Invesco Master Event-Linked Bond Fund

Data updated: 2021-03-15

C000209348 — Invesco Master Event-Linked Bond Fund. Bond · $92.21M AUM · 0.45% expense ratio · 3.0% 1-yr return. Holdings, fees, performance and SEC filings.

C000209348 Fund Overview

Invesco Master Event-Linked Bond Fund is a US mutual fund managed by Aim Growth Series (invesco Growth Series), categorised as Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

Type: US mutual fund
Manager: Aim Growth Series (invesco Growth Series)
Category: Bond
Assets under management: $92.21M
1-year return: 3.0%
SEC CIK: 0000202032
SEC series ID: S000064652
Share class ID: C000209348

C000209348 Investment Objective and Strategy

Invesco Master Event-Linked Bond Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Aim Growth Series (invesco Growth Series).

Investment objective

The Fund’s investment objective is to seek total return.

Principal investment strategy

Under normal market conditions, the Fund will invest at least 80% of its net assets (including borrowings for investment purposes) in event-linked bonds, and in derivatives and other instruments that have economic characteristics similar to such securities. The Fund may invest in event-linked securities (commonly referred to as event-linked bonds) directly or indirectly through certain derivative instruments. Generally, event-linked bonds are fixed income securities for which the return of principal and payment of interest are contingent on the non-occurrence of a specified trigger event that leads to economic and/or human loss, such as an earthquake or hurricane. In most cases, the trigger event will not be deemed to have occurred unless the event happened in a particular geographic area and was of a certain magnitude (based on scientific readings) or caused a certain amount of actual or modeled loss.

If the trigger event occurs prior to a bonds maturity, the Fund may lose all or a portion of its principal and additional interest. If the trigger event does not occur, the Fund will recover its principal plus interest. The Fund may invest in event-linked securities issued by foreign sovereigns or by U.S. or foreign entities that are corporations, partnerships, trusts or other types of business entities. The Fund has no limit as to the maturity of event-linked bonds in which it invests or as to the market capitalization of the issuer. The Fund can invest without limit in event-linked bonds that are below investment grade (sometimes referred to as high yield or junk bonds). Investment-grade debt instruments are rated in one of the four highest rating categories by nationally recognized statistical rating organizations such as Moodys or Standard & Poors (or in the case of unrated securities, determined by the Funds Adviser to be comparable to securities rated investment grade).

The Fund may invest in unrated event-linked bonds, in which case the Funds Adviser internally assigns ratings to those instruments, after assessing their credit quality and other factors, in investment-grade or below-investment-grade categories similar to those of nationally recognized statistical rating organizations. There can be no assurance, nor is it intended, that the Advisers credit analysis is consistent or comparable with the credit analysis process used by a nationally recognized statistical rating organization. In addition, the Fund may invest in privately placed event-linked securities (including securities referred to as cat bond lite securities). Cat bond lite instruments are securities that transfer reinsurance risk into a bond, note or similar format. However, unlike traditional event-linked bonds which are issued under Rule 144A of the Securities Act of 1933, as amended (the Securities Act), cat bond lite securities are issued under Section 4(a)(2) of the Securities Act.

Privately placed event-linked securities are generally offered to a small number of targeted investors and in contrast to traditional event-linked bonds, require less documentation and disclosure. Further, unlike traditional event-linked bonds where modeling and risk analysis results are included as part of the offering, privately placed event-linked securities offerings often require investors to perform their own modeling and risk analysis. When selecting event-linked bonds for investment, the Funds Adviser evaluates the evolving universe of event-linked bonds by performing its own analysis based on quantitative and qualitative research or by requesting other market participants to identify event-linked bonds that meet criteria determined by the Adviser. The Adviser may rely upon information and analysis obtained from brokers, dealers and ratings organizations, among other sources.

The Adviser then uses quantitative and qualitative analysis to select appropriate event-linked bonds within each trigger event category, such as Japanese Typhoon and Pacific Northwest (U.S.) Earthquake. The Advisers qualitative analysis may consider various factors, such as trigger transparency, sponsor basis risk, call provisions, moral hazard, and correlation with other investments. The Adviser then utilizes quantitative methods to value the securities and to determine the desired allocation of event-linked bonds by trigger event category. The Adviser seeks to diversify the Funds portfolio of event-linked bonds by investing in bonds with different issuers and different types of trigger events. The Adviser will continue to monitor event-linked bonds in its portfolio for the duration of the Funds investment.

The Fund can invest in derivative instruments. A derivative is an instrument whose value depends on (or is derived from) the value of an underlying security, asset, interest rate, index or currency. Derivatives may allow the Fund to increase or decrease its exposure to certain markets or risks. Options, futures, swaps, structured notes and currency forward contracts are types of derivative instruments the Fund can use. The types of derivatives the Fund may use are subject to change, consistent with its investment objective, depending on market and other economic conditions. In addition to using derivatives to hedge investment risks, the Fund can use derivatives for investment purposes. Some derivative instruments held by the Fund may be illiquid.

C000209348 Performance

Total returns for C000209348 (as of 2026-10-01), from SEC filings.

Period	Total return
1 year	3.0%

C000209348 Risk Information

Risk metrics for C000209348, derived from monthly returns in SEC filings.

1-year volatility (annualised): 4.5%

C000209348 Costs and Fees

C000209348 costs about $45 per $10,000 invested per year in fund expenses.

Net expense ratio: 0.45%
Gross expense ratio: 0.49%
Portfolio turnover: 14%
Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)

C000209348 Cashflows

Over the 12 months to 2020-12, Invesco Master Event-Linked Bond Fund had net outflows of $258.55M, from monthly SEC N-PORT filings.

Month	Net flow
2020-12	−$69.77M
2020-11	−$155.15M
2020-10	$662.15K
2020-09	−$3.27M
2020-08	−$1.33M
2020-07	$33.09M

C000209348 Debt Constituents

No individual debt constituents are reported in Invesco Master Event-Linked Bond Fund's latest SEC N-PORT filing.

C000209348 Prospectus and SEC Filings

Official Invesco Master Event-Linked Bond Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

Related Funds

Other Bond funds tracked on ABC INVEST:

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.