 15.1% 62.59% 4
3 Yr 8.2% * 2.7% 11.6% 36.43% 2
5 Yr 7.4% * 3.1% 10.3% 34.15% 2
10 Yr 4.9% * 1.2% 6.2% 28.85% 2

* Annualized


Total Return Ranking - Calendar

Period ACTHX Return Category Return Low Category Return High Rank in Category (%) Quintile
2015 1.1% -2.0% 2.9% 7.64% 1
2014 N/A N/A N/A N/A N/A
2013 N/A N/A N/A N/A N/A
2012 N/A N/A N/A N/A N/A
2011 N/A N/A N/A N/A N/A

NAV & Total Return History

ACTHX - Holdings

Filings data as of: Mar 31, 2016

Concentration Analysis

ACTHX Category Low Category High ACTHX % Rank Quintile
Net Assets 8.25 B 152 K 14.4 B 2.04% 1
Number of Holdings 1244 54 2466 4.08% 1
Net Assets in Top 10 561 M 45.4 K 1.5 B 3.40% 1
Weighting of Top 10 7.4% 7.4% 31.2% 28.57% 5

Top 10 Holdings

  1. Port Beaumont Tex Nav Dist 7.25% 0.94%
  2. Jefferson Cnty Ala Swr Rev Swr Rev W 0.93%
  3. Public Auth 6.5% 0.74%
  4. New York Liberty Dev Corp Libe Rev Bd 5% 0.73%
  5. New York Liberty Dev Corp Libe Rev 7.25% 0.72%
  6. Collier Cnty Fla Indl Dev Auth 8.25% 0.70%
  7. Tobacco Settlement Fing Corp N Ass 4.75% 0.66%
  8. New York Cntys Tob Tr V Tobacco B 0.65%
  9. Virginia Small Busn Fing A Rev Bds 5% 0.65%
  10. Grand Parkway Transn Corp Tex Toll 5% 0.63%

Asset Allocation

Weighting Category Low Category High ACTHX % Rank Quintile
Bonds
99.40% 79.28% 101.69% 5.44% 1
Cash
0.58% -1.69% 20.71% 21.09% 4
Other
0.03% -0.32% 3.42% 10.20% 2
Convertible Bonds
0.00% 0.00% 0.00% 0.68% 5
Preferred Stocks
0.00% 0.00% 0.00% 0.68% 5
Stocks
0.00% 0.00% 2.97% 4.08% 5

Bond Sector Breakdown

Weighting Category Low Category High ACTHX % Rank Quintile
Municipal
99.11% 78.39% 100.27% 5.44% 1
Cash & Equivalents
0.58% -1.69% 20.71% 21.09% 4
Government
0.29% -4.00% 3.33% 12.93% 3
Securitized
0.00% 0.00% 0.78% 1.36% 5
Corporate
0.00% 0.00% 1.24% 9.52% 5
Derivative
0.00% -0.05% 0.00% 0.68% 5

Bond Geographic Breakdown

Weighting Category Low Category High ACTHX % Rank Quintile
US
99.40% 79.11% 101.69% 5.44% 1
Non US
0.00% -0.14% 0.17% 1.36% 5

ACTHX - Expenses

Operational Fees

ACTHX Fees (% of AUM) Category Low Category High Rank in Category (%) Quintile
Expense Ratio 0.93% 0.27% 44.43% 31.29% 3
Management Fee 0.51% 0.00% 0.75% 7.48% 3
12b-1 Fee 0.25% 0.00% 1.00% 12.61% 3
Administrative Fee N/A 0.00% 0.35% N/A N/A

Sales Fees

ACTHX Fees (% of AUM) Category Low Category High ACTHX Rank Quintile
Front Load 4.25% 1.00% 4.75% 7.69% 4
Deferred Load N/A 0.60% 5.50% N/A N/A

Trading Fees

ACTHX Fees (% of AUM) Category Low Category High ACTHX Rank Quintile
Max Redemption Fee N/A 0.75% 2.00% N/A N/A

Turnover 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.

ACTHX Fees (% of AUM) Category Low Category High ACTHX Rank Quintile
Turnover 14.00% 4.00% 120.00% 14.97% 2

ACTHX - Distributions

Dividend Yield Analysis

ACTHX Category Low Category High ACTHX % Rank Quintile
Dividend Yield 0.5% 0.16% 0.96% 20.28% 2

Dividend Distribution Analysis

ACTHX Category Low Category High Category Mode
Dividend Distribution Frequency Monthly Monthly Monthly Annually

Dividend Payout History


Net Income Ratio Analysis

ACTHX Category Low Category High ACTHX % Rank Quintile
Net Income Ratio 5.22% 1.39% 7.33% 8.84% 1

Capital Gain Distribution Analysis

ACTHX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Monthly Annually

ACTHX - Managers

Mark Paris

Manager

Start Date

Dec 31, 2007

Tenure

8.59

Tenure Rank

9.6%

Mark Paris serves as Senior Portfolio Manager and Head of Portfolio Management and Trading for Invesco Municipal Bond Team. Mr. Paris entered the industry in 1990 and joined Invesco in 2010. Prior to joining the firm, Mr. Paris was a trader and then a portfolio manager on the Municipal Fixed Income team at Morgan Stanley, which he joined in 2002. He also was previously a trader/portfolio manager at Oppenheimer Funds, head underwriter at Chase Manhattan Bank and a trader/underwriter at NatWest Bank. Mr. Paris earned a BBA degree in finance from Baruch College – The City University of New York (CUNY). He holds the Series 7, 24, 79, 53 and 63 registrations.


James D. Phillips

Manager

Start Date

Mar 31, 2002

Tenure

14.35

Tenure Rank

2.0%

James Phillips is a Senior Portfolio Manager for Invesco municipal strategies. Mr. Phillips joined Invesco in 2010, when the firm combined with Van Kampen. At Van Kampen, which he joined in 1991, he was a portfolio manager for municipal strategies. He also served as a credit analyst and has specialized in researching nonrated municipal bonds across all sectors. Previously, he was at the Federal Deposit Insurance Corporation, where he managed a portfolio of distressed bank assets. He started in the municipal bond market at Underwood, Neuhaus & Co. in Houston, structuring municipal bond issues in the health care, senior living and special tax sectors. He entered the industry in 1985. Mr. Phillips earned a BA degree in American literature from Empire State College, the independent study division of the State University of New York, and an MBA in finance from the State University of New York at Albany.


Robert J. Stryker

Manager

Start Date

Mar 06, 2015

Tenure

1.41

Tenure Rank

18.9%

Robert Stryker is a Senior Portfolio Manager for Invesco municipal strategies. Previously, Mr. Stryker was with Van Kampen, serving as a portfolio manager on the Municipal Fixed Income team, a fixed income trader, a portfolio analyst and a fixed income credit analyst. He entered the industry when he joined Van Kampen in 1994, and joined Invesco in 2010 when the firm combined with Van Kampen. Mr. Stryker earned a BS degree in finance from the University of Illinois, Chicago. He is a CFA charterholder.


Julius Williams

Manager

Start Date

Mar 06, 2015

Tenure

1.41

Tenure Rank

18.9%

Julius Williams is a Senior Portfolio Manager for Invesco municipal strategies. Mr. Williams entered the industry in 2000. Prior to joining Invesco, he was a portfolio manager and trader for municipal funds at Van Kampen. He joined Invesco in 2010 when the firm combined with Van Kampen. Mr. Williams earned a BA degree in economics and sociology, and a Master of Education degree in educational psychology from the University of Virginia.


John Connelly

Manager

Start Date

Apr 01, 2016

Tenure

0.33

Tenure Rank

20.1%

John Connelly, has been associated with Invesco and/or its affiliates since 2016. From 1994 to 2015, he was employed by Raymond James & Associates, where he served as Senior Vice President of Municipal High Yield Trading from 2012 to 2015. Prior to 2012, he served as Director of the Municipal High Yield Trading Group.


Tim O’Reilly

Manager

Start Date

Apr 01, 2016

Tenure

0.33

Tenure Rank

20.1%

Tim O’Reilly has been associated with Invesco and/or its affiliates since 2010.


Tenure Analysis

Category Low

0.3

Category High

27.6

Category Average

7.52

Category Mode

1.6