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Trending ETFs

Name

As of 11/30/2023

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

$21.54

$935 M

1.59%

$0.34

0.65%

Vitals

YTD Return

3.4%

1 yr return

0.3%

3 Yr Avg Return

-0.9%

5 Yr Avg Return

8.8%

Net Assets

$935 M

Holdings in Top 10

19.8%

52 WEEK LOW AND HIGH

$21.5
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.65%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 61.00%

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 11/30/2023

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

$21.54

$935 M

1.59%

$0.34

0.65%

CNSIX - Profile

Distributions

  • YTD Total Return 3.4%
  • 3 Yr Annualized Total Return -0.9%
  • 5 Yr Annualized Total Return 8.8%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 0.71%
DIVIDENDS
  • Dividend Yield 1.6%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name
    INVESCO CONVERTIBLE SECURITIES FUND
  • Fund Family Name
    INVESCOFDS
  • Inception Date
    May 23, 2011
  • Shares Outstanding
    N/A
  • Share Class
    R5
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Ellen Gold

Fund Description

The Fund invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in convertible securities, and in derivatives and other instruments that have economic characteristics similar to such securities. A convertible security is a bond, preferred stock or other security that may be converted into a prescribed amount of common stock at a prestated price.
The Fund may invest in below-investment grade securities. Below-investment grade 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), the Fund’s investment adviser, to be of comparable quality, each at the time of purchase. Many convertible securities have credit ratings that are below investment grade.
The Fund may invest up to 10% of its net assets in synthetic convertible securities and up to 25% of its net assets in exchangeable convertible securities. The Fund may invest up to 20% of its net assets in common stocks, non-convertible preferred stocks and non-convertible fixed-income securities.
The Fund may invest up to 20% of its net assets in foreign securities, including securities of issuers located in emerging markets countries (i.e., those that are generally in the early stages of their industrial cycles), non-U.S. dollar denominated securities and depositary receipts. This percentage limitation, however, does not apply to securities of foreign companies that are listed in the United States on a national securities exchange.
The Fund may invest in illiquid or thinly traded securities. 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 can invest in derivative instruments including forward foreign currency contracts.
The Fund can use forward foreign currency contracts to hedge against adverse movements in the foreign currencies in which portfolio securities are denominated; though the Fund has not historically used these instruments.
The Fund focuses on investing in traditional convertible securities that offer a balanced risk reward profile over a full market cycle. The Fund invests in traditional convertible securities with reasonable valuations that show potential for strong total return through interest or dividend, coupled with the upside participation found in the option value embedded in the securities. The portfolio managers focus on positions issued by
well-managed companies with strong balance sheets, a clear business focus, and competitive advantages versus their peers as determined by the portfolio managers. Alpha (return on investments in excess of the ICE BofA U.S. Convertible Index) is also added to the portfolio through careful credit analysis and security selection.
The portfolio managers employ a barbell approach to investing, in which the majority of the portfolio consists of “traditional” convertibles, and the remainder makes up the “barbell.” This allows them to target the delta, or equity sensitivity of the portfolio, based on market conditions. The portfolio managers will increase or decrease the Fund’s delta based on their macro-economic views. For instance, in a strong equity market, the team may increase exposure to equity-like convertible securities. Equity-like convertible securities exhibit characteristics such as greater equity sensitivity and lower conversion premiums. Conversely, in a weak equity market, the team may seek to reduce exposure to equity-like convertible securities, investing more in traditional and “busted” or fixed-income-like convertible securities. Busted convertible securities exhibit more bond-like characteristics such as higher conversion premiums and lower downside risk relative to the common stock from which the security was converted.
Decisions to purchase or sell securities are determined by the relative value considerations of the portfolio managers, which factor in economic and credit-related fundamentals, market supply and demand, market dislocations and situation-specific opportunities.
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CNSIX - Performance

Return Ranking - Trailing

Period CNSIX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.4% -10.0% 8.5% 50.59%
1 Yr 0.3% -13.6% 8.2% 55.29%
3 Yr -0.9%* -16.5% 2.5% 27.38%
5 Yr 8.8%* -5.2% 11.7% 45.57%
10 Yr 6.7%* -4.6% 9.5% 52.46%

* Annualized

Return Ranking - Calendar

Period CNSIX Return Category Return Low Category Return High Rank in Category (%)
2022 -18.7% -41.7% -9.7% 35.71%
2021 -18.7% -18.9% 2.4% 97.62%
2020 29.5% -0.2% 54.0% 50.00%
2019 15.0% 9.9% 24.4% 60.00%
2018 -12.2% -26.2% -2.5% 72.73%

Total Return Ranking - Trailing

Period CNSIX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.4% -10.0% 8.5% 50.59%
1 Yr 0.3% -13.6% 8.2% 55.29%
3 Yr -0.9%* -16.5% 2.5% 27.38%
5 Yr 8.8%* -5.2% 11.7% 45.57%
10 Yr 6.7%* -4.6% 9.5% 52.46%

* Annualized

Total Return Ranking - Calendar

Period CNSIX Return Category Return Low Category Return High Rank in Category (%)
2022 -15.5% -37.8% -9.7% 27.38%
2021 5.0% -12.2% 11.3% 35.71%
2020 44.7% 5.8% 64.4% 45.00%
2019 21.7% 12.2% 28.7% 70.00%
2018 -2.3% -18.0% 4.6% 45.45%

NAV & Total Return History


CNSIX - Holdings

Concentration Analysis

CNSIX Category Low Category High CNSIX % Rank
Net Assets 935 M 20.2 M 4.43 B 38.82%
Number of Holdings 118 40 381 45.88%
Net Assets in Top 10 185 M 6 M 809 M 57.65%
Weighting of Top 10 19.78% 9.5% 51.4% 78.82%

Top 10 Holdings

  1. Wells Fargo Co., Series L, Conv. Pfd. 2.52%
  2. Bank of America Corp., Series L, Conv. Pfd. 2.46%
  3. Microchip Technology Inc., Conv. 2.29%
  4. DexCom, Inc., Conv. 2.22%
  5. Palo Alto Networks, Inc., Conv. 2.02%
  6. Uber Technologies Inc., Conv. 1.74%
  7. ON Semiconductor Corp., Conv. 1.67%
  8. Jazz Investments I Ltd., Conv. 1.63%
  9. Invesco Treasury Portfolio, Institutional Class 1.61%
  10. Booking Holdings Inc., Conv. 1.61%

Asset Allocation

Weighting Return Low Return High CNSIX % Rank
Bonds
86.94% 0.00% 139.19% 52.94%
Convertible Bonds
73.50% 33.22% 110.54% 69.41%
Preferred Stocks
8.36% 0.00% 22.50% 20.00%
Cash
4.71% -78.94% 12.79% 51.76%
Stocks
0.00% 0.00% 23.09% 94.12%
Other
0.00% -17.11% 3.74% 71.76%

Bond Sector Breakdown

Weighting Return Low Return High CNSIX % Rank
Corporate
94.21% 91.11% 100.00% 69.41%
Cash & Equivalents
4.08% 0.00% 12.79% 47.06%
Derivative
0.00% -0.02% 0.39% 72.94%
Securitized
0.00% 0.00% 0.00% 80.00%
Municipal
0.00% 0.00% 0.00% 80.00%
Government
0.00% 0.00% 2.94% 81.18%

Bond Geographic Breakdown

Weighting Return Low Return High CNSIX % Rank
US
86.94% 0.00% 139.19% 36.47%
Non US
0.00% 0.00% 17.45% 80.00%

CNSIX - Expenses

Operational Fees

CNSIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.65% 0.20% 2.87% 92.94%
Management Fee 0.50% 0.20% 1.32% 15.48%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.04% 0.15% N/A

Sales Fees

CNSIX 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

CNSIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 2.00% 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.

CNSIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 61.00% 30.00% 154.00% 45.33%

CNSIX - Distributions

Dividend Yield Analysis

CNSIX Category Low Category High CNSIX % Rank
Dividend Yield 1.59% 0.00% 13.46% 89.41%

Dividend Distribution Analysis

CNSIX Category Low Category High Category Mod
Dividend Distribution Frequency Quarterly Quarterly Quarterly Quarterly

Net Income Ratio Analysis

CNSIX Category Low Category High CNSIX % Rank
Net Income Ratio 0.71% -3.72% 10.32% 33.33%

Capital Gain Distribution Analysis

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

Distributions History

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CNSIX - Fund Manager Analysis

Managers

Ellen Gold


Start Date

Tenure

Tenure Rank

Jan 01, 1998

24.43

24.4%

Ellen Gold is a portfolio manager of Invesco’s convertible securities strategies. She joined Invesco in 2010. Ms. Gold previously joined Morgan Stanley in 1986, where she served as a portfolio manager on the Equity and Income team, focusing on convertible products since 2001. She also served as a junior portfolio manager of convertible securities and a fixed income analyst. Ms. Gold earned a Bachelor of Business Administration degree from George Washington University and a Master of Business Administration degree from New York University.

Ramez Nashed


Start Date

Tenure

Tenure Rank

Nov 30, 2006

15.51

15.5%

Ramez Nashed, Portfolio Manager, who has been responsible for the Fund since 2010 and has been associated with Invesco and/or its affiliates since 2006. Prior to commencement of operations by the Fund, Mr. Nashed was associated with Morgan Stanley Investment Advisors Inc. in an investment management capacity (November 2006 to 2010).

Tenure Analysis

Category Low Category High Category Average Category Mode
0.25 36.97 10.05 7.42