Mutual Funds

Invesco Emerging Markets Flexible Bond Fund

Fixed Income | International and Global Fixed Income

Objective & Strategy

The fund seeks total return through growth of capital and current income by investing in a flexible allocation of emerging market debt securities, including sovereign, quasi-sovereign and corporate bonds, and financial derivative instruments.

as of 06/30/2016

Morningstar Rating

Overall Rating - Emerging Markets Bond Category

As of 06/30/2016 the Fund had an overall rating of 1 stars out of 211 funds and was rated 1 stars out of 211 funds, 1 stars out of 116 funds and N/A stars out of N/A funds for the 3-, 5- and 10- year periods, respectively.

Morningstar details

Source: Morningstar Inc. Ratings are based on a risk-adjusted return measure that accounts for variation in a fund's monthly performance (including the effect of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The overall rating is derived from a weighted average of three-, five- and 10-year rating metrics, as applicable. ©2016 Morningstar Inc. All rights reserved. The information contained herein is proprietary to Morningstar and/or its content providers. It may not be copied or distributed and is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance does not guarantee future results. A fund is eligible for a Morningstar Rating three years after inception. The top 10% of funds in a category receive five stars, the next 22.5% four stars, the next 35% three stars, the next 22.5% two stars and the bottom 10% one star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) Ratings for other share classes may differ due to different performance characteristics.

Management team

as of 06/30/2016

Top Fixed-Income Holdings | View all

Holding Name Coupon % Bond Maturity Date % of Total Assets
MEX BONOS DESARR FIX RT 0.000 11/13/2042 7.31
INDONESIA GOVERNMENT 0.000 07/15/2031 5.43
RUSSIA GOVT BOND OFZ 0.000 01/19/2028 3.72
HUNGARY GOVT BOND 0.000 06/24/2025 3.36
HRVATSKA ELEKTROPRIVREDA 0.000 10/23/2022 2.76
PETROBRAS GLOBAL FINANCE 8.750 05/23/2026 2.63
STANDARD CHARTERED 144A 0.000 07/30/2024 2.25
REPUBLIC OF PANAMA 0.000 03/17/2028 2.09
BHARTI AIRTEL LTD REGS 0.000 06/10/2025 1.98
STAR ENRGY GEOTHRML REGS 0.000 03/27/2020 1.77

Holdings are subject to change and are not buy/sell recommendations.

as of 06/30/2016 06/30/2016

Average Annual Returns (%)

  Incept.
Date
Max
Load (%)
Since
Incept. (%)
YTD (%) 1Y (%) 3Y (%) 5Y (%) 10Y (%)
NAV 06/16/2010 N/A -1.01 3.17 -7.39 -6.69 -4.70 N/A
Load 06/16/2010 4.25 -1.72 -1.15 -11.38 -8.05 -5.52 N/A
Performance quoted is past performance and cannot guarantee comparable future results; current performance may be lower or higher. Investment return and principal value will vary so that you may have a gain or a loss when you sell shares.

Performance shown at NAV does not include applicable front-end or CDSC sales charges, which would have reduced the performance.

Performance figures reflect reinvested distributions and changes in net asset value (NAV) and the effect of the maximum sales charge unless otherwise stated.

Effective February 26, 2016, Invesco Emerging Market Local Currency Debt Fund was renamed Invesco Emerging Markets Flexible Bond Fund. The fund's principal investment strategy and benchmarks also changed. For more information about the changes, please see the fund's prospectus. Results prior to February 26, 2016 reflect the performance of the fund's previous strategy.

Had fees not been waived and/or expenses reimbursed currently or in the past, returns would have been lower.

as of 06/30/2016 06/30/2016

Annualized Benchmark Returns


Index Name 1 Mo (%) 3 Mo (%) 1Y (%) 3Y (%) 5Y (%) 10Y (%)
US 3-Month LIBOR IX 0.06 0.16 0.47 0.32 0.35 1.47
JP Morgan EMBI Global Diversified Index 3.37 5.02 9.79 7.20 6.45 7.97
US 3-Month LIBOR IX 0.06 0.16 0.47 0.32 0.35 1.47
JP Morgan EMBI Global Diversified Index 3.37 5.02 9.79 7.20 6.45 7.97

Source: Bloomberg LP

An investment cannot be made directly in an index.

Expense Ratio per Prospectus

Management Fee 0.75
12b-1 Fee 0.25
Other Expenses 0.89
Interest/Dividend Exp 0.00
Total Other Expenses 0.89
Acquired Fund Fees and Expenses (Underlying Fund Fees & Expenses) 0.00
Total Annual Fund Operating Expenses 1.89
Contractual Waivers/Reimbursements -0.65
Net Expenses - PER PROSPECTUS 1.24
Additional Waivers/Reimbursements 0.00
Net Expenses - With Additional Fee Reduction 1.24
This information is updated per the most recent prospectus.

Historical Prices

From   to
No history records found for this date range

Distributions

From   to
    Capital Gains Reinvestment
Price ($)
Ex-Date Income Short Term Long Term
06/16/2016 0.0600 N/A N/A 6.38
03/17/2016 0.0161 N/A N/A 6.33
02/18/2016 0.0312 N/A N/A 6.34
01/21/2016 0.0312 N/A N/A 6.10
12/11/2015 0.0312 N/A N/A 6.32
11/19/2015 0.0311 N/A N/A 6.72
10/15/2015 0.0311 N/A N/A 6.94
09/17/2015 0.0310 N/A N/A 6.66
08/20/2015 0.0311 N/A N/A 6.85
07/16/2015 0.0310 N/A N/A 7.29
06/18/2015 0.0310 N/A N/A 7.39
05/21/2015 0.0309 N/A N/A 7.65
04/16/2015 0.0310 N/A N/A 7.75
03/19/2015 0.0309 N/A N/A 7.42
02/19/2015 0.0309 N/A N/A 7.77
01/22/2015 0.0309 N/A N/A 7.96
12/12/2014 0.0309 N/A N/A 7.89
11/20/2014 0.0308 N/A N/A 8.36
10/16/2014 0.0308 N/A N/A 8.45
09/18/2014 0.0307 N/A N/A 8.62
08/21/2014 0.0307 N/A N/A 8.86
07/17/2014 0.0307 N/A N/A 8.97
06/19/2014 0.0307 N/A N/A 8.95
05/15/2014 0.0307 N/A N/A 8.93
04/17/2014 0.0307 N/A N/A 8.82
03/20/2014 0.0307 N/A N/A 8.54
02/20/2014 0.0308 N/A N/A 8.49
01/16/2014 0.0307 N/A N/A 8.62
12/13/2013 0.0307 N/A N/A 8.85
11/21/2013 0.0306 N/A N/A 8.89
10/17/2013 0.0306 N/A N/A 9.26
09/19/2013 0.0307 N/A N/A 9.21
08/15/2013 0.0306 N/A N/A 8.97
07/18/2013 0.0306 N/A N/A 9.21
06/20/2013 0.0305 N/A N/A 9.05
05/16/2013 0.0304 N/A N/A 10.12
04/18/2013 0.0394 N/A N/A 10.15
03/21/2013 0.0394 N/A N/A 9.97
02/21/2013 0.0394 N/A N/A 10.11
01/17/2013 0.0394 N/A N/A 10.18
12/07/2012 0.0395 N/A N/A 10.01
11/15/2012 0.0226 N/A N/A 9.80
10/18/2012 0.0138 N/A 0.0088 9.96
09/20/2012 0.0135 N/A 0.0091 9.82
08/16/2012 0.0226 N/A N/A 9.68
07/19/2012 0.0226 N/A N/A 9.70
06/14/2012 0.0346 N/A N/A 9.24
05/17/2012 0.0345 N/A N/A 9.28
04/19/2012 0.0345 N/A N/A 9.65
03/15/2012 0.0345 N/A N/A 9.72
02/16/2012 0.0345 N/A N/A 9.79
01/19/2012 0.0346 N/A N/A 9.42
12/09/2011 0.5832 0.2066 0.0324 9.22
11/17/2011 0.0344 N/A N/A 10.02
10/20/2011 0.0344 N/A N/A 10.08
09/15/2011 0.0342 N/A N/A 10.55
08/18/2011 0.0342 N/A N/A 10.98
07/21/2011 0.0342 N/A N/A 11.14
06/16/2011 0.0342 N/A N/A 10.92
05/19/2011 0.0342 N/A N/A 11.00
04/21/2011 0.0343 N/A N/A 11.07
03/17/2011 0.0343 N/A N/A 10.52
02/17/2011 0.0343 N/A N/A 10.52
01/20/2011 0.0343 N/A N/A 10.48
12/03/2010 0.2479 0.1547 N/A 10.55
11/18/2010 0.0428 N/A N/A 10.94
10/21/2010 0.0428 N/A N/A 11.13
09/16/2010 0.0429 N/A N/A 10.67
08/19/2010 0.0429 N/A N/A 10.56
07/15/2010 0.0429 N/A N/A 10.20
as of 06/30/2016

Quality Breakdown

Ratings are based on S&P, Moody's or Fitch, as applicable. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. NR indicates the debtor was not rated, and should not be interpreted as indicating low quality. If securities are rated differently by the rating agencies, the higher rating is applied. Credit ratings are based largely on the rating agency's investment analysis at the time of rating and the rating assigned to any particular security is not necessarily a reflection of the issuer's current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a security's market value or of the liquidity of an investment in the security. For more information on the rating methodology, please visit the following NRSRO websites: www.standardandpoors.com and select 'Understanding Ratings' under Rating Resources on the homepage; www.moodys.com and select 'Rating Methodologies' under Research and Ratings on the homepage; www.fitchratings.com and select 'Ratings Definitions' on the homepage.

as of 06/30/2016

Fund Characteristics

3-Year Alpha -24.82%
3-Year Beta 89.16
3-Year R-Squared 0.04
3-Year Sharpe Ratio -0.75
3-Year Standard Deviation 9.08
Number of Securities 39
Total Assets $68,837,554.00

Source: StyleADVISOR

Benchmark:  US 3-Month LIBOR IX

as of 06/30/2016

Top Fixed-Income Holdings | View all

Holding Name Coupon % Bond Maturity Date % of Total Assets
MEX BONOS DESARR FIX RT 0.000 11/13/2042 7.31
INDONESIA GOVERNMENT 0.000 07/15/2031 5.43
RUSSIA GOVT BOND OFZ 0.000 01/19/2028 3.72
HUNGARY GOVT BOND 0.000 06/24/2025 3.36
HRVATSKA ELEKTROPRIVREDA 0.000 10/23/2022 2.76
PETROBRAS GLOBAL FINANCE 8.750 05/23/2026 2.63
STANDARD CHARTERED 144A 0.000 07/30/2024 2.25
REPUBLIC OF PANAMA 0.000 03/17/2028 2.09
BHARTI AIRTEL LTD REGS 0.000 06/10/2025 1.98
STAR ENRGY GEOTHRML REGS 0.000 03/27/2020 1.77

Holdings are subject to change and are not buy/sell recommendations.

as of 06/30/2016

Top Industries

  % of Total Assets
Diversified Banks 9.34
Integrated Oil & Gas 8.91
Electric Utilities 4.52
Integrated Telecommunication Services 3.14
Oil & Gas Exploration & Production 2.40
Oil & Gas Refining & Marketing 2.23
Wireless Telecommunication Services 1.98
Regional Banks 1.55
Internet Software & Services 1.54
Diversified Support Services 1.48

The holdings are organized according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. and Standard & Poor's.

as of 06/30/2016

Top Countries

  % of Total Assets
Russian Federation 10.52
Mexico 9.19
Indonesia 7.19
Netherlands 6.32
Argentina 5.26
United Kingdom 5.17
Hungary 4.73
Brazil 4.02
India 3.49
China 3.05

 About risk

Changing Fixed Income Market Conditions Risk. The current low interest rate environment was created in part by the Federal Reserve Board (FRB) and certain foreign central banks keeping the federal funds and equivalent foreign rates at or near zero. Increases in the federal funds and equivalent foreign rates may expose fixed income markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. In addition, decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed income markets. As a result, the value of the Fund's investments and share price may decline. Changes in central bank policies could also result in higher than normal shareholder redemptions, which could potentially increase portfolio turnover and the Fund's transaction costs.

Commodities Tax Risk. The tax treatment of commodity-linked derivative instruments may be adversely affected by changes in legislation, regulations or other legally binding authority. If, as a result of any such adverse action, the income of the Fund from certain commodity-linked derivatives was treated as non-qualifying income, the Fund might fail to qualify as a regulated investment company and be subject to federal income tax at the Fund level. Should the Internal Revenue Service issue guidance, or Congress enact legislation, that adversely affects the tax treatment of the Fund's use of the Subsidiary (which guidance might be applied to the Fund retroactively), it could, among other consequences, limit the Fund's ability to pursue its investment strategy.

Commodity Risk. The Fund may have investment exposure to the commodities markets and/or a particular sector of the commodities markets, which may subject the Fund to greater volatility than investments in traditional securities, such as stocks and bonds. Volatility in the commodities markets may be caused by changes in overall market movements, domestic and foreign political and economic events and policies, war, acts of terrorism, changes in domestic or foreign interest rates and/or investor expectations concerning interest rates, domestic and foreign inflation rates, investment and trading activities of mutual funds, hedge funds and commodities funds, and factors such as drought, floods, weather, livestock disease, embargoes, tariffs and other regulatory developments or supply and demand disruptions. Because the Fund's performance may be linked to the performance of volatile commodities, investors should be willing to assume the risks of potentially significant fluctuations in the value of the Fund's shares.

Credit Linked Notes Risk. Risks of credit linked notes include those risks associated with the underlying reference obligation including but not limited to market risk, interest rate risk, credit risk, default risk and, in some cases, foreign currency risk. An investor in a credit linked note bears counterparty risk or the risk that the issuer of the credit linked note will default or become bankrupt and not make timely payment of principal and interest of the structured security. Credit linked notes may be less liquid than other investments and therefore harder to dispose of at the desired time and price. In addition, credit linked notes may be leveraged and, as a result, small changes in the value of the underlying reference obligation may produce disproportionate losses to the Fund.

Debt Securities Risk. The prices of debt securities held by the Fund will be affected by changes in interest rates, the creditworthiness of the issuer and other factors. An increase in prevailing interest rates typically causes the value of existing debt securities to fall and often has a greater impact on longer-duration debt securities and higher quality debt securities. Falling interest rates will cause the Fund to reinvest the proceeds of debt securities that have been repaid by the issuer at lower interest rates. Falling interest rates may also reduce the Fund's distributable income because interest payments on floating rate debt instruments held by the Fund will decline. The Fund could lose money on investments in debt securities if the issuer or borrower fails to meet its obligations to make interest payments and/or to repay principal in a timely manner. Changes in an issuer's financial strength, the market's perception of such strength or in the credit rating of the issuer or the security may affect the value of debt securities. The Adviser's credit analysis may fail to anticipate such changes, which could result in buying a debt security at an inopportune time or failing to sell a debt security in advance of a price decline or other credit event.

Derivatives Risk. The value of a derivative instrument depends largely on (and is derived from) the value of an underlying security, currency, commodity, interest rate, index or other asset (each referred to as an underlying asset). In addition to risks relating to the underlying assets, the use of derivatives may include other, possibly greater, risks, including counterparty, leverage and liquidity risks. Counterparty risk is the risk that the counterparty to the derivative contract will default on its obligation to pay the Fund the amount owed or otherwise perform under the derivative contract. Derivatives create leverage risk because they do not require payment up front equal to the economic exposure created by owning the derivative. As a result, an adverse change in the value of the underlying asset could result in the Fund sustaining a loss that is substantially greater than the amount invested in the derivative, which may make the Fund's returns more volatile and increase the risk of loss. Derivative instruments may also be less liquid than more traditional investments and the Fund may be unable to sell or close out its derivative positions at a desirable time or price. This risk may be more acute under adverse market conditions, during which the Fund may be most in need of liquidating its derivative positions. Derivatives may also be harder to value, less tax efficient and subject to changing government regulation that could impact the Fund's ability to use certain derivatives or their cost. Also, derivatives used for hedging or to gain or limit exposure to a particular market segment may not provide the expected benefits, particularly during adverse market conditions. These risks are greater for the Fund than mutual funds that do not use derivative instruments or that use derivative instruments to a lesser extent than the Fund to implement their investment strategies.

Emerging Markets Securities Risk. Emerging markets (also referred to as developing markets) are generally subject to greater market volatility, political, social and economic instability, uncertain trading markets and more governmental limitations on foreign investment than more developed markets. In addition, emerging markets may be subject to lower trading volume and greater price fluctuations than companies in more developed markets. Securities law and the enforcement of systems of taxation in many emerging market countries may change quickly and unpredictably. In addition, investments in emerging markets securities may also be subject to additional transaction costs, delays in settlement procedures, and lack of timely information.

Foreign Currency Tax Risk. If the U.S. Treasury Department were to exercise its authority to issue regulations that exclude from the definition of "qualifying income" foreign currency gains not directly related to the Fund's business of investing in securities, the Fund may be unable to qualify as a regulated investment company for one or more years. In this event, the Fund's Board of Trustees may authorize a significant change in investment strategy or other action.

Foreign Government Debt Risk. Investments in foreign government debt securities (sometimes referred to as sovereign debt securities) involve certain risks in addition to those relating to foreign securities or debt securities generally. The issuer of the debt or the governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due in accordance with the terms of such debt, and the Fund may have limited recourse in the event of a default against the defaulting government. Without the approval of debt holders, some governmental debtors have in the past been able to reschedule or restructure their debt payments or declare moratoria on payments.

Foreign Securities Risk. The Fund's foreign investments may be adversely affected by political and social instability, changes in economic or taxation policies, difficulty in enforcing obligations, decreased liquidity or increased volatility. Foreign investments also involve the risk of the possible seizure, nationalization or expropriation of the issuer or foreign deposits (in which the Fund could lose its entire investments in a certain market) and the possible adoption of foreign governmental restrictions such as exchange controls. Unless the Fund has hedged its foreign securities risk, foreign securities risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. Currency hedging strategies, if used, are not always successful.

Geographic Focus Risk. The Fund may from time to time invest a substantial amount of its assets in securities of issuers located in a single country or a limited number of countries. Adverse economic, political or social conditions in those countries may therefore have a significant negative impact on the Fund's investment performance.

High Yield Debt Securities (Junk Bond) Risk. Investments in high yield debt securities ("junk bonds") and other lower-rated securities will subject the Fund to substantial risk of loss. These securities are considered to be speculative with respect to the issuer's ability to pay interest and principal when due, are more susceptible to default or decline in market value and are less liquid than investment grade debt securities. Prices of high yield debt securities tend to be very volatile.

Management Risk. The Fund is actively managed and depends heavily on the Adviser's judgment about markets, interest rates or the attractiveness, relative values, liquidity, or potential appreciation of particular investments made for the Fund's portfolio. The Fund could experience losses if these judgments prove to be incorrect. Additionally, legislative, regulatory, or tax developments may adversely affect management of the Fund and, therefore, the ability of the Fund to achieve its investment objective.

Market Risk. The market values of the Fund's investments, and therefore the value of the Fund's shares, will go up and down, sometimes rapidly or unpredictably. Market risk may affect a single issuer, industry or section of the economy, or it may affect the market as a whole. Individual stock prices tend to go up and down more dramatically than those of certain other types of investments, such as bonds. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value.

Non-Diversification Risk. The Fund is non-diversified and can invest a greater portion of its assets in the obligations or securities of a small number of issuers or any single issuer than a diversified fund can. A change in the value of one or a few issuers' securities will therefore affect the value of the Fund more than if it was a diversified fund.

Short Position Risk. Because the Fund's potential loss on a short position arises from increases in the value of the asset sold short, the Fund will incur a loss on a short position, which is theoretically unlimited, if the price of the asset sold short increases from the short sale price. The counterparty to a short position or other market factors may prevent the Fund from closing out a short position at a desirable time or price and may reduce or eliminate any gain or result in a loss. In a rising market, the Fund's short positions will cause the Fund to underperform the overall market and its peers that do not engage in shorting. If the Fund holds both long and short positions, and both positions decline simultaneously, the short positions will not provide any buffer (hedge) from declines in value of the Fund's long positions. Certain types of short positions involve leverage, which may exaggerate any losses, potentially more than the actual cost of the investment, and will increase the volatility of the Fund's returns.

Subsidiary Risk. By investing in the Subsidiary, the Fund is indirectly exposed to risks associated with the Subsidiary's investments. The Subsidiary is not registered under the Investment Company Act of 1940, as amended (1940 Act), and, except as otherwise noted in this prospectus, is not subject to the investor protections of the 1940 Act. Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and the Subsidiary, respectively, are organized, could result in the inability of the Fund and/or the Subsidiary to operate as described in this prospectus and the SAI, and could negatively affect the Fund and its shareholders.

as of 07/29/2016

IAEMX

NAV Change ($)
$6.55 -0.01
N/As may appear until data is available. Data is usually updated between 3 and 6 p.m. CST.
as of 07/29/2016

Yield 

  • Distribution Yield
    with Sales Charge 3.51%
  • Distribution Yield
    without Sales Charge 3.66%
  • SEC 30-Day Yield 4.19%
  • Unsub. 30-Day Yield 3.54%

Fund Details

  • Distribution Frequency Quarterly
  • NASDAQ IAEMX
  • WSJ Abrev. N/A
  • CUSIP 00142R711
  • Fund Type Fixed Income
  • Geography Type International
  • Inception Date 06/16/2010
  • Fiscal Year End 10/31
  • Min Initial Investment $1,000
  • Subsequent Investment $50
  • Min Initial IRA Investment $250
  • Fund Number 1544
  • Tax ID 27-2531694