In addition to its team's burgeoning workload, Invesco Multi-Asset Income's shifting investment process compels us to lower the Process rating to Below Average from Average. This follows last year's downgrade of the People rating to Average from Above Average. The Morningstar Analyst Ratings remain Neutral for most share classes, but the C shares drop to Negative.
Will PIYFX outperform in future?
Get our overall rating based on a fundamental assessment of the pillars below.
The Process Pillar is our assessment of how sensible, clearly defined, and repeatable PIYFX’s performance objective and investment process is for both security selection and portfolio construction.
The People Pillar is our evaluation of the PIYFX management team’s experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers.
The Parent Pillar is our rating of PIYFX’s parent organization’s priorities and whether they’re in line with investors’ interests.