Invesco Bond Income Plus Limited

Uncovering income opportunities in the high yield bond market

Important Information

  • Please read the Investment Risks and Footnotes at the bottom of the page.

    Invesco Bond Income Plus Limited was previously City Merchants High Yield Trust Limited.

Investment objective

The Company aims to obtain capital growth and high income from investment, predominantly in high-yielding fixed-interest securities.

Further details of the Company’s Investment Policy and Risk and Investment Limits can be found in the Directors' Report contained within the Company’s Annual Financial Report.

Why consider Invesco Bond Income Plus Limited?

  1. Aims to provide a high level of income and capital growth to investors
  2. Access to the high yield bond market, diversified across countries and industries, provides the potential to create a diverse portfolio
  3. Expert credit analysis and careful selection provide opportunities for the fund managers to add value over the long term

How we invest

The Company has maintained a consistent level of dividend for several years.  A simple maxim underpins this success: we will only invest when we think we are being adequately rewarded for doing so.

Today, the portfolio is invested across three broad areas of the high yield bond market.  Income generators form the core of the fund, made up of bonds issued by non-financial companies that pay a high level of income to compensate for their leveraged balance sheets. Next, banks and subordinated financials - bonds in this area of the market continue to pay a premium over other areas of the market. Finally, credit intensive bonds, which are bonds that have come under price pressure, but that we believe have the right plans in place to turn around their business.  

ESG and responsible investing

For more than 30 years Invesco has been associated with responsible investing, and today delivers this through equity, fixed income and multi-asset strategies.

Our commitment

Key facts

Launch date:   May 1991*
ISIN:   JE00B6RMDP68
AIC sector:   Debt – Loans & Bonds
     

Financial calendar

Announcements Dividends payable Annual General Meeting
Annual financial report March/April Interim dividends May, August, November, February AGM 27 June 2023
Half-yearly unaudited financial report August     
Year End 31 December    

Performance

Standardised rolling 12-month performance (% growth)

  30.12.18 
30.12.19
30.12.19 
30.12.20
30.12.20
30.12.21
30.12.21
30.12.22
30.12.22
30.12.23
Ordinary Share Price 18.7 1.8 4.2 -5.2 10.5
Net Asset Value 13.4 6.8 5.3 -10.7 11.7
Ordinary share price performance figures have been calculated using daily closing prices with dividends reinvested. NAV performance figures have been calculated using daily NAV with dividends reinvested. The NAV used includes current period revenue and values debt at fair. The Benchmark performance shown is total return. All performance figures are in sterling as at %%asAt%% except where otherwise stated. Standardised past performance figures are updated on a quarterly basis. Source: Morningstar.

Company directors

All directors are non-executive and, in the opinion of the Board, are independent of the Manager.

Contact the Board of Directors

Should you wish to contact a member of the Board of Directors, please email the Company Secretary.

When you interact with us, we may collect information about you which constitutes personal data under applicable laws and regulations. The Trust privacy notice explains how we use and protect your personal data.

Discover the full range of Investment Trusts

Footnotes

  • * The business of the Company was originally launched in 1991. It has been maintained through two corporate reconstructions, the most recent of which was in 2012 when the business was transferred to the current corporate entity in Jersey. The performance data shown in the factsheet incorporates the performance of the predecessor entity for the period to 31 March 2012 as well as the current Company from 2 April 2012. With effect from 19 May 2021, the Company was enlarged by the merger with Invesco Enhanced Income Limited by way of a contractual scheme of reconstruction, following which the Company changed its name to Invesco Bond Income Plus Limited.

Investment Risks

  • The value of investments and any income will fluctuate (this may partly be the result of exchange rate fluctuations) and investors may not get back the full amount invested.

    The portfolio has a significant proportion of high-yielding bonds, which are of lower credit quality and may result in large fluctuations in the NAV of the product.

    The product may invest in contingent convertible bonds which may result in significant risk of capital loss based on certain trigger events.

    The use of borrowings may increase the volatility of the NAV and may reduce returns when asset values fall.

    The product uses derivatives for efficient portfolio management which may result in increased volatility in the NAV.

    Invesco Bond Income Plus Limited is regulated by the Jersey Financial Services Commission.

Important information

  • This is marketing material and not financial advice. It is not intended as a recommendation to buy or sell any particular asset class, security or strategy. Regulatory requirements that require impartiality of investment/investment strategy recommendations are therefore not applicable nor are any prohibitions to trade before publication.

    Views and opinions are based on current market conditions and are subject to change.

    For more information on our products, please refer to the relevant Key Information Document (KID), Alternative Investment Fund Managers Directive document (AIFMD), and the latest Annual or Half-Yearly Financial Reports. This information is available in the literature section.

    Further details of the Company’s Investment Policy and Risk and Investment Limits can be found in the Report of the Directors contained within the Company’s Annual Financial Report.