Fund Evaluator:
Invesco SMA High Yield Bond (SMHYX)
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Fund Details
Invesco SMA High Yield Bond Overview
Invesco SMA High Yield Bond (SMHYX) is an actively managed Taxable Bond High Yield Bond fund. Invesco launched the fund in 2023.
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. These types of securities are commonly referred to as junk bonds.
About Invesco SMA High Yield Bond (SMHYX)
There are 2 members of the management team with an average tenure of 1.70 years: Rahim Shad (2023), 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 Cor HY Ba B 2% TR USD index with a weighting of 100%. Invesco SMA High Yield Bond has 214 securities in its portfolio. The top 10 holdings constitute 13.9% 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 SMA High Yield Bond is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Invesco SMA High Yield Bond has 12.9% 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 2.3% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 92.1% (79.2% domestic bond, 12.9% foreign bond and 1.6% convertible bond). Invesco SMA High Yield Bond has 4.0% of the portfolio in cash.
Assets Under Management
The fund has $10 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.
SMHYX 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 SMA High Yield Bond expense ratio is low compared to funds in the High Yield Bond category. Invesco SMA High Yield Bond has an expense ratio of 0.01%, which is 99% 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 SMA High Yield Bond has a portfolio turnover rate of 121%, 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 SMA High Yield Bond 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 SMA High Yield Bond has a trailing yield of 6.71%, which is above the 6.26% 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 SMA High Yield Bond Grades
Year to date, the fund has returned 2.1%, 0.1 percentage points better than the category, which translates into a grade of B. The fund has returned 6.1% over the past year (grade of B) and 8.2% over the past three years (grade of C).
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SMHYX 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 |
|
| SMHYX Return (NAV) | 0.3% | 2.5% | 6.1% | 8.2% | na | na |
| SMHYX Grade | B | B | B | C | na | na |
| +/- Category | 0.0% | 0.1% | 0.4% | 0.0% | na | na |
| High Yield Bond Avg | 0.2% | 2.4% | 5.7% | 8.1% | 3.8% | 5.1% |
| SMHYX Tax Cost Ratio | na | na | 2.8% | 3.2% | na | na |
SMHYX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| SMHYX Return (NAV) | 2.1% | 8.3% | 7.2% | na | na | na | na | na | na | na | na |
| SMHYX Grade | B | C | D | na | na | na | na | na | na | na | na |
| +/- Category | 0.1% | 0.4% | -0.5% | na | na | na | na | na | na | na | na |
| 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: | 3.8% |
| Total Risk Index: | 0.31 - Low |
| Category Risk Index: | 0.95 - Below Average |
| Category Risk Grade: | B (22% Rank) |
| Beta: | 0.58 |
| R-Squared: | 72% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 6.7% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $10 Mil |
| Fund Total Assets: | $ 10 Mil |
| Share Class Type: | Other |
| Portfolio Turnover: | 121% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 3.3 years | |||
| Average Tenure: 1.7 years | |||
| Managers (Year): Shad Rahim (2023), Moore Thomas (2026) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 214 |
| % in Top 10 Holdings: | 13.9% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 12.9% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 2.3% |
| Domestic Bond: | 79.2% |
| Foreign Bond: | 12.9% |
| Convertible Bond: | 1.6% |
| Other: | 0.0% |
| Cash: | 4.0% |
Purchase Information
| Fund Family: | Invesco |
| Phone Number: | 800-959-4246 |
| Website: | www.invesco.com/us |
| Status: | Open |
| Inception Date: | March 1, 2023 |
| Min. Initial Purchase: | $1,000 |
| 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 (%): | 0.01% ( Rating : Low ) |
| Category Average Expense Ratio (%): | 0.92% |
| Share Class: | Invesco SMA High Yield Bond |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
