Fund Evaluator:
Invesco Rochester® Municipal Opps Y (ORNYX)
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Best Performing in High Yield Muni Over the Last Year
| 8.7% | T. Rowe Price High Yield Muncpl Bd (PRFHX) |
| 8.2% | Thrivent High Yield Municipal Bond S (THMBX) |
| 8.1% | AMG GW&K Municipal Enhanced Yield N (GWMNX) |
| 8.0% | Invesco Rochester® Municipal Opps Y (ORNYX) |
| 7.9% | City National Rochdale Muni Hi Inc N (CNRNX) |
Fund Details
Invesco Rochester® Municipal Opps Y Overview
Invesco Rochester® Municipal Opps Y (ORNYX) is an actively managed Municipal Bond High Yield Muni fund. Invesco launched the fund in 2010.
The investment seeks tax-free income. Under normal market conditions, and as a fundamental policy, the fund invests at least 80% of its net assets (plus borrowings for investment purposes) 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.
About Invesco Rochester® Municipal Opps Y (ORNYX)
There are 4 members of the management team with an average tenure of 5.62 years: Mark Paris (2019), Julius Williams (2019), Tim O'Reilly (2019), Amy Haklisch (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 High Yield TR index with a weighting of 100%. Invesco Rochester® Municipal Opps Y has 1577 securities in its portfolio. The top 10 holdings constitute 8.8% 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 Rochester® Municipal Opps Y is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Invesco Rochester® Municipal Opps Y has 6.7% 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 98.2% (91.5% domestic bond, 6.7% foreign bond and 0.0% convertible bond). Invesco Rochester® Municipal Opps Y has 1.8% of the portfolio in cash.
Assets Under Management
The fund has $4 billion in total assets, which is above the $803 million average for the High Yield Muni 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.
ORNYX 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® Municipal Opps Y expense ratio is high compared to funds in the High Yield Muni category. Invesco Rochester® Municipal Opps Y has an expense ratio of 1.12%, which is 15% higher than its category average, making the fund expense ratio grade a D. 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® Municipal Opps Y has a portfolio turnover rate of 33%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 51% for the High Yield Muni category.
Recently, in the month of July 2026, Invesco Rochester® Municipal Opps Y returned -1.9%, which earned it a grade of D, as the High Yield Muni category had an average return of -1.8%. 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® Municipal Opps Y has a trailing yield of 5.73%, which is above the 4.46% 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 Rochester® Municipal Opps Y Grades
Year to date, the fund has returned 1.9%, 0.4 percentage points better than the category, which translates into a grade of B. The fund has returned 8.0% over the past year (grade of B), 4.0% over the past three years (grade of D) and 0.4% per year over the past five years (grade of C) and 4.0% per year over the past 10 years (grade of A).
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ORNYX 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 |
|
| ORNYX Return (NAV) | -1.9% | 0.2% | 8.0% | 4.0% | 0.4% | 4.0% |
| ORNYX Grade | D | C | B | D | C | A |
| +/- Category | -0.1% | 0.1% | 1.1% | -0.1% | 0.2% | 1.6% |
| High Yield Muni Avg | -1.8% | 0.1% | 6.9% | 4.1% | 0.3% | 2.5% |
| ORNYX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | -0.0% |
ORNYX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| ORNYX Return (NAV) | 1.9% | 2.1% | 4.5% | 8.6% | -13.8% | 7.0% | 6.1% | 14.1% | 9.6% | 7.1% | 5.2% |
| ORNYX Grade | B | D | D | A | C | A | A | A | A | D | A |
| +/- Category | 0.4% | -0.4% | -0.7% | 1.9% | -0.7% | 1.5% | 2.3% | 4.9% | 7.6% | -0.9% | 3.6% |
| High Yield Muni Avg | 1.5% | 2.5% | 5.2% | 6.8% | -13.1% | 5.5% | 3.8% | 9.2% | 2.0% | 8.0% | 1.5% |
| Risk Measures | |
| Standard Deviation: | 7.8% |
| Total Risk Index: | 0.64 - Below Average |
| Category Risk Index: | 1.19 - High |
| Category Risk Grade: | F (84% Rank) |
| Beta: | 1.32 |
| R-Squared: | 93% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 5.7% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | |
| Total Assets: | $8627 Mil |
| Fund Total Assets: | $4,220 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 33% |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 7.1 years | |||
| Average Tenure: 5.6 years | |||
| Managers (Year): Paris Mark (2019), Williams Julius (2019), O'Reilly Tim (2019), Haklisch Amy (2024) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 1577 |
| % in Top 10 Holdings: | 8.8% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 6.7% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 91.5% |
| Foreign Bond: | 6.7% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.8% |
Purchase Information
| Fund Family: | Invesco |
| Phone Number: | 800-959-4246 |
| Website: | www.invesco.com/us |
| Status: | Open |
| Inception Date: | November 29, 2010 |
| 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 (%): | 1.12% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.98% |
| Share Class: | Invesco Rochester® Municipal Opps A |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 25 |
