Overview
Invesco Bond Income Plus : BIPS (formerly City Merchants High Yield : CMHY until its merger with Invesco Leveraged High Yield) has an objective to seek to obtain both high income and capital growth from investment predominantly in high-yielding fixed-interest securities.
The trust seeks to provide a high level of dividend income relative to prevailing interest rates through investment in fixed-interest securities, various equity-like securities within fixed-income markets and equity-linked securities such as convertible bonds, and direct equities that have a high income yield. It seeks also to enhance total returns through capital appreciation generated by investments which have equity-related characteristics.
You can access the manager’s website here
You can view our interviews with the company’s Fund Managers below:
2nd December 2022: Rhys Davies – Weekly Show
Fundamentals
Price
Research History
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06 Apr 2023 82 min read
QuotedData’s Economic and Political Monthly Roundup April 2023
Economic and Political Monthly Roundup Investment companies | Monthly | April 2023 A collation of recent insights on markets and economies taken from the comments made by chairs and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage […]
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05 Jan 2023 9 min read
QuotedData’s Investment Companies Roundup – January 2023
December 2022 Monthly roundup | Investment companies Winners and losers in December 2022 The Financials sector only has two constituents, one of these – Trian Investors 1 – has seen its discount narrow since it promised to return cash to investors by next June, and it has also benefited from underlying NAV appreciation. Last month’s […]
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02 Dec 2022 1 min read
Interview with Rhys Davies from INVESCO Bond Income Plus
In this week’s show, James Carthew spoke to Rhys Davies from INVESCO Bond Income Plus (BIPS). If you were looking for the first part of QuotedData’s show, focused on the roundup of the week’s news, click here. If there is a guest speaker you’d particularly like to hear from, please email us on [email protected]. Additionally, if […]
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07 Apr 2020 5 min read
QuotedData’s Economic Roundup – April 2020
Economic & Political Roundup Kindly sponsored by Allianz A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell […]
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11 Sep 2019 3 min read
QuotedData’s economic roundup – September 2019
Economic & Political Roundup Kindly sponsored by Polar Capital and Allianz A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you […]
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08 May 2019 4 min read
QuotedData’s economic roundup – May 2019
Economic & Political Roundup A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell any of the […]
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14 Sep 2018 2 min read
QuotedData’s Economic round up – September 2018
QuotedData’s Economic round up – September 2018 is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell […]
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11 May 2018 1 min read
QuotedData’s investment companies roundup – May 2018
QuotedData investment companies roundup – May 2018 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of April 2018. Kindly sponsored by Baillie Gifford. India Capital Growth has experience a rebound in performance in the past month, as […]
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18 Apr 2018 1 min read
QuotedData’s investment companies roundup – April 2018
QuotedData investment companies roundup – April 2018 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of March 2018. Kindly sponsored by Baillie Gifford. Stock markets have suffered their first meaningful fall for nearly two years. At the quarter end, […]
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14 Sep 2017 2 min read
QuotedData’s economic round up – September 2017
QuotedData’s economic round up – September 2017 – is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to […]
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10 Apr 2017 1 min read
QuotedData’s round up of views on the global economy – April 2017
A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell any of the companies mentioned. Kindly sponsored […]
News
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03 Apr 2025 2 min read
Cautious stance holds back Invesco Bond Income Plus but it remains popular
Invesco Bond Income Plus results for 2024 show NAV and share price total returns for the year of 8.5% and 8.8% respectively. The NAV return was below the 10.2% achieved by the ICE Bank of America Merrill Lynch European Currency High Yield Index (hedged to GBP) but above the average return of 4.6% for funds […]
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04 Apr 2024 3 min read
Invesco Bond Income Plus in demand
Invesco Bond Income Plus delieved an NAV return of 11.7% over 2023 and a 10.5% return to shareholders. The 11.7% NAV return was slightly below the 13.8% achieved by the ICE Bank of America Merrill Lynch European High Yield Index. Dividends totalled 11.5p (up marginally from 2022’s 11.25p) and these were covered by earnings of […]
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08 Feb 2024 2 min read
QuotedData’s morning briefing 8 February 2024 – DGI9, BIPS, APAX, SYNC, HEIT, SHIP, AIRE, HLCL
In QuotedData’s morning briefing 8 February 2024: Digital 9’s (DGI9) sale of Verne Global may take longer than expected to close as the Icelandic anti-trust authority wants to look at the transaction. The company warns that this could add between 90 and 135 days to the wait for the final sign off of the deal. […]
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07 Jul 2023 7 min read
QD view – Divining higher income in an inflationary environment
As I write this, the outlook for the UK equity market looks particularly depressed. As I discussed in my QD view “Bargain Britain” two weeks ago (click here to read), inflation in the UK has remained stubbornly high, which was somewhat of a surprise to many commentators who had expected to see signs of this […]
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28 Mar 2023 2 min read
Invesco Bond Income still ahead despite tough year
Invesco Bond Income Plus (BIPS) released its annual results for the year ended 31 December 2022. In what was a tough year across the entire high-yield sector, shares fell from a premium of 2.3% at the beginning of the period to close at a discount of 3.4%, a fall of 5.2%. NAV fell 10.8%, trailing […]
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10 Feb 2023 4 min read
QD view – ‘Bonds will return… but when?’
After a painful adjustment to higher interest rates in 2022, there are whispers that bonds may be back. Yields are at decade-highs, inflationary pressures appear to have peaked and investor interest is reviving. However, with an uncertain economic outlook, there are still risks to be navigated. The investment trust sector tends to gravitate to specific […]
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31 Mar 2022 3 min read
Invesco Bond Income Plus publishes first results
Invesco Bond Income Plus publishes first results – In May 2021 the shareholders of both City Merchants High Yield Trust Limited (CMHY) and Invesco Enhanced Income Limited (IPE) voted in favour of a proposal to merge the two companies. The company has just published its first results as a combined entity. The shares returned 4.2% […]
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24 Aug 2021 2 min read
QuotedData’s morning briefing 24 August 2021
In QuotedData’s morning briefing 24 August 2021: Invesco Bond Income Plus has published its first set of accounts since it was created from the merger of City Merchants High Yield and Invesco Enhanced Income. Over the first half of 2021, it returned 4.3% in NAV terms and 3.3% in share price terms. The half-year dividend was […]
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20 May 2021 1 min read
City Merchants High Yield to acquire £130m from Invesco Enhanced Income
City Merchants High Yield to acquire £130m from Invesco Enhanced Income – The board of City Merchants High Yield has announced it will acquire approximately £130.2m of net assets from Invesco Enhanced Income in relation to the merger of the two trusts, announced earlier this year. 66,836,392 are to be issued, which was calculated on […]
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22 Apr 2021 3 min read
New Invesco merger proposals announced
New Invesco merger proposals announced – City Merchants High Yield Trust announced on 1 March 2021 that it had signed Heads of Terms with the Board of Invesco Enhanced Income for a proposed merger. Now more details have been announced. It is proposed that the enlarged entity will be renamed Invesco Bond Income Plus Limited (“BIPS”) […]
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31 Mar 2021 2 min read
QuotedData’s morning briefing 31 March 2021
In QuotedData’s morning briefing 31 March 2021 – JPMorgan Multi-Asset (MATE) announced that with immediate effect, to better reflect the investment objective of providing an attractive total return of growth and income, the company will change its name to JPMorgan Multi-Asset Growth & Income. The company’s London Stock Exchange stock ticker symbol MATE will remain […]
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05 Mar 2021 1 min read
QuotedData’s weekly news show 5 March 2021
QuotedData’s weekly news show 5 March 2021 Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on Youtube. In this week’s show, James Carthew covered the week’s top stories: City Merchants High Yield/Invesco Enhanced Income merger Apax Global Alpha results Gore Street Energy Storage update Strategic Equity […]
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01 Mar 2021 2 min read
City Merchants High Yield and Invesco Enhanced Income sign heads of terms on proposed merger
City Merchants High Yield (CMHY) has announced that it has signed heads of terms with the board of Invesco Enhanced Income (IPE) in respect of a proposed merger with IPE It is proposed that the enlarged entity will be renamed Invesco Bond Income Plus, which based on the existing net assets of CMHY and IPE, […]
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21 Aug 2020 1 min read
QuotedData’s morning briefing 21 August 2020
In QuotedData’s morning briefing 21 August 2020: JPMorgan US Smaller Companies (JUSC) reported interim results to 30 June 2020, with the total NAV return coming in at (4.9%). The benchmark Russell 2000 index delivered (6.8%) over the same period, in sterling terms. Small-cap shares have underperformed the tech-led led large-cap rally in US markets since March. […]
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22 Jul 2020 1 min read
City Merchants High Yield appoints Rhys Davies as named lead manager
City Merchants High Yield (CMHY) has appointed Rhys Davies as its named lead manager, effective today. Edward Craven has been appointed as deputy portfolio manager Paul Read and Paul Causer, co-heads of the Invesco Henley Fixed interest team, will step back as co-fund managers but will continue to provide support along with the wider fixed interest team. […]
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23 Aug 2019 1 min read
QuotedData’s other news 23 August 2019
In QuotedData’s other news 23 August 2019: Africa Opportunity shrinks board – Chris Agar, Dr. Vikram Mansharamani, and Mr. Peter Mombaur resign as directors with effect from 22 August 2019 so that the trust can save money. We have a raft of half-year reports: BMO Private Equity made 2.4% in NAV terms and 13.7% in share […]
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04 Apr 2019 2 min read
Difficult year for high yield funds like City Merchants
Difficult year for high yield funds like City Merchants – High yield investors like City Merchants High Yield (CMHY) operated in choppy waters over the second half of 2018 as investors went on the defensive. Spreads between high yield and investment grade bonds widened and, by association, prices on these securities fell. The company’s NAV […]
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28 Mar 2018 1 min read
Positive results for City Merchants High Yield
Positive results for City Merchants High Yield- In his first final report the new chairman of City Merchants High Yield (CMHY), Tim Scholefield commented that high yield bonds yields and spreads over investment grade bonds had reached new lows against a backdrop of surprising economic growth and supportive central bank policy. He mirrored the caution expressed by […]
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29 Mar 2017 1 min read
City Merchants High Yield beats IA sector by 4.7%
Clive Nicholson, chairman of City Merchants High Yield, says it continued to perform well in 2016 despite persistent volatility in bond markets and the increasing difficulty of sourcing quality high yield paper. For the year ended 31 December 2016, the NAV total return was +11.8% which compares very favourably with +7.1% for the Investment Association Sterling […]
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17 Aug 2016 1 min read
City Merchants High Yield positioned itself for Brexit
City Merchants High Yield says that, in the six months to 30 June 2016, its net asset value total return was +2.2% which compares with an average total return of +3.6% from the funds in the Investment Association Sterling Strategic Bond sector. The Board believe that the action the portfolio managers took which successfully protected the NAV […]
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16 Jun 2016 1 min read
Invesco’s Rhys Davies promoted to portfolio manager for City Merchants High Yield
City Merchants High Yield Trust has announced that Rhys Davies (pictured) has been promoted to portfolio manager with effect from 14 June 2016. Rhys has been deputy portfolio manager of the trust since 2 June 2014, having joined Invesco in 2002. He will co-manage the trust’s portfolio alongside Paul Causer and Paul Read. Invesco’s Rhys […]
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30 Mar 2016 1 min read
City Merchants High Yield reports 2.7% return for 2015
City Merchants High Yield has announced results for the year ended 31 December 2015. The fund produced a total return on net assets of 2.7% and a return to shareholders of 0.9%. The dividend was maintained at 10p. According to data from Merrill Lynch, European currency high yield bonds had a total return for the […]
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19 Aug 2015 1 min read
City Merchants High Yield positioned defensively
City Merchants High Yield has announced that its total return on net assets for the six months ended 30 June was 2.9% and the return to shareholders was 1.5%, as the shares moved to trading at a slightly smaller premium. The interim dividend is being maintained at 5p. The report says the NAV return compares favourably with the […]
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07 Apr 2015 1 min read
City Merchants cautious
City Merchants High Yield generated a 5% return in net assets and an 8.5% return to shareholders over 2014. The dividend was maintained at 10p. The shares moved from trading at a 0.1% discount to a 3.2% premium. The portfolio has a weighting in subordinated debt issued by European banks. This fell in value over […]
Upcoming Events
Videos
In The Press
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13 Nov 2024 1 min read
Our trust income portfolios: changes for the year ahead
by Dave Baxter, Investors’ Chronicle, November 12, 2024: The past year has been an extremely strong one for markets, with many of the difficulties that emerged back in 2022 finally starting to abate for investors.. This ‘Goldilocks’ (ie, just right) backdrop has certainly worked out well for our two investment trust income portfolios. The two […]
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11 Nov 2024 1 min read
Investment trust insider on Trump and financials
Investment trust insider on Trump and financials – James Carthew: The winners of Trump’s regulation bonfire Trusts that will leap on Donald Trump’s looser financial regulations and an environment of higher-for-longer interest rates. It will take some time for the dust to settle following the US election. The US equity market responded positively, but US […]
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21 Aug 2024 1 min read
Debt funds’ new lease on life
By James Carthew, QuotedData, 20 August 2024: The 0.25% reduction in the Bank of England base rate on 31 July may not sound much but it marked the first interest rate cut in four years and signalled that the UK’s bout of elevated inflation that began in April 2021 was finally under control. A lot […]
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13 May 2024 1 min read
This investment trust sector yields 9% – is it too good to be true?
by Sam Benstead from interactive investor, 8th May 2024: Rising interest rates have knock-on effects for all investments – but one of the most important impacts is on bond markets. When rates rise, so do the returns that investors demand from fixed income. This leads to higher yields as a result of falling prices for […]
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08 Mar 2024 1 min read
The most expensive trusts relative to their history
By Matteo Anelli, Senior reporter, Trustnet, 07 March 2024: Premiums are rare in the investment trusts industry, which suffers from chronic discounts, but there are still some trusts that have caught investors’ eyes and garnered traction over the past five years, according to data from QuotedData. Earlier this morning, we looked at the trusts that […]
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30 Nov 2023 1 min read
Debt investment trust yields stand out – but are they safe?
by Dave Baxter, Investors’ Chronicle, November 29, 2023: The sharp rise in bond yields has had inescapable implications for many an asset class. With the UK 10-year government bond offering a ‘risk-free’ yield of more than 4 per cent, anything racier needs to justify its place in a portfolio with superior growth or income. A […]
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17 Nov 2023 1 min read
The IC investment trust income portfolios: our changes for the year ahead
by Dave Baxter, Investors’ Chronicle, November 16, 2023: The idea that investment trusts provide a reliable income through thick and thin has truly been tested in recent years, from the UK equity dividend suspensions of 2020 to the bond sell off seen over the last two years and the consequences that has had for yield-rich […]
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13 Nov 2023 1 min read
After the worst crash in 150 years, now may be the time to invest in a bond bonanza
By ROSIE MURRAY-WEST, Mail on Sunday, 13 Nov 2023: If any of your money is in corporate or Government bonds, you’ve had more than just an annus horribilis. Figures from Bloomberg suggest you’ve just endured the biggest bond crash in 150 years, including three consecutive calendar years of negative growth. The fall in bond prices […]
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07 Aug 2023 1 min read
Investment trust insider on debt loans and bond funds
Investment trust insider on debt loans and bond funds – James Carthew: Soft landing vs recession weighs on bond funds Last Thursday’s interest rate decision saw the Bank of England hike interest rates by 0.25 percentage points as expected. Afterwards, interest rate swap curves were suggesting that UK interest rates would peak at about 5.75% […]
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27 Mar 2023 1 min read
Investment trust insider on debt funds
Investment trust insider on debt funds – James Carthew: Float your eye over debt funds As interest rates continue to climb, the future returns available from debt funds are looking more interesting. However, the picture is clouded by concerns about defaults. Some closed-end funds that should probably be raking in new money from investors are […]
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09 Jan 2023 1 min read
Investment trust insider on discount opportunities
Investment trust insider on discount opportunities – James Carthew: Discount dislocations offer opportunities Today, at the same time as investors get to grips with higher inflation and interest rates, they are afflicted by wider share price discounts to net asset values (NAV) across the investment companies sector. Many years ago a former colleague of mine […]
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15 Jun 2022 1 min read
Ker-ching! Seven under the radar stocks and funds paying more than 4% income
James Crux, Shares Magazine, 01 June 2022: Investors are increasingly looking for stocks, bonds or funds that pay a good income… Many people have this year lost money from backing high-growth but dividend-less stocks such as Tesla (TSLA:NASDQ) and Netflix (NFLX:NASDAQ), and they’re fed up. In the other side of the ring, tobacco manufacturers, utility […]
