OGYIX — Invesco High Yield Bond Factor Fund

OGYIX Fund Overview

OGYIX — Invesco High Yield Bond Factor Fund is a US mutual fund managed by Aim Investment Securities Funds (invesco Investment Securities Funds), categorised as Alternative. 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: Alternative
• Assets under management: $19.60M
• 1-year return: 8.2%
• Ticker: OGYIX
• SEC CIK: 0000842790
• SEC series ID: S000064666
• Share class ID: C000209382

OGYIX Investment Objective and Strategy

Invesco High Yield 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 high-yield, below-investment grade, fixed-income securities (also referred to as junk bonds), and in derivatives and other instruments that have economic characteristics similar to such securities. The Funds fixed income 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. Below-investment grade securities are securities rated below BBB- or below 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 NRSROs have assigned different ratings to a security, the Adviser uses the lowest 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 categories similar to those of NRSROs. In such instances, the unrated securities would then be counted toward the 80% investment strategy if determined to be below-investment grade by the Adviser. 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. In investing in below-investment grade securities, the Fund may invest in distressed securities and securities that are in default.

The Fund may purchase securities of any maturity and 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. Additionally, the Fund may invest up to 20% of its net assets in U.S. Treasury and agency securities. The Fund may also invest up to 10% of its net assets in certain collateralized debt obligations (CDOs), including collateralized mortgage obligations (CMOs) and collateralized loan obligations (CLOs), of any rating, and loan obligations, including bank loans. The Fund may also, subject to the requirements regarding below-investment grade allocations described above, 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 10% of its net assets in securities denominated in non-U.S.

dollar currencies. The portfolio managers may use derivatives to seek to hedge any foreign currency exposure. 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 also invest in certain mortgage-related securities or asset-backed securities, which may include privately issued and U.S. agency securities and securities of any credit rating. 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.

OGYIX Holdings

Top 10 holdings of Invesco High Yield Bond Factor Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.

View all OGYIX holdings

OGYIX Portfolio Allocation

Asset-class allocation of Invesco High Yield Bond Factor Fund by percentage of net assets, from the latest SEC N-PORT filing.

OGYIX Performance

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

OGYIX Risk Information

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

• 1-year volatility (annualised): 6.4%

OGYIX Costs and Fees

OGYIX costs about $39 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.39%
• Gross expense ratio: 1.16%
• Portfolio turnover: 97%
• Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)

OGYIX Cashflows

Over the 12 months to 2023-11, Invesco High Yield Bond Factor Fund had net outflows of $8.16M, from monthly SEC N-PORT filings.

OGYIX Debt Constituents

Largest debt holdings of Invesco High Yield Bond Factor Fund by percentage of net assets, from the latest SEC N-PORT filing.

OGYIX Prospectus and SEC Filings

Official Invesco High Yield Bond Factor Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2023-06-27
• Prospectus (485BPOS) — filed 2022-06-27
• Prospectus (485BPOS) — filed 2021-06-25
• Portfolio holdings (N-PORT) — filed 2024-01-29
• Portfolio holdings (N-PORT) — filed 2023-10-30
• Portfolio holdings (N-PORT) — filed 2023-07-31
• Annual census (N-CEN) — filed 2023-05-11
• Annual census (N-CEN) — filed 2022-05-13

Related Funds

Other Alternative funds tracked on ABC INVEST:

• iShares 0-3 Month Treasury Bond ETF (SGOV)
• Vanguard Short-Term Inflation-Protected Securities Index Fund (VTAPX)
• SPDR® Bloomberg Barclays 1-3 Month T-Bill ETF (BIL)
• Vanguard Inflation-Protected Securities Fund (VIPSX)
• iShares 0-1 Year Treasury Bond ETF (SHV)

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.