ACCBX
Mutual Fund
Invesco Corporate Bond Fund
Fixed Income
US Fixed Income
Ticker: GTO
Invesco Total Return Bond ETF
An actively managed intermediate-term bond fund designed for investors seeking monthly income and total return opportunities.
Why invest in GTO?
GTO seeks maximum total return, comprised of income and capital appreciation. The investment team looks to provide enhanced income and return potential relative to traditional core fixed income products.
More than just core
The investment team navigates a broad range of sectors, enhancing diversification opportunities and the potential for a better balance of risk and return.
Active asset allocation
The investment team seeks to dynamically allocate across market, interest rate, and credit cycle environments.
Disciplined approach
The investment team utilizes top-down economic research combined with fundamental bottom-up credit research.
Strong performance through active management in key market environments
GTO is actively managed to adapt to changing markets, with dynamic positioning in risk posture, asset allocation, and investment themes. By aligning macroeconomic views with bottom-up security selection, the fund has delivered strong performance—especially during periods of volatility.
Navigate Economic Turbulence with GTO
During times of market stress, the investment team actively reallocated assets to reflect evolving risks and opportunities. These strategic shifts helped GTO maintain a performance edge through changing economic cycles.
US-China Trade War (April ‘18 – April ‘19) |
Covid Rebound (Mar ‘20 – Dec ‘20) |
Banking Turmoil (Apr ‘23 – Dec ‘23) |
Disinflation & Fed Cuts (Dec ‘23 – Dec ‘24) |
|---|---|---|---|
| During economic uncertainties from the US-China trade war and the Fed, the team adopted a lower risk strategy. | Significant risk off developments caused by the impact of COVID-19 led to Fed cuts. | After the Silicon Valley Bank collapse and other regional bank failures, the team increased investments in the financials sector as spreads widened. | Inflation fell substantially, paving the way for Fed cuts, while credit markets remained resilient, with spreads tightening. |
| By Q4, they increased holdings in high-yield and emerging market bonds in anticipation of Fed cuts. | Following the steep sell off in mid-March, the team followed the Fed’s lead by increasing risk in investment grade, high yield and emerging market debt. | The team concentrated on high-quality Global Systemically Important Banks (GSIBs) and US super-regional banks, whose spreads, in our view, were unfairly pushed wider along with the rest of the sector. | The team reduced overall risk due to tight valuations, but maintained an overweight position in investment-grade credit supported by strong fundamentals and attractive yield. |
| GTO rallied from year-end 2018 to April 2019 and ultimately outperformed the index over the entire period. | GTO outperformed the benchmark by over 7% from March 19, 2020, to year-end. | GTO outperformed the benchmark by 0.89% from April to December in 2023. | Through year end 2024, the fund outperformed its benchmark by over 1.37%. |
FAQ
Get timely answers to important questions regarding this product.
A total return bond fund is typically a diversified fixed income portfolio designed to invest in many bond sectors that may provide income and capital appreciation. Investments may include Treasury bonds, agency bonds, investment grade corporate bonds, commercial MBS, ABS and residential MBS. In addition, the strategy may invest in high yield corporate debt, emerging market debt, and other types of bonds.
The Invesco Total Return Bond ETF (GTO) is an actively managed intermediate-term bond exchange-traded fund for investors seeking monthly income and total return opportunities.
With a passive investment strategy, managers generally seek to precisely mirror their benchmark index’s holdings and are therefore able to charge lower fees. Typically, however, they don’t have the freedom to move into cash, or the ability to quickly raise funds in the midst of a market downturn to take advantage of opportunistic, tactical strategies. Managers with an active investment strategy can overweight or underweight areas of the portfolio to add value.
Investors turn to Invesco for high-conviction bond strategies across the fixed income spectrum. Our team is empowered by a collaborative culture and extensive research capabilities across geographies, asset classes, and sectors. We bring the resources of a global asset manager while remaining nimble enough to add value through security selection. Through a rigorous, repeatable process that constantly identifies new themes and opportunities, we build best-idea portfolios that seek to deliver strong risk-adjusted performance over time.
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