In recent years, investors have been increasingly focused on the short term. Not only is timing the market correctly extremely difficult, but the average investor has actually underperformed the average Foreign Large Cap fund by over 200 basis points per year.1

Furthermore, in our view, simply viewing an opportunity set based on the performance of one benchmark versus another can be misleading. In our view, when you examine the MSCIEAFE Index, you will notice that many of its top holdings may not have long-term structural growth prospects.

In fact, nearly half of the top 50 holdings in the index are financial, oil, or metals and mining companies. This is in stark contrast to the S&P 500 Index, where nearly half of the top 50 holdings are technology or health care companies.2

In our opinion, the bottom line for investors is that active management is key when it comes to international investing.

Oppenheimer International Growth Fund seeks to provide investors with access to high-quality companies that may be positioned for meaningful long-term growth. It does this by actively seeking companies that beat their cost of capital over long periods and have structural growth opportunities.

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1Source: Morningstar, 12/31/16. Based on investor returns vs. actual returns. Investor returns is Morningstar’s measure of the actual returns that fund investors experienced. They take a fund’s stated return and then adjust for inflows and outflows to measure how the typical investor fared. Past performance does not guarantee future results.

2Source: FactSet, 12/31/16. Past performance does not guarantee future results.