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ACTHX Invesco High Yield Municipal A

  • Fund
  • ACTHX
  • Price as of: May 21, 2019
  • $10.17 - $0.02 - 0.20%
  • Category
  • High Yield Municipal Bonds

ACTHX - Profile

Vitals

  • YTD Return 3.7%
  • 3 Yr Annualized Return -0.6%
  • 5 Yr Annualized Return 0.9%
  • Net Assets $9.86 B
  • Holdings in Top 10 12.0%

52 WEEK LOW AND HIGH

$10.17
$9.68
$10.19

Expenses

OPERATING RELATED FEES

  • Expense Ratio 1.22%

SALES FEES

  • Front Load 4.25%
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 24.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

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 3.7%
  • 3 Yr Annualized Total Return -0.6%
  • 5 Yr Annualized Total Return 0.9%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 4.37%
DIVIDENDS
  • Dividend Yield 0.6%
  • 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 D. 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.

ACTHX - Performance

Return Ranking - Trailing

Period ACTHX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.7% 1.2% 5.8% 26.77%
1 Yr 2.0% -0.6% 6.4% 59.84%
3 Yr -0.6%* -1.9% 2.5% 69.67%
5 Yr 0.9%* -0.4% 13.3% 57.02%
10 Yr 1.9%* 0.8% 6.4% 63.75%

* Annualized


Return Ranking - Calendar

Period ACTHX Return Category Return Low Category Return High Rank in Category (%)
2018 -3.3% -5.6% 4.2% 84.80%
2017 4.0% 0.0% 8.6% 48.80%
2016 -3.5% -6.7% -1.2% 73.77%
2015 1.1% -2.0% 2.9% 10.66%
2014 10.5% 3.6% 83.0% 27.12%

Total Return Ranking - Trailing

Period ACTHX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.7% 1.2% 5.9% 30.71%
1 Yr 2.0% -0.6% 7.4% 60.63%
3 Yr -0.6%* -1.9% 3.6% 71.31%
5 Yr 0.9%* -0.4% 13.3% 62.81%
10 Yr 1.9%* 0.8% 7.3% 68.75%

* Annualized


Total Return Ranking - Calendar

Period ACTHX Return Category Return Low Category Return High Rank in Category (%)
2018 -3.3% -3.7% 4.2% 88.80%
2017 4.0% 0.0% 9.8% 54.40%
2016 -3.5% -4.6% 0.8% 75.41%
2015 1.1% -2.0% 5.3% 19.67%
2014 10.5% 3.6% 83.0% 31.36%

NAV & Total Return History

ACTHX - Holdings

Concentration Analysis

ACTHX Category Low Category High ACTHX % Rank
Net Assets 9.86 B 45.7 M 18.9 B 4.72%
Number of Holdings 1431 42 3288 14.17%
Net Assets in Top 10 72.2 M 4.84 M 2.07 B 67.72%
Weighting of Top 10 12.02% 4.3% 39.1% 49.61%

Top 10 Holdings

  1. US 10 Year Note (CBT) June19 5.63%

  2. JEFFERSON CNTY ALA SWR REV 0% 0.92%

  3. PORT BEAUMONT TEX NAV DIST DOCK & WHARF FAC REV 7.25% 0.77%

  4. CHICAGO ILL 6% 0.77%

  5. CHILDRENS TR FD P R TOB SETTLEMENT REV 0% 0.68%

  6. BUCKEYE OHIO TOB SETTLEMENT FING AUTH 5.88% 0.67%

  7. CUYAHOGA CNTY OHIO HOSP REV 5.5% 0.66%

  8. NASSAU CNTY N Y TOBACCO SETTLEMENT CORP 5.12% 0.66%

  9. WESTCHESTER CNTY N Y INDL DEV AGY SPL FAC REV 7% 0.64%

  10. JEFFERSON CNTY ALA SWR REV 0% 0.63%


Asset Allocation

Weighting Return Low Return High ACTHX % Rank
Bonds
94.27% 81.91% 103.81% 95.28%
Cash
5.69% -3.81% 18.09% 4.72%
Other
0.04% -1.58% 1.29% 7.87%
Stocks
0.00% 0.00% 0.53% 10.24%
Preferred Stocks
0.00% 0.00% 0.39% 5.51%
Convertible Bonds
0.00% 0.00% 0.00% 3.15%

Bond Sector Breakdown

Weighting Return Low Return High ACTHX % Rank
Municipal
99.71% 91.17% 103.16% 25.98%
Cash & Equivalents
5.83% -3.28% 18.09% 7.09%
Corporate
0.04% 0.00% 2.59% 27.56%
Derivative
0.00% -0.12% 0.06% 9.45%
Securitized
0.00% 0.00% 0.02% 5.51%
Government
-5.63% -10.34% 4.74% 95.28%

Bond Geographic Breakdown

Weighting Return Low Return High ACTHX % Rank
US
88.17% 77.16% 103.15% 86.61%
Non US
6.10% 0.00% 12.42% 18.11%

ACTHX - Expenses

Operational Fees

ACTHX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.22% 0.27% 1.85% 37.80%
Management Fee 0.51% 0.26% 0.75% 53.54%
12b-1 Fee 0.25% 0.00% 1.00% 29.17%
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% 35.14%
Deferred Load N/A 0.60% 5.50% N/A

Trading Fees

ACTHX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.75% 2.00% 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 Return Low Category Return High Rank in Category (%)
Turnover 24.00% 3.00% 119.00% 10.24%

ACTHX - Distributions

Dividend Yield Analysis

ACTHX Category Low Category High ACTHX % Rank
Dividend Yield 0.57% 0.01% 1.32% 29.92%

Dividend Distribution Analysis

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

Dividend Payout History


Net Income Ratio Analysis

ACTHX Category Low Category High ACTHX % Rank
Net Income Ratio 4.37% 1.39% 5.43% 4.72%

Capital Gain Distribution Analysis

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

ACTHX - Managers

James D. Phillips

Manager

Start Date

Tenure

Tenure Rank

Mar 31, 2002

17.09

17.1%

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

Manager

Start Date

Tenure

Tenure Rank

Dec 31, 2007

11.34

11.3%

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.


Julius Williams

Manager

Start Date

Tenure

Tenure Rank

Mar 06, 2015

4.15

4.2%

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

Manager

Start Date

Tenure

Tenure Rank

Apr 01, 2016

3.08

3.1%

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

Manager

Start Date

Tenure

Tenure Rank

Apr 01, 2016

3.08

3.1%

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

Manager

Start Date

Tenure

Tenure Rank

Jun 28, 2018

0.84

0.8%

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

0.17

Category High

30.35

Category Average

8.45

Category Mode

6.25