Fund Evaluator:
Invesco Income Y (AGVYX)
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Best Performing in Securitized Bond - Diversified Over the Last Year
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Fund Details
Invesco Income Y Overview
Invesco Income Y (AGVYX) is an actively managed Taxable Bond Securitized Bond - Diversified fund. Invesco launched the fund in 2008.
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 Y (AGVYX)
There are 5 members of the management team with an average tenure of 9.93 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 Y has 209 securities in its portfolio. The top 10 holdings constitute 40.6% 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 Y is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Invesco Income Y has 1.4% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 10.7%. There is 0.1% allocated to foreign stock, and 1.2% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 122.3% (121.0% domestic bond, 1.3% foreign bond and 0.0% convertible bond). Invesco Income Y has -34.3% of the portfolio in cash.
Assets Under Management
The fund has $6 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.
AGVYX 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 Y expense ratio is above average compared to funds in the Securitized Bond - Diversified category. Invesco Income Y has an expense ratio of 0.76%, which is 23% 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 Y 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 361% for the Securitized Bond - Diversified category.
Recently, in the month of July 2026, Invesco Income Y returned -1.0%, which earned it a grade of C, as the Securitized Bond - Diversified category had an average return of -0.7%. 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 Y has a trailing yield of 5.33%, which is above the 5.10% category average. The fund normally distributes its income monthly.
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 Y Grades
Year to date, the fund has returned 0.1%, 1.0 percentage points worse than the category, which translates into a grade of D. The fund has returned 2.9% over the past year (grade of F), 6.0% over the past three years (grade of C) and 1.9% per year over the past five years (grade of C) and 1.3% per year over the past 10 years (grade of D).
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AGVYX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| AGVYX Return (NAV) | -1.0% | -0.3% | 2.9% | 6.0% | 1.9% | 1.3% |
| AGVYX Grade | C | C | F | C | C | D |
| +/- Category | -0.3% | -0.3% | -1.7% | -0.2% | -0.3% | -1.3% |
| Securitized Bond - Diversified Avg | -0.7% | -0.0% | 4.6% | 6.2% | 2.1% | 2.6% |
| AGVYX Tax Cost Ratio | na | na | 2.1% | 2.3% | 2.0% | 1.7% |
AGVYX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| AGVYX Return (NAV) | 0.1% | 6.9% | 7.8% | 5.8% | -9.8% | 4.0% | -6.3% | 10.3% | -2.6% | 1.9% | 1.7% |
| AGVYX Grade | D | D | B | D | C | B | F | A | F | F | D |
| +/- Category | -1.0% | -1.3% | 2.0% | -0.8% | -0.5% | 2.2% | -7.6% | 3.1% | -4.5% | -2.3% | -1.4% |
| Securitized Bond - Diversified Avg | 1.1% | 8.1% | 5.7% | 6.6% | -9.3% | 1.8% | 1.3% | 7.2% | 1.9% | 4.2% | 3.1% |
| Risk Measures | |
| Standard Deviation: | 3.3% |
| Total Risk Index: | 0.27 - Low |
| Category Risk Index: | 0.74 - Average |
| Category Risk Grade: | C (44% Rank) |
| Beta: | 0.52 |
| R-Squared: | 78% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | High Quality Extensive Sensitivity |
| Yield: | 5.3% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | |
| Total Assets: | $254 Mil |
| Fund Total Assets: | $ 6 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 219% |
Management Team
| Number of Managers: 5 | |||
| Longest Tenure: 17.6 years | |||
| Average Tenure: 9.9 years | |||
| Managers (Year): Dudley Clint (2009), Norris Brian (2018), Lyle David (2018), Armstrong Philip (2018), Collins Kevin (2018) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 209 |
| % in Top 10 Holdings: | 40.6% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 1.4% |
Portfolio Allocation |
|
| Domestic Stock: | 10.7% |
| Foreign Stock: | 0.1% |
| Preferred Stock: | 1.2% |
| Domestic Bond: | 121.0% |
| Foreign Bond: | 1.3% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | -34.3% |
Purchase Information
| Fund Family: | Invesco |
| Phone Number: | 800-959-4246 |
| Website: | www.invesco.com/us |
| Status: | Open |
| Inception Date: | October 3, 2008 |
| 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: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.76% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 0.99% |
| Share Class: | Invesco Income A |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 25 |
