Fund Evaluator:
Invesco Rochester® AMT-Free NY Mncpl C (ONYCX)
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Best Performing in Muni New York Long Over the Last Year
| 6.9% | T. Rowe Price New York Municipal Bond (PRNYX) |
| 6.9% | Vanguard NY Long-Term Tax-Exempt Adm (VNYUX) |
| 6.9% | Vanguard NY Long-Term Tax-Exempt Inv (VNYTX) |
| 6.8% | Victory NY Bond (USNYX) |
| 5.9% | Fidelity Advisor NY Municipal Inc Z (FIJAX) |
Fund Details
Invesco Rochester® AMT-Free NY Mncpl C Overview
Invesco Rochester® AMT-Free NY Mncpl C (ONYCX) is an actively managed Municipal Bond Muni New York Long fund. Invesco launched the fund in 1995.
The investment seeks tax-free income. The fund invests at least 80% of its net assets in securities, the income from which, in the opinion of counsel to the issuer of each security, is exempt from regular federal individual and, as applicable, the fund's state income tax. It will not invest in municipal securities the interest from which (and thus proportionate share of the exempt-interest dividends paid by the fund) would be subject to the federal alternative minimum tax (AMT).
About Invesco Rochester® AMT-Free NY Mncpl C (ONYCX)
There are 5 members of the management team with an average tenure of 4.98 years: Mark Paris (2019), Julius Williams (2019), Elizabeth Mossow (2024), Tim O'Reilly (2020), Joshua Cooney (2024). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: S&P Municipal Bond TR index with a weighting of 100% and S&P Municipal Bond NY 5+Y IG TR USD index with a weighting of 100%. Invesco Rochester® AMT-Free NY Mncpl C has 296 securities in its portfolio. The top 10 holdings constitute 21.5% 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 Rochester® AMT-Free NY Mncpl C is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Invesco Rochester® AMT-Free NY Mncpl C has 5.4% 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 100.0% (94.6% domestic bond, 5.4% foreign bond and 0.0% convertible bond). Invesco Rochester® AMT-Free NY Mncpl C has 0.0% of the portfolio in cash.
Assets Under Management
The fund has $5 million in total assets, which is below the $287 million average for the Muni New York Long 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.
ONYCX 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 Rochester® AMT-Free NY Mncpl C expense ratio is high compared to funds in the Muni New York Long category. Invesco Rochester® AMT-Free NY Mncpl C has an expense ratio of 1.86%, which is 120% higher than its category average, making the fund expense ratio grade a F. 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 Rochester® AMT-Free NY Mncpl C has a portfolio turnover rate of 27%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 27% for the Muni New York Long category.
Recently, in the month of July 2026, Invesco Rochester® AMT-Free NY Mncpl C returned -2.3%, which earned it a grade of F, as the Muni New York Long category had an average return of -2.1%. 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 Rochester® AMT-Free NY Mncpl C has a trailing yield of 3.84%, which is above the 3.63% 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 Rochester® AMT-Free NY Mncpl C Grades
Year to date, the fund has returned 0.8%, 0.1 percentage points worse than the category, which translates into a grade of D. The fund has returned 6.4% over the past year (grade of D), 1.7% over the past three years (grade of F) and -1.2% per year over the past five years (grade of F) and 1.3% per year over the past 10 years (grade of D).
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ONYCX 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 |
|
| ONYCX Return (NAV) | -2.3% | -0.6% | 6.4% | 1.7% | -1.2% | 1.3% |
| ONYCX Grade | F | D | D | F | F | D |
| +/- Category | -0.2% | -0.2% | -0.3% | -1.2% | -1.1% | -0.3% |
| Muni New York Long Avg | -2.1% | -0.5% | 6.7% | 2.9% | -0.1% | 1.7% |
| ONYCX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | -0.0% |
ONYCX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| ONYCX Return (NAV) | 0.8% | 0.8% | 1.0% | 7.0% | -13.9% | 4.1% | 2.9% | 9.4% | 5.8% | 0.8% | 3.2% |
| ONYCX Grade | D | F | F | D | F | A | F | A | A | F | A |
| +/- Category | -0.1% | -1.6% | -0.9% | -0.5% | -2.0% | 0.8% | -1.3% | 1.6% | 4.4% | -3.9% | 2.5% |
| Muni New York Long Avg | 0.9% | 2.4% | 2.0% | 7.5% | -11.9% | 3.3% | 4.1% | 7.8% | 1.4% | 4.7% | 0.7% |
| Risk Measures | |
| Standard Deviation: | 7.7% |
| Total Risk Index: | 0.63 - Below Average |
| Category Risk Index: | 1.11 - High |
| Category Risk Grade: | F (89% Rank) |
| Beta: | 1.32 |
| R-Squared: | 95% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 3.8% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $589 Mil |
| Fund Total Assets: | $ 6 Mil |
| Share Class Type: | C |
| Portfolio Turnover: | 27% |
Management Team
| Number of Managers: 5 | |||
| Longest Tenure: 7.1 years | |||
| Average Tenure: 5.0 years | |||
| Managers (Year): Paris Mark (2019), Williams Julius (2019), O'Reilly Tim (2020), Cooney Joshua (2024), Mossow Elizabeth (2024) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 296 |
| % in Top 10 Holdings: | 21.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 5.4% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 94.6% |
| Foreign Bond: | 5.4% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.0% |
Purchase Information
| Fund Family: | Invesco |
| Phone Number: | 800-959-4246 |
| Website: | www.invesco.com/us |
| Status: | Open |
| Inception Date: | August 29, 1995 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 250 |
| True No-Load: | No |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 1.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 1.00% |
Expenses and Fees | |
| Expense Ratio (%): | 1.86% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.85% |
| Share Class: | Invesco Rochester® AMT-Free NY Mncpl A |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 25 |
