September, 2023
Loans delivered solid returns in September, gaining 0.88% during the month and bringing year-to-date total returns to 9.91%. Despite increased primary supply and weaker risk markets, loan prices edged up 0.11% during the month. More impactfully, coupon income contributed another 0.76% to September’s total return. Meanwhile, the Federal Reserve (Fed) provided updated policy guidance at their September meeting which further signalled elevated base rates at least through 2024, implying today’s high carry environment is expected to persist for the foreseeable future.
During September, loans outperformed high yield and investment grade, which returned -1.16% and -2.45%, respectively, and year-to-date are also outpacing the 5.97% and 0.45% returns for high yield and investment grade bonds respectively. The average price in the loan market rose 30 basis points (bps) to 94.83. At their current average price, senior secured loans are providing a 10.11% yield inclusive of the forward curve.
All data in USD. Source: Credit Suisse Leveraged Loan Index, Bloomberg and JP Morgan.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/Invesco-Wholesale-Senior-Secured-Income-Fund-Monthly-Report-2-1.pdfAugust, 2023
Loans continued moving higher in August, gaining 1.15% during the month and bringing year-to date total returns to 8.95%. Loan prices rose to their highest levels since May 2022 amid constructive macro data and earnings reporting. Prices advanced 0.34% during the month, again led by the lower end of the credit ratings spectrum. Coupon income added another 0.81% to August’s total return. With the Federal Reserve’s (Fed) policy guidance signalling elevated base rates at least through 2024, today’s high carry environment is poised to remain intact.
During August, loans outperformed high yield and investment grade, which returned 0.28% and -0.77%, respectively, and year-to-date are also outpacing the 7.22% and 2.87% returns for high yield and investment grade bonds respectively. The average price in the loan market rose 40 basis points (bps) to 94.54.3 At their current average price, senior secured loans are providing a 9.93% yield inclusive of the forward curve.
All data in USD. Source: Credit Suisse Leveraged Loan Index, Bloomberg and JP Morgan.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/Invesco-Wholesale-Senior-Secured-Income-Fund-Monthly-Report-1-2.pdfJuly, 2023
Loans gained 1.29% in July, bringing year-to date total returns to 7.85%. Loan prices rose to their highest levels in over a year amid solid earnings and diminishing economic growth concerns. Prices advanced 0.49% during the month, led by the low end of the credit ratings spectrum. Coupon income added another 0.79% to July’s total return.
On the back of the latest Federal Reserve policy guidance, market expectations continue to signal elevated base rates at least through 2024, creating runway for today’s high carry environment to continue.During July, loans underperformed high yield but outperformed investment grade, which returned 1.46% and 0.35%, respectively. Year-to-date, loans are outpacing the 6.93% and 3.66% returns for high yield and investment grade bonds respectively. The average price in the loan market rose 45 basis points to 95.42. At their current average price, senior secured loans are providing a 9.91% yield inclusive of the forward curve.
All data in USD. Source: Morningstar LSTA US Leveraged Loan Index, Bloomberg and JP Morgan.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/Invesco-Wholesale-Senior-Secured-Income-Fund-Monthly-Report-7.pdfJune, 2023
Loans gained 2.26% in June as improved economic sentiment overshadowed hawkish central bank rhetoric to create a positive backdrop for risk assets. Prices advanced 1.49% during the month, reaching levels that nearly eclipsed the year-to-date highs last reached in February. Buoyant price action was broad-based in June, but the outperformance of single-B issuers versus CCC issuers embodied the selective risk-on spirit of the month.
Meanwhile, coupon income contributed another 0.77% to June’s total return. Interest rate expectations repriced higher on the back of hawkish Federal Reserve (Fed) policy guidance, signaling a longer runway for today’s high carry environment to continue. At the midpoint of 2023, year-to-date total returns are 6.48%, putting loans on pace to deliver their strongest annual total return since 2009.
During June, loans outperformed high yield and investment grade, which returned 1.63% and 0.28%, respectively. Year-to-date, loans are outpacing the 5.42% and 3.23% returns for high yield and investment grade bonds respectively. The average price in the loan market rose 140 basis points (bps) to 94.97. At their current average price, senior secured loans are providing a 10.19% yield inclusive of the forward curve.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/Invesco-Wholesale-Senior-Secured-Income-Fund-Monthly-Report-6.pdfMay, 2023
Loans lost -0.18% in May amid cautious sentiment and tepid investor demand, bringing year-to-date total returns to 4.12%. Price declines of -0.95% during the month were partly offset by 0.77% of coupon income.
A constructive overall backdrop for loans better-than-feared earnings, generally stable macro data, resolution on the debt ceiling at month-end, and a higher forward rate curve failed to translate into better demand for the asset class. During May, loans outperformed high yield and investment grade, which returned -0.93% and -1.46%, respectively. Year-to-date, loans are outpacing the 3.70% and 2.92% returns for high yield and investment grade bonds respectively. The average price in the loan market fell 46bps to 93.57. At their current average price, senior secured loans are providing a 10.31% yield inclusive of the forward curve.
File:April, 2023
Loans returned 1.05% in April, bringing year-to-date total returns to 4.31%. Prices gained 0.31% during the month and coupon added another 0.74% to return. The overall tone in risk markets improved as anxiety around regional banking stress eased and Q1 earnings season got off to a positive start.
Firm trading in loans enticed more issuers to approach the new issue market for refinancing needs, and deals were generally received favourably. Net new issuance remained sparse amid a slump in M&A and LBO activity, thus continued retail outflows and a moderation in CLO formation did not noticeably upset the market’s technical balance. During April, loans underperformed high yield and investment grade which returned 0.93% and 0.79%, respectively.
Year-to-date, loans are slightly lagging the 4.65% and 4.42% returns for high yield and investment grade bonds respectively. The average price in the loan market rose 26 basis points (bps) to 94.03. At their current average price, senior secured loans are providing a 9.76% yield inclusive of the forward curve.
File:March, 2023
Loans returned -0.03% in March, bringing year-to-date total returns to 3.23%. Suddenly emergent stress in the banking sector during the month sent shockwaves through risk markets and upended investors’ economic outlooks. Swift government action to stem the crisis of confidence in smaller banks contained the fallout from bank failures, but the looming threat of diminished lending activity kept a lid on risk appetite. In response, investors recalibrated their interest rate expectations downwards. Capital market activity stalled amid the turbulence but the loan market continued to function in an orderly fashion. Except for a choppy three day period in which loans shed -1.10% (March 13-15), loans demonstrated muted price action amidst broader risk market voilatility and retraced much of the mid month drawdown by month end. Ultimately, prices declined -0.77% in March, largely offset by 0.74% of coupon income.
During March, loans underperformed high yield and investment grade which returned 1.08% and 2.95%, respectively as interest rates declined. Year-to-date, loans are slightly lagging the 3.68% and 3.61% returns for high yield and investment grade bonds respectively. The average price in the loan market dipped 75 basis points (bps) to 93.77. At their current average price, senior secured loans are providing a 9.98% yield inclusive of the forward LIBOR curve.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/Invesco-Wholesale-Senior-Secured-Income-Fund-Monthly-Report-5.pdfFebruary, 2023
Loans gained 0.58% in February, bringing year-to-date total returns to 3.26%. After a euphoric start to the year, risk assets slumped as investors re-evaluated the interest rate outlook amid stronger inflation data. Loans however bucked the trend, as was the case throughout much of 2022 when rising rates were central to market sentiment. The monthly return was comprised of -0.08% price erosion and 0.66% coupon income. Several consecutive months of tightening spreads finally coaxed more loan borrowers to refinance their shorter dated maturities in February. The demand side remained anchored by CLO managers seeking to buy assets for new structures; the copious year-to-date CLO issuance is second only to 2021. During February, loans outpaced high yield and investment grade which returned -1.30% and -3.14%, respectively. Year-to-date, loans have outperformed the 2.58% and 0.64% returns for high yield and investment grade bonds respectively. The average price in the loan market dipped 3 basis points (bps) to 94.52. At their current average price, senior secured loans are providing a 10.53% yield inclusive of the forward LIBOR curve. All figures are in USD.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/Invesco-Wholesale-Senior-Secured-Income-Fund-Monthly-Report-1-1.pdfJanuary, 2023
Loans started strong in 2023, gaining 2.73% in January. This was the largest January gain for loans since 2009 and the largest monthly gain since May 2020. Risk markets roared on better sentiment fueled by declining inflation and a perception that the monetary policy tightening cycle is nearing completion. Supportive technicals also played a role as always-opportunistic CLO managers sought to buy assets for new structures despite a dearth of new issue supply.
The monthly return was comprised of 1.93% price appreciation and 0.81% coupon income. As in recent months, coupons continued to trend higher. During January, loans lagged high yield and investment grade which returned 3.93% and 3.90%, respectively. In the last twelve months, loans materially outperformed the -4.98% and -9.44% returns for high yield and investment grade bonds respectively. The average price in the loan market rose 173 basis points (bps) to 94.55. At their current average price, senior secured loans are providing a 9.83% yield inclusive of the forward LIBOR curve.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/Invesco-Wholesale-Senior-Secured-Income-Fund-Monthly-Report-4.pdfDecember, 2022
Loans gained 0.44% in December to close out 2022 with a total return of -0.60%. The negative annual return is a rarity for loans (only occurring in 2008 and 2015), yet starkly contrasted with other risk asset classes which incurred much more severe damage from the year’s events. Following many months dominated by inflation concerns, 2022 ended with two consecutive downside inflation surprises. Investors struggled to balance these positive tidings against persistently hawkish commentary from central banking authorities. Overall, the monthly return was comprised of -0.28% price appreciation and 0.73% coupon income.
Monthly coupon continued to ratchet higher with base rates; December’s coupon income was 8.76% on an annualised basis, more than double January’s annualised coupon of 4.04%. During December, loans bested high yield and investment grade which returned -0.71% and -0.34%, respectively. Year-to-date, loans materially outperformed the -11.09% and -15.71% returns for high yield and investment grade bonds respectively. The average price in the loan market shed 26 basis points (bps) to 92.82. At their current average price, senior secured loans are providing a 10.83% yield inclusive of the forward LIBOR curve.
All figures on a USD basis.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/Invesco-Wholesale-Senior-Secured-Income-Fund-Monthly-Report-3.pdfNovember, 2022
Loans gained 1.24% in November, building on October’s momentum and improving year-to-date total returns to -1.04%. Risk sentiment continued to improve from September’s nadir as a longawaited downside surprise in the Consumer Price Index substantiated hopes that inflation had peaked. This development, in addition to commentary from Fed officials, has de-escalated concerns about The Federal Reserve’s likely policy posture going forward.
The monthly return was comprised of 0.55% price appreciation and 0.69% coupon income. Monthly coupon continued to ratchet higher with base rates; November’s coupon income was 8.27% on an annualied basis, more than double January’s annualised coupon of 4.04%. During November, loans lagged high yield and investment grade which returned 1.96% and 5.14%, respectively. Year-to-date, loans continued to materially outperform the -10.45% and -15.43% returns for high yield and investment grade bonds respectively. The average price in the loan market rose 57 basis points to 93.08. At their current average price, senior secured loans are providing a 10.56% yield inclusive of the forward LIBOR curve. All figures are on a USD basis.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/Invesco-Wholesale-Senior-Secured-Income-Fund-Monthly-Report-2.pdfOctober, 2022
Loans gained 1.03% in October, partially retracing September’s decline and improving year-to-date total returns to -2.25%. Risk sentiment improved from September’s lows amid a better-than-feared start to earnings season and less acute angst around the trajectory of interest rates. The increase in returns deriving from monthly coupon is becoming more pronounced as the year-to-date rise in base rates increasingly feed into borrower interest payments; October’s coupon income was 7.84% on an annualised basis, up from January’s annualised coupon of 4.04%.
During October, loans lagged high yield but outperformed investment grade which returned 2.80% and -1.02%, respectively. Year-to-date, loans continued to materially outperform the -12.18% and -19.56% returns for high yield and investment grade bonds respectively. The average price in the loan market rose 31 basis points (bps) to 92.51.3 At their current average price, senior secured loans are providing a 11.18% yield inclusive of the forward LIBOR curve. Please note all figures are on a USD basis.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/Invesco-Wholesale-Senior-Secured-Income-Fund-Monthly-Report-1.pdfSeptember, 2022
Loans shed 2.27% in September, lowering year-to-date total returns to -3.25% on a USD basis. Most of this loss was incurred towards the end of the month after the Federal Reserve delivered forward rate guidance that was more hawkish than expected along with their decision to hike interest rates another 0.75%. This amplified concerns over economic growth prospects and served as a negative catalyst for risk assets broadly. Though a significant outperformer year-to-date against other risk assets, loans have, at times, taken cues from equities in 2022 during episodes of heightened volatility, and this month was no exception.
During September, loans decisively outperformed high yield and investment grade which returned -3.99% and -5.45%, respectively on a USD basis. Year-to-date, loans also continue to materially outperform the -14.57% and -18.73% returns for high yield and investment grade bonds respectively. The average price in the loan market dropped 246 basis points (bps) to 92.20. At their current average price, senior secured loans are providing a 11.04% yield inclusive of the forward LIBOR curve.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/Invesco-Wholesale-Senior-Secured-Income-Fund-Monthly-Report.pdfAugust, 2022
Loans gained 1.54% in August, improving year-to-date total returns to -1.01% both on a USD basis. The month was a tale of two halves for loans and risk assets more broadly. Positive price momentum in the first two weeks stemmed from a stronger than expected Q2 earnings season and improving sentiment around inflation, interest rates, and the economic growth environment. However, investor optimism faded later in the month as Federal Reserve officials signaled their intent to continue pursuing restrictive monetary policy, reigniting concern about policy risk to markets and the economy. Although the market gave back nearly a point from its mid-August high, loan prices continued to heal month-over-month; the percentage of loans trading above US$95 rose from 60.3% at the end of July to 74.3% at the end of August on a USD basis. Loans decisively outperformed high yield and investment grade bonds during August which returned -2.38% and -2.65%, respectively on a USD basis. Year-to-date, loans continue to materially outperform the -11.04% and -13.75% returns for high yield and investment grade bonds respectively. The average price in the loan market rose 90 basis points (bps) to US$94.66. At their current average price, senior secured loans are providing a 9.32% yield inclusive of the forward LIBOR curve.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/Invesco-Wholesale-Global-Opportunities-Funds-Monthly-Report-DEC21-2.pdfJuly, 2022
Loans rebounded in July, gaining 2.14% and improving year-to-date total returns to -2.51% on a USD basis. Investor sentiment improved broadly during the month amid resilient second quarter earnings and expectations of a shallower Fed hiking cycle. The revival in risk appetite joined with a dearth of new supply and steady CLO origination to drive loan prices upwards. The percentage of loans trading above US $95 rose from 28.8% at the end of June to 60.3% at the end of July.
Amid the asset price buoyancy, loans underperformed high yield and investment grade bonds during July which returned 6.00% and 2.94%, respectively, on a USD basis. Year-to-date, loans have still materially outperformed the -8.87% and -11.40% returns for high yield and investment grade bonds respectively on a USD basis. Within loans, the stronger bid in July was most evident for high- and mid-quality.
The average price in the loan market rose 131 basis points (bps) to US $ 93.76. At their current average price, senior secured loans are providing an 8.95% yield inclusive of the forward LIBOR curve.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/Invesco-Wholesale-Senior-Secured-Income-Fund-Monthly-Report-DEC21.pdfFebruary, 2022
To provide a high level of stable monthly income, preserve capital and achieve a gross return of cash +4% p.a. over rolling three year periods.
The Fund invests into the underlying Invesco Zodiac Fund whose investment horizon looks across a full credit cycle with the view that returns are maximised over the longer run for all private, credit-sensitive assets such as bank loans.
Bank loans offer investors: stable current income streams, priority repayment, duration risk mitigation via a floating interest rate, high levels of transparency, low correlation with other asset classes, and may hedge inflation and mitigate volatility in rising interest rate environments. Bank loans are also typically secured by a lien against the assets of the borrower. Unlike traditional bonds, bank loans are structured with floating rates, which means their coupons regularly adjust to changes in the base rate and therefore duration is low.
File:January, 2022
As noted, loans outperformed high yield bonds (-2.75%) and investment grade (-3.12%) in January on a USD basis. Lower credit quality outperformed as BBs (0.23%) lagged Bs (0.45%), which lagged CCCs (0.57%) in total return. The average price in the loan market improved 4 basis points (bps) to USD $98.55. At the current average price, senior secured loans are providing a 5.59% yield inclusive of the forward LIBOR curve on a USD basis.
File:December, 2021
The Fund invests into the underlying Invesco Zodiac Fund whose investment horizon looks across a full credit cycle with the view that returns are maximised over the longer run for all private, credit-sensitive assets such as bank loans.
Bank loans offer investors: stable current income streams, priority repayment, duration risk mitigation via a floating interest rate, high levels of transparency, low correlation with other asset classes, and may hedge inflation and mitigate volatility in rising interest rate environments. Bank loans are also typically secured by a lien against the assets of the borrower. Unlike traditional bonds, bank loans are structured with floating rates, which means their coupons regularly adjust to changes in the base rate and therefore duration is low.
File:November, 2021
The fund returned -0.72% over the month, underperforming the benchmark which returned -0.19%. Bond selection detracted -0.40% from relative returns and currency selection detracted -0.12%.The top three bond detractors from relative returns were the overweight positions in Singapore and South Korea and the underweight position in United Kingdom. The top three currency detractors from relative returns were the long positions in Japanese Yen, Malaysia Ringgit and Mexican Peso.
File: https://commentary.quantreports.net/wp-content/uploads/2021/02/Invesco-Wholesale-Senior-Secured-Income-Fund-Monthly-Report-R-NOV21.pdfOctober, 2021
Loans delivered a gain of 0.27% on a USD basis in October as coupon income of 0.34% more than offset mild prices softness, bringing year-to-date returns to 4.70%. Prices eased off pandemic highs as a torrent of new supply came to market. Amid the supply rush, deal terms tended to break more in lenders’ favour. The robust pace of new issuance continued to be met by exceptionally strong demand from CLO origination and retail funds such that the market stayed balanced overall. In addition to ongoing inflows into the asset class, loans also received support from a promising start to Q3 earnings season, which added to investors’ confidence that the low default environment is not in jeopardy.
Loans outperformed high yield bonds (-0.18%) and investment grade (0.25%) in October on a USD basis. Unlike most months in 2021, lower credit quality underperformed; BBs (0.23%) lagged Bs (0.33%), but both beat CCCs (-0.26%) in total return on a USD basis. The average price in the loan market fell by 7 basis points to US$98.71. At the current average price, senior secured loans are providing a 5.03% yield inclusive of the forward LIBOR curve.
File:September, 2021
Loans outperformed high yield bonds (0.03%) and investment grade (-1.06%) in September on a USD basis. Lower credit quality continued to outperform as BBs (0.52%) lagged Bs (0.64%) which lagged CCCs (1.39%) in total return on a USD basis.The average price in the loan market increased by 32 basis points to US $98.78.3 At the current average price, senior secured loans are providing a 4.77% yield inclusive of the forward LIBOR curve.
File:August, 2021
Loans gained 0.47% in August, raising year-to-date returns to 3.76% on a USD basis. Prices found support from record CLO issuance and steady retail flows while new issuance dwindled in the back half of the month. Risk sentiment also improved in August as concerns about potential market impact from the Delta variant and upcoming Federal Reserve asset purchase tapering eased.Loans slightly underperformed high yield bonds (0.55%), but outpaced investment grade (-0.20%) in August on a USD basis. Lower credit quality resumed its outperformance as BBs (0.41%) lagged Bs (0.45%) which lagged CCCs (0.95%) in total return on a USD
File:July, 2021
Loans returned -0.01% in July, leaving year-to-date returns at 3.27%, on a USD basis. Prices retreated amid mounting concern about the COVID-19 Delta variant, a resulting decline in Treasury yields, and a relatively active primary calendar. With rate volatility reflecting lower certainty about the growth outlook, the tailwind to loans from capital flows softened slightly. However, steady coupon income during the month nearly fully offset loans’ market value decline. Loans underperformed high yield bonds (0.36%) and investment grade (1.21%) in July, on a USD basis, as fixed rate credit benefitted from lower Treasury yields. Unlike in the past several months, the riskier end of the credit quality spectrum did not outperform in July; BBs (-0.10%) lagged Bs (0.04%), while CCCs (-0.26%) underperformed in total return.
File:June, 2021
Loans returned 0.37% in June on a USD basis, raising year-to-date returns to 3.28%. Capital continued pouring into the asset class during the month; however, a busy new issue calendar driven by M&A-related deal volume muted secondary price gains. Meanwhile, inflation and the path of interest rates remained at the forefront of investor conversation. The surprisingly hawkish tinge to the Federal Reserve’s (Fed) updated policy rate projections (which pulled forward the first expected rate hike relative to the prior projections) prompted a reassessment of interest rate risk in global markets and helped solidify constructive views towards floating rate instruments. This rates backdrop, combined with positive earnings momentum and low defaults, set a supportive foundation for loan performance in the second half of the year.
Loans underperformed high yield bonds (1.40%) and investment grade (1.68%) in June on a USD basis. Within loans, price weakness in high quality was offset by modest price gains in middle and lower quality. The riskier end of the credit quality spectrum continued its streak of outperformance as BBs (0.12%) lagged Bs (0.40%), which lagged CCCs (1.00%) in total return. The percentage of loans trading below USD $80 was just 1% during June, while the average price in the loan market increased by 7 basis points to USD $98.59. At the current average price, senior secured loans are providing a 4.76% yield inclusive of the forward LIBOR curve on a USD basis.
File:May, 2021
Loans returned 0.58% in May on a USD basis, raising year-to-date returns to 2.90%. With inflation concerns dominating market sentiment during the month, the loan market continued to draw heavy inflows from duration-averse investors. Strong demand and a simultaneously slowing new issue supply calendar, following several months of elevated issuance, created a positive technical backdrop for secondary loan prices. Positive earnings and economic data remained supportive of the reflation narrative and, in turn, of diminishing distress levels in the asset class. Loan defaults declined to a multi-year low during May as the loan market continued its stunningly fast transition from default cycle to recovery.
Loans outperformed high yield bonds (0.26%) and underperformed investment grade (0.68%) in May, but continued to outperform both on a year-to-date basis and on a USD basis. Within loans, the riskier end of the credit quality spectrum continued its streak of outperformance. BBs (0.42%) lagged Bs (0.61%), which lagged CCCs (1.08%) in total return. The percentage of loans trading below US$80 fell below 1% during May, while the average price in the loan market increased by 26 basis points to US$98.52.3 At the current average price, senior secured loans are providing a 4.70% yield inclusive of the forward LIBOR curve.
File:December, 2020
Loans gained 1.35% on a USD basis during December, bringing year-to-date returns to 3.12%. Even as virus transmission continued to worsen throughout the month, loan prices moved higher as renewed fiscal support from Congress and the first vaccine deployments kept investors focused on eventual normalisation and recovery. The pace of vaccination thus far has undershot public health officials' targets; however, data in recent days has signaled improvement as states begin to implement better processes and add resources to administer vaccinations. Further progress on this front is likely to sustain investor optimism regarding the year ahead.
Loans underperformed high yield bonds (1.91%) on a USD basis, but outperformed investment grade (0.49%) in December. The riskier end of the credit quality spectrum continued to outperform, although to a lesser degree than during November; BBs (1.10%) lagged Bs (1.41%) which lagged CCCs (2.33%) in total return all on a USD basis. On a price basis, BBs finished the year down 3.01%, Bs down 1.46%, and CCCs down 3.32%. The percentage of loans trading below USD $80 fell from 2.8% to 2.2% during December, as the sectors facing the most stressed operating conditions comprise relatively small percentages of the overall market. On the other end of the price spectrum, the percentage of loans trading above USD $99 rose from 28.9% to 52.5%. The average price in the loan market improved to USD $97.11 at the end of December.
At the current average price, senior secured loans are providing a 5.10% yield on a USD basis inclusive of the forward LIBOR curve.
asset_class: Fixed Income
asset_category: High Yield Credit
peer_benchmark: Fixed Income - High Yield Credit Index
broad_market_index: Global High Yield Credit Hdg Index
manager_contact_details: Array
ticker: CNA0805AU
release_schedule: Monthly
commentary_block: Array
factsheet_url:
fund_features:
Invesco Wholesale Senior Secured Income aims to provide a floating rate of regular income after fees above the Bloomberg AusBond Bank Bill Index. The Fund invests into the underlying Invesco Zodiac Fund whose investment horizon looks across a full credit cycle with the view that returns are maximized over the longer run for all private, credit-sensitive assets such as bank loans. The investment process is active, fundamental and highly disciplined. The portfolio is biased to more liquid positions in the upper mid-to-large cap segment of the bank loans market.
structure: Managed Fund