
The team focuses on individual securities and then determines the optimal allocations. Among the strategies favored by the portfolio management team are buying premium-coupon, callable bonds; favoring unpopular sectors (e.g., MSA-backed “tobacco bonds” and airline-backed bonds); investing in high-quality small issues and non-rated securities, and seeking “odd lots” and other yield-enhancing opportunities in the secondary market.
These strategies have helped the team build yield-focused portfolios with a diversity of holdings such as varying maturities and call dates, in an effort to reduce risk. The team purchases bonds across the credit spectrum and has a strong preference for bonds with long holding periods, and the portfolios have relatively low turnover. The team does not forecast interest rates and does not believe in timing the market.
The funds are managed to deliver a monthly distribution of net investment income to its shareholders, and each fund has consistently delivered tax-free income to its shareholders.
The team’s members are:
Scott Cottier, CFA
Team Leader and Senior Portfolio Manager
Lead manager: Oppenheimer Rochester High Yield Municipal Fund
Lead manager: Oppenheimer Rochester Short Duration High Yield Municipal Fund
Troy Willis, J.D., CFA
Team Leader and Senior Portfolio Manager
Lead manager: Oppenheimer Rochester Fund Municipals
Lead manager: Oppenheimer Rochester AMT-Free Municipal Fund
Mark DeMitry, CFA
Senior Portfolio Manager
Lead manager: Oppenheimer Rochester California Municipal Fund
Lead manager: Oppenheimer Rochester Limited Term New York Municipal Fund
Michael Camarella, CFA
Senior Portfolio Manager
Lead manager: Oppenheimer Intermediate Term Municipal Fund
Lead manager: Oppenheimer Rochester AMT-Free New York Municipal Fund
Lead manager: Oppenheimer Rochester Limited Term California Municipal Fund
Charlie Pulire, CFA
Senior Portfolio Manager
Lead manager: Oppenheimer Short Term Municipal Fund
Lead manager: Oppenheimer Rochester Pennsylvania Municipal Fund
Elizabeth Mossow, CFA
Senior Portfolio Manager
Lead manager: Oppenheimer Rochester New Jersey Municipal Fund
Rebecca Setcavage, CFA
Portfolio Analyst
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