In plain terms — Invesco Bond Fund
Shares currently cost about 7.2% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 7.2% discount, so today's level is not wide for this fund (Z-score -0.7). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 5.8% a year of the share price (5.4% of the assets). That is a payout rate, not a return: part of it may be capital being handed back.
Because the shares trade below the value of their assets, each dollar of reinvested distributions buys about $1.08 of assets — a ReinvestCapture™ rate of 6.3%, more than the payout rate itself. That is buying power, not a return.
The assets themselves fell 2.6% over the past year including distributions (NAV total return).
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Price and NAV, past year
Snapshot
Valuation vs. history
| Window | Average prem/disc | Std. dev. | Z-score | Observations |
|---|---|---|---|---|
| 3 months | -7.89% | 0.36% | +0.34 | 55 |
| 6 months | -7.72% | 0.43% | -0.10 | 108 |
| 1 year | -7.25% | 0.75% | -0.69 | 206 |
| 3 years | -4.65% | — | — | — |
| 5 years | -4.66% | — | — | — |
Current contemporaneous premium/discount -7.76% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -8.84% to -5.36%. A negative Z-score means a wider discount than the window average — not that the fund is undervalued.
Performance
| Series | 1M | 3M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) |
|---|---|---|---|---|---|---|
| Market price return | -0.49% | -3.76% | -7.07% | -9.19% | +0.16% | -6.87% |
| Market price total return | -0.00% | -2.41% | -2.80% | -3.72% | +5.76% | -1.45% |
| NAV return | -1.28% | -3.62% | -6.42% | -7.37% | +0.48% | -5.79% |
| NAV total return | -1.28% | -2.80% | -2.88% | -2.63% | +5.66% | -0.66% |
Through Oct 14, 2026. Total return reinvests distributions at the series value on the ex-date. Cumulative ≤ 1 year, annualised beyond.
About the fund
The Invesco Bond Fund operates as a closed-end mutual fund dedicated to fixed-income investments, originated by Invesco Ltd. Its management responsibilities are shared across multiple Invesco subsidiaries globally, including Invesco Advisers, Inc., INVESCO Asset Management (Japan) Limited, INVESCO Asset Management Deutschland GmbH, INVESCO Asset Management Limited, Invesco Hong Kong Limited, INVESCO Senior Secured Management, Inc., and Invesco Canada Ltd. The fund primarily allocates its capital to high-quality, fixed-rate corporate debt instruments within the broader fixed income markets. To assess its performance, the Barclays Baa U.S. Corporate Bond Index serves as its primary benchmark. Established in 1970, this U.S.-domiciled fund was previously known as Invesco Van Kampen Bond Fund.
CEF Explorer research page for Invesco Bond Fund. Figures carry their own dates and sources; a discount to NAV does not guarantee convergence or any return. This is not investment advice.