Invesco Oppenheimer Capital Income Fund

Data updated: 2020-04-29

C000209603 — Invesco Oppenheimer Capital Income Fund. Commodity · $1.80B AUM · 0.71% expense ratio. Holdings, fees, performance and SEC filings.

C000209603 Fund Overview

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

C000209603 Investment Objective and Strategy

Invesco Oppenheimer Capital Income Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Aim Investment Funds (invesco Investment Funds).

Investment objective

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

Principal investment strategy

The Fund invests in equity, debt and other securities of domestic and foreign issuers in different capitalization ranges and in developed or developing countries. Under normal market conditions, the Fund invests at least 65% of its total assets in equity and debt securities that are expected to generate income. The percentages of equity and debt securities the Fund holds may vary from time to time. There is no limit on the Funds investments in foreign securities. The Fund employs multiple strategies: an equity/equity-like strategy, which may include common stocks, preferred stocks, structured notes, convertible bonds and other derivatives such as options and futures on equities and equity indices; a high grade fixed income strategy, which may include corporate bonds, government bonds, mortgage related securities and structured products; and an opportunistic strategy, which seeks asymmetric risk/reward opportunities where the portfolio managers believe the return profile has a low correlation to traditional investment strategies, as well as opportunistically selecting positions to seek total return, income, or capital appreciation.

The opportunistic strategy may include convertible bonds, corporate bonds, asset-backed securities, convertible bonds, derivatives, such as currency and commodity-linked derivatives, cash and other securities. The opportunistic strategy may also include floating rate loans (sometimes referred to as adjustable rate loans) that hold a senior position in the capital structure of U.S. and foreign corporations, partnerships or other business entities that, under normal circumstances, allow them to have priority of claim ahead of other obligations of a borrower in the event of liquidation. These investments are referred to as Senior Loans. Senior Loans may be collateralized or uncollateralized. They typically pay interest at rates that are reset periodically based on a reference benchmark that reflects current interest rates, plus a margin or premium.

Equity Securities. In selecting equity securities, the portfolio managers mainly use value-oriented and core investing styles. A security may be undervalued because the market does not yet recognize its potential or the issuer is temporarily out of favor. The Fund seeks to realize gains when other investors recognize the real or prospective worth of the security. Value securities may offer higher than average dividends and the Fund may invest in equity securities to seek either current income or capital growth, or both. The Fund may also invest in equity securities solely for the purpose of seeking dividend yields, which may include engaging in dividend capture strategies, in which the portfolio managers purchase securities prior to the record date for a dividend and sell them within a short time thereafter.

The portfolio managers typically looks for securities that can deliver attractive risk-adjusted returns, which may include securities that: have high current income, are believed to have substantial earnings possibilities, have low price/earnings ratios, or have a low price relative to the underlying value of the issuers assets, earnings, cash flow or other factors. Debt Securities. In connection with the high grade fixed income strategy, the portfolio managers look for high current yields and typically search for corporate and government debt securities that offer: attractive relative value, more income than U.S. treasury obligations, a balance of risk and return, high income potential and portfolio diversification. The Fund may also invest in zero-coupon and stripped securities. In connection with the opportunistic strategy, the portfolio managers look for high yield, below-investment-grade securities, senior loans and asset-backed securities, among other debt securities, that may offer attractive returns on a risk-adjusted basis, with lower interest rate sensitivity.

The Fund can invest up to 40% of its total assets in below-investment-grade securities, also referred to as junk bonds. The Funds debt securities may be rated by a nationally recognized statistical rating organization or may be unrated. Investment grade securities are rated in one of the top four rating categories. Other Securities. In pursuing its strategies, the Fund may also use derivative instruments, including to seek income or returns, or to try to manage market or other investment risks. These derivatives may include options, futures, swaps, structured notes, mortgage-related securities, equity-linked debt securities and commodity-linked derivatives. The Fund may also invest in convertible bonds, asset-backed securities, Senior Loans, participation interests in loans, pooled investment entities that invest in loans and currency derivatives, among other types of investments.

The Fund may sell securities that no longer meet the above criteria. The Funds holdings may at times differ significantly from the weightings of the indices comprising its custom index (the Custom Index). The Funds Custom Index is a customized weighted index currently comprised of the following underlying broad-based security indices: 65% of the Bloomberg Barclays U.S. Aggregate Bond Index and 35% of the Russell 3000 Index. The Fund is not managed to be invested in the same percentages as those indices comprising the Custom Index. The Fund may invest up to 25% of its total assets in the Subsidiary, a Cayman Islands company that is wholly-owned and controlled by the Fund. The Subsidiary invests in commodity-linked derivatives (including commodity futures, financial futures, options and swap contracts) and exchange-traded funds and other exchange-traded products related to gold or other special minerals (Gold ETFs).

The Subsidiary may also invest in certain fixed-income securities and other investments that may serve as margin or collateral for its derivatives positions. Investments in the Subsidiary are intended to provide the Fund with exposure to commodities market returns within the limitations of the federal tax requirements that apply to the Fund. The Fund applies its investment restrictions and compliance policies and procedures, on a look-through basis, to the Subsidiary. The Funds investment in the Subsidiary may vary based on the portfolio managers use of different types of commodity-linked derivatives, fixed-income securities, Gold ETFs, and other investments. Since the Fund may invest a substantial portion of its assets in the Subsidiary, which may hold certain of the investments described in this prospectus, the Fund may be considered to be investing indirectly in those investments through its Subsidiary.

Therefore, references in this prospectus to investments by the Fund also may be deemed to include the Funds indirect investments through the Subsidiary. In attempting to meet its investment objective or to manage subscription and redemption requests, the Fund engages in active and frequent trading of portfolio securities.

C000209603 Costs and Fees

C000209603 costs about $71 per $10,000 invested per year in fund expenses.

  • Net expense ratio: 0.71%
  • Gross expense ratio: 0.75%
  • Portfolio turnover: 147%
  • Brokerage commissions: 4.50 bps of average net assets (SEC N-CEN)

C000209603 Cashflows

Over the 12 months to 2020-02, Invesco Oppenheimer Capital Income Fund had net outflows of $288.27M, from monthly SEC N-PORT filings.

MonthNet flow
2020-02−$40.00M
2020-01−$39.74M
2019-12−$108.99M
2019-11−$33.78M
2019-10−$41.72M
2019-09−$24.04M

C000209603 Debt Constituents

No individual debt constituents are reported in Invesco Oppenheimer Capital Income Fund's latest SEC N-PORT filing.

C000209603 Prospectus and SEC Filings

Official Invesco Oppenheimer Capital Income Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

Related Funds

Other Commodity 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.