Fund Evaluator:
Invesco Convertible Securities Y (CNSDX)
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Best Performing in Convertibles Over the Last Year
| 36.4% | Harbor Ares Systematic Cnvrt Scs Ins (HACSX) |
| 35.8% | Harbor Ares Systematic Cnvrt Scs Inv (HICSX) |
| 35.5% | Fidelity Advisor Convertible Secs Z (FIQVX) |
| 35.4% | Fidelity Convertible Securities (FCVSX) |
| 32.4% | Invesco Convertible Securities Y (CNSDX) |
Fund Details
Invesco Convertible Securities Y Overview
Invesco Convertible Securities Y (CNSDX) is an actively managed Allocation Convertibles fund. Invesco launched the fund in 1997.
The investment seeks total return through growth of capital and current income. The fund invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in convertible securities, and in derivatives and other instruments that have economic characteristics similar to such securities. It may invest in below-investment-grade securities. The fund may invest up to 10% of its net assets in synthetic convertible securities and up to 25% of its net assets in exchangeable convertible securities.
About Invesco Convertible Securities Y (CNSDX)
There are 2 members of the management team with an average tenure of 2.59 years: James Ong (2024), Robert Young (2023). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and Bloomberg US Agg Bond TR USD index with a weighting of 100%. Invesco Convertible Securities Y has 165 securities in its portfolio. The top 10 holdings constitute 20.4% 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 Convertible Securities Y is part of the Hybrid Securities global asset class and is within the Allocation fund group. Invesco Convertible Securities Y has 0.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 7.2%. There is 0.0% allocated to foreign stock, and 12.2% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 7.4% (6.9% domestic bond, 0.5% foreign bond and 71.6% convertible bond). Invesco Convertible Securities Y has 1.6% of the portfolio in cash.
Assets Under Management
The fund has $270 million in total assets, which is above the $220 million average for the Convertibles 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.
CNSDX 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 Convertible Securities Y expense ratio is above average compared to funds in the Convertibles category. Invesco Convertible Securities Y has an expense ratio of 0.71%, which is 36% lower than its category average, making the fund expense ratio grade a A. 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 Convertible Securities Y has a portfolio turnover rate of 114%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 109% for the Convertibles category.
Recently, in the month of June 2026, Invesco Convertible Securities Y returned 1.1%, which earned it a grade of B, as the Convertibles 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 Convertible Securities Y has a trailing yield of 1.99%, which is above the 1.71% 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 Convertible Securities Y Grades
Year to date, the fund has returned 21.9%, 3.5 percentage points better than the category, which translates into a grade of A. The fund has returned 32.4% over the past year (grade of C), 17.4% over the past three years (grade of C) and 7.7% per year over the past five years (grade of B) and 11.7% per year over the past 10 years (grade of D).
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CNSDX 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 |
|
| CNSDX Return (NAV) | 1.1% | 19.0% | 32.4% | 17.4% | 7.7% | 11.7% |
| CNSDX Grade | B | A | C | C | B | D |
| +/- Category | 0.7% | 3.1% | 2.9% | 1.1% | 1.2% | -0.0% |
| Convertibles Avg | 0.4% | 16.0% | 29.4% | 16.3% | 6.5% | 11.7% |
| CNSDX Tax Cost Ratio | na | na | 3.6% | 2.0% | 2.7% | 2.4% |
CNSDX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| CNSDX Return (NAV) | 21.9% | 16.1% | 9.9% | 8.2% | -15.5% | 4.9% | 44.7% | 21.7% | -1.5% | 10.7% | 6.1% |
| CNSDX Grade | A | D | D | C | B | C | C | D | C | D | C |
| +/- Category | 3.5% | 0.0% | -1.2% | -0.5% | 2.3% | 0.1% | 2.3% | -1.2% | 0.0% | -3.1% | -2.0% |
| Convertibles Avg | 18.4% | 16.1% | 11.2% | 8.7% | -17.8% | 4.9% | 42.4% | 22.9% | -1.6% | 13.8% | 8.1% |
| Risk Measures | |
| Standard Deviation: | 11.9% |
| Total Risk Index: | 0.97 - Average |
| Category Risk Index: | 1.06 - Below Average |
| Category Risk Grade: | B (39% Rank) |
| Beta: | 1.06 |
| R-Squared: | 69% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Growth |
| Bond Investment Style: | na |
| Yield: | 2.0% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $861 Mil |
| Fund Total Assets: | $ 270 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 114% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 2.9 years | |||
| Average Tenure: 2.6 years | |||
| Managers (Year): Young Robert (2023), Ong James (2024) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 165 |
| % in Top 10 Holdings: | 20.4% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.5% |
Portfolio Allocation |
|
| Domestic Stock: | 7.2% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 12.2% |
| Domestic Bond: | 6.9% |
| Foreign Bond: | 0.5% |
| Convertible Bond: | 71.6% |
| Other: | 0.0% |
| Cash: | 1.6% |
Purchase Information
| Fund Family: | Invesco |
| Phone Number: | 800-959-4246 |
| Website: | www.invesco.com/us |
| Status: | Open |
| Inception Date: | July 28, 1997 |
| 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 (%): | 0.71% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 1.11% |
| Share Class: | Invesco Convertible Securities Y |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 25 |
