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David Wharmby, CFA

Global Head, Real Estate Securities

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David Wharmby, CFA serves as portfolio manager of Oppenheimer Real Estate Fund and Oppenheimer Global Real Estate Fund. Mr. Wharmby is also the Managing Director of Cornerstone Real Estate Advisers’ Real Estate Securities Group. He began his career at Cornerstone Real Estate Advisers in 1996. Previously, he was at L.W. Ellwood & Co./Coopers & Lybrand, responsible for managing due diligence and valuation services for institutional investors.

  • B.S. from University of Connecticut

Tenure

  • 25YRS

    Industry

  • 3YRS

    Oppenheimer

Real Estate Team

Henry Burgers, CFA

Portfolio Manager

Managed Funds

Average Annual Total Returns (%) with sales charge as of 6/30/15
Fund Name Inception Date Managed Since YTD as of
  • 9/01/15
  • A,B
1 Yr 3 Yr 5 Yr 10 Yr Since Inception Gross Expense Ratio (%)
 
Real Estate Fund A - OREAX 3/4/2002 1/24/2012 -8.54 -0.88 6.89 12.57 6.43 10.55 1.42
 
Global Real Estate Fund A - OGRAX 3/20/2013 3/20/2013 -6.14 -4.21 3.19 1.49
 
Global Multi-Alternatives Fund/VA 11/14/2013 11/14/2013 -2.09 -2.64 3.15 1.45

Insights

Bw 2015 mid year outlook oppenheimerfunds 620x349

Markets & Economy

2015 Mid-Year Outlook: The Beat Goes On

Krishna Memani

Chief Investment Officer

We outline our views on the economy and investment implications at mid-year 2015.

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Equities

The Benefits of Active Management for Investors

Brian Levitt

Senior Investment Strategist

Alec Young

Investment Strategist

Patient, active investment management is key to helping investors achieve long-term goals.

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. 

    "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. 1. Special Risks: Investments in real estate companies, including REITs or similar structures, are subject to volatility and risk. Smaller real estate companies may also be subject to liquidity risk. Small-sized company stock is typically more volatile than that of larger company stock. It may take a substantial period of time to realize a gain on an investment in a small-sized company, if any gain is realized at all. 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. The Fund's portfolio managers are employed by its Sub-Sub-Adviser, Cornerstone Real Estate Advisers, LLC.
  3. 3. Special Risks Investments in real estate companies, including REITs or similar structures, are subject to volatility and risk. Smaller real estate companies may also be subject to liquidity risk. Small-sized company stock is typically more volatile than that of larger company stock. It may take a substantial period of time to realize a gain on an investment in a small-sized company, if any gain is realized at all. 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. 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.
  4. 4. Prior to April 30, 2015, the Fund was named Oppenheimer Diversified Alternatives Fund/VA
  5. 5. Special Risks Alternative asset classes may be volatile and are subject to liquidity risk. 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. 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. Inflation-indexed debt securities are bonds structured to seek to provide protection against inflation. If inflation declines, the principal amount or the interest rate of an inflation-indexed bond will be adjusted downward. This will result in reduced income and may result in a decline in the bond's price which could cause losses for the Fund. Interest payments on inflation-protected debt securities can be unpredictable and will vary as the principal or interest rate is adjusted for inflation. Inflation-indexed debt securities are also subject to the risks associated with investments in fixed income securities. 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. Currency derivative investments may be particularly volatile and involve significant risks. Investments in mining and metal industry companies may be speculative and may be subject to volatility. Commodity-linked investments are considered speculative and have substantial risks, including the risk of loss of a significant portion of their principal value. Event-linked securities are fixed income securities for which the return of principal and interest payment is contingent on the non-occurrence of a trigger event that leads to physical or economic loss. If the trigger event occurs prior to maturity, the Fund may lose all or a portion of its principal and additional interest. Investments in securities of real estate companies may be especially volatile. Because they do not have an active trading market, shares of Real Estate Investment Trusts (REITs) may be illiquid. The lack of an active trading market may make it difficult to value or sell shares of REITs promptly at an acceptable price. 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. 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. 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. MLPs are subject to significant regulation and may be adversely affected by changes in the regulatory environment including the risk that an MLP could lose its tax status as a partnership. Exchange traded notes ("ETNs") are debt securities subject to credit risk. The value of an ETN is impacted by events that affect the underlying asset. The Fund may incur additional fees and expenses when investing in ETNs.
  6. 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.
  7. 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.
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