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Markets & Economy

Second Quarter Outlook for 2015

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We believe the second quarter will continue the longest business cycle on record.

CIO Insights

Don't Confuse Bond Market Liquidity with Volatility

Deleveraging has reduced the diversity of bond market opinions, increasing volatility.

CIO Insights

Double Whammy

Recent weakness in both the stock and bond markets has been a double whammy for investors.

CIO Insights

The Short of a Lifetime? Ha!

Low to negative yields on German Bunds may not be as “crazy” as some market observers say.

Markets & Economy

Tom Keene and CIO Krishna Memani Discuss 2015 Trends

Memani discusses the global economy and investments with Tom Keene, host of Bloomberg Surveillance.

Fixed Income

Low Rates for a Long Time

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We believe rates are poised to stay low for long; here's why.

Currently Managed Funds

Average Annual Total Returns (%) with sales charge as of 3/31/15
Fund Name Inception Date Managed
Since
YTD as of A B   5/26/2015 1 Year 3 Year 5 Year 10 Year Since Inception Gross Expense Ratio (%)
Core Bond Fund OPIGX 1 4/15/88 4/1/09 1.24 1.07 3.52 5.55 0.47 4.54 0.98
Core Bond Fund/VA 2 3 4/3/85 4/1/09 1.63 6.82 5.68 7.12 0.98 5.79 0.81
Corporate Bond Fund OFIAX 4 8/2/10 8/2/10 1.00 1.10 4.77 - - 5.68 0.99
Global Strategic Income Fund OPSIX 5 6 7 10/16/89 4/1/09 2.77 -1.78 2.53 4.89 5.27 7.29 1.04
Global Strategic Income Fund/VA 5 8 9 5/3/93 4/1/09 2.64 3.06 4.26 5.86 5.61 6.24 0.75
Conservative Balanced Fund/VA 10 11 2/9/87 4/1/09 2.25 8.57 9.73 8.94 2.96 7.32 0.90
Capital Income Fund OPPEX 12 13 14 12/1/70 5/31/09 1.96 -1.51 5.22 6.50 2.19 10.72 1.06

Upcoming Events

Webinar
Tuesday
02 June
In 6 days
4:00 pm to 5:00 pm EDT

2015 Mid-Year Outlook


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Krishna Memani, Chief Investment Officer TENURE (Yrs): 28 Industry / 6 OppenheimerFunds Full Profile
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Brian Levitt, Senior Investment Strategist TENURE (Yrs): 16 Industry / 15 OppenheimerFunds Full Profile
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Our views on the latter half of 2015 and the opportunities you should look for.


Want to submit a question on this topic for the Q&A session?


Please email your questions to insights@ofiglobal.com

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. All fund returns include change in share price, reinvested distributions and the sales charges as listed below, unless "without sales charge" is indicated. Returns do not consider capital gains or income taxes on an individual's investment. Class A Share returns include a maximum sales charge of 5.75% (equity), 4.75% (most fixed income), 3.5% (Senior Floating Rate Fund, Senior Floating Rate Plus), 2.25% ("limited term" fixed income funds) and 0% (Money Market Funds). Class B Share returns include contingent deferred sales charge as follows:  For years 1 - 6 respectively, charges are 5%, 4%, 3%, 3%, 2%, 1% except for "limited term" fixed income funds (4%, 3%, 2%, 2%, 1%, 0%) and Senior Floating Rate (3%, 2% 1.5%, 1.5%, 1%, 0%). Class C Share returns include a 1% contingent deferred sales charge and are subject to an annual asset-based sales charge of 0.75%. Class R  are subject to an annual asset-based sales charge of 0.25%. Annual asset-based sales charges are applied as follows: 0.75% on Class B/C; and 0.25%  for Class R shares. Prior to 7/1/14, Class R shares were named Class N shares and were subject to a 1% CDSC (18 months). Class Y shares are not subject to a sales charge. 

A 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 p.m. ET daily.
B "Year to Date" returns are cumulative, not annualized, and do not reflect sales charges.  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.
1 Special Risks: Fixed income investing entails credit and interest rate risks. Interest rate risk is the risk that rising interest rates, or an expectation of rising interest rates in the near future, will cause the values of the Fund's investments to decline. Risks associated with rising interest rates are heightened given that rates in the U.S. are at, or near, historic lows. When interest rates rise, bond prices generally fall, and the Fund's share prices can fall. May invest up to 20% in below-investment-grade ("high yield" or "junk") bonds, which are more at risk of default and are subject to liquidity risk. Mortgage-backed securities are subject to prepayment risk. Asset-backed securities are subject to prepayment risk. Foreign investments may be volatile and involve additional expenses and special risks, including currency fluctuations, foreign taxes and geopolitical risks. Emerging and developing market investments may be especially volatile. Derivative instruments whose values depend on the performance of an underlying security, asset, interest rate, index or currency, entail potentially higher volatility and risk of loss compared to traditional stock or bond investments.
2 Special Risks: Fixed income investing entails credit and interest rate risks. Interest rate risk is the risk that rising interest rates, or an expectation of rising interest rates in the near future, will cause the values of the Fund's investments to decline. Risks associated with rising interest rates are heightened given that rates in the U.S. are at, or near, historic lows. When interest rates rise, bond prices generally fall, and the Fund's share prices can fall. May invest up to 20% in below-investment-grade ("high yield" or "junk") bonds, which are more at risk of default and are subject to liquidity risk. Mortgage-backed securities are subject to prepayment risk. Asset-backed securities are subject to prepayment risk. Foreign investments may be volatile and involve additional expenses and special risks, including currency fluctuations, foreign taxes and geopolitical risks. Emerging and developing market investments may be especially volatile. Derivative instruments whose values depend on the performance of an underlying security, asset, interest rate, index or currency, entail potentially higher volatility and risk of loss compared to traditional stock or bond investments.
3 Effective 4/30/13, the Fund's investment objective changed from: "seeks a high level of current income" to "seeks total return."
4 Special Risks: Fixed income investing entails credit and interest rate risks. Interest rate risk is the risk that rising interest rates, or an expectation of rising interest rates in the near future, will cause the values of the Fund's investments to decline. Risks associated with rising interest rates are heightened given that rates in the U.S. are at, or near, historic lows. When interest rates rise, bond prices generally fall, and the Fund's share prices can fall. The Fund invests in below-investment-grade ("high yield" or "junk") bonds, which are more at risk of default and are subject to liquidity risk. Mortgage-backed securities are subject to prepayment risk. Foreign investments may be volatile and involve additional expenses and special risks, including currency fluctuations, foreign taxes and geopolitical risks. Emerging and developing market investments may be especially volatile. Derivative instruments whose values depend on the performance of an underlying security, asset, interest rate, index or currency, entail potentially higher volatility and risk of loss compared to traditional stock or bond investments.
5 Effective March 31, 2015, the Fund's Portfolio Managers will be Michael Mata, Krishna Memani and Hemant Baijal.
6 Special Risks: Fixed income investing entails credit and interest rate risks. Interest rate risk is the risk that rising interest rates, or an expectation of rising interest rates in the near future, will cause the values of the Fund's investments to decline. Risks associated with rising interest rates are heightened given that rates in the U.S. are at, or near, historic lows. When interest rates rise, bond prices generally fall, and the Fund's share prices can fall. Below-investment-grade ("high yield" or "junk") bonds are more at risk of default and are subject to liquidity risk. Foreign investments may be volatile and involve additional expenses and special risks, including currency fluctuations, foreign taxes and geopolitical risks. Emerging and developing market investments may be especially volatile. Due to the recent global economic crisis that caused financial difficulties for many European Union countries, Eurozone investments may be subject to volatility and liquidity issues. Commodity-linked investments are considered speculative and have substantial risks, including the risk of loss of a significant portion of their principal value. Derivative instruments whose values depend on the performance of an underlying security, asset, interest rate, index or currency, entail potentially higher volatility and risk of loss compared to traditional stock or bond investments. The Fund invests in Gold ETFs, which involve additional fees and risks. The Fund may also invest through a wholly-owned Cayman Islands subsidiary, which is subject to the laws of the Cayman Islands and involves the risk that changes to those laws could negatively affect the Fund. Diversification does not guarantee profit or protect against loss.
7 The Fund's investment objective changed from "seeks high current income to "seeks total return" on 6/4/12.
8 Special Risks: Fixed income investing entails credit and interest rate risks. Interest rate risk is the risk that rising interest rates or an expectation of rising interest rates in the near future, will cause the values of the Fund's investments to decline. Risks associated with rising interest rates are heightened given that rates in the U.S. are at or near historic lows. When interest rates rise, bond prices generally fall, and the Fund's share prices can fall. Below-investment-grade ('high yield" or "junk") bonds are more at risk of default and are subject to liquidity risk. Mortgage-related securities are subject to default risk, interest rate risk, and credit risk, and may be more volatile and less liquid than other types of securities. Sovereign debt instruments are subject to the risk that a government entity may be unable, to pay interest or repay principal on its debt. Foreign investments may be volatile and involve additional expenses and special risks, including currency fluctuations, foreign taxes and geopolitical risks. Emerging and developing market investments may be especially volatile. Due to the recent global economic crisis that caused financial difficulties for many European Union countries, Eurozone investments may be subject to volatility and liquidity issues. Commodity-linked investments are considered speculative and have substantial risks, including the risk of loss of a significant portion of their principal value. Derivative instruments, whose values depend on the performance of an underlying security, asset, interest rate, index or currency, entail potentially higher volatility and risk of loss compared to traditional stock or bond investments. The Fund invests in Gold ETFs, which involve additional fees and risks. The Fund may also invest through a wholly-owned Cayman Islands subsidiary, which is subject to the laws of the Cayman Islands and involves the risk that changes to those laws could negatively affect the Fund. Diversification does not guarantee profit or protect against loss.
9 Effective 4/30/13, The Fund's investment objective changed from "seeks high current income" to "seeks total return."
10 Prior to April 30, 2015, the Fund was named Oppenheimer Capital Income Fund/VA. Effective 4/30/13, the Fund's investment objective changed from "seeks high total investment return, which includes current income and capital appreciation" to "seeks total return." Performance prior to 4/30/13 is not indicative of performance for any subsequent periods.
11 Special Risks: Fixed income investing entails credit and interest rate risks. When interest rates rise, bond prices generally fall, and the Fund's share prices can fall. The Fund invests in below-investment-grade ("high yield" or "junk") bonds, which are more at risk of default and are subject to liquidity risk. Foreign investments may be volatile and involve additional expenses and special risks, including currency fluctuations, foreign taxes and geopolitical risks. Value investing involves the risk that undervalued securities may not appreciate as anticipated. Mortgage-backed securities are subject to prepayment risk. Derivative instruments whose values depend on the performance of an underlying security, asset, interest rate, index or currency, entail potentially higher volatility and risk of loss compared to traditional stock or bond investments. Asset-backed securities are subject to prepayment risk. Diversification does not guarantee profit or protect against loss.
12 Effective 11/1/13, the Fund will increase its investment limit on below investment grade securities from 25% to 40%, and the Fund will increase its investment limit on illiquid securities from 10% to 15%. Please see the Fund's prospectus and prospectus supplement for further information.
13 Special Risks: Fixed income investing entails credit and interest rate risks. When interest rates rise, bond prices generally fall, and the Fund's share prices can fall. May invest no more than 10% in below-investment-grade non-convertible debt securities, but up to 25% in below-investment-grade ("high yield" or "junk") bonds, which are more at risk of default and are subject to liquidity risk. Value investing involves the risk that undervalued securities may not appreciate as anticipated. Mortgage-backed securities are subject to prepayment risk. Derivative instruments whose values depend on the performance of an underlying security, asset, interest rate, index or currency, entail potentially higher volatility and risk of loss compared to traditional stock or bond investments. Convertible bonds are subject to the additional risk that the market value of the equity or other securities into which they are convertible will never be sufficient to justify conversion, rendering the conversion value of the bonds worthless. Asset-backed securities are subject to prepayment risk. Foreign investments may be volatile and involve additional expenses and special risks, including currency fluctuations, foreign taxes and geopolitical risks. Emerging and developing market investments may be especially volatile. The Fund may also invest through a wholly-owned Cayman Islands subsidiary, which is subject to the laws of the Cayman Islands and involves the risk that changes to those laws could negatively affect the Fund. Diversification does not guarantee profit or protect against loss.
14 The Fund's investment objective changed from "seeks as much current income as is compatible with prudent investment" to "seeks total return" on 12/28/12.