Invesco High Income Trust II (VLT) Fair Value & Analysis
Financial Services · US · Market cap $64.7M · ISIN US46131F1012
What is Invesco High Income Trust II really worth?
Invesco High Income Trust II
VLT · US
A solid business, but trading 27% above our fair value of $7.74.
As of Aug 23, 2026, the fair value of Invesco High Income Trust II is $7.74 per share against a price of $9.83, so the fair value sits 21% below the price. A model estimate blended from multiple valuation models, recalculated regularly.
Strengths
Risks
For context
Fair value as of: Aug 23, 2026
From 11 valuation models · updated 14 days ago
Share price −1.1% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- Solid but not exceptional quality (64/100) and above fair value, neither a clear bargain nor a standout compounder.
- A fairly wide model range ($5.51 to $10.67) leaves room in how you read the outcome.
- For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 23, 2026.
How to read this chart
60‑month range $6.27 – $10.54 · fair‑value band $5.51 – $10.67 · the $9.83 price screens above the $7.74 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 23, 2026.
Analysis
Invesco High Income Trust II (VLT) currently trades at $9.83, while our model-based Fair Value estimate is $7.74, implying the stock looks roughly 27.0% overvalued today. The Quality Score stands at 64/100 (solid quality), in the Financial Services sector. Bull case: the Multiples group reads highest at a median of $9.26 per share, and 1 of the 11 models we run sit above the $9.83 price. Bear case: the Growth DCF group reads lowest at $3.50, and 10 of the 11 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Invesco High Income Trust II generated revenue of $7.3M at a net margin of 63.6%. Revenue declined 8.4% year over year. It earns a return on equity of 6.3%. Net debt stands at $28.6M. Fundamentals as of Aug 23, 2026
Our scenario range runs from $5.51 (bear case) to $10.67 (bull case); at $9.83, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 9% below its 52-week high and 2% above its 52-week low, currently below its 200-day average. For context, the median of 10 Financial Services peers we cover trades at −28% fair-value upside, at −21%, VLT screens cheaper than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 11 models by family
Widest divergence: Multiples ($9.26) versus Growth DCF ($3.50). Highest evidence: Growth DCF (80).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 23, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 62 · Market factors (momentum, volatility) 52
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Invesco High Income Trust II is a closed ended fixed income mutual fund launched by Invesco Ltd. The fund is co-managed by 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.
Full company description
Invesco High Income Trust II is a closed ended fixed income mutual fund launched by Invesco Ltd. The fund is co-managed by 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. It invests in the fixed income markets. The fund seeks to invest in securities rated between BB and C by Standard and Poor's. It seeks to maintain an average duration of around three to four years for its portfolio. The fund benchmarks the performance of its portfolio against the Barclays U.S. Corporate High Yield 2% Issuer Cap Inde. It was formerly known as Invesco Van Kampen High Income Trust II. Invesco High Income Trust II was formed on April 28, 1989 and is domiciled in the United States.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2022 – FY2026 · reported fiscal years
Invesco High Income Trust II reported revenue of $7.0M in FY2026 versus $6.2M in FY2022, a compound +3.0%/yr. Reported net income was $4.6M in FY2026, compounding +73.7%/yr from FY2022. FY2022 was a trough year, so the rate overstates the trend.
of which total revenue −5.4 % · buybacks/dilution +2.5 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
VLT screens 27% overvalued. Compare with Blackstone Inc →
Peer Group
Asset Management · 695 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Asset Management median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Asset Management stocks, each showing price versus our Fair Value estimate (as of Aug 23, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Blackstone Inc BX | $142.39 | $52.88 | −63% |
| Investor AB INVEB | kr 408.05 | kr 827.56 | +103% |
| Brookfield Corporation BN | C$55.74 | C$10.67 | −81% |
| KKR & Co KKR | $108.68 | $19.97 | −82% |
| Apollo Global Management, Inc APO | $135.04 | $101.04 | −25% |
| State Street Corporation STT | $193.33 | $138.33 | −28% |
| Ameriprise Financial, Inc AMP | $559.32 | $515.24 | −8% |
| Ares Management Corporation ARES | $143.10 | $30.88 | −78% |
| Northern Trust Corporation NTRS | $186.79 | $122.02 | −35% |
| Raymond James Financial, Inc RJF | $181.10 | $142.42 | −21% |
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