Spoof Access

×
U.S. Flag United States
Financial Advisor
×

Alternative

The Strategy typically invests primarily in midstream MLPs.
×

Find a consultant near you to get started

Enter your firm name
Enter a valid 5 digit zip code
* All fields required and intended for Financial Advisor use only
Cumulative Total Returns

as of 8/31/17

Since Inception 3/31/10
36%
Performance & Distributions
×

Alternative

Gross Expense Ratio:
      3.72%
    Net Expense Ratio:   3.72%

    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

    SteelPath MLP Alpha Fund
    VALUE of $10,000.00

    Income Dividend History
    • C

    No income dividends were paid during this time.
    Calendar Year Returns % (w/o sales charge)
    Data as of 9/25/17
      2013 2014 2015 2016 YTD
    • D
    SteelPath MLP Alpha Fund 7.24 -25.41 18.28 -3.38
    Alerian MLP Total Return Index 27.58 4.80 -32.59 18.31

    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 8/31/17

    as of 6/30/17

    • E
    YTD (as of 9/25/17)
    • D
    -3.38%
    1 Year -2.23%
    3 Year -8.92%
    Since Inception -1.64%
    YTD (as of 9/25/17)
    • D
    -3.38%
    1 Year -2.23%
    3 Year -8.92%
    Since Inception -1.64%
    YTD (as of 9/25/17)
    • D
    -3.38%
    1 Year 1.81%
    3 Year -7.32%
    Since Inception -1.09%
    YTD (as of 9/25/17)
    • D
    -3.38%
    1 Year 1.81%
    3 Year -7.32%
    Since Inception -1.09%
    Gross Expense Ratio
    4.18%
    Net Expense Ratio
    4.07%
    NAV
    • F
    as of 9/25/17
    $8.81

    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 Holdings

    08/31/17

    Energy Transfer Partners LP
    10.1%
    Energy Transfer Equity LP
    9.2%
    Enterprise Products Ptnrs LP
    8.3%
    MPLX LP
    7.3%
    TC Pipelines LP
    7.2%
    Targa Resources Corp.
    7.0%
    Magellan Midstream Partners L...
    6.7%
    Williams Partners LP
    4.9%
    Tallgrass Energy GP LP
    4.9%
    Buckeye Partners LP
    3.8%
    ×
    • 10.1%
      Energy Transfer Partners LP
    • Owns and operates crude oil pipelines and terminal facilities
      Source: FactSet
    ASSET ALLOCATION Equity
    EQUITY SECTOR Petroleum Transportation
    MARKET CAP Mid
    ×
    • 9.2%
      Energy Transfer Equity LP
    • Provides natural gas pipeline transportation and transmission services
      Source: FactSet
    ASSET ALLOCATION Equity
    EQUITY SECTOR Natural Gas Pipelines
    MARKET CAP Mid
    ×
    • 8.3%
      Enterprise Products Ptnrs LP
    • Operates pipelines that transports natural gas, crude oil and petrochemicals
      Source: FactSet
    ASSET ALLOCATION Equity
    EQUITY SECTOR Diversified
    MARKET CAP Large
    ×
    • 7.3%
      MPLX LP
    • Owns, operates, develops and acquires pipelines and other midstream assets
      Source: FactSet
    ASSET ALLOCATION Equity
    EQUITY SECTOR Petroleum Transportation
    MARKET CAP Mid
    ×
    • 7.2%
      TC Pipelines LP
    • Operates natural gas pipelines
      Source: FactSet
    ASSET ALLOCATION Equity
    EQUITY SECTOR Natural Gas Pipelines
    MARKET CAP Small
    ×
    • 7.0%
      Targa Resources Corp.
    • Provides midstream natural gas and natural gas liquid services
      Source: FactSet
    ASSET ALLOCATION Equity
    EQUITY SECTOR Gathering & Processing
    MARKET CAP Mid
    ×
    • 6.7%
      Magellan Midstream Partners LP
    • Provides transportation, storage and distribution for refined petroleum products
      Source: FactSet
    ASSET ALLOCATION Equity
    EQUITY SECTOR Petroleum Transportation
    MARKET CAP Mid
    ×
    • 4.9%
      Williams Partners LP
    • Owns, operates, develops & acquires natural gas gathering system and energy assets
      Source: FactSet
    ASSET ALLOCATION Equity
    EQUITY SECTOR Diversified
    MARKET CAP Large
    ×
    • 4.9%
      Tallgrass Energy GP LP
    • Provides crude oil and natural gas transportation services
      Source: FactSet
    ASSET ALLOCATION Equity
    EQUITY SECTOR Natural Gas Pipelines
    MARKET CAP Small
    ×
    • 3.8%
      Buckeye Partners LP
    • Operates oil pipelines and provides petroleum storage services
      Source: FactSet
    ASSET ALLOCATION Equity
    EQUITY SECTOR Petroleum Transportation
    MARKET CAP Mid
    Holdings Breakdown

    as of 08/31/17

    38.0%

    Petroleum Transportation

    28.5%

    Natural Gas Pipelines

    15.5%

    Diversified

    11.5%

    Gathering & Processing

    1.6%

    Other Energy

    No Holding
    in
    Other Energy
    95.1%

    54.6%

    Mid

    25.0%

    Small

    15.5%

    Large

    Morningstar

    as of 8/31/17

    (based on risk adjusted performance)

    Overall Rating
    Number of Funds 84
    Category Energy Limited Partnership
    Risk Measurements

    as of 08/31/17

    Alpha 2.64%
    Beta 0.83
    R-Squared
    86.08
    Sharpe Ratio
    -0.47
    Standard Deviation
    17.30%
    Sortino Ratio
    -0.18
    Information Ratio
    0.65
    Equity Style
    • G
    Total Assets (all classes)
    as of 8/31/17
    $3.1 BN
    Portfolio Statistics

    as of 8/31/17

    P/E (next 12 months) 18.77
    P/E Operating (LTM) 20.39
    Price/Book Value (LTM) 2.13
    Turnover Ratio
    35.00%
    Dividends ($ per share)
    • 8
    • C
    Est Frequency Monthly
    Last Pay Date 9/7/17
    Per Share ($) 0.0545
    12-Month Distribution ($) 0.6745
    Distribution Sources
    Net Income 0.00%
    Net Profit from Sale 0.00%
    Other Capital Sources 100.00%
    Top Holdings

    08/31/17

    Energy Transfer...
    10.1%
    Energy Transfer...
    9.2%
    Enterprise Prod...
    8.3%
    MPLX LP
    7.3%
    TC Pipelines LP...
    7.2%
    Targa Resources...
    7.0%
    Magellan Midstr...
    6.7%
    Williams Partne...
    4.9%
    Tallgrass Energ...
    4.9%
    Buckeye Partner...
    3.8%
    Holdings Breakdown

    as of 08/31/17

    Reset
    38.0%

    Petroleum Transportation

    28.5%

    Natural Gas Pipelines

    15.5%

    Diversified

    11.5%

    Gathering & Processing

    1.6%

    Other Energy

    No Holding
    in
    Other Energy
    95.1%

    54.6%

    Mid

    25.0%

    Small

    15.5%

    Large

    ×
    • 10.1%
      Energy Transfer Partners LP
    • Owns and operates crude oil pipelines and terminal facilities
      Source: FactSet
    ASSET ALLOCATION Equity
    EQUITY SECTOR Petroleum Transportation
    MARKET CAP Mid
    ×
    • 9.2%
      Energy Transfer Equity LP
    • Provides natural gas pipeline transportation and transmission services
      Source: FactSet
    ASSET ALLOCATION Equity
    EQUITY SECTOR Natural Gas Pipelines
    MARKET CAP Mid
    ×
    • 8.3%
      Enterprise Products Ptnrs LP
    • Operates pipelines that transports natural gas, crude oil and petrochemicals
      Source: FactSet
    ASSET ALLOCATION Equity
    EQUITY SECTOR Diversified
    MARKET CAP Large
    ×
    • 7.3%
      MPLX LP
    • Owns, operates, develops and acquires pipelines and other midstream assets
      Source: FactSet
    ASSET ALLOCATION Equity
    EQUITY SECTOR Petroleum Transportation
    MARKET CAP Mid
    ×
    • 7.2%
      TC Pipelines LP
    • Operates natural gas pipelines
      Source: FactSet
    ASSET ALLOCATION Equity
    EQUITY SECTOR Natural Gas Pipelines
    MARKET CAP Small
    ×
    • 7.0%
      Targa Resources Corp.
    • Provides midstream natural gas and natural gas liquid services
      Source: FactSet
    ASSET ALLOCATION Equity
    EQUITY SECTOR Gathering & Processing
    MARKET CAP Mid
    ×
    • 6.7%
      Magellan Midstream Partners LP
    • Provides transportation, storage and distribution for refined petroleum products
      Source: FactSet
    ASSET ALLOCATION Equity
    EQUITY SECTOR Petroleum Transportation
    MARKET CAP Mid
    ×
    • 4.9%
      Williams Partners LP
    • Owns, operates, develops & acquires natural gas gathering system and energy assets
      Source: FactSet
    ASSET ALLOCATION Equity
    EQUITY SECTOR Diversified
    MARKET CAP Large
    ×
    • 4.9%
      Tallgrass Energy GP LP
    • Provides crude oil and natural gas transportation services
      Source: FactSet
    ASSET ALLOCATION Equity
    EQUITY SECTOR Natural Gas Pipelines
    MARKET CAP Small
    ×
    • 3.8%
      Buckeye Partners LP
    • Operates oil pipelines and provides petroleum storage services
      Source: FactSet
    ASSET ALLOCATION Equity
    EQUITY SECTOR Petroleum Transportation
    MARKET CAP Mid

    Management

    Stuart Cartner

    Managed Fund since 3/10

    Brian Watson, CFA

    Managed Fund since 3/10

    Investment Approach

    The portfolio managers use the OFI SteelPath investment philosophy to focus on identifying primarily 20 U.S. midstream MLPs that have strong projected distribution growth, or the greatest potential for significant upward revaluation, seeking to provide an attractive risk-reward balance for investors.

    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

    ×
    1. 1. Special Risks: Investing in MLPs involves additional risks as compared to the risks of investing in common stock, including risks related to cash flow, dilution and voting rights. The Fund’s investments are concentrated in the energy infrastructure industry with an emphasis on securities issued by MLPs, which may increase volatility. Energy infrastructure companies are subject to risks specific to the industry such as fluctuations in commodity prices, reduced volumes of natural gas or other energy commodities, environmental hazards, changes in the macroeconomic or the regulatory environment or extreme weather. MLPs may trade less frequently than larger companies due to their smaller capitalizations which may result in erratic price movement or difficulty in buying or selling. Additional management fees and other expenses are associated with investing in MLP funds. The Fund is subject to certain MLP tax risks. An investment in the Fund does not offer the same tax benefits of a direct investment in an MLP. The Fund is organized as a Subchapter “C” Corporation and is subject to U.S. federal income tax on taxable income at the corporate tax rate (currently as high as 35%) as well as state and local income taxes. The potential tax benefit of investing in MLPs depend on them being treated as partnerships for federal income tax purposes. If the MLP is deemed to be a corporation, its income would be subject to federal taxation at the entity level, reducing the amount of cash available for distribution which could result in a reduction of the fund’s value. MLP funds accrue deferred income taxes for future tax liabilities associated with the portion of MLP distributions considered to be a tax-deferred return of capital and for any net operating gains as well as capital appreciation of its investments. This deferred tax liability is reflected in the daily NAV and as a result a MLP fund's after-tax performance could differ significantly from the underlying assets even if the pre-tax performance is closely tracked. The Fund is classified as a “non-diversified” fund and may invest a greater portion of its assets in the securities of a single issuer.
    2. 2. For Share Classes with less than a one-year track record, expense ratios are estimated based on the Manager's projections of those expenses for the coming fiscal year.
    3. 3. The net expense ratio may reflect that the Advisor has contractually agreed to limit fees and/or reimburse expenses (excluding certain expenses) until at least 3/30/2018, however, the Fund's Board of Trustees may terminate or amend this arrangement prior to that date. The Manager can be reimbursed by the Fund within three years after the date the limitation and/or expense reimbursement has been made by the Manager, provided that such repayment does not cause the expenses of any class of the Fund to exceed the limits described in the notes to the fee table in the prospectus. The net expense ratio also includes deferred income tax expense, if applicable, which represents an estimate of the Fund's potential tax liability. This expense may vary from year to year. Because the Fund's deferred income tax expense is excluded from the expense cap, the Fund's net expenses are increased by the amount of this expense. A change in the estimate of deferred tax liability could result in a loss to net asset value.
    4. 4. The Fund's net expense ratio net of deferred income tax expense is 1.53%
    5. 5. Access index definitions.
    6. 6. 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.
    7. 7. 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.
    8. 8. The monthly distribution rate and monthly adjusted distribution rate are based on the NAV calculated immediately preceding the nearest month-end date. The monthly distribution rate for each share class is calculated by annualizing the Fund's MLP distributions less expenses for the month for each class and dividing that figure by the class's net asset value on that month-end date. The result is compounded semiannually and annualized. The adjusted distribution rate for each share class is based on the Fund's MLP distributions, less an estimate of the average return of capital based on historical ratios from the past three calendar years, less expenses for the month for each class and dividing that figure by the class's net asset value on that month-end date. The result is compounded semiannually and annualized. Falling share prices artificially increase distribution rate. Please note that OppenheimerFunds, Inc. is not quoting a 30-day SEC yield. See the Fund’s link to the prospectus for more information.
    9. A. Excludes the deferred income tax
    10. 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.
    11. C. There is no guarantee of the payment of any dividend or other distributions at any level.
    12. D. "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.
    13. E. The performance data quoted represents past performance, which does not guarantee future results. The investments 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 and reinvested distributions. Class I shares are not subject to a sales charge. Returns do not consider capital gains or income taxes on an individual's investment.
    14. F. 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.
    15. G. OppenheimerFunds' equity style box is based on the portfolio's overall targeted capitalization range and relative valuation as determined by OFI.
    ×
    Loading...
    Tiny Button Small Button Large Button Default Button Secondary Button Framed Button Framed Button ( Small Caps )