ACTHX: Invesco High Yield Municipal A

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ACTHX Invesco High Yield Municipal A


Profile

ACTHX - Profile

Vitals

  • YTD Return -8.8%
  • 3 Yr Annualized Return -2.3%
  • 5 Yr Annualized Return -1.2%
  • Net Assets $8.93 B
  • Holdings in Top 10 11.3%

52 WEEK LOW AND HIGH

$9.39
$8.89
$10.68

Expenses

OPERATING RELATED FEES

  • Expense Ratio 1.13%

SALES FEES

  • Front Load 4.25%
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 10.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

Closed to new investors as of Sep 06, 2019
  • Standard (Taxable) $1,000
  • IRA $250

Fund Classification

  • Primary Caregory Uncategorized
  • Fund Type Open End Mutual Fund
  • Investment Style High Yield Muni

Distributions

  • YTD Total Return -8.8%
  • 3 Yr Annualized Total Return -2.3%
  • 5 Yr Annualized Total Return -1.2%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 4.19%
DIVIDENDS
  • Dividend Yield 0.4%
  • Dividend Distribution Frequency Monthly

Fund Details

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

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.


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Categories

Fund Company Quick Screens

ACTHX - Fund Company Quick Screens


Performance

ACTHX - Performance

Return Ranking - Trailing

Period ACTHX Return Category Return Low Category Return High Rank in Category (%)
YTD -8.8% -14.2% 0.5% 78.76%
1 Yr -7.9% -13.9% 5.3% 88.24%
3 Yr -2.3%* -3.1% 1.8% 92.17%
5 Yr -1.2%* -2.3% 1.6% 74.24%
10 Yr 0.0%* -1.4% 1.7% 70.10%

* Annualized

Return Ranking - Calendar

Period ACTHX Return Category Return Low Category Return High Rank in Category (%)
2019 5.0% -0.7% 9.1% 57.22%
2018 -3.3% -4.8% 9.2% 81.03%
2017 4.0% -9.7% 8.6% 52.26%
2016 -3.5% -6.1% -0.8% 70.95%
2015 1.1% -5.6% 2.9% 8.40%

Total Return Ranking - Trailing

Period ACTHX Return Category Return Low Category Return High Rank in Category (%)
YTD -8.8% -14.2% 0.5% 78.76%
1 Yr -7.9% -13.9% 5.3% 88.24%
3 Yr -2.3%* -3.1% 1.8% 92.17%
5 Yr -1.2%* -2.3% 2.2% 74.24%
10 Yr 0.0%* -1.4% 4.2% 70.10%

* Annualized

Total Return Ranking - Calendar

Period ACTHX Return Category Return Low Category Return High Rank in Category (%)
2019 5.0% -0.7% 9.1% 57.22%
2018 -3.3% -4.8% 9.2% 82.76%
2017 4.0% -9.7% 8.8% 56.77%
2016 -3.5% -6.1% 1.0% 72.97%
2015 1.1% -5.6% 5.3% 15.27%

NAV & Total Return History


Holdings

ACTHX - Holdings

Concentration Analysis

ACTHX Category Low Category High ACTHX % Rank
Net Assets 8.93 B 366 K 17.9 B 3.57%
Number of Holdings 1462 6 3645 13.92%
Net Assets in Top 10 144 M -38.7 M 2.51 B 38.66%
Weighting of Top 10 11.28% 4.2% 98.8% 72.16%

Top 10 Holdings

  1. 10 Year Treasury Note Future June 20 4.87%
  2. JEFFERSON CNTY ALA SWR REV 0% 0.96%
  3. BUCKEYE OHIO TOB SETTLEMENT FING AUTH 5% 0.77%
  4. CHICAGO ILL 6% 0.74%
  5. CHILDRENS TR FD P R TOB SETTLEMENT REV 0% 0.70%
  6. NASSAU CNTY N Y TOBACCO SETTLEMENT CORP 5.12% 0.66%
  7. JEFFERSON CNTY ALA SWR REV 0% 0.66%
  8. CUYAHOGA CNTY OHIO HOSP REV 5.5% 0.65%
  9. INLAND EMPIRE TOBACCO SECURIZATION AUTH CALIF TOB 0% 0.64%
  10. WESTCHESTER CNTY N Y INDL DEV AGY SPL FAC REV 7% 0.64%

Asset Allocation

Weighting Return Low Return High ACTHX % Rank
Bonds
94.53% 81.55% 148.07% 79.38%
Cash
5.47% -1.98% 17.48% 17.53%
Stocks
0.00% 0.00% 3.60% 50.00%
Preferred Stocks
0.00% -48.07% 0.00% 42.27%
Other
0.00% -0.68% 1.30% 52.06%
Convertible Bonds
0.00% 0.00% 0.00% 42.78%

Bond Sector Breakdown

Weighting Return Low Return High ACTHX % Rank
Municipal
94.79% 83.27% 100.00% 79.90%
Cash & Equivalents
5.21% 0.00% 16.36% 17.53%
Derivative
0.00% 0.00% 0.26% 48.45%
Securitized
0.00% 0.00% 0.00% 42.78%
Corporate
0.00% 0.00% 5.11% 62.37%
Government
0.00% -2.36% 1.20% 49.48%

Bond Geographic Breakdown

Weighting Return Low Return High ACTHX % Rank
US
85.64% 74.35% 141.91% 81.96%
Non US
8.89% 0.00% 14.58% 17.53%

Expenses

ACTHX - Expenses

Operational Fees

ACTHX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.13% 0.21% 2.78% 29.69%
Management Fee 0.50% 0.00% 1.25% 45.69%
12b-1 Fee 0.25% 0.00% 1.00% 44.74%
Administrative Fee N/A 0.01% 0.35% N/A

Sales Fees

ACTHX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load 4.25% 1.00% 4.75% 35.56%
Deferred Load N/A 1.00% 5.50% N/A

Trading Fees

ACTHX 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.

ACTHX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 10.00% 5.10% 125.00% 10.36%

Distributions

ACTHX - Distributions

Dividend Yield Analysis

ACTHX Category Low Category High ACTHX % Rank
Dividend Yield 0.40% 0.00% 1.21% 32.49%

Dividend Distribution Analysis

ACTHX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

ACTHX Category Low Category High ACTHX % Rank
Net Income Ratio 4.19% 1.99% 5.67% 25.00%

Capital Gain Distribution Analysis

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

Dividend Payout History

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Fund Manager Analysis

ACTHX - Fund Manager Analysis

Managers

James Phillips


Start Date

Tenure

Tenure Rank

Mar 31, 2002

18.1

18.1%

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.

Mark Paris


Start Date

Tenure

Tenure Rank

Dec 31, 2007

12.34

12.3%

Mark Paris is Chief Investment Officer and Head of Municipal Strategies for Invesco Fixed Income. In this capacity, he is responsible for the oversight and implementationof all municipal bond strategies. Mr. Paris entered the financial industry in 1990 and joined Invesco in 2010 when the firm combined with Van Kampen investments. Prior to joining the firm, Mr. Paris was a trader and then a portfolio manager on the muncipal fixed income team at Morgan Stanley/Van Kampen, which he joing in 2002. He also was previously a trader and portfolio manager at Oppenheimer Funds, head underwriter at Chase Manhattan Bank, and a trader and underwriter at NatWest Bank. Mr. Paris earned a BBA in finance from Baruch College of the City University of New York.

Julius Williams


Start Date

Tenure

Tenure Rank

Mar 06, 2015

5.16

5.2%

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.

Tim O’Reilly


Start Date

Tenure

Tenure Rank

Apr 01, 2016

4.08

4.1%

Tim O'Reilly is a Portfolio Manager for Invesco Municipal Strategies. Mr. O'Reilly joined Invesco in 2010 when the firm combined with Van Kampen, where he served as a senior unit trust fixed income portfolio manager, with responsibilities that included fixed income trading, risk management and credit analysis. He has a diverse knowledge base, with trading experience in municipals, corporates and equities. He joined Van Kampen in 2001. Mr. O'Reilly earned a BS degree in finance from Eastern Illinois University and an MBA in finance from the University of Illinois at Chicago. He holds the Series 7, 63 and 79 registrations.

John Connelly


Start Date

Tenure

Tenure Rank

Apr 01, 2016

4.08

4.1%

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.

John Schorle


Start Date

Tenure

Tenure Rank

Jun 28, 2018

1.84

1.8%

John Schorle, Portfolio Manager, who has been responsible for the Fund since 2018 and has been associated with Invesco and/or its affiliates since 2010.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 28.35 6.98 0.44