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15 important things you should know about Invesco VMICX mutual fund

Updated: September 29, 2020
N/A
Bull Case
  • No Bull case arguments for now!
Bear Case
  • Low net assets
  • 3-year return below the benchmark
  • 5-year return below the benchmark
  • 10-year return below the benchmark
  • 15-year return below the benchmark
  • High expense ratio
  • Sales load and/or distribution fees

Before we start: if you’re looking for VMICX “stock” price, you can quickly find it out by visiting Finny and typing "VMICX quote". If you’re looking for a quick scoop on VMICX "stock" (price chart, key stats, buy or sell analysis and holdings), go to Finny and look for "VMICX". You’ll get all this info in one place.

Are you looking to buy or sell VMICX? Or perhaps you’re looking for VMICX fact sheet, and learn about its alternatives? If so, you came to the right place.

In this VMICX mutual fund review, we’ll address key questions our readers have been asking us about this fund, above and beyond what you can find in its prospectus, and on Morningstar or Yahoo Finance.

Here is what you’ll be able to find in this review:

  • Fact Sheet: VMICX performance, returns, expense ratio, holdings and dividend yield;
  • Analysis: VMICX buy or sell; the pros and cons of investing in VMICX mutual fund;
  • Alternatives: other ETFs and mutual funds you should consider as alternatives to VMICX.

And here is the list of questions we’ll answer:

  1. Describe AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds): Invesco Municipal Income Fund; Class C Shares (VMICX).
  2. What are VMICX holdings?
  3. What is VMICX performance? What are VMICX historical returns?
  4. How many up and down years did VMICX have historically?
  5. What is VMICX dividend yield?
  6. What is VMICX minimum initial investment amount?
  7. What is VMICX expense ratio?
  8. Does VMICX have any sales loads or 12b-1 distribution expenses?
  9. What is VMICX tax efficiency (tax-cost ratio)?
  10. What is VMICX beta? How would you assess VMICX risk?
  11. What is VMICX Sharpe ratio?
  12. What is VMICX Finny Score? VMICX buy or sell?
  13. What are the pros of investing in VMICX? What are VMICX buy reasons?
  14. What are the cons of investing in VMICX? What are VMICX sell reasons?

So let’s start. Scroll down to the question that interests you the most.

Fact Sheet

1. Describe AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds): Invesco Municipal Income Fund; Class C Shares (VMICX).

The Fund seeks to provide a high level of current income exempt from federal income tax, consistent with preservation of capital by investing at least 80% of its assets in a diversified portfolio of tax-exempt municipal securities rated investment grade at the time of purchase.

2. What are VMICX top holdings?

VMICX has 0 stock holdings and 804 bond holdings.

The top 10 holdings represent 10.63% of total assets. Here are the top holdings:

Name Symbol % Assets
10 Year Treasury Note Future June 20 ZNM0 4.36%
NEW YORK N Y CITY MUN WTR FIN AUTH WTR & SWR SYS REV 0.04% N/A 1.00%
METROPOLITAN WASH D C ARPTS AUTH DULLES TOLL RD REV 4% N/A 0.87%
HARRIS CNTY TEX CULTURAL ED FACS FIN CORP REV 0.05% N/A 0.70%
ROANOKE VA ECONOMIC DEV AUTH HOSP REV 5% N/A 0.69%
BUCKEYE OHIO TOB SETTLEMENT FING AUTH 5% N/A 0.64%
TENNESSEE ENERGY ACQUISITION CORP GAS REV 4% N/A 0.62%
CHARLOTTE-MECKLENBERG HOSP AUTH N C HEALTH CARE SYS REV 0.05% N/A 0.59%
LUCAS CNTY OHIO HOSP REV 5.25% N/A 0.59%
OHIO ST HIGHER EDL FAC COMMN REV 0.04% N/A 0.57%

3. What is VMICX performance? What are VMICX historical returns?

VMICX has generated the following returns:

  • 1-month return is -0.41%;
  • 3-month return is 2.14%;
  • 1-year return is 1.78%;
  • 3-year return is 2.99%;
  • 5-year return is 2.96%;
  • 10-year return is 3.33%;
  • 15-year return is 3.03%.

4. How many up and down years did VMICX have historically?

In the last 10 years, VMICX had 7 up years and 3 down years.

VMICX up and down years

5. What is VMICX dividend yield?

VMICX yield is 2.82%.

6. What is VMICX minimum initial investment amount?

VMICX minimum initial investment amount is $1.00K.

7. What is VMICX expense ratio?

VMICX expense ratio is 1.76%. The expense ratio of a fund is the total percentage of fund assets used for administrative, management, and all other expenses.

VMICX expenses

8. Does VMICX have any sales loads or 12b-1 distribution expenses?

VMICX 12b-1 distribution fee is 1. VMICX front-end sales load is 0. VMICX back-end sales load is 1.

9. What is VMICX tax efficiency (tax-cost ratio)?

  • 1-year ax cost ratio is 0%;
  • 3-year ax cost ratio is 0%.
VMICX tax costs

10. What is VMICX beta? How would you assess VMICX risk?

  • 3-year beta is 1.42;
  • 5-year beta is 1.28;
  • 10-year beta is 1.23;
  • 15-year beta is 1.28.
VMICX Beta

11. What is VMICX Sharpe ratio?

  • 3-year Sharpe ratio is 0.20;
  • 5-year Sharpe ratio is 0.34;
  • 10-year Sharpe ratio is 0.60;
  • 15-year Sharpe ratio is 0.32.
VMICX Sharpe ratio

Analysis

12. What is Finny Score? buy or sell?

Finny Score is 0. Our quantitative analysis shows 0 reasons to buy and 7 reasons to sell it, resulting in the Finny Score of 0.

13. What are the pros of investing in VMICX? What are VMICX buy reasons?

We don't see any strong reasons to buy VMICX.

14. What are the cons of investing in VMICX? What are VMICX negatives?

The following are VMICX weaknesses from our perspective:

  • <strong>VMICX net assets</strong> are $253.90 million. This fund is not a popular choice with retail investors.
  • <strong>VMICX 3-year return</strong> is 2.99%, which is lower than the 3-year return of the benchmark index (S&P Municipal Bond TR), 4.07%.
  • <strong>VMICX 5-year return</strong> is 2.96%, which is lower than the 5-year return of the benchmark index (S&P Municipal Bond TR), 3.93%.
  • <strong>VMICX 10-year return</strong> is 3.33%, which is lower than the 10-year return of the benchmark index (S&P Municipal Bond TR), 4.07%.
  • <strong>VMICX 15-year return</strong> is 3.03%, which is lower than the 15-year return of the benchmark index (S&P Municipal Bond TR), 4.28%.
  • <strong>VMICX expense ratio</strong> is 1.76%, which is not negligible. Is the fund expensive to you, and does it align to your investment strategy?
  • Warning: this fund has a 12b1 and deferred sales fee. The maximum 12b1 fee is 1%, while the maximum deferred sales load is 1%. A 12b-1 fee is an annual marketing or distribution fee on a mutual fund. Deferred sales load is a back-end sales charge and is imposed when an investor redeems shares.
In the VMICX review, we covered VMICX key stats (return, performance, yield, expense ratio, and holdings), buy and sell analysis, and alternative investments. If this review was helpful to you, feel free to check out other mutual fund and ETF reviews.
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