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Cumulative Total Returns

as of 8/31/17

Since Inception 1/3/89
1393%
Performance & Distributions
×

Domestic Equity

Gross Expense Ratio:
      1.2%
    Net Expense Ratio:   1.2%

    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
    • A

    Compare to Indices

    Mid Cap Value Fund
    VALUE of $10,000.00

    Calendar Year Returns % (w/o sales charge)
    Data as of 9/22/17
      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
    • B
    Mid Cap Value Fund -12.99 47.58 20.96 18.21 -0.29 12.42 19.29 24.32 -10.08 -1.40 16.44 12.20 -10.52 46.06 28.30 11.73 17.98 9.13 -49.93 44.61 20.54 -7.52 9.48 37.76 10.57 -7.02 20.28 6.20
    Russell Midcap Value 24.90 19.30 -1.31 29.76 22.21 33.09 -1.92 1.49 20.79 9.74 -9.87 44.93 21.58 7.74 20.18 -7.27 -31.99 27.68 24.82 -3.36 19.21 33.32 7.11 -3.55 20.00

    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
    • A

    as of 8/31/17

    as of 6/30/17

    • A
    YTD (as of 9/22/17)
    • B
    6.20%
    1 Year 11.18%
    3 Year 6.03%
    5 Year 13.75%
    10 Year 4.45%
    Since Inception 9.89%
    YTD (as of 9/22/17)
    • B
    6.20%
    1 Year 4.78%
    3 Year 3.96%
    5 Year 12.41%
    10 Year 3.83%
    Since Inception 9.67%
    YTD (as of 9/22/17)
    • B
    6.20%
    1 Year 17.98%
    3 Year 6.01%
    5 Year 14.24%
    10 Year 3.95%
    Since Inception 9.94%
    YTD (as of 9/22/17)
    • B
    6.20%
    1 Year 11.21%
    3 Year 3.94%
    5 Year 12.89%
    10 Year 3.33%
    Since Inception 9.71%
    Gross Expense Ratio
    1.20%
    NAV
    • C
    as of 9/22/17
    $57.17

    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

    08/31/17

    Synopsys, Inc.
    2.2%
    Reinsurance Group of America
    2.2%
    Celanese Corp.
    1.9%
    Indivior plc
    1.8%
    Jazz Pharmaceuticals, Inc.
    1.7%
    XL Group Ltd.
    1.6%
    SunTrust Banks, Inc.
    1.6%
    Parker Hannifin Corp.
    1.6%
    Royal Caribbean Cruises Ltd. ...
    1.6%
    Ares Management LP
    1.5%
    Hess Corp.
    1.5%
    WestRock Co.
    1.5%
    Huntington Ingalls Indus
    1.5%
    Xylem Inc-W/I
    1.4%
    Hanesbrands, Inc.
    1.4%
    First Data Corp.
    1.4%
    Lam Research Corporation
    1.4%
    CNO Financial Group Inc.
    1.3%
    Voya Financial, Inc.
    1.3%
    Coca-Cola European Partners p...
    1.3%
    ×
    • 2.2%
      Synopsys, Inc.
    • Develops and provides software based designing solutions for the semiconductor industry
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Information Technology
    INDUSTRY Software
    MARKET CAP Mid
    ×
    • 2.2%
      Reinsurance Group of America
    • Provides life reinsurance, international life and disability insurance as well as asset-intensive products and financial reinsurance services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Financials
    INDUSTRY Insurance
    MARKET CAP Mid
    ×
    • 1.9%
      Celanese Corp.
    • Produces industrial chemicals
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Materials
    INDUSTRY Chemicals
    MARKET CAP Mid
    ×
    • 1.8%
      Indivior plc
    • Engages in the development and manufacturing of pharmaceutical drugs
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United Kingdom
    EQUITY SECTOR Health Care
    INDUSTRY Pharmaceuticals
    MARKET CAP Mid
    ×
    • 1.7%
      Jazz Pharmaceuticals, Inc.
    • Operates as a specialty biopharmaceutical company, which focuses on the identification, development and commercialization of pharmaceutical products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Health Care
    INDUSTRY Pharmaceuticals
    MARKET CAP Mid
    ×
    • 1.6%
      XL Group Ltd.
    • Provides insurance and reinsurance services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Financials
    INDUSTRY Insurance
    MARKET CAP Mid
    ×
    • 1.6%
      SunTrust Banks, Inc.
    • National commercial bank
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Financials
    INDUSTRY Banks
    MARKET CAP Large
    ×
    • 1.6%
      Parker Hannifin Corp.
    • Manufactures motion and control technologies and systems
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Industrials
    INDUSTRY Machinery
    MARKET CAP Large
    ×
    • 1.6%
      Royal Caribbean Cruises Ltd.
    • Operates a fleet of cruise ships
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Consumer Discretionary
    INDUSTRY Hotels Restaurants & Leisure
    MARKET CAP Large
    ×
    • 1.5%
      Ares Management LP
    • Provides investment advice services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Financials
    INDUSTRY Capital Markets
    MARKET CAP Small
    ×
    • 1.5%
      Hess Corp.
    • Explores, produces, purchases, transports, and sells crude oil
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Energy
    INDUSTRY Oil Gas & Consumable Fuels
    MARKET CAP Mid
    ×
    • 1.5%
      WestRock Co.
    • Manufactures and distributes packaging products, office supplies and specialty chemicals
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Materials
    INDUSTRY Containers & Packaging
    MARKET CAP Mid
    ×
    • 1.5%
      Huntington Ingalls Indus
    • Designs, builds and maintains nuclear and non-nuclear ships
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Industrials
    INDUSTRY Aerospace & Defense
    MARKET CAP Mid
    ×
    • 1.4%
      Xylem Inc-W/I
    • Designs, manufactures and services engineered solutions throughout the water cycle
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Industrials
    INDUSTRY Machinery
    MARKET CAP Mid
    ×
    • 1.4%
      Hanesbrands, Inc.
    • Designs, manufactures, sources and sells men's and women's basic apparel
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Consumer Discretionary
    INDUSTRY Textiles Apparel & Luxury Goods
    MARKET CAP Mid
    ×
    • 1.4%
      First Data Corp.
    • Provides electronic commerce and payment solutions
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Information Technology
    MARKET CAP Mid
    ×
    • 1.4%
      Lam Research Corporation
    • Designs, manufactures and markets semiconductor processing equipment
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Information Technology
    INDUSTRY Semiconductors & Semiconductor Equipment
    MARKET CAP Large
    ×
    • 1.3%
      CNO Financial Group Inc.
    • Provides health and life insurance services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Financials
    INDUSTRY Insurance
    MARKET CAP Small
    ×
    • 1.3%
      Voya Financial, Inc.
    • Provides investment banking and commercial banking services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Financials
    MARKET CAP Mid
    ×
    • 1.3%
      Coca-Cola European Partners plc
    • Operates as a bottling company with interests in marketing, production and distribution of Coca-Cola products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Consumer Staples
    MARKET CAP Mid
    Holdings Breakdown

    as of 08/31/17

    89.9%

    United States

    3.2%

    Canada

    No Issuer Equity
    in
    Canada
    1.9%

    Israel

    No Issuer Equity
    in
    Israel
    1.8%

    United Kingdom

    93.1%

    Americas

    No Issuer Equity
    in
    Americas
    1.9%

    Middle East

    No Issuer Equity
    in
    Middle East
    1.8%

    Europe

    No Issuer Equity
    in
    Europe
    21.8%

    Financials

    13.7%

    Industrials

    12.8%

    Information Technology

    10.3%

    Consumer Discretionary

    7.9%

    Health Care

    7.5%

    Materials

    7.5%

    Real Estate

    No Issuer Equity
    in
    Real Estate
    6.7%

    Utilities

    No Issuer Equity
    in
    Utilities
    6.0%

    Energy

    2.6%

    Consumer Staples

    8.0%

    Banks

    7.5%

    Equity Real Estate Investment Trusts (REITs)

    No Issuer Equity
    in
    Equity Real Estate Investment Trusts (REITs)
    7.3%

    Insurance

    5.4%

    Electronic Equipment Instruments & Components

    No Issuer Equity
    in
    Electronic Equipment Instruments & Components
    4.5%

    Electric Utilities

    No Issuer Equity
    in
    Electric Utilities
    4.5%

    Machinery

    4.3%

    Capital Markets

    3.5%

    Pharmaceuticals

    3.4%

    Oil Gas & Consumable Fuels

    3.3%

    Health Care Equipment & Supplies

    No Issuer Equity
    in
    Health Care Equipment & Supplies
    3.2%

    Aerospace & Defense

    3.1%

    Software

    3.0%

    Semiconductors & Semiconductor Equipment

    2.9%

    Household Durables

    No Issuer Equity
    in
    Household Durables
    2.6%

    Energy Equipment & Services

    No Issuer Equity
    in
    Energy Equipment & Services
    2.6%

    Textiles Apparel & Luxury Goods

    2.5%

    Hotels Restaurants & Leisure

    2.5%

    Containers & Packaging

    1.9%

    Chemicals

    1.6%

    Metals & Mining

    No Issuer Equity
    in
    Metals & Mining
    96.8%

    67.8%

    Mid

    16.2%

    Small

    12.8%

    Large

    Risk Measurements

    as of 08/31/17

    Alpha -0.90%
    Beta 1.09
    R-Squared
    91.68
    Sharpe Ratio
    0.50
    Standard Deviation
    12.79%
    Sortino Ratio
    0.23
    Information Ratio
    -0.13
    Equity Style
    • D
    Total Assets (all classes)
    as of 8/31/17
    $1.3 BN
    Portfolio Statistics

    as of 8/31/17

    Avg Market Cap (weighted) 11.2 BN
    Median Market Cap (weighted) 9.9 BN
    P/E (next 12 months) 16.23
    P/E Operating (LTM) 19.24
    Price/Book Value (LTM) 2.17
    Turnover Ratio
    34.00%
    Investment Minimums
    Initial
    $1,000
    Dividends ($ per share)
    • E
    Est Frequency Quarterly
    Last Pay Date 9/19/17
    Per Share ($) 0.0511
    12-Month Distribution ($) 0.2350
    Distribution Sources
    Net Income 59.50%
    Net Profit from Sale 0.00%
    Other Capital Sources 40.50%
    Top Issuers

    08/31/17

    Synopsys, Inc.
    2.2%
    Reinsurance Gro...
    2.2%
    Celanese Corp.
    1.9%
    Indivior plc
    1.8%
    Jazz Pharmaceut...
    1.7%
    XL Group Ltd.
    1.6%
    SunTrust Banks,...
    1.6%
    Parker Hannifin...
    1.6%
    Royal Caribbean...
    1.6%
    Ares Management...
    1.5%
    Hess Corp.
    1.5%
    WestRock Co.
    1.5%
    Huntington Inga...
    1.5%
    Xylem Inc-W/I
    1.4%
    Hanesbrands, In...
    1.4%
    First Data Corp...
    1.4%
    Lam Research Co...
    1.4%
    CNO Financial G...
    1.3%
    Voya Financial,...
    1.3%
    Coca-Cola Europ...
    1.3%
    Holdings Breakdown

    as of 08/31/17

    Reset
    89.9%

    United States

    3.2%

    Canada

    No Issuer Equity
    in
    Canada
    1.9%

    Israel

    No Issuer Equity
    in
    Israel
    1.8%

    United Kingdom

    93.1%

    Americas

    No Issuer Equity
    in
    Americas
    1.9%

    Middle East

    No Issuer Equity
    in
    Middle East
    1.8%

    Europe

    No Issuer Equity
    in
    Europe
    21.8%

    Financials

    13.7%

    Industrials

    12.8%

    Information Technology

    10.3%

    Consumer Discretionary

    7.9%

    Health Care

    7.5%

    Materials

    7.5%

    Real Estate

    No Issuer Equity
    in
    Real Estate
    6.7%

    Utilities

    No Issuer Equity
    in
    Utilities
    6.0%

    Energy

    2.6%

    Consumer Staples

    8.0%

    Banks

    7.5%

    Equity Real Estate Investment Trusts (REITs)

    No Issuer Equity
    in
    Equity Real Estate Investment Trusts (REITs)
    7.3%

    Insurance

    5.4%

    Electronic Equipment Instruments & Components

    No Issuer Equity
    in
    Electronic Equipment Instruments & Components
    4.5%

    Electric Utilities

    No Issuer Equity
    in
    Electric Utilities
    4.5%

    Machinery

    4.3%

    Capital Markets

    3.5%

    Pharmaceuticals

    3.4%

    Oil Gas & Consumable Fuels

    3.3%

    Health Care Equipment & Supplies

    No Issuer Equity
    in
    Health Care Equipment & Supplies
    3.2%

    Aerospace & Defense

    3.1%

    Software

    3.0%

    Semiconductors & Semiconductor Equipment

    2.9%

    Household Durables

    No Issuer Equity
    in
    Household Durables
    2.6%

    Energy Equipment & Services

    No Issuer Equity
    in
    Energy Equipment & Services
    2.6%

    Textiles Apparel & Luxury Goods

    2.5%

    Hotels Restaurants & Leisure

    2.5%

    Containers & Packaging

    1.9%

    Chemicals

    1.6%

    Metals & Mining

    No Issuer Equity
    in
    Metals & Mining
    96.8%

    67.8%

    Mid

    16.2%

    Small

    12.8%

    Large

    ×
    • 2.2%
      Synopsys, Inc.
    • Develops and provides software based designing solutions for the semiconductor industry
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Information Technology
    INDUSTRY Software
    MARKET CAP Mid
    ×
    • 2.2%
      Reinsurance Group of America
    • Provides life reinsurance, international life and disability insurance as well as asset-intensive products and financial reinsurance services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Financials
    INDUSTRY Insurance
    MARKET CAP Mid
    ×
    • 1.9%
      Celanese Corp.
    • Produces industrial chemicals
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Materials
    INDUSTRY Chemicals
    MARKET CAP Mid
    ×
    • 1.8%
      Indivior plc
    • Engages in the development and manufacturing of pharmaceutical drugs
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United Kingdom
    EQUITY SECTOR Health Care
    INDUSTRY Pharmaceuticals
    MARKET CAP Mid
    ×
    • 1.7%
      Jazz Pharmaceuticals, Inc.
    • Operates as a specialty biopharmaceutical company, which focuses on the identification, development and commercialization of pharmaceutical products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Health Care
    INDUSTRY Pharmaceuticals
    MARKET CAP Mid
    ×
    • 1.6%
      XL Group Ltd.
    • Provides insurance and reinsurance services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Financials
    INDUSTRY Insurance
    MARKET CAP Mid
    ×
    • 1.6%
      SunTrust Banks, Inc.
    • National commercial bank
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Financials
    INDUSTRY Banks
    MARKET CAP Large
    ×
    • 1.6%
      Parker Hannifin Corp.
    • Manufactures motion and control technologies and systems
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Industrials
    INDUSTRY Machinery
    MARKET CAP Large
    ×
    • 1.6%
      Royal Caribbean Cruises Ltd.
    • Operates a fleet of cruise ships
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Consumer Discretionary
    INDUSTRY Hotels Restaurants & Leisure
    MARKET CAP Large
    ×
    • 1.5%
      Ares Management LP
    • Provides investment advice services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Financials
    INDUSTRY Capital Markets
    MARKET CAP Small
    ×
    • 1.5%
      Hess Corp.
    • Explores, produces, purchases, transports, and sells crude oil
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Energy
    INDUSTRY Oil Gas & Consumable Fuels
    MARKET CAP Mid
    ×
    • 1.5%
      WestRock Co.
    • Manufactures and distributes packaging products, office supplies and specialty chemicals
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Materials
    INDUSTRY Containers & Packaging
    MARKET CAP Mid
    ×
    • 1.5%
      Huntington Ingalls Indus
    • Designs, builds and maintains nuclear and non-nuclear ships
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Industrials
    INDUSTRY Aerospace & Defense
    MARKET CAP Mid
    ×
    • 1.4%
      Xylem Inc-W/I
    • Designs, manufactures and services engineered solutions throughout the water cycle
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Industrials
    INDUSTRY Machinery
    MARKET CAP Mid
    ×
    • 1.4%
      Hanesbrands, Inc.
    • Designs, manufactures, sources and sells men's and women's basic apparel
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Consumer Discretionary
    INDUSTRY Textiles Apparel & Luxury Goods
    MARKET CAP Mid
    ×
    • 1.4%
      First Data Corp.
    • Provides electronic commerce and payment solutions
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Information Technology
    MARKET CAP Mid
    ×
    • 1.4%
      Lam Research Corporation
    • Designs, manufactures and markets semiconductor processing equipment
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Information Technology
    INDUSTRY Semiconductors & Semiconductor Equipment
    MARKET CAP Large
    ×
    • 1.3%
      CNO Financial Group Inc.
    • Provides health and life insurance services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Financials
    INDUSTRY Insurance
    MARKET CAP Small
    ×
    • 1.3%
      Voya Financial, Inc.
    • Provides investment banking and commercial banking services
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Financials
    MARKET CAP Mid
    ×
    • 1.3%
      Coca-Cola European Partners plc
    • Operates as a bottling company with interests in marketing, production and distribution of Coca-Cola products
      Source: FactSet
    ASSET ALLOCATION Equity
    COUNTRY United States
    EQUITY SECTOR Consumer Staples
    MARKET CAP Mid

    Management

    Laton Spahr, CFA

    Managed Fund since 3/13

    Eric Hewitt

    Managed Fund since 3/13

    Investment Approach

    The portfolio managers combine bottom-up and top-down fundamental research, as well as behavioral insight gained from management teams, to identify undervalued and overlooked companies focusing on return on invested capital.

    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: Foreign investments may be volatile and involve additional expenses and special risks, including currency fluctuations, foreign taxes, regulatory and geopolitical risks. Value investing involves the risk that undervalued securities may not appreciate as anticipated. Small and mid-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 or mid-sized company, if any gain is realized at all. 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. A. 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.
    7. B. "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.
    8. C. 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.
    9. D. OppenheimerFunds' equity style box is based on the portfolio's overall targeted capitalization range and relative valuation as determined by OFI.
    10. E. There is no guarantee of the payment of any dividend or other distributions at any level.
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