IORAX: Invesco Oppenheimer Rochester AMT-Free Municipal Fund

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IORAX Invesco Oppenheimer Rochester AMT-Free Municipal Fund


Profile

IORAX - Profile

Vitals

  • YTD Return 1.6%
  • 3 Yr Annualized Return N/A
  • 5 Yr Annualized Return N/A
  • Net Assets $2.42 B
  • Holdings in Top 10 9.4%

52 WEEK LOW AND HIGH

$7.73
$6.96
$8.04

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.59%

SALES FEES

  • Front Load N/A
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 8.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

  • Standard (Taxable) $1,000,000
  • IRA N/A

Fund Classification

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

Distributions

  • YTD Total Return 1.6%
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 3.60%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Invesco Oppenheimer Rochester AMT-Free Municipal Fund
  • Fund Family Name
    Invesco
  • Inception Date
    May 24, 2019
  • Shares Outstanding
    N/A
  • Share Class
    Retirement
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Mark Paris

Fund Description

Under normal market conditions, and as a fundamental policy, the fund invests at least 80% of its net assets (plus borrowings for investment purposes) in securities the income from which, in the opinion of counsel to the issuer of each security, is exempt from regular federal individual and, as applicable, the fund's state income tax. It will not invest in municipal securities the interest on which would be subject to the federal "alternative minimum tax" (AMT).


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Categories

Fund Company Quick Screens

IORAX - Fund Company Quick Screens


Performance

IORAX - Performance

Return Ranking - Trailing

Period IORAX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.6% -12.0% 2.8% 2.43%
1 Yr 1.8% -12.7% 5.3% 2.46%
3 Yr N/A* -3.5% 3.1% 3.49%
5 Yr N/A* -2.2% 2.5% 2.72%
10 Yr N/A* -1.4% 1.8% 6.31%

* Annualized

Return Ranking - Calendar

Period IORAX Return Category Return Low Category Return High Rank in Category (%)
2019 N/A -0.7% 9.1% N/A
2018 N/A -5.7% 9.2% N/A
2017 N/A -9.7% 8.6% N/A
2016 N/A -6.7% -0.8% N/A
2015 N/A -5.6% 2.9% N/A

Total Return Ranking - Trailing

Period IORAX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.6% -12.0% 2.8% 2.43%
1 Yr 1.8% -12.7% 5.3% 2.46%
3 Yr N/A* -2.9% 3.6% 3.49%
5 Yr N/A* -2.2% 4.5% 2.72%
10 Yr N/A* -1.4% 5.2% 5.41%

* Annualized

Total Return Ranking - Calendar

Period IORAX Return Category Return Low Category Return High Rank in Category (%)
2019 N/A -0.7% 9.1% N/A
2018 N/A -4.8% 9.2% N/A
2017 N/A -9.7% 9.8% N/A
2016 N/A -6.1% 1.1% N/A
2015 N/A -5.6% 5.3% N/A

NAV & Total Return History


Holdings

IORAX - Holdings

Concentration Analysis

IORAX Category Low Category High IORAX % Rank
Net Assets 2.42 B 583 K 18.8 B 28.10%
Number of Holdings 773 3 3503 28.57%
Net Assets in Top 10 211 M -37.3 M 2.43 B 33.81%
Weighting of Top 10 9.37% 4.8% 69.7% 87.92%

Top 10 Holdings

  1. BUCKEYE OHIO TOB SETTLEMENT FING AUTH 5% 1.33%
  2. MICHIGAN TOB SETTLEMENT FIN AUTH TOB SETTLEMENT ASSET BACKED REV 0% 1.10%
  3. NEW YORK ST DORM AUTH REVS NON ST SUPPORTED DEBT 5% 1.02%
  4. BIRMINGHAM ALA COML DEV AUTH REV 5.5% 0.90%
  5. AMERICAN FALLS IDAHO RESERVOIR DIST REPLACEMENT DAM 0.53% 0.88%
  6. JEFFERSON CNTY ALA SWR REV 0% 0.87%
  7. JEFFERSON CNTY ALA SWR REV 0% 0.86%
  8. BIRMINGHAM ALA WTRWKS BRD WTR REV 5% 0.85%
  9. CALIFORNIA CNTY CALIF TOB SECURITIZATION AGY TOB SETTLEMENT REV 0% 0.79%
  10. NEW YORK N Y CITY TRANSITIONAL FIN AUTH BLDG AID REV 5% 0.76%

Asset Allocation

Weighting Return Low Return High IORAX % Rank
Bonds
101.38% 0.00% 145.58% 1.42%
Stocks
0.00% 0.00% 2.62% 33.18%
Preferred Stocks
0.00% -46.20% 0.00% 22.86%
Other
0.00% -1.80% 2.96% 33.81%
Convertible Bonds
0.00% 0.00% 0.00% 23.33%
Cash
-1.38% -1.38% 100.00% 99.05%

Bond Sector Breakdown

Weighting Return Low Return High IORAX % Rank
Municipal
99.67% 0.00% 100.00% 25.24%
Cash & Equivalents
0.33% 0.00% 100.00% 74.76%
Derivative
0.00% 0.00% 0.25% 28.57%
Securitized
0.00% 0.00% 0.00% 23.33%
Corporate
0.00% 0.00% 9.75% 50.00%
Government
0.00% -2.36% 0.87% 30.95%

Bond Geographic Breakdown

Weighting Return Low Return High IORAX % Rank
US
93.56% 0.00% 138.90% 45.71%
Non US
7.82% 0.00% 14.58% 25.71%

Expenses

IORAX - Expenses

Operational Fees

IORAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.59% 0.18% 7.04% 90.91%
Management Fee 0.40% 0.00% 1.25% 11.85%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.35% N/A

Sales Fees

IORAX 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% 5.50% N/A

Trading Fees

IORAX 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.

IORAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 8.00% 5.10% 314.00% 3.33%

Distributions

IORAX - Distributions

Dividend Yield Analysis

IORAX Category Low Category High IORAX % Rank
Dividend Yield 0.00% 0.00% 0.62% 26.07%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

IORAX Category Low Category High IORAX % Rank
Net Income Ratio 3.60% -0.98% 5.67% 55.98%

Capital Gain Distribution Analysis

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

Dividend Payout History

View More +

Fund Manager Analysis

IORAX - Fund Manager Analysis

Managers

Mark Paris


Start Date

Tenure

Tenure Rank

Jun 21, 2019

1.2

1.2%

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.

Elizabeth Mossow


Start Date

Tenure

Tenure Rank

Nov 22, 2019

0.78

0.8%

Mrs. Mossow has been a Senior Portfolio Manager of OppenheimerFunds, Inc since January 2017 and a Vice President of OppenheimerFunds, Inc since January 2016. She was a Portfolio Manager of OppenheimerFunds, Inc from January 2016 to January 2017. Mrs. Mossow has been an Assistant Vice President of Oppenheimer since January 2011 and an Associate Portfolio Manager of the firm since June 2013. She was a Portfolio Research Analyst of the Sub-Adviser from June 2011 to June 2013 and was a Credit Analyst of the Sub-Adviser from May 2007 to May 2011. She was a Risk Management Analyst at Manning & Napier Associates from September 2006 to May 2007 and was an Analyst/Trading Assistant at The Baupost Group from August 2000 to March 2006. Mrs. Mossow is a portfolio manager and a trader for the Fund and other Oppenheimer funds.

Julius Williams


Start Date

Tenure

Tenure Rank

Nov 22, 2019

0.78

0.8%

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

Nov 22, 2019

0.78

0.8%

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."

Joshua Cooney


Start Date

Tenure

Tenure Rank

Nov 22, 2019

0.78

0.8%

Joshua Cooney has been associated with Invesco and/or its affiliates since 1999.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.06 28.69 7.29 0.78