Fund Evaluator:
Invesco Income Investor (AGIVX)
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Best Performing in Securitized Bond - Diversified Over the Last Year
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Fund Details
Invesco Income Investor Overview
Invesco Income Investor (AGIVX) is an actively managed Taxable Bond Securitized Bond - Diversified fund. Invesco launched the fund in 2003.
The investment seeks current income, and secondarily, capital appreciation. The fund invests primarily in fixed-income securities and in derivatives and other instruments that have economic characteristics similar to such securities. A significant portion of these securities consists of privately-issued mortgage-backed and asset-backed securities such as commercial mortgage-backed securities (CMBS), residential mortgage-backed securities (RMBS), and collateralized loan obligations (CLOs). The fund invests in below-investment grade securities.
About Invesco Income Investor (AGIVX)
There are 5 members of the management team with an average tenure of 9.84 years: Clint Dudley (2009), Brian Norris (2018), David Lyle (2018), Philip Armstrong (2018), Kevin Collins (2018). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and Bloomberg US Scrtzd MBS ABS CMBS TR USD index with a weighting of 100%. Invesco Income Investor has 210 securities in its portfolio. The top 10 holdings constitute 40.9% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Invesco Income Investor is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Invesco Income Investor has 0.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 1.2% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 128.1% (127.9% domestic bond, 0.2% foreign bond and 0.0% convertible bond). Invesco Income Investor has -29.3% of the portfolio in cash.
Assets Under Management
The fund has $11 million in total assets, which is below the $547 million average for the Securitized Bond - Diversified category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
AGIVX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Invesco Income Investor expense ratio is high compared to funds in the Securitized Bond - Diversified category. Invesco Income Investor has an expense ratio of 0.94%, which is 5% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Invesco Income Investor has a portfolio turnover rate of 219%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 387% for the Securitized Bond - Diversified category.
Recently, in the month of June 2026, Invesco Income Investor returned 0.4%, which earned it a grade of B, as the Securitized Bond - Diversified category had an average return of 0.4%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Invesco Income Investor has a trailing yield of 5.11%, which is above the 5.06% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Invesco Income Investor Grades
Year to date, the fund has returned 1.1%, 0.7 percentage points worse than the category, which translates into a grade of D. The fund has returned 3.8% over the past year (grade of F), 6.2% over the past three years (grade of C) and 2.0% per year over the past five years (grade of C) and 1.3% per year over the past 10 years (grade of F).
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AGIVX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| AGIVX Return (NAV) | 0.4% | 0.9% | 3.8% | 6.2% | 2.0% | 1.3% |
| AGIVX Grade | B | C | F | C | C | F |
| +/- Category | 0.0% | -0.1% | -1.4% | -0.4% | -0.3% | -1.4% |
| Securitized Bond - Diversified Avg | 0.4% | 1.0% | 5.3% | 6.6% | 2.3% | 2.7% |
| AGIVX Tax Cost Ratio | na | na | 2.0% | 2.2% | 1.9% | 1.6% |
AGIVX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| AGIVX Return (NAV) | 1.1% | 6.7% | 7.4% | 5.8% | -10.0% | 4.0% | -6.6% | 10.1% | -2.8% | 1.7% | 1.4% |
| AGIVX Grade | D | D | B | D | C | B | F | A | F | F | D |
| +/- Category | -0.7% | -1.4% | 1.7% | -0.8% | -0.6% | 2.2% | -7.9% | 2.9% | -4.7% | -2.5% | -1.6% |
| Securitized Bond - Diversified Avg | 1.8% | 8.1% | 5.7% | 6.6% | -9.3% | 1.8% | 1.3% | 7.2% | 1.9% | 4.2% | 3.1% |
| Risk Measures | |
| Standard Deviation: | 3.2% |
| Total Risk Index: | 0.26 - Low |
| Category Risk Index: | 0.71 - Average |
| Category Risk Grade: | C (42% Rank) |
| Beta: | 0.50 |
| R-Squared: | 77% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 5.1% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $260 Mil |
| Fund Total Assets: | $ 11 Mil |
| Share Class Type: | Inv |
| Portfolio Turnover: | 219% |
Management Team
| Number of Managers: 5 | |||
| Longest Tenure: 17.5 years | |||
| Average Tenure: 9.8 years | |||
| Managers (Year): Dudley Clint (2009), Norris Brian (2018), Lyle David (2018), Armstrong Philip (2018), Collins Kevin (2018) | |||
Portfolio Composition (as of 4/30/26)
| # of Holdings: | 210 |
| % in Top 10 Holdings: | 40.9% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.2% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 1.2% |
| Domestic Bond: | 127.9% |
| Foreign Bond: | 0.2% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | -29.3% |
Purchase Information
| Fund Family: | Invesco |
| Phone Number: | 800-959-4246 |
| Website: | www.invesco.com/us |
| Status: | Closed |
| Inception Date: | September 30, 2003 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 250 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.18% |
Expenses and Fees | |
| Expense Ratio (%): | 0.94% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.99% |
| Share Class: | Invesco Income A |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 25 |
