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.
Invesco Intermediate Term Muni Inc Y VKLIX
Adjusted Expense Ratio excludes certain variable investment-related expenses, such as interest from borrowings and dividends on borrowed securities, allowing for more consistent cost comparisons across funds.
Morningstar’s Analysis
The Morningstar Analysis section contains a thorough evaluation of an investment’s merits and drawbacks and often discusses the most important or decisive factors leading to the fund’s overall rating.
The Morningstar Analysis section contains a thorough evaluation of an investment’s merits and drawbacks and often discusses the most important or decisive factors leading to the fund’s overall rating.
Will VKLIX outperform in future?
Get our overall rating based on a fundamental assessment of the pillars below.
Process Pillar
The Process Pillar is our assessment of how sensible, clearly defined, and repeatable VKLIX’s performance objective and investment process is for both security selection and portfolio construction.
People Pillar
The People Pillar is our evaluation of the VKLIX management team’s experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers.
Parent Pillar
The Parent Pillar is our rating of VKLIX’s parent organization’s priorities and whether they’re in line with investors’ interests.
Invesco Intermediate Term Municipal Income Ratings Unchanged Following Manager Departure
