Fund Evaluator:

Invesco Short Duration Inflation Prot R5 Overview

Invesco Short Duration Inflation Prot R5 (ALMIX) is a passively managed Taxable Bond Short-Term Inflation-Protected Bond fund. Invesco launched the fund in 1987.

The investment seeks to provide protection from the negative effects of unanticipated inflation. The fund invests under normal circumstances at least 80% of its net assets (plus any borrowings for investment purposes) in the component securities of the ICE BofA 1-5 Year U.S. Inflation-Linked Treasury Index (the index) and in derivatives and other instruments that have economic characteristics similar to such securities. The index is comprised of U.S. Treasury Inflation Protected Securities (TIPS) with at least $1 billion in outstanding face value and a remaining term to final maturity of at least 1 year and less than 5 years at the time of index rebalancing.

About Invesco Short Duration Inflation Prot R5 (ALMIX)

There are 1 members of the management team with an average tenure of 10.59 years: Robert Young (2015). 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 ICE BofA 1-5 US Infln-Lnkd Trsy TR USD index with a weighting of 100%. Invesco Short Duration Inflation Prot R5 has 21 securities in its portfolio. The top 10 holdings constitute 56.2% 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 Short Duration Inflation Prot R5 is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Invesco Short Duration Inflation Prot R5 has 0.0% 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 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 99.7% (99.7% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Invesco Short Duration Inflation Prot R5 has 0.3% of the portfolio in cash.

Assets Under Management

The fund has $3 million in total assets, which is below the $1 billion average for the Short-Term Inflation-Protected Bond 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.

ALMIX 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 Short Duration Inflation Prot R5 expense ratio is below average compared to funds in the Short-Term Inflation-Protected Bond category. Invesco Short Duration Inflation Prot R5 has an expense ratio of 0.31%, which is 40% lower than its category average, making the fund expense ratio grade a B. 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 Short Duration Inflation Prot R5 has a portfolio turnover rate of 41%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 63% for the Short-Term Inflation-Protected Bond category.

Recently, in the month of July 2026, Invesco Short Duration Inflation Prot R5 returned 0.2%, which earned it a grade of A, as the Short-Term Inflation-Protected Bond category had an average return of 0.1%. 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 Short Duration Inflation Prot R5 has a trailing yield of 5.07%, which is above the 4.56% category average. The fund normally distributes its income quarterly 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 Short Duration Inflation Prot R5 Grades

Year to date, the fund has returned 1.5%, 0.1 percentage points better than the category, which translates into a grade of C. The fund has returned 3.0% over the past year (grade of C), 4.8% over the past three years (grade of C) and 2.5% per year over the past five years (grade of C) and 2.7% per year over the past 10 years (grade of D).

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