EMLDX

Emerging Markets Local Debt Fund
  • A
  • 1

Overview

The strategy uses top down macro and bottom up country analyses to invest across local currency emerging market sovereign debt.

Inception Date
May 28, 2019
Investment Style
Emerging Markets Debt
Fund Index
J.P. Morgan GBI-EM Global Diversified Index
CUSIP
00143K830
NAV
(as of 08/20/2019)
$6.79
Total Assets
(as of 07/31/2019)
$247.10 MM
Gross Expense Ratio
(as of 07/31/2019)
0.95%
Net Expense Ratio
(as of 07/31/2019)
0.90%
Performance
Average Annual Total Returns
Dividends
Capital Gains Distributions
as of 07/31/2019
  • B
as of 06/30/2019
  • B

Include Sales Charge
Include Sales Charge
Include Sales Charge
Include Sales Charge
  • B
Cumulative
Annualized
3 mo ytd as of 2019-06-30
1 yr since inception 3 yr 5 yr
Emerging Markets Local Debt Fund (NAV)
6.23% 9.78% 10.19% 5.97% 4.75% 0.90%
J.P. Morgan GBI-EM Global Diversified Index
5.64% 8.72% 8.99% 24.41% 4.24% -0.45%
Cumulative
Annualized
3 mo ytd as of 2019-06-30
1 yr since inception 3 yr 5 yr
Emerging Markets Local Debt Fund (with sales charge)
6.23% 9.78% 10.19% 5.97% 4.75% 0.90%
J.P. Morgan GBI-EM Global Diversified Index
5.64% 8.72% 8.99% 24.41% 4.24% -0.45%
Cumulative
Annualized
3 mo ytd as of 2019-07-31
1 yr since inception 3 yr 5 yr
Emerging Markets Local Debt Fund (NAV)
6.23% 9.78% 10.19% 6.96% 4.75% 0.90%
J.P. Morgan GBI-EM Global Diversified Index
6.80% 9.73% 7.95% 25.56% 4.36% -0.06%
Cumulative
Annualized
3 mo ytd as of 2019-07-31
1 yr since inception 3 yr 5 yr
Emerging Markets Local Debt Fund (with sales charge)
6.23% 9.78% 10.19% 6.96% 4.75% 0.90%
J.P. Morgan GBI-EM Global Diversified Index
6.80% 9.73% 7.95% 25.56% 4.36% -0.06%
Gross Expense Ratio: 0.95% | Net Expense Ratio: 0.90%

Performance shown prior to the inception date of Class R5 shares is that of Class A shares and includes the 12-b1 fees applicable to Class A shares. Class R5 shares have no sales charge; therefore, performance is at NAV.


Year Emerging Markets Local Debt Fund

Performance shown prior to the inception date of Class R5 shares is that of Class A shares and includes the 12-b1 fees applicable to Class A shares. Class R5 shares have no sales charge; therefore, performance is at NAV.


Date Dividends
5/31/2019 0.0034
6/28/2019 0.0335
7/31/2019 0.0338

Performance shown prior to the inception date of Class R5 shares is that of Class A shares and includes the 12-b1 fees applicable to Class A shares. Class R5 shares have no sales charge; therefore, performance is at NAV.

$ per share as of 08/20/2019

Date 2014 2015 2016 2017 2018
Short Term
Long Term
Total Amount of Distribution
Record Date
Ex Div Date
Pay Date
Portfolio

Top Strategies

(100.0% of assets as of 07/31/2019)


Portfolio Holdings Breakdown

Country
Developed Markets
Emerging Markets
Credit Rating Allocation 4
Currency
Country Emerging Markets Local Debt Fund J.P. Morgan GBI-EM Global Diversified Index Overweight / Underweight
Indonesia 12.0% 10.0% 2.0%
Colombia 10.6% 6.7% 3.9%
Thailand 6.5% 8.9% -2.3%
Mexico 6.2% 10.0% -3.8%
South Africa 5.9% 8.6% -2.7%
India 5.9% - -
Brazil 5.8% 10.0% -4.2%
Poland 5.5% 8.8% -3.3%
Russia 4.4% 8.0% -3.6%
Egypt 3.9% - -
Malaysia 3.9% 5.9% -2.0%
Hungary 3.7% 4.3% -0.7%
Peru 3.6% 3.8% -0.2%
Turkey 3.3% 3.8% -0.5%
Chile 3.2% 3.4% -0.1%
Argentina 2.2% 0.4% 1.9%
Dominican Republic 1.2% 0.2% 1.0%
Spain 0.5% - -
China 0.4% - -
Nigeria 0.3% - -
Developed Markets Emerging Markets Local Debt Fund J.P. Morgan GBI-EM Global Diversified Index Overweight / Underweight
Europe 0.5% - -
Emerging Markets Emerging Markets Local Debt Fund J.P. Morgan GBI-EM Global Diversified Index Overweight / Underweight
Americas 32.9% 34.7% -1.8%
Asia Pacific 28.8% 25.1% 3.7%
Europe 16.9% 31.6% -14.7%
Africa 10.1% 8.6% 1.5%
Credit Rating Allocation Emerging Markets Local Debt Fund J.P. Morgan GBI-EM Global Diversified Index Overweight / Underweight
Treasury 2.0% - -
AAA 0.3% - -
A 19.7% 31.8% -12.1%
BBB 36.7% 37.0% -0.3%
BB 10.0% 12.8% -2.8%
B 1.7% 0.7% 1.0%
Unrated 22.2% 13.4% 8.8%
Other -3.5% - -
Currency Emerging Markets Local Debt Fund J.P. Morgan GBI-EM Global Diversified Index Overweight / Underweight
Indonesian Rupiah 11.7% 10.0% 1.7%
Polish Zloty 10.9% 8.8% 2.2%
Thai Baht 10.4% 8.9% 1.5%
Mexican Peso 10.4% 10.0% 0.4%
Brazilian Real 9.1% 10.0% -0.9%
Russian Ruble 8.7% 8.0% 0.7%
Colombian Peso 8.0% 6.7% 1.3%
South African Rand 7.7% 8.6% -0.9%
Malaysian Ringgit 4.8% 5.9% -1.1%
Hungarian Forint 4.1% 4.3% -0.3%
Egyptian Pound 3.9% - -
Peruvian New Sol 3.5% 3.8% -0.3%
Chilean Peso 3.2% 3.4% -0.2%
Romanian New Leu 1.8% 2.4% -0.6%
Indian Rupee 1.6% - -
Czech Koruna 1.5% 4.3% -2.8%
Argentine Peso 1.4% 0.4% 1.0%
Turkish New Lira 1.2% 3.8% -2.6%
Dominican Peso 1.2% 0.2% 1.0%
Nigerian Naira 0.3% - -
Analytics
(As of 07/31/2019)

Yields
Dividend Yield (with sales charge)
0.00%
Dividend Yield (w/o sales charge)
5.66%
Standardized Yield
6.35%
Unsubsidized Yield
6.22%
Portfolio Characteristics
Fund
Fund Index
Yield to Maturity
7.02%
-
Yield to Worst
7.02%
-
Average Effective Maturity
10.10 yrs
-
Current Duration
5.66 yrs
-
Average Coupon
6.35%
-
Turnover Ratio
67%
-
Dividends
Est. Frequency
Monthly
Last Pay Date
7/31/2019
Per Share ($)
$0.0338
12-Month Distribution ($)
$0.0707
Team
Documents
  1. 1. 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, regulatory and geopolitical risks. Emerging and developing market investments may be especially volatile. May invest at least 80% of its net assets in debt securities that are economically tied to emerging market countries and denominated in local (non-U.S.) currencies. Eurozone investments may be subject to volatility and liquidity issues. The Fund may invest a significant portion of assets in a single issuer, which may increase volatility and exposure to risks associated with a single issuer. Derivative instruments entail higher volatility and risk of loss compared to traditional stock or bond investments. 
  2. 2. Fund performance reflects fee waivers, absent which, performance data quoted would have been lower. Total annual fund operating expenses after any contractual fee waivers and/or expense reimbursements by the adviser in effect through May 28, 2021. See current prospectus for more information.
  3. 3. Holdings are subject to change, and are dollar weighted based on total new 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.
  4. 4. If included in the credit rating breakdown table above, all securities except for those labeled “Treasury,” “Agency,” and “Unrated,” have been rated by at least one Nationally Recognized Statistical Rating Organization (“NRSRO”), such as S&P Global Ratings ("S&P"). For securities rated only by an NRSRO other than S&P, OppenheimerFunds converts that rating to the equivalent S&P rating. If two or more NRSROs have assigned a rating to a security, the highest S&P equivalent rating is used. Unrated securities do not necessarily indicate low credit quality, and may or may not be the equivalent of investment-grade. “Investment-grade” securities are securities rated within the NRSRO’s four highest rating categories, which include AAA, AA, A and BBB. Please consult the Fund’s Prospectus and Statement of Additional Information for further information.
  5. 5. The dividend (or distribution) yield is based on the pay date immediately preceding the nearest month-end or quarter-end.  The dividend yield for each share class is calculated by annualizing the dividend distributed by the class on that date and dividing that figure by the class's net asset value on that date.  For the Class A dividend yield with sales charge, the annualized Class A dividend distribution is divided by the Class A maximum offering price on that date.  Each result is compounded semiannually and annualized.  Falling share prices artificially increase yields.
  6. A. The Morningstar Rating&trade; for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. <b>The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics.</b> The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Ratings do not consider sales charges and are subject to change monthly. <strong>Past performance is no guarantee of future results</strong></p>
  7. B. Performance shown prior to the inception date of Class R5 shares is that of Class A shares and includes the 12-b1 fees applicable to Class A shares. Class R5 shares have no sales charge; therefore, performance is at NAV.
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