Fund Evaluator:
Invesco High Yield R6 (HYIFX)
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Best Performing in High Yield Bond Over the Last Year
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Fund Details
Invesco High Yield R6 Overview
Invesco High Yield R6 (HYIFX) is an actively managed Taxable Bond High Yield Bond fund. Invesco launched the fund in 2012.
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 debt securities that are determined to be below investment grade quality, and in derivatives and other instruments that have economic characteristics similar to such securities. It may invest in preferred stocks and convertible securities, which are securities that generally pay interest and may be converted into common stock. The fund may invest up to 25% of its net assets in foreign securities.
About Invesco High Yield R6 (HYIFX)
There are 3 members of the management team with an average tenure of 1.74 years: Edward Craven (2026), Rahim Shad (2021), Thomas Moore (2026). 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 HY 2% Issuer Cap TR USD index with a weighting of 100%. Invesco High Yield R6 has 285 securities in its portfolio. The top 10 holdings constitute 10.8% 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 High Yield R6 is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Invesco High Yield R6 has 14.1% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.5%. There is 0.0% allocated to foreign stock, and 2.8% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 89.3% (75.2% domestic bond, 14.1% foreign bond and 4.1% convertible bond). Invesco High Yield R6 has 3.3% of the portfolio in cash.
Assets Under Management
The fund has $373 million in total assets, which is below the $545 million average for the High Yield 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.
HYIFX 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 High Yield R6 expense ratio is above average compared to funds in the High Yield Bond category. Invesco High Yield R6 has an expense ratio of 0.64%, which is 30% 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 High Yield R6 has a portfolio turnover rate of 150%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 71% for the High Yield Bond category.
Recently, in the month of June 2026, Invesco High Yield R6 returned 0.3%, which earned it a grade of B, as the High Yield Bond category had an average return of 0.2%. 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 High Yield R6 has a trailing yield of 6.81%, which is above the 6.26% 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 High Yield R6 Grades
Year to date, the fund has returned 2.2%, 0.3 percentage points better than the category, which translates into a grade of B. The fund has returned 6.7% over the past year (grade of A), 8.3% over the past three years (grade of C) and 3.8% per year over the past five years (grade of C) and 4.8% per year over the past 10 years (grade of D).
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HYIFX 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 |
|
| HYIFX Return (NAV) | 0.3% | 2.8% | 6.7% | 8.3% | 3.8% | 4.8% |
| HYIFX Grade | B | A | A | C | C | D |
| +/- Category | 0.1% | 0.4% | 1.0% | 0.2% | -0.0% | -0.3% |
| High Yield Bond Avg | 0.2% | 2.4% | 5.7% | 8.1% | 3.8% | 5.1% |
| HYIFX Tax Cost Ratio | na | na | 2.7% | 2.8% | 2.5% | 2.5% |
HYIFX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| HYIFX Return (NAV) | 2.2% | 8.0% | 8.1% | 10.0% | -9.3% | 4.3% | 4.0% | 13.4% | -2.9% | 6.5% | 11.7% |
| HYIFX Grade | B | C | B | F | B | D | D | C | C | C | D |
| +/- Category | 0.3% | 0.1% | 0.5% | -1.9% | 0.8% | -0.8% | -1.2% | 0.4% | -0.3% | -0.2% | -1.7% |
| High Yield Bond Avg | 1.9% | 7.9% | 7.6% | 11.9% | -10.0% | 5.1% | 5.3% | 13.0% | -2.7% | 6.7% | 13.4% |
| Risk Measures | |
| Standard Deviation: | 4.0% |
| Total Risk Index: | 0.32 - Low |
| Category Risk Index: | 0.98 - Below Average |
| Category Risk Grade: | B (31% Rank) |
| Beta: | 0.57 |
| R-Squared: | 65% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Small-Cap Value |
| Bond Investment Style: | Low Quality Limited Sensitivity |
| Yield: | 6.8% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | |
| Total Assets: | $1089 Mil |
| Fund Total Assets: | $ 373 Mil |
| Share Class Type: | Retirement |
| Portfolio Turnover: | 150% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 5.1 years | |||
| Average Tenure: 1.7 years | |||
| Managers (Year): Shad Rahim (2021), Moore Thomas (2026), Craven Edward (2026) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 285 |
| % in Top 10 Holdings: | 10.8% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 14.1% |
Portfolio Allocation |
|
| Domestic Stock: | 0.5% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 2.8% |
| Domestic Bond: | 75.2% |
| Foreign Bond: | 14.1% |
| Convertible Bond: | 4.1% |
| Other: | 0.1% |
| Cash: | 3.3% |
Purchase Information
| Fund Family: | Invesco |
| Phone Number: | 800-959-4246 |
| Website: | www.invesco.com/us |
| Status: | Open |
| Inception Date: | September 24, 2012 |
| Min. Initial Purchase: | $1,000,000 |
| Min. Initial IRA Purchase: | $ 0 |
| 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 (%): | 0.64% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 0.92% |
| Share Class: | Invesco High Yield A |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
