In plain terms — Invesco High Income Trust II
Shares currently cost about 12.5% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 3.9% discount, so today's level is unusually wide for this fund (Z-score -2.1). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 12.1% a year of the share price (10.6% 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 $1.14 of assets — a ReinvestCapture™ rate of 13.8%, more than the payout rate itself. That is buying power, not a return.
The assets themselves grew 0.1% 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 | -7.76% | 2.45% | -1.26 | 55 |
| 6 months | -6.01% | 2.54% | -1.90 | 108 |
| 1 year | -3.89% | 3.27% | -2.13 | 205 |
| 3 years | -4.97% | — | — | — |
| 5 years | -6.47% | — | — | — |
Current contemporaneous premium/discount -10.85% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -11.82% to +1.26%. 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 | -6.87% | -15.13% | -21.13% | -21.97% | -3.05% | -9.61% |
| Market price total return | -5.92% | -12.68% | -13.77% | -12.50% | +7.84% | +0.46% |
| NAV return | -3.15% | -5.59% | -9.22% | -9.55% | -2.79% | -7.23% |
| NAV total return | -3.15% | -3.98% | -2.07% | +0.08% | +7.27% | +2.23% |
Through Oct 14, 2026. Total return reinvests distributions at the series value on the ex-date. Cumulative ≤ 1 year, annualised beyond.
About the fund
Invesco High Income Trust II functions as a closed-end investment vehicle, focusing specifically on debt instruments. Launched by Invesco Ltd., its management is a collaborative effort involving several of its global subsidiaries: 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's investment strategy concentrates on fixed income markets, aiming for securities that Standard & Poor's has rated between BB and C. It strives to maintain an average duration for its portfolio of approximately three to four years. To assess its performance, the fund uses the Barclays U.S. Corporate High Yield 2% Issuer Cap Index as its benchmark. Formed in the United States on April 28, 1989, this trust was previously known as Invesco Van Kampen High Income Trust II.
CEF Explorer research page for Invesco High Income Trust II. Figures carry their own dates and sources; a discount to NAV does not guarantee convergence or any return. This is not investment advice.