The departure of comanager Charles Pulire from the management roster on Invesco Intermediate Term Municipal Income effective July 30, 2021, does not impact the strategy’s ratings; it retains its People Pillar rating of Average. Pulire joined the management team in 2019 through Invesco’s acquisition of OppenheimerFunds, where he spent roughly 14 years. The remaining nine-person management team, led by Invesco’s head of municipal strategies, Mark Paris, will continue to take a team-based approach to managing assets, leveraging both top-down macro analysis and bottom-up credit research to construct this portfolio. While many in the group are experienced, they are still building a record of navigating a variety of muni market environments together.
Will VKLCX outperform in future?
Get our overall rating based on a fundamental assessment of the pillars below.
The Process Pillar is our assessment of how sensible, clearly defined, and repeatable VKLCX’s performance objective and investment process is for both security selection and portfolio construction.
The People Pillar is our evaluation of the VKLCX management team’s experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers.
The Parent Pillar is our rating of VKLCX’s parent organization’s priorities and whether they’re in line with investors’ interests.