OFIYX — Invesco Intermediate Bond Factor Fund
Data updated: 2025-01-29
OFIYX — Invesco Intermediate Bond Factor Fund. Long Total / Aggregate Bond · $242.84M AUM · 0.28% expense ratio. Holdings, fees, performance and SEC filings.
OFIYX Fund Overview
OFIYX — Invesco Intermediate Bond Factor Fund is a US mutual fund managed by Aim Investment Securities Funds (invesco Investment Securities Funds), categorised as Long Total / Aggregate 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 Investment Securities Funds (invesco Investment Securities Funds)
- Category: Long Total / Aggregate Bond
- Assets under management: $242.84M
- 1-year return: 7.3%
- Ticker: OFIYX
- SEC CIK: 0000842790
- SEC series ID: S000064667
- Share class ID: C000209386
OFIYX Investment Objective and Strategy
Invesco Intermediate Bond Factor 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 Funds 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 (plus any borrowings for investment purposes) in debt securities, and in derivatives and other instruments that have economic characteristics similar to such securities. The kinds of debt securities in which the Fund can invest include investment grade U.S. corporate and government debt obligations (including securities issued or guaranteed by the U.S. Government or its agencies or federally-chartered entities referred to as instrumentalities ), as well as mortgage-backed, commercial mortgage-backed and asset-backed securities. The Funds debt investments may include certain restricted securities, including securities that are only eligible for resale pursuant to Rule 144A under the Securities Act of 1933, as amended.
Under normal market conditions, the Fund will only purchase investment grade debt securities. Investment-grade debt securities are securities rated at or above BBB- or Baa3 by at least one of S&P Global Ratings (S&P) or Moodys Investors Service (Moodys), respectively, or that have comparable ratings from other nationally recognized statistical rating organizations (NRSROs). If two or more nationally recognized statistical rating organizations have assigned different ratings to a security, the investment adviser uses the highest rating assigned. The Fund may also invest in unrated securities, in which case Invesco Advisers, Inc. (Invesco or the Adviser) may internally assign ratings to certain of those securities, after assessing their credit quality, in investment grade categories similar to those of NRSROs.
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 an NRSRO. Although the Fund will only purchase investment grade debt securities (or unrated securities that the Adviser has assessed as investment grade), it may continue to hold a security whose credit has been downgraded or, in the case of an unrated security, after the Adviser has changed its assessment of the securitys quality. As a result, credit rating downgrades or other market fluctuations may cause the Funds holdings of below-investment grade, fixed income securities (also known as junk bonds) to become significant for an extended period of time. The Fund seeks to maintain a dollar-weighted average effective portfolio maturity of four to ten years; however, it may purchase securities that have short, intermediate or long maturities.
The Fund may purchase securities of issuers of any market capitalization. The Fund is managed by Invescos Fixed Income Factor Team (FIF). In selecting securities for the portfolio, the Funds portfolio managers and FIF analysts utilize a factor-based strategy that involves systematically targeting securities exhibiting quantifiable issuer characteristics (or factors) that FIF believes will have higher returns than other fixed income securities with comparable characteristics over market cycles. The portfolio managers will consider selling securities that no longer exhibit these factors. In practice, this means the Fund may have higher allocations to: value bonds (bonds that have high spreads relative to other securities of similar credit quality and/or sector); low volatility bonds (bonds that have lower levels of price volatility); and high carry bonds (bonds with higher absolute yield or spread).
The portfolio managers expect to include additional factors or modify the factors used to build the Funds portfolio as they deem appropriate. The portfolio managers will also seek to minimize some of the residual risks associated with the higher allocations to the types of bonds mentioned above (such as duration and sector concentration), including through the use of derivatives, as described below. The Fund may invest in foreign debt securities, including securities issued by foreign governments or companies in developing and emerging markets, i.e., those that are generally in the early stages of their industrial cycles, but may only invest up to 25% of its net assets in securities denominated in non-U.S. dollar currencies of which no more than 10% may remain unhedged. The portfolio managers may use derivatives to seek to hedge any foreign currency exposure.
The Fund may invest in U.S. agency mortgage pass-through securities and may seek to obtain such exposure primarily through the use of standardized agreements for forward or future delivery in which the actual mortgage pools to be delivered are not specified until shortly prior to settlement (to be announced (TBA) transactions). The Fund may also use certain types of derivative investments for investment purposes or for hedging, including: options, futures, forward contracts, swaps, structured notes and other types of derivatives. The Fund can use swap contracts, including interest rate swaps, to hedge or adjust its exposure to interest rates. The Fund can also use swap contracts, including credit default swaps, to create long or short exposure to corporate or sovereign debt securities. The Fund can further use swap contracts, including credit default index swaps, to hedge credit risk or take a position on a basket of credit entities; total return swaps, to gain exposure to a reference asset; and volatility swaps to adjust the volatility profile of the Fund.
The Fund can use options, including currency options, to seek alpha (return on investments in excess of the benchmark index) or to mitigate risk and to hedge against adverse movements in the foreign currencies in which portfolio securities are denominated. The Fund can also use credit default swap options to gain the right to enter into a credit default swap at a specified future date. The Fund can further use swaptions (options on swaps) to manage interest rate risk; and options on bond or rate futures to manage interest rate exposure. The Fund can use futures contracts, including interest rate futures and Treasury futures, to increase or reduce its exposure to interest rate changes. The Fund can also use currency futures to increase or decrease its exposure to foreign currencies. The Fund can engage in foreign currency transactions either on a spot basis (i.e., for prompt delivery and settlement at the rate prevailing in the currency exchange market at the time) or through forward foreign currency contracts to gain or mitigate the risk of foreign currency exposure.
The Fund may purchase and sell securities on a when-issued and delayed delivery basis, which means that the Fund buys or sells a security with payment and delivery taking place in the future. The payment obligation and the interest rate are fixed at the time the Fund enters into the commitment. No income accrues on such securities until the date the Fund actually takes delivery of the securities. In attempting to meet its investment objective or to manage subscription and redemption requests, the Fund may engage in active and frequent trading of portfolio securities.
OFIYX Holdings
Top 10 holdings of Invesco Intermediate Bond Factor Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| U.S. Treasury Notes/Bonds | 4.07% |
| U.S. Treasury Notes/Bonds | 3.35% |
| U.S. Treasury Notes/Bonds | 2.89% |
| U.S. Treasury Notes/Bonds | 2.86% |
| U.S. Treasury Notes | 2.71% |
| Uniform Mortgage-Backed Securities | 2.43% |
| Uniform Mortgage-Backed Securities | 2.38% |
| U.S. Treasury Notes/Bonds | 2.37% |
| U.S. Treasury Notes | 1.77% |
| U.S. Treasury Notes/Bonds | 1.62% |
OFIYX Portfolio Allocation
Asset-class allocation of Invesco Intermediate Bond Factor Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Fixed Income | 89.7% |
| Securitized | 23.5% |
| Cash & Equivalents | 1.8% |
| Equity | 0.4% |
| Other | 0.1% |
OFIYX Performance
Total returns for OFIYX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 7.3% |
| 3 years (annualised) | -1.6% |
| 5 years (annualised) | 0.4% |
OFIYX Risk Information
Risk metrics for OFIYX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 6.5%
OFIYX Costs and Fees
OFIYX costs about $28 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.28%
- Gross expense ratio: 0.60%
- Portfolio turnover: 276%
- Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)
OFIYX Cashflows
Over the 12 months to 2024-11, Invesco Intermediate Bond Factor Fund had net inflows of $47.01M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2024-11 | −$1.31M |
| 2024-10 | −$2.53M |
| 2024-09 | $2.28M |
| 2024-08 | $326.39K |
| 2024-07 | $3.54M |
| 2024-06 | $5.61M |
OFIYX Debt Constituents
Largest debt holdings of Invesco Intermediate Bond Factor Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| U.S. Treasury Notes/Bonds | 4.07% |
| U.S. Treasury Notes/Bonds | 3.35% |
| U.S. Treasury Notes/Bonds | 2.89% |
| U.S. Treasury Notes/Bonds | 2.86% |
| U.S. Treasury Notes | 2.71% |
| U.S. Treasury Notes/Bonds | 2.37% |
| U.S. Treasury Notes | 1.77% |
| U.S. Treasury Notes/Bonds | 1.62% |
| U.S. Treasury Notes | 1.50% |
| U.S. Treasury Notes/Bonds | 1.46% |
OFIYX Prospectus and SEC Filings
Official Invesco Intermediate Bond Factor Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2024-06-28
- Prospectus (485BPOS) — filed 2023-06-27
- Prospectus (485BPOS) — filed 2022-06-27
- Portfolio holdings (N-PORT) — filed 2025-01-29
- Portfolio holdings (N-PORT) — filed 2024-10-30
- Portfolio holdings (N-PORT) — filed 2024-07-30
- Annual census (N-CEN) — filed 2024-05-13
- Annual census (N-CEN) — filed 2023-05-11
Related Funds
Other Long Total / Aggregate 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.