Oppenheimer Developing Markets Fund posted positive results for the first half of the year yet still underperformed its benchmark.

We missed the rebound in commodities because of our structural underweight in that sector, which resulted in uncomfortable relative performance and disappointment among the team. Additionally, emerging market equities were significantly down at the beginning of the year, though they did rebound from late-January to late-April.

Still, we remain steadfast in our approach to investing in the developing world, despite a disappointing start to the year. Though global financial markets are enormously volatile at the moment, we continue to believe that there is a powerful structural case to fundamental investing in emerging markets. Our approach remains anchored in a concentrated portfolio of structurally advantaged businesses with sustainable competitive advantages and growth options, which we believe the market fails to appreciate adequately. We feel that our track record is a compelling testament to this approach.

For more, read our detailed first half performance review of the Fund.

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