Invesco Oppenheimer Limited-Term Bond Fund

Data updated: 2020-04-29

C000209405 — Invesco Oppenheimer Limited-Term Bond Fund. Short Bond · $1.56B AUM · 1.02% expense ratio. Holdings, fees, performance and SEC filings.

C000209405 Fund Overview

Invesco Oppenheimer Limited-Term Bond Fund is a US mutual fund managed by Aim Investment Securities Funds (invesco Investment Securities Funds), categorised as Short Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

C000209405 Investment Objective and Strategy

Invesco Oppenheimer Limited-Term Bond Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Aim Investment Securities Funds (invesco Investment Securities Funds).

Investment objective

The Fund’s investment objective is to seek income.

Principal investment strategy

The Fund invests primarily in corporate debt securities and U.S. government securities. Under normal market conditions, the Fund will invest at least 80% of its net assets, plus borrowings for investment purposes, in debt securities (generally referred to as bonds), and in derivatives and other instruments that have economic characteristics similar to such securities. A debt security is a security representing money borrowed by the issuer that must be repaid. The terms of a debt security specify the amount of principal, the interest rate or discount, and the time or times at which payments are due. Debt securities can include: Domestic and foreign corporate debt obligations; Domestic and foreign government debt obligations, including U.S. government securities; Mortgage-related securities; Asset-backed securities; and Other debt obligations.

The portfolio managers overall strategy is to build a diversified portfolio of corporate and government bonds. The Funds investments in U.S. government securities may include securities issued or guaranteed by the U.S. government or its agencies or federally-chartered entities referred to as instrumentalities. There is no required allocation of the Funds assets among the above classes of securities, but the Fund focuses mainly on U.S. government securities and corporate debt securities. When market conditions change, the portfolio manager might change the Funds relative asset allocation. The Fund can invest up to 35% of its total assets in lower-grade, high-yield debt securities that are below investment-grade (commonly referred to as junk bonds). Investment-grade debt securities are rated in one of the top four rating categories by nationally recognized statistical rating organizations such as Moodys or Standard & Poors.

The Fund may also invest in unrated securities, in which case the Funds Adviser may internally assign ratings to certain of those securities, after assessing their credit quality, 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. The Fund has no limitations on the range of maturities of the debt securities in which it can invest and may hold securities with short-, medium- or long-term maturities. The maturity of a security differs from its effective duration, which attempts to measure the expected volatility of a securitys price to interest rate changes.

For example, if a bond has an effective duration of three years, a 1% increase in general interest rates would be expected to cause the bonds value to decrease about 3%. To try to decrease volatility, the Fund seeks to maintain a weighted average effective portfolio duration of one to three and a half years, measured on a dollar-weighted basis using the effective duration of the securities included in the portfolio and the amount invested in each of those securities. However, the duration of the portfolio might not meet that target due to market events or interest rate changes that cause debt securities to be repaid more rapidly or more slowly than expected. The Fund may invest a portion of its assets in foreign debt securities, including securities issued by foreign governments or companies in both developed and emerging markets.

The Fund may not invest more than 20% of its net assets in foreign debt securities. The Fund may also use derivatives including treasury futures, to seek increased returns, to try to manage investment risk or for hedging purposes. Futures, swaps and structured notes are examples of some of the types of derivatives the Fund can use. The Fund may also invest in certain restricted securities including securities that are only eligible for resale pursuant to Rule 144A under the Securities Act of 1933 (referred to as Rule 144A Securities). In selecting investments for the Fund, the portfolio manager analyzes the overall investment opportunities and risks in different sectors of the debt securities markets by focusing on business cycle analysis and relative values between the corporate and government sectors.

The Fund mainly seeks income earnings on the Funds investments, consistent with preservation of capital, that may arise from decreases in interest rates, from improving credit fundamentals for a particular sector or security or from other investment techniques. The Fund may sell securities that the portfolio manager believes no longer meet the above criteria.

C000209405 Costs and Fees

C000209405 costs about $102 per $10,000 invested per year in fund expenses.

  • Net expense ratio: 1.02%
  • Gross expense ratio: 1.02%
  • Portfolio turnover: 57%
  • Brokerage commissions: 0.93 bps of average net assets (SEC N-CEN)

C000209405 Cashflows

Over the 12 months to 2020-02, Invesco Oppenheimer Limited-Term Bond Fund had net outflows of $164.43M, from monthly SEC N-PORT filings.

MonthNet flow
2020-02−$17.10M
2020-01−$14.74M
2019-12−$131.51M
2019-11$6.95M
2019-10−$7.42M
2019-09−$616.92K

C000209405 Debt Constituents

No individual debt constituents are reported in Invesco Oppenheimer Limited-Term Bond Fund's latest SEC N-PORT filing.

C000209405 Prospectus and SEC Filings

Official Invesco Oppenheimer Limited-Term Bond Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

Related Funds

Other Short 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.