Invesco Short Duration High Yield Municipal Fund
Fund
ISHAX
Price as of:
$9.57
+ $0.02
+ 0.21%
Primary Theme
fund company
Name
As of 11/25/2024Price
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
Vitals
YTD Return
6.6%
1 yr return
9.6%
3 Yr Avg Return
0.4%
5 Yr Avg Return
1.0%
Net Assets
$1.29 B
Holdings in Top 10
9.7%
52 WEEK LOW AND HIGH
$9.6
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 0.91%
SALES FEES
Front Load 2.50%
Deferred Load N/A
TRADING FEES
Turnover 19.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$1,000
IRA
$250
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 11/25/2024Price
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
ISHAX - Profile
Distributions
- YTD Total Return 6.6%
- 3 Yr Annualized Total Return 0.4%
- 5 Yr Annualized Total Return 1.0%
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 3.25%
- Dividend Yield 4.3%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameInvesco Short Duration High Yield Municipal Fund
-
Fund Family NameINVESCOFDS
-
Inception DateSep 30, 2015
-
Shares OutstandingN/A
-
Share ClassA
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerMark 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. The policy stated in the foregoing sentence is a fundamental policy of the Fund and may not be changed without shareholder approval of a majority of the Fund’s outstanding voting securities, as defined in the Investment Company Act of 1940, as amended (Investment Company Act of 1940 or 1940 Act). In complying with this 80% investment requirement, the Fund may invest in derivatives and other instruments that have economic characteristics similar to the Fund’s direct investments that are counted toward the 80% investment requirement.
Municipal securities include debt obligations of states, territories or possessions of the United States and the District of Columbia and their political subdivisions, agencies and instrumentalities, the interest on which is exempt from federal income tax, at the time of issuance, in the opinion of bond counsel of the issuer or other counsel to the issuers of such securities.
The principal types of municipal debt securities purchased by the Fund are revenue obligations and general obligations. To meet its investment objective, the Fund invests in different types of general obligation and revenue obligation securities, including fixed and variable rate securities, municipal notes, variable rate demand notes, municipal leases, custodial receipts, and participation certificates. The Fund may invest in these and other types of municipal securities. Under normal market conditions, the Fund invests primarily in municipal securities classified as revenue bonds.
Invesco Advisers, Inc. (Invesco or the Adviser) generally seeks to achieve the Fund’s investment objective by investing at least 75% of its net assets in higher yielding municipal securities, specifically medium- and lower-grade municipal securities. 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 the Adviser to be of comparable quality, each at the time of purchase. Medium- and lower-grade municipal securities are securities rated by S&P or Fitch, Inc. (Fitch) as BBB+ through D (inclusive) for bonds or SP-2 or lower for notes; by Moody’s as Baa1 through D (inclusive) for bonds or MIG3 or VMIG3 or lower for notes; or unrated municipal securities determined by the Adviser to be of comparable quality, each at the time of purchase. Medium- and lower-grade securities are, therefore, inclusive of some securities rated investment grade. Securities rated below investment grade are commonly referred to as junk bonds.
At times, the market conditions in the municipal securities markets may be such that the Adviser may invest in higher-grade issues, particularly when the difference in returns between quality classifications is very narrow or when the Adviser expects interest rates to increase. Higher-grade
securities are securities that are rated higher than medium- or lower-grade securities by Moody’s, S&P, or Fitch, or considered by the Adviser to be of comparable quality, including municipal securities rated A-, SP-1 or higher by S&P or rated A3, MIG2, VMIG2 or higher by Moody’s and in tax-exempt commercial paper rated A-3 or higher by S&P or rated P-3 or higher by Moody’s or in unrated securities determined by the Adviser to be of comparable quality.
The Fund may invest more than 25% of its net assets in a segment of the municipal securities market with similar characteristics if the Adviser determines that the yields available from obligations in a particular segment justify the additional risks of a larger investment in such segment. 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.
The Fund has no policy limiting its investments in municipal securities whose issuers are located in the same state. However, it is not the present intention of the Fund to invest more than 25% of the value of its net assets in issuers located in the same state.
The Fund can invest up to 20% of its net assets (plus borrowings for investment purposes) in investments that generate income subject to income taxes. Taxable investments include, for example, hedging instruments, repurchase agreements, and many of the types of securities the Fund would buy for temporary defensive purposes. The Fund does not anticipate investing substantial amounts of its assets in taxable investments under normal market conditions or as part of its normal trading strategies and policies.
Under normal market conditions, the Fund may invest all or a substantial portion of its assets in municipal securities that are subject to the federal alternative minimum tax. From time to time, the Fund temporarily may invest up to 10% of its net assets in tax exempt money market funds and such instruments will be treated as investments in municipal securities.
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’s investments may include securities that do not produce immediate cash income, such as zero coupon securities and pay-in-kind securities. The Fund may purchase and sell securities on a when-issued and delayed delivery basis, which means that a Fund buys or sells a security with payment and delivery taking place in the future.
The Fund can invest in inverse floating rate interests(Inverse Floaters)issued in connection with municipal tender option bond (TOB)financing transactions to generate leverage for the Fund. The Fund’s investments in Inverse Floaters are included for purposes of the 80% policies described above.
The Fund can invest in derivative instruments, including futures contracts and swap contracts. The Fund can use futures contracts, including interest rate futures, to reduce exposure to interest rate changes and to manage duration.
The Fund can use swap contracts, including interest rate swaps, to hedge its exposure to interest rates.
The Adviser buys and sells securities for the Fund’s portfolio with a view towards seeking a high level of interest income exempt from federal income tax and selects securities that the Adviser believes entail reasonable credit risk considered in relation to the investment policies of the Fund. As a result, the Fund will not necessarily invest in the highest yielding municipal securities permitted by its investment policies if the Adviser determines that market risks or credit risks associated with such investments would subject the Fund’s portfolio to undue risk.
The Fund will attempt to maintain a dollar-weighted average portfolio duration equal to or less than five years. Because of events affecting the bond markets and interest rate changes, the duration of the portfolio might not meet that target at all times. The foregoing duration target is not guaranteed and the portfolio managers may deviate from such target in their discretion.
Decisions to purchase or sell securities are determined by the relative value considerations of the portfolio managers that factor in economic and credit-related fundamentals, market supply and demand, market dislocations and situation-specific opportunities. The purchase or sale of securities may be related to a decision to alter the Fund’s macro risk exposure (such as duration, yield curve positioning and sector exposure), a need to limit or reduce the Fund’s exposure to a particular security or issuer, degradation of an issuer’s credit quality, or general liquidity needs of the Fund. The potential for realization of capital gains or losses resulting from possible changes in interest rates will not be a major consideration and frequency of portfolio turnover generally will not be a limiting factor if the Adviser considers it advantageous to purchase or sell securities.
The Fund can borrow money to purchase additional securities, another form of leverage. Although the amount of borrowing will vary from time to time, the amount of leveraging from borrowings will not exceed one-third of the Fund’s total assets.
ISHAX - Performance
Return Ranking - Trailing
| Period | ISHAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 6.6% | -2.0% | 12.4% | 29.41% |
| 1 Yr | 9.6% | 0.5% | 18.7% | 75.00% |
| 3 Yr | 0.4%* | -8.4% | 3.0% | 9.50% |
| 5 Yr | 1.0%* | -5.0% | 3.8% | 66.50% |
| 10 Yr | N/A* | -0.4% | 155.6% | N/A |
* Annualized
Return Ranking - Calendar
| Period | ISHAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 0.1% | -6.2% | 7.5% | 90.69% |
| 2022 | -12.3% | -26.9% | -3.5% | 13.93% |
| 2021 | 2.2% | -1.9% | 5.6% | 43.94% |
| 2020 | -3.9% | -4.0% | 4.2% | 97.97% |
| 2019 | 4.1% | -0.7% | 9.1% | 79.58% |
Total Return Ranking - Trailing
| Period | ISHAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 6.6% | -2.0% | 12.4% | 29.41% |
| 1 Yr | 9.6% | 0.5% | 18.7% | 75.00% |
| 3 Yr | 0.4%* | -8.4% | 3.0% | 9.50% |
| 5 Yr | 1.0%* | -5.0% | 3.8% | 66.50% |
| 10 Yr | N/A* | -0.4% | 155.6% | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | ISHAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 4.4% | -4.1% | 10.9% | 82.84% |
| 2022 | -8.9% | -26.9% | 4.3% | 9.45% |
| 2021 | 6.0% | -1.9% | 10.0% | 35.86% |
| 2020 | -1.5% | -2.6% | 8.2% | 97.46% |
| 2019 | 5.8% | -0.7% | 1028633.9% | 93.72% |
NAV & Total Return History
ISHAX - Holdings
Concentration Analysis
| ISHAX | Category Low | Category High | ISHAX % Rank | |
|---|---|---|---|---|
| Net Assets | 1.29 B | 9.79 K | 15.6 B | 41.58% |
| Number of Holdings | 615 | 1 | 3325 | 39.80% |
| Net Assets in Top 10 | 117 M | -102 M | 3.51 B | 53.73% |
| Weighting of Top 10 | 9.73% | 4.6% | 98.8% | 82.50% |
Top 10 Holdings
- District of Columbia Tobacco Settlement Financing Corp., Series 2001, RB 1.76%
- California (State of) Community Choice Financing Authority (Green Bonds), Series 2022 A-1, RB 1.36%
- Illinois (State of) Development Finance Authority (CITGO Petroleum Corp.), Series 2002, RB 0.99%
- Puerto Rico (Commonwealth of), Series 2021 A-1, GO Bonds 0.91%
- Children's Trust Fund, Series 2002, RB 0.86%
- PEFA, Inc., Series 2019, RB 0.85%
- Broward (County of), FL, Series 2015 A, RB 0.84%
- Illinois (State of) Finance Authority (Rush University Medical Center), Series 2015 A, Ref. RB 0.73%
- New York Transportation Development Corp. (American Airlines, Inc.), Series 2016, Ref. RB 0.73%
- Arkansas (State of) Development Finance Authority (Green Bonds), Series 2022, RB 0.70%
Asset Allocation
| Weighting | Return Low | Return High | ISHAX % Rank | |
|---|---|---|---|---|
| Bonds | 98.28% | 0.00% | 146.69% | 67.65% |
| Cash | 1.65% | -0.64% | 100.00% | 25.37% |
| Stocks | 0.07% | 0.00% | 99.62% | 22.06% |
| Preferred Stocks | 0.00% | -47.61% | 0.00% | 2.49% |
| Other | 0.00% | -5.59% | 5.07% | 57.71% |
| Convertible Bonds | 0.00% | 0.00% | 0.00% | 50.25% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | ISHAX % Rank | |
|---|---|---|---|---|
| Basic Materials | 100.00% | 17.58% | 100.00% | 62.50% |
| Utilities | 0.00% | 0.00% | 0.00% | 75.00% |
| Technology | 0.00% | 0.00% | 0.00% | 75.00% |
| Real Estate | 0.00% | 0.00% | 0.00% | 75.00% |
| Industrials | 0.00% | 0.00% | 4.78% | 100.00% |
| Healthcare | 0.00% | 0.00% | 0.00% | 75.00% |
| Financial Services | 0.00% | 0.00% | 0.00% | 75.00% |
| Energy | 0.00% | 0.00% | 0.00% | 75.00% |
| Communication Services | 0.00% | 0.00% | 0.00% | 75.00% |
| Consumer Defense | 0.00% | 0.00% | 0.00% | 75.00% |
| Consumer Cyclical | 0.00% | 0.00% | 77.65% | 100.00% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | ISHAX % Rank | |
|---|---|---|---|---|
| US | 0.07% | 0.00% | 99.62% | 22.39% |
| Non US | 0.00% | 0.00% | 0.00% | 50.25% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | ISHAX % Rank | |
|---|---|---|---|---|
| Municipal | 91.63% | 0.00% | 100.00% | 90.55% |
| Corporate | 0.17% | 0.00% | 2.83% | 44.28% |
| Derivative | 0.00% | -7.53% | 2.16% | 52.24% |
| Cash & Equivalents | 0.00% | 0.00% | 100.00% | 70.65% |
| Securitized | 0.00% | 0.00% | 22.44% | 52.74% |
| Government | 0.00% | 0.00% | 0.09% | 53.23% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | ISHAX % Rank | |
|---|---|---|---|---|
| US | 98.28% | 0.00% | 139.84% | 63.68% |
| Non US | 0.00% | 0.00% | 13.35% | 54.73% |
ISHAX - Expenses
Operational Fees
| ISHAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.91% | 0.22% | 3.44% | 51.23% |
| Management Fee | 0.40% | 0.00% | 1.41% | 18.14% |
| 12b-1 Fee | 0.25% | 0.00% | 1.00% | 49.54% |
| Administrative Fee | N/A | 0.02% | 0.35% | N/A |
Sales Fees
| ISHAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | 2.50% | 1.00% | 4.50% | 86.05% |
| Deferred Load | N/A | 1.00% | 4.00% | N/A |
Trading Fees
| ISHAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | N/A | N/A | 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.
| ISHAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 19.00% | 2.00% | 121.00% | 50.26% |
ISHAX - Distributions
Dividend Yield Analysis
| ISHAX | Category Low | Category High | ISHAX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 4.34% | 0.00% | 5.94% | 57.35% |
Dividend Distribution Analysis
| ISHAX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Monthly | Monthly | Monthly | Monthly |
Net Income Ratio Analysis
| ISHAX | Category Low | Category High | ISHAX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 3.25% | 1.11% | 5.44% | 44.61% |
Capital Gain Distribution Analysis
| ISHAX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Oct 31, 2024 | $0.035 | OrdinaryDividend |
| Sep 30, 2024 | $0.035 | OrdinaryDividend |
| Aug 30, 2024 | $0.035 | OrdinaryDividend |
| Jul 31, 2024 | $0.033 | OrdinaryDividend |
| Apr 30, 2024 | $0.031 | OrdinaryDividend |
| Mar 28, 2024 | $0.031 | OrdinaryDividend |
| Feb 29, 2024 | $0.031 | OrdinaryDividend |
| Jan 31, 2024 | $0.031 | OrdinaryDividend |
| Dec 29, 2023 | $0.031 | OrdinaryDividend |
| Nov 30, 2023 | $0.030 | OrdinaryDividend |
| Oct 31, 2023 | $0.030 | OrdinaryDividend |
| Sep 29, 2023 | $0.030 | OrdinaryDividend |
| Aug 31, 2023 | $0.030 | OrdinaryDividend |
| Jul 31, 2023 | $0.029 | OrdinaryDividend |
| Jun 30, 2023 | $0.029 | OrdinaryDividend |
| May 31, 2023 | $0.029 | OrdinaryDividend |
| Apr 28, 2023 | $0.029 | OrdinaryDividend |
| Mar 31, 2023 | $0.029 | OrdinaryDividend |
| Feb 28, 2023 | $0.029 | OrdinaryDividend |
| Jan 31, 2023 | $0.029 | OrdinaryDividend |
| Dec 30, 2022 | $0.029 | OrdinaryDividend |
| Nov 30, 2022 | $0.028 | OrdinaryDividend |
| Oct 31, 2022 | $0.028 | OrdinaryDividend |
| Sep 30, 2022 | $0.028 | OrdinaryDividend |
| Aug 31, 2022 | $0.028 | OrdinaryDividend |
| Jul 29, 2022 | $0.028 | OrdinaryDividend |
| Jun 30, 2022 | $0.028 | OrdinaryDividend |
| May 31, 2022 | $0.030 | OrdinaryDividend |
| Apr 29, 2022 | $0.030 | OrdinaryDividend |
| Mar 31, 2022 | $0.030 | OrdinaryDividend |
| Feb 28, 2022 | $0.030 | OrdinaryDividend |
| Jan 31, 2022 | $0.030 | OrdinaryDividend |
| Dec 31, 2021 | $0.030 | OrdinaryDividend |
| Nov 30, 2021 | $0.030 | OrdinaryDividend |
| Oct 29, 2021 | $0.030 | OrdinaryDividend |
| Sep 30, 2021 | $0.030 | OrdinaryDividend |
| Aug 31, 2021 | $0.030 | OrdinaryDividend |
| Jul 30, 2021 | $0.030 | OrdinaryDividend |
| Jun 30, 2021 | $0.030 | OrdinaryDividend |
| May 28, 2021 | $0.030 | OrdinaryDividend |
| Apr 30, 2021 | $0.030 | OrdinaryDividend |
| Mar 31, 2021 | $0.030 | OrdinaryDividend |
| Feb 26, 2021 | $0.030 | OrdinaryDividend |
| Jan 29, 2021 | $0.030 | OrdinaryDividend |
| Dec 31, 2020 | $0.030 | OrdinaryDividend |
| Nov 30, 2020 | $0.029 | OrdinaryDividend |
| Oct 30, 2020 | $0.029 | OrdinaryDividend |
| Sep 30, 2020 | $0.029 | OrdinaryDividend |
| May 29, 2020 | $0.029 | OrdinaryDividend |
| Mar 31, 2020 | $0.029 | OrdinaryDividend |
| Feb 28, 2020 | $0.029 | OrdinaryDividend |
| Jan 31, 2020 | $0.029 | OrdinaryDividend |
| Dec 31, 2019 | $0.029 | OrdinaryDividend |
| Nov 29, 2019 | $0.029 | OrdinaryDividend |
| Oct 31, 2019 | $0.029 | OrdinaryDividend |
| Sep 30, 2019 | $0.029 | OrdinaryDividend |
| Aug 30, 2019 | $0.029 | OrdinaryDividend |
| Jul 31, 2019 | $0.029 | OrdinaryDividend |
ISHAX - Fund Manager Analysis
Managers
Mark Paris
Start Date
Tenure
Tenure Rank
Sep 30, 2015
6.67
6.7%
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
Sep 30, 2015
6.67
6.7%
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.
James Phillips
Start Date
Tenure
Tenure Rank
Sep 30, 2015
6.67
6.7%
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.
John Connelly
Start Date
Tenure
Tenure Rank
Apr 01, 2016
6.17
6.2%
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
Start Date
Tenure
Tenure Rank
Apr 01, 2016
6.17
6.2%
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 Schorle
Start Date
Tenure
Tenure Rank
Jun 28, 2018
3.93
3.9%
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 |
|---|---|---|---|
| 0.25 | 21.43 | 7.55 | 2.52 |