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The Strategy typically invests in small-cap U.S. growth stocks.
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Special Notice:

As of 6/28/13, the purchase and exchange of Fund shares is restricted, subject to certain exceptions. Please see the prospectus for further information.

×
Cumulative Total Returns

as of 9/30/17

Since Inception 9/11/86
2059%
Performance & Distributions
×

Domestic Equity

Gross Expense Ratio:
      1.12%
    Net Expense Ratio:   1.12%

    The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Current performance and expense ratios may be lower or higher than the data quoted. Fund returns include changes in share price, reinvested distributions, and a 5.75% maximum sales charge where indicated. Returns do not consider capital gains or income taxes on an individual's investment.

    Cumulative Returns
    • B

    Compare to Indices

    Discovery Fund
    VALUE of $10,000.00

    Calendar Year Returns % (w/o sales charge)
    Data as of 10/20/17
      1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD
    • C
    Discovery Fund 13.66 19.69 34.03 -15.05 72.31 16.63 17.84 -11.18 36.79 14.79 10.36 -2.00 51.31 -13.26 -11.59 -24.10 38.98 3.98 1.34 4.84 25.81 -38.59 27.31 27.75 1.47 16.99 46.12 -2.19 1.98 4.23 24.16
    Russell 2000 Growth 7.77 13.37 -2.43 31.04 11.26 12.95 1.23 43.09 -22.43 -9.23 -30.26 48.54 14.31 4.15 13.35 7.05 -38.54 34.47 29.09 -2.91 14.59 43.30 5.60 -1.38 11.32
    Capital Gains Distributions ($ per share)
    Data as of 10/21/17
      2012 2013 2014 2015 2016
    Short Term
    Long Term 4.3957 5.989 7.0126 4.6368 2.9326
    Total Amount of Distribution 4.3957 5.989 7.0126 4.6368 2.9326
    Record Date 12/4/12 12/3/13 12/2/14 12/2/15 12/5/16
    Ex Div Date 12/5/12 12/4/13 12/3/14 12/3/15 12/6/16
    Pay Date 12/6/12 12/5/13 12/3/14 12/3/15 12/6/16

    There is no guarantee of the payment of any dividend or other distributions at any level.

    The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Current performance and expense ratios may be lower or higher than the data quoted. Fund returns include changes in share price, reinvested distributions, and a 5.75% maximum sales charge where indicated. Returns do not consider capital gains or income taxes on an individual's investment.

    Average Annual Total Returns
    • B

    as of 9/30/17

    as of 9/30/17

    • B
    YTD (as of 10/20/17)
    • C
    24.16%
    1 Year 19.62%
    3 Year 11.42%
    5 Year 12.05%
    10 Year 8.20%
    Since Inception 10.40%
    YTD (as of 10/20/17)
    • C
    24.16%
    1 Year 12.73%
    3 Year 9.24%
    5 Year 10.73%
    10 Year 7.56%
    Since Inception 10.19%
    YTD (as of 10/20/17)
    • C
    24.16%
    1 Year 19.62%
    3 Year 11.42%
    5 Year 12.05%
    10 Year 8.20%
    Since Inception 10.40%
    YTD (as of 10/20/17)
    • C
    24.16%
    1 Year 12.73%
    3 Year 9.24%
    5 Year 10.73%
    10 Year 7.56%
    Since Inception 10.19%
    Gross Expense Ratio
    1.12%
    NAV
    • D
    as of 10/20/17
    $84.11

    The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Current performance and expense ratios may be lower or higher than the data quoted. Fund returns include changes in share price, reinvested distributions, and a 5.75% maximum sales charge where indicated. Returns do not consider capital gains or income taxes on an individual's investment.

    Top Issuers

    09/30/17

    Monolithic Power Systems, Inc...
    2.2%
    Take-Two Interactive Software...
    2.1%
    Mercury Systems, Inc.
    2.1%
    XPO Logistics Inc.
    2.1%
    Cognex Corporation
    1.8%
    Heico Corp.
    1.7%
    MasTec, Inc.
    1.7%
    ABIOMED, Inc.
    1.6%
    SiteOne Landscape Supply, Inc...
    1.6%
    Pool Corp.
    1.5%
    Western Alliance Bancorp
    1.5%
    MKS Instruments, Inc.
    1.5%
    Visteon Corp.
    1.5%
    Vail Resorts, Inc.
    1.5%
    RBC Bearings Inc.
    1.5%
    BWX Technologies, Inc.
    1.4%
    Bright Horizons Family Soluti...
    1.4%
    John Bean Technologies Corp.
    1.4%
    Coherent, Inc.
    1.4%
    PRA Health Sciences, Inc.
    1.4%
    ×
    • 2.2%
      Monolithic Power Systems, Inc.
    • Designs, develops and markets proprietary, advanced analog and mixed-signal semiconductors
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Information Technology
    INDUSTRY Semiconductors & Semiconductor Equipment
    MARKET CAP Mid
    ×
    • 2.1%
      Take-Two Interactive Software, Inc.
    • Develops, markets and publishes of interactive entertainment software
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Information Technology
    INDUSTRY Software
    MARKET CAP Mid
    ×
    • 2.1%
      Mercury Systems, Inc.
    • Designs, manufactures, and markets real-time digital signal processing computer systems
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Industrials
    INDUSTRY Aerospace & Defense
    MARKET CAP Small
    ×
    • 2.1%
      XPO Logistics Inc.
    • Provides logistics and other transportation services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Industrials
    INDUSTRY Air Freight & Logistics
    MARKET CAP Mid
    ×
    • 1.8%
      Cognex Corporation
    • Develops, manufactures and markets machine vision computer systems
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Information Technology
    INDUSTRY Electronic Equipment Instruments & Components
    MARKET CAP Mid
    ×
    • 1.7%
      Heico Corp.
    • Designs, manufactures and markets aerospace products and services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Industrials
    INDUSTRY Aerospace & Defense
    MARKET CAP Mid
    ×
    • 1.7%
      MasTec, Inc.
    • Operates as a infrastructure construction company
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Industrials
    INDUSTRY Construction & Engineering
    MARKET CAP Small
    ×
    • 1.6%
      ABIOMED, Inc.
    • Manufactures cardiac support, recovery and replacement devices
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Health Care
    INDUSTRY Health Care Equipment & Supplies
    MARKET CAP Mid
    ×
    • 1.6%
      SiteOne Landscape Supply, Inc.
    • Distributes commercial and residential landscape supplies
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Industrials
    INDUSTRY Trading Companies & Distributors
    MARKET CAP Small
    ×
    • 1.5%
      Pool Corp.
    • Markets and distributes swimming pool supplies and related products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Consumer Discretionary
    MARKET CAP Mid
    ×
    • 1.5%
      Western Alliance Bancorp
    • Operates as a bank holding company whose subsidiary provides banking services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Financials
    INDUSTRY Banks
    MARKET CAP Mid
    ×
    • 1.5%
      MKS Instruments, Inc.
    • Provides process control solutions that measure, control, power and monitor critical parameters of semiconductor devices
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Information Technology
    INDUSTRY Semiconductors & Semiconductor Equipment
    MARKET CAP Mid
    ×
    • 1.5%
      Visteon Corp.
    • Designs, engineers and manufactures automotive vehicles and supplies automotive parts
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Consumer Discretionary
    MARKET CAP Small
    ×
    • 1.5%
      Vail Resorts, Inc.
    • Owns and operates resorts
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Consumer Discretionary
    INDUSTRY Hotels Restaurants & Leisure
    MARKET CAP Mid
    ×
    • 1.5%
      RBC Bearings Inc.
    • Manufactures and markets custom bearing products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Industrials
    INDUSTRY Machinery
    MARKET CAP Small
    ×
    • 1.4%
      BWX Technologies, Inc.
    • Provides components and services to nuclear power industry
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Industrials
    INDUSTRY Aerospace & Defense
    MARKET CAP Mid
    ×
    • 1.4%
      Bright Horizons Family Solutions
    • Provides child care and educational services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Consumer Discretionary
    INDUSTRY Diversified Consumer Services
    MARKET CAP Mid
    ×
    • 1.4%
      John Bean Technologies Corp.
    • Designs and manufactures food processing and ground support equipment for the aviation industry
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Industrials
    INDUSTRY Machinery
    MARKET CAP Small
    ×
    • 1.4%
      Coherent, Inc.
    • Manufactures and supplies laser diodes and other laser equipment
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Information Technology
    INDUSTRY Electronic Equipment Instruments & Components
    MARKET CAP Mid
    ×
    • 1.4%
      PRA Health Sciences, Inc.
    • Provides clinical research and development services for pharmaceutical and biotechnology companies
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Health Care
    MARKET CAP Mid
    Holdings Breakdown

    as of 09/30/17

    97.5%

    United States

    0.6%

    Israel

    No Issuer Equity
    in
    Israel
    0.6%

    Canada

    No Issuer Equity
    in
    Canada
    98.1%

    Americas

    No Issuer Equity
    in
    Americas
    0.6%

    Middle East

    No Issuer Equity
    in
    Middle East
    30.6%

    Information Technology

    21.3%

    Health Care

    20.8%

    Industrials

    13.2%

    Consumer Discretionary

    6.6%

    Financials

    3.6%

    Materials

    No Issuer Equity
    in
    Materials
    1.5%

    Real Estate

    No Issuer Equity
    in
    Real Estate
    1.1%

    Energy

    No Issuer Equity
    in
    Energy
    11.1%

    Software

    9.2%

    Health Care Equipment & Supplies

    7.1%

    Semiconductors & Semiconductor Equipment

    6.8%

    Internet Software & Services

    No Issuer Equity
    in
    Internet Software & Services
    5.2%

    Aerospace & Defense

    4.3%

    Electronic Equipment Instruments & Components

    4.2%

    Biotechnology

    No Issuer Equity
    in
    Biotechnology
    4.0%

    Machinery

    3.4%

    Hotels Restaurants & Leisure

    3.3%

    Construction & Engineering

    3.0%

    Health Care Technology

    No Issuer Equity
    in
    Health Care Technology
    2.7%

    Banks

    2.7%

    Air Freight & Logistics

    2.2%

    Building Products

    No Issuer Equity
    in
    Building Products
    1.9%

    Diversified Consumer Services

    1.8%

    Chemicals

    No Issuer Equity
    in
    Chemicals
    1.8%

    Health Care Providers & Services

    No Issuer Equity
    in
    Health Care Providers & Services
    1.6%

    Specialty Retail

    No Issuer Equity
    in
    Specialty Retail
    1.6%

    Commercial Services & Supplies

    No Issuer Equity
    in
    Commercial Services & Supplies
    1.6%

    Trading Companies & Distributors

    98.7%

    54.9%

    Small

    42.7%

    Mid

    1.1%

    Large

    No Issuer Equity
    in
    Large
    Risk Measurements

    as of 09/30/17

    Alpha 1.21%
    Beta 0.83
    Information Ratio
    -0.14
    R-Squared
    87.27
    Sharpe Ratio
    0.85
    Standard Deviation
    13.38%
    Sortino Ratio
    0.37
    Equity Style
    • E
    Total Assets (all classes)
    as of 9/30/17
    $2.1 BN
    Morningstar Analyst Rating

    as of 7/26/2017

    Silver
    Portfolio Statistics

    as of 9/30/17

    Avg Market Cap (weighted) 4.5 BN
    Median Market Cap (weighted) 3.9 BN
    P/E Ratio (NTM) 30.93
    P/E Ratio (LTM) 49.71
    Price/Book Value (LTM) 5.57
    Turnover Ratio
    89.00%
    Investment Minimums
    Initial
    $1,000
    Dividends ($ per share)
    • F
    Est Frequency Annual
    Last Pay Date 12/6/16
    Per Share ($) 0.0000
    12-Month Distribution ($) 0.0000
    Distribution Sources
    Net Income 0.00%
    Net Profit from Sale 100.00%
    Other Capital Sources 0.00%
    Top Issuers

    09/30/17

    Monolithic Powe...
    2.2%
    Take-Two Intera...
    2.1%
    Mercury Systems...
    2.1%
    XPO Logistics I...
    2.1%
    Cognex Corporat...
    1.8%
    Heico Corp.
    1.7%
    MasTec, Inc.
    1.7%
    ABIOMED, Inc.
    1.6%
    SiteOne Landsca...
    1.6%
    Pool Corp.
    1.5%
    Western Allianc...
    1.5%
    MKS Instruments...
    1.5%
    Visteon Corp.
    1.5%
    Vail Resorts, I...
    1.5%
    RBC Bearings In...
    1.5%
    BWX Technologie...
    1.4%
    Bright Horizons...
    1.4%
    John Bean Techn...
    1.4%
    Coherent, Inc.
    1.4%
    PRA Health Scie...
    1.4%
    Holdings Breakdown

    as of 09/30/17

    Reset
    97.5%

    United States

    0.6%

    Israel

    No Issuer Equity
    in
    Israel
    0.6%

    Canada

    No Issuer Equity
    in
    Canada
    98.1%

    Americas

    No Issuer Equity
    in
    Americas
    0.6%

    Middle East

    No Issuer Equity
    in
    Middle East
    30.6%

    Information Technology

    21.3%

    Health Care

    20.8%

    Industrials

    13.2%

    Consumer Discretionary

    6.6%

    Financials

    3.6%

    Materials

    No Issuer Equity
    in
    Materials
    1.5%

    Real Estate

    No Issuer Equity
    in
    Real Estate
    1.1%

    Energy

    No Issuer Equity
    in
    Energy
    11.1%

    Software

    9.2%

    Health Care Equipment & Supplies

    7.1%

    Semiconductors & Semiconductor Equipment

    6.8%

    Internet Software & Services

    No Issuer Equity
    in
    Internet Software & Services
    5.2%

    Aerospace & Defense

    4.3%

    Electronic Equipment Instruments & Components

    4.2%

    Biotechnology

    No Issuer Equity
    in
    Biotechnology
    4.0%

    Machinery

    3.4%

    Hotels Restaurants & Leisure

    3.3%

    Construction & Engineering

    3.0%

    Health Care Technology

    No Issuer Equity
    in
    Health Care Technology
    2.7%

    Banks

    2.7%

    Air Freight & Logistics

    2.2%

    Building Products

    No Issuer Equity
    in
    Building Products
    1.9%

    Diversified Consumer Services

    1.8%

    Chemicals

    No Issuer Equity
    in
    Chemicals
    1.8%

    Health Care Providers & Services

    No Issuer Equity
    in
    Health Care Providers & Services
    1.6%

    Specialty Retail

    No Issuer Equity
    in
    Specialty Retail
    1.6%

    Commercial Services & Supplies

    No Issuer Equity
    in
    Commercial Services & Supplies
    1.6%

    Trading Companies & Distributors

    98.7%

    54.9%

    Small

    42.7%

    Mid

    1.1%

    Large

    No Issuer Equity
    in
    Large
    ×
    • 2.2%
      Monolithic Power Systems, Inc.
    • Designs, develops and markets proprietary, advanced analog and mixed-signal semiconductors
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Information Technology
    INDUSTRY Semiconductors & Semiconductor Equipment
    MARKET CAP Mid
    ×
    • 2.1%
      Take-Two Interactive Software, Inc.
    • Develops, markets and publishes of interactive entertainment software
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Information Technology
    INDUSTRY Software
    MARKET CAP Mid
    ×
    • 2.1%
      Mercury Systems, Inc.
    • Designs, manufactures, and markets real-time digital signal processing computer systems
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Industrials
    INDUSTRY Aerospace & Defense
    MARKET CAP Small
    ×
    • 2.1%
      XPO Logistics Inc.
    • Provides logistics and other transportation services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Industrials
    INDUSTRY Air Freight & Logistics
    MARKET CAP Mid
    ×
    • 1.8%
      Cognex Corporation
    • Develops, manufactures and markets machine vision computer systems
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Information Technology
    INDUSTRY Electronic Equipment Instruments & Components
    MARKET CAP Mid
    ×
    • 1.7%
      Heico Corp.
    • Designs, manufactures and markets aerospace products and services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Industrials
    INDUSTRY Aerospace & Defense
    MARKET CAP Mid
    ×
    • 1.7%
      MasTec, Inc.
    • Operates as a infrastructure construction company
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Industrials
    INDUSTRY Construction & Engineering
    MARKET CAP Small
    ×
    • 1.6%
      ABIOMED, Inc.
    • Manufactures cardiac support, recovery and replacement devices
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Health Care
    INDUSTRY Health Care Equipment & Supplies
    MARKET CAP Mid
    ×
    • 1.6%
      SiteOne Landscape Supply, Inc.
    • Distributes commercial and residential landscape supplies
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Industrials
    INDUSTRY Trading Companies & Distributors
    MARKET CAP Small
    ×
    • 1.5%
      Pool Corp.
    • Markets and distributes swimming pool supplies and related products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Consumer Discretionary
    MARKET CAP Mid
    ×
    • 1.5%
      Western Alliance Bancorp
    • Operates as a bank holding company whose subsidiary provides banking services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Financials
    INDUSTRY Banks
    MARKET CAP Mid
    ×
    • 1.5%
      MKS Instruments, Inc.
    • Provides process control solutions that measure, control, power and monitor critical parameters of semiconductor devices
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Information Technology
    INDUSTRY Semiconductors & Semiconductor Equipment
    MARKET CAP Mid
    ×
    • 1.5%
      Visteon Corp.
    • Designs, engineers and manufactures automotive vehicles and supplies automotive parts
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Consumer Discretionary
    MARKET CAP Small
    ×
    • 1.5%
      Vail Resorts, Inc.
    • Owns and operates resorts
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Consumer Discretionary
    INDUSTRY Hotels Restaurants & Leisure
    MARKET CAP Mid
    ×
    • 1.5%
      RBC Bearings Inc.
    • Manufactures and markets custom bearing products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Industrials
    INDUSTRY Machinery
    MARKET CAP Small
    ×
    • 1.4%
      BWX Technologies, Inc.
    • Provides components and services to nuclear power industry
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Industrials
    INDUSTRY Aerospace & Defense
    MARKET CAP Mid
    ×
    • 1.4%
      Bright Horizons Family Solutions
    • Provides child care and educational services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Consumer Discretionary
    INDUSTRY Diversified Consumer Services
    MARKET CAP Mid
    ×
    • 1.4%
      John Bean Technologies Corp.
    • Designs and manufactures food processing and ground support equipment for the aviation industry
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Industrials
    INDUSTRY Machinery
    MARKET CAP Small
    ×
    • 1.4%
      Coherent, Inc.
    • Manufactures and supplies laser diodes and other laser equipment
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Information Technology
    INDUSTRY Electronic Equipment Instruments & Components
    MARKET CAP Mid
    ×
    • 1.4%
      PRA Health Sciences, Inc.
    • Provides clinical research and development services for pharmaceutical and biotechnology companies
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Health Care
    MARKET CAP Mid

    Management

    Ronald Zibelli Jr., CFA

    Managed Fund since 6/06

    Ash Shah, CFA, CPA

    Managed Fund since 2/14

    Investment Approach

    The portfolio managers invest in high quality, high growth companies that they believe can outperform over time. Stock selection is balanced with an emphasis on risk management through diversification, continuous monitoring and consistent sell discipline.

    Risk Management

    Our team limits exposure to individual companies, industries and sectors, seeking to limit volatility through company quality and diversification. Risk Management Overview

    We conduct rigorous fundamental research to identify individual companies with asymmetrical risk/return opportunities. Risk Management Overview

    At the portfolio level, our experienced investment personnel closely monitor the strategy's positioning, and the active risk resulting from our security selection process and sector allocations. We evaluate factor and style exposure, as well as the ownership and liquidity profile of each security in the portfolio. Risk Management Overview

    Our team proactively manages risk by constructing diversified portfolios across sectors, industry groups and securities. We manage, monitor and limit sector weights relative to specified benchmarks and security position sizes within each portfolio. Risk Management Overview

    Our team closely monitors position size and sector weights; we have limits on active security weights against the benchmark for each strategy we manage. Risk Management Overview

    Risk is managed at the portfolio, strategy and security levels to identify diversified sources of alpha. We mainly focus on currency, interest rates and credit. Positions are sized and monitored according to established limits. Risk Management Overview

    We focus primarily on senior loans in an effort to maintain product integrity and limit duration risk. Risk Management Overview

    The team manages risk at both a strategy and individual security level to help ensure that, when combined, they act as the ballast in an investor’s overall portfolio. Risk Management Overview

    Risk is managed at the portfolio, strategy and security levels to identify diversified sources of alpha. We seek to identify primary and secondary risks of each investment. Diversification of sectors can potentially reduce volatility. Risk Management Overview

    The team manages risk by administering duration limits, limiting portfolio weighted average maturity and conducting thorough credit analysis on individual securities. Risk Management Overview

    The Rochester team has created diverse portfolios designed to mitigate the types of risks that municipal bond investors may encounter. Risk Management Overview

    The Commodities team manages risk on multiple levels, including individual commodity sector levels and overall fund level. Risk Management Overview

    The Real Estate team monitors and manages risk at the security, sector and strategy levels. Risk Management Overview

    The Global Multi-Asset Group monitors and manages risk on an ongoing basis, both at the asset class and portfolio levels. Risk Management Overview

    We emphasize capital preservation by avoiding companies that may cut distributions. We seek to build diversified portfolios comprised of energy and energy related companies with attractive risk-adjusted total return potential. Risk Management Overview

    The Alternative Strategies team evaluates risk on multiple levels, applying numerous risk analysis methods on an ongoing basis in addition to assessing risk impacts of a position prior to making investment decisions. Risk Management Overview

    Risk is monitored by quantitative risk system and managed at many levels – stock, sector, country, and style factors. We seek to diversify the portfolio across the global listed infrastructure market and adhere to an established risk framework, including constraints imposed by position limits versus a benchmark. Risk Management Overview

    We monitor and manage both security and sector weights to the underlying index to ensure that the portfolio is properly tracking its benchmark. Also, partnering with well-known index providers ensures that we hold only high quality securities that pass very stringent profitability and liquidity screens. Risk Management Overview

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    1. 1. Special Risks: Small-sized company stock is typically more volatile than that of larger company stock. It may take a substantial period of time to realize a gain on an investment in a small-sized company, if any gain is realized at all. Investments in securities of growth companies may be volatile. Diversification does not guarantee profit or protect against loss.
    2. 2. The net expense ratio (where applicable) also takes into account contractual fee waivers and/or expense reimbursements without which performance would have been less. These undertakings may not be amended or withdrawn for one year from the date of the current prospectus, unless approved by the Board.
    3. 3. Access index definitions.
    4. 4. Holdings are subject to change, and are dollar weighted based on total net assets. Negative weightings may result from the use of leverage. Leverage involves the use of various financial instruments or borrowed capital in an attempt to increase investment return. Leverage risks include potential for higher volatility, greater decline of the fund's net asset value and fluctuations of dividends and distributions paid by the fund.
    5. 5. Holdings are subject to change, are dollar-weighted based on assets, and may not reflect the use of leverage in the Fund. Market Cap breakdown is calculated using Morningstar's methodology and those capitalization standards may not align with those in the Fund’s prospectus.
    6. 6. The Morningstar Analyst Rating is not a credit or risk rating but a subjective evaluation performed by the analysts of Morningstar, Inc. (Mstar). Mstar evaluates funds based on five key pillars (process, performance, people, parent and price). Mstar's analysts use this evaluation to identify funds they believe are more likely to outperform over the long term on a risk-adjusted basis. Analysts consider quantitative and qualitative factors and the weightings of each pillar may vary. The Analyst Rating reflects overall assessment and is overseen by Morningstar's Analyst Rating Committee. The analyst rating scale is five-tiered, with three positive ratings (Gold, Silver, Bronze), a Neutral rating and a Negative rating, with Gold being the highest rating and Negative being the lowest rating. The Mstar Analyst Ratings should not be used as the sole basis in evaluating a mutual fund and are based on Mstar's current expectations about future events. Mstar does not represent ratings as a guarantee. Analyst Ratings involve unknown risks and uncertainties which may cause Mstar's expectations not to occur or to differ significantly.
    7. A. As of 6/28/13, the purchase and exchange of Fund shares is restricted, subject to certain exceptions. Please see the prospectus for further information.
    8. B. The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Current performance and expense ratios may be lower or higher than the data quoted. Fund returns include changes in share price, reinvested distributions, and a 5.75% maximum sales charge where indicated. Returns do not consider capital gains or income taxes on an individual's investment.
    9. C. "Year to Date" returns are cumulative, not annualized, and do not reflect sales charges (if sales charges are applicable to the Fund). These returns would be lower if sales charges were taken into consideration. Short-term returns may not be indicative of longer-term performance, which should also be considered when making investment decisions.
    10. D. Daily net asset value and dollar change of the fund is as of the previous business day's closing. Fund net asset values are updated at approximately 7:00pm ET daily.
    11. E. OppenheimerFunds' equity style box is based on the portfolio's overall targeted capitalization range and relative valuation as determined by OFI.
    12. F. There is no guarantee of the payment of any dividend or other distributions at any level.
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