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QVOPX

Fundamental Alternatives Fund

Overview

Alternative multi-strategy investing long and short across multiple asset types, seeking to deliver high risk adjusted returns with low volatility.

Inception Date
January 3, 1989
Investment Style
Multi Alternative
Fund Index
HFRX Global Hedge Fund Index
CUSIP
68380E106
NAV
  • A
(as of 05/18/2018)
$26.74
Total Assets
(as of 04/30/2018)
$1.23 BN
Gross Expense Ratio
(as of 04/30/2018)
1.74%
Net Expense Ratio
(as of 04/30/2018)
1.72%
Other Investment Options

For a suite of investment vehicles beyond mutual funds, please visit OFIglobal.com. OFI Global Asset Management™, an OppenheimerFunds company, delivers the firm’s investment expertise and solutions to institutional and high-net worth investors.

Performance
Average Annual Total Returns
Cumulative Returns
Calendar Year Returns
Capital Gains Distributions
as of 04/30/2018
  • B
as of 03/31/2018
  • B

Include Sales Charge
Include Sales Charge
Include Sales Charge
Include Sales Charge
  • B
Cumulative
Annualized
ytd as of 2018-03-31
  • C
1 yr 3 yr 5 yr 10 yr since inception
Fundamental Alternatives Fund (NAV)
-0.07% 0.88% 0.73% 3.09% 1.51% 7.93%
HFRX Global Hedge Fund Index
-1.02% 3.20% 0.51% 1.29% -0.23% -
Cumulative
Annualized
ytd as of 2018-03-31
  • C
1 yr 3 yr 5 yr 10 yr since inception
Fundamental Alternatives Fund (with sales charge)
-5.82% -4.92% -1.24% 1.88% 0.91% 7.71%
HFRX Global Hedge Fund Index
-1.02% 3.20% 0.51% 1.29% -0.23% -
Cumulative
Annualized
ytd as of 2018-04-30
  • C
1 yr 3 yr 5 yr 10 yr since inception
Fundamental Alternatives Fund (NAV)
-0.86% -0.61% 0.80% 2.83% 1.31% 7.88%
HFRX Global Hedge Fund Index
-0.92% 2.86% 0.47% 1.18% -0.34% -
Cumulative
Annualized
ytd as of 2018-04-30
  • C
1 yr 3 yr 5 yr 10 yr since inception
Fundamental Alternatives Fund (with sales charge)
-6.56% -6.33% -1.17% 1.62% 0.71% 7.66%
HFRX Global Hedge Fund Index
-0.92% 2.86% 0.47% 1.18% -0.34% -
Gross Expense Ratio: 1.74% | Net Expense Ratio: 1.72%

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. Fund returns include changes in share price, reinvested distributions, and a 5.75% maximum sales charge where indicated. Returns do not consider capital gains or income taxes on an individual's investment.


Year Fundamental Alternatives Fund HFRX Global Hedge Fund Index
1990 -10.32% -
1991 51.07% -
1992 17.95% -
1993 8.20% -
1994 4.92% -
1995 41.98% -
1996 22.82% -
1997 20.14% -
1998 7.66% -
1999 9.27% -
2000 9.75% -
2001 -4.57% -
2002 -17.57% -
2003 21.91% -
2004 9.50% 2.69%
2005 1.84% 2.72%
2006 11.24% 9.26%
2007 12.25% 4.23%
2008 -20.28% -23.25%
2009 16.22% 13.40%
2010 7.87% 5.19%
2011 -6.34% -8.87%
2012 3.90% 3.57%
2013 9.00% 6.72%
2014 4.55% -0.58%
2015 1.95% -3.64%
2016 1.28% 2.50%
2017 1.29% 5.99%

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. Fund returns include changes in share price, reinvested distributions, and a 5.75% maximum sales charge where indicated. Returns do not consider capital gains or income taxes on an individual's investment.


Date Fundamental Alternatives Fund HFRX Global Hedge Fund Index BBG Barclays Agg S&P 500
4/30/2008 0.00 0.00 0.00 0.00
5/31/2008 1.73 1.44 -0.73 1.30
6/30/2008 -1.38 0.60 -0.81 -7.24
7/31/2008 -3.33 -2.24 -0.89 -8.02
8/31/2008 -1.77 -3.49 0.05 -6.69
9/30/2008 -8.57 -10.15 -1.30 -15.01
10/31/2008 -18.05 -18.55 -3.63 -29.28
11/30/2008 -20.96 -21.02 -0.49 -34.36
12/31/2008 -20.96 -21.99 3.22 -33.66
1/31/2009 -20.08 -21.13 2.31 -39.25
2/28/2009 -22.91 -21.43 1.93 -45.72
3/31/2009 -19.38 -21.46 3.34 -40.96
4/30/2009 -15.84 -20.19 3.84 -35.31
5/31/2009 -13.85 -17.68 4.59 -31.69
6/30/2009 -13.12 -17.65 5.18 -31.56
7/31/2009 -11.27 -16.34 6.88 -26.38
8/31/2009 -9.99 -15.29 7.99 -23.72
9/30/2009 -8.48 -13.41 9.12 -20.88
10/31/2009 -9.91 -13.46 9.66 -22.35
11/30/2009 -8.48 -12.03 11.08 -17.69
12/31/2009 -8.14 -11.54 9.34 -16.10
1/31/2010 -9.80 -11.55 11.01 -19.12
2/28/2010 -7.81 -11.32 11.43 -16.61
3/31/2010 -5.31 -10.10 11.29 -11.58
4/30/2010 -5.12 -9.37 12.45 -10.19
5/31/2010 -8.40 -11.77 13.40 -17.36
6/30/2010 -12.27 -12.60 15.17 -21.68
7/31/2010 -8.18 -11.52 16.40 -16.20
8/31/2010 -10.80 -11.38 17.90 -19.98
9/30/2010 -6.85 -9.86 18.03 -12.84
10/31/2010 -4.20 -8.84 18.45 -9.52
11/30/2010 -4.79 -9.09 17.77 -9.51
12/31/2010 -0.91 -6.95 16.50 -3.46
1/31/2011 0.07 -6.43 16.63 -1.17
2/28/2011 3.14 -5.74 16.92 2.21
3/31/2011 2.24 -6.57 16.99 2.25
4/30/2011 4.46 -6.13 18.47 5.28
5/31/2011 4.35 -7.44 20.02 4.09
6/30/2011 2.39 -8.92 19.67 2.35
7/31/2011 0.48 -9.01 21.57 0.27
8/31/2011 -3.69 -12.17 23.34 -5.18
9/30/2011 -6.17 -14.79 24.24 -11.84
10/31/2011 -4.06 -14.09 24.37 -2.21
11/30/2011 -6.36 -14.84 24.27 -2.42
12/31/2011 -7.20 -15.20 25.63 -1.42
1/31/2012 -6.70 -13.74 26.73 2.99
2/29/2012 -5.84 -12.51 26.71 7.45
3/31/2012 -4.94 -12.53 26.01 10.98
4/30/2012 -5.35 -12.43 27.41 10.29
5/31/2012 -6.25 -13.90 28.56 3.66
6/30/2012 -5.47 -14.16 28.61 7.93
7/31/2012 -4.86 -13.69 30.39 9.43
8/31/2012 -4.44 -13.25 30.47 11.89
9/30/2012 -3.42 -12.92 30.65 14.78
10/31/2012 -4.03 -13.33 30.91 12.66
11/30/2012 -3.75 -12.97 31.11 13.32
12/31/2012 -3.58 -12.17 30.93 14.35
1/31/2013 -2.51 -10.45 30.01 20.27
2/28/2013 -2.14 -10.06 30.66 21.91
3/31/2013 -1.40 -9.42 30.77 26.48
4/30/2013 -0.91 -8.86 32.09 28.92
5/31/2013 0.04 -8.18 29.73 31.93
6/30/2013 -0.09 -9.39 27.73 30.16
7/31/2013 0.57 -8.48 27.90 36.78
8/31/2013 -0.05 -9.27 27.25 32.82
9/30/2013 0.04 -8.40 28.45 36.99
10/31/2013 0.61 -7.30 29.49 43.28
11/30/2013 2.62 -6.79 29.01 47.65
12/31/2013 5.09 -6.27 28.28 51.39
1/31/2014 5.54 -6.50 30.17 46.15
2/28/2014 7.35 -5.01 30.87 52.84
3/31/2014 7.43 -5.23 30.64 54.12
4/30/2014 7.39 -5.92 31.75 55.26
5/31/2014 8.63 -5.49 33.24 58.91
6/30/2014 9.37 -4.61 33.31 62.19
7/31/2014 8.75 -5.46 32.98 59.95
8/31/2014 10.52 -4.43 34.45 66.35
9/30/2014 10.19 -5.16 33.53 64.02
10/31/2014 9.49 -6.42 34.85 68.03
11/30/2014 10.10 -6.11 35.80 72.54
12/31/2014 9.87 -6.81 35.93 72.11
1/31/2015 10.75 -7.08 38.78 66.94
2/28/2015 12.01 -5.21 37.48 76.54
3/31/2015 12.34 -4.89 38.11 73.75
4/30/2015 11.21 -4.69 37.62 75.41
5/31/2015 12.63 -4.44 37.29 77.67
6/30/2015 12.21 -5.63 35.79 74.23
7/31/2015 13.51 -5.65 36.73 77.88
8/31/2015 11.88 -7.74 36.54 67.15
9/30/2015 11.71 -9.65 37.46 63.01
10/31/2015 12.97 -8.33 37.48 76.76
11/30/2015 12.42 -8.99 37.12 77.29
12/31/2015 12.01 -10.20 36.68 74.49
1/31/2016 11.63 -12.69 38.56 65.83
2/29/2016 10.92 -12.97 39.54 65.61
3/31/2016 11.04 -11.89 40.82 76.84
4/30/2016 10.37 -11.53 41.36 77.53
5/31/2016 13.23 -11.12 41.40 80.72
6/30/2016 13.40 -10.95 43.94 81.19
7/31/2016 12.85 -9.65 44.85 87.87
8/31/2016 12.22 -9.51 44.68 88.13
9/30/2016 12.77 -9.01 44.60 88.17
10/31/2016 12.77 -9.53 43.49 84.73
11/30/2016 12.77 -8.74 40.10 91.57
12/31/2016 13.44 -7.96 40.30 95.36
1/31/2017 12.68 -7.49 40.57 99.07
2/28/2017 14.79 -6.46 41.52 106.97
3/31/2017 13.82 -6.43 41.44 107.21
4/30/2017 14.62 -6.03 42.53 109.34
5/31/2017 15.67 -5.80 43.63 112.29
6/30/2017 15.59 -5.60 43.49 113.61
7/31/2017 14.91 -4.73 44.10 118.00
8/31/2017 15.38 -4.45 45.40 118.67
9/30/2017 15.67 -3.88 44.70 123.18
10/31/2017 14.79 -3.21 44.79 128.39
11/30/2017 15.71 -3.15 44.60 135.39
12/31/2017 14.90 -2.44 45.27 138.01
1/31/2018 17.04 -0.05 43.59 151.64
2/28/2018 15.93 -2.47 42.23 142.36
3/31/2018 14.81 -3.43 43.14 136.20
4/30/2018 13.91 -3.34 42.08 137.11

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. Fund returns include changes in share price, reinvested distributions, and a 5.75% maximum sales charge where indicated. Returns do not consider capital gains or income taxes on an individual's investment.

$ per share as of 05/20/2018

Date 2013 2014 2015 2016 2017
Short Term
Long Term
Total Amount of Distribution
Record Date
Ex Div Date
Pay Date

There is no guarantee of the payment of any dividend or other distributions at any level.

Portfolio

Top Holdings by Strategy

(33.8% of assets as of 04/30/2018)


Long and Short Credit
Barclays Bank plc, IG28 Index, Credit Default Swap
4.3%
Citigroup, Inc.,VAR% Unsec. Sub. Nts., Perpetual
1.5%
M&T Bank Corp.
0.6%
Long and Short Equity
M&T Bank Corp.
2.4%
Chubb Ltd.
2.4%
Alphabet, Inc.
2.2%
Cisco Systems, Inc.
2.1%
UnitedHealth Group, Inc.
1.8%
Long and Short Macro
Euro-Bund Future, 2018-06-
5.3%
SPDR Gold Shares
3.5%
Currency Contract JPY/USD 6/27/2018
1.4%

Portfolio Holdings Breakdown

Country
Developed Markets
Emerging Markets
Equity Sector 7
Fixed Income Sector
Asset Allocation
Market Cap 8
Holding
Country Fundamental Alternatives Fund HFRX Global Hedge Fund Index Overweight / Underweight
United States 94.4% - -
Germany 3.5% - -
Russia 1.1% - -
Netherlands 1.0% - -
United Kingdom 0.7% - -
Switzerland 0.6% - -
Canada 0.4% - -
Sweden 0.3% - -
Ireland 0.1% - -
Luxembourg 0.1% - -
China (Offshore) -0.3% - -
Finland -0.6% - -
Norway -0.7% - -
Developed Markets Fundamental Alternatives Fund HFRX Global Hedge Fund Index Overweight / Underweight
Americas 94.8% - -
Asia Pacific -4.0% - -
Europe -6.2% - -
Emerging Markets Fundamental Alternatives Fund HFRX Global Hedge Fund Index Overweight / Underweight
Europe 1.1% - -
Americas -0.9% - -
Asia Pacific -6.0% - -
Equity Sector Fundamental Alternatives Fund HFRX Global Hedge Fund Index Overweight / Underweight
Financials 7.9% - -
Health Care 6.5% - -
Industrials 5.2% - -
Energy 2.7% - -
Information Technology 2.6% - -
Telecommunication Services 2.3% - -
Materials 1.7% - -
Utilities 1.4% - -
Consumer Staples -0.7% - -
Consumer Discretionary -1.2% - -
Real Estate -5.8% - -
Fixed Income Sector Fundamental Alternatives Fund HFRX Global Hedge Fund Index Overweight / Underweight
Corporates 16.9% - -
Non Agencies MBS 4.7% - -
ABS 4.1% - -
Sovereign -0.4% - -
Treasuries -1.3% - -
Agencies -2.9% - -
Asset Allocation Fundamental Alternatives Fund HFRX Global Hedge Fund Index Overweight / Underweight
Equity 22.5% - -
Fixed Income 21.1% - -
Commodity 3.5% - -
Other -11.4% - -
Market Cap Fundamental Alternatives Fund HFRX Global Hedge Fund Index Overweight / Underweight
Large 33.3% - -
Small -1.3% - -
Mid -4.3% - -
Holding Fundamental Alternatives Fund HFRX Global Hedge Fund Index Overweight / Underweight
Citi PB Collateral Cash 28.8% - -
JP Morgan PB Collateral Cash 6.0% - -
Euro-Bund Future, 2018-06- 5.3% - -
Barclays Bank plc, IG28 Index, Credit Default Swap 4.3% - -
SPDR Gold Shares 3.5% - -
Chubb Ltd. 2.4% - -
M&T Bank Corp. 2.4% - -
Alphabet, Inc. 2.2% - -
Cisco Systems, Inc. 2.1% - -
Lockheed Martin Corp. 1.8% - -
UnitedHealth Group, Inc. 1.8% - -
Apple, Inc. 1.7% - -
Oppenheimer Institutional Government Money Market Fund Cl. E 1.7% - -
Philip Morris International, Inc. 1.6% - -
Allstate Corp. (The) 1.6% - -
Citigroup, Inc.,VAR% Unsec. Sub. Nts., Perpetual 1.5% - -
Northrop Grumman Corp. 1.5% - -
Raytheon Co. 1.4% - -
Republic Services, Inc. 1.4% - -
Currency Contract JPY/USD 6/27/2018 1.4% - -
Analytics
(As of 04/30/2018)

Morningstar 04/30/2018 (based on risk adjusted performance)
Overall Rating
Number of Funds
285
Category
Multialternative
Performance Statistics
3Y
5Y
Alpha
0.26
2.05
Beta
0.39
0.48
Information Ratio
0.09
0.50
R-Squared
22.48
29.14
Sharpe Ratio
0.07
0.76
Standard Deviation
3.19
3.19
Sortino Ratio
0.04
0.44
Tracking Error
3.73
3.32
Dividends
  • D
Est. Frequency
Annual
Last Pay Date
12/14/2017
Per Share ($)
$0.4270
12-Month Distribution ($)
$0.4270
Portfolio Characteristics
Fund
Fund Index
P/E Ratio (LTM)
19.36
-
P/E Ratio (NTM)
12.05
-
Price/Book
2.73
-
Return on Equity
13.97%
-
Debt to Capital Ratio
49.26
-
Turnover Ratio
168.00%
-
Distribution Sources
  • D
Net Income
72.80%
Net Profit from Sale
0.00%
Other Capital Sources
27.20%
Documents
  1. 1. Effective 12/2/13, The Fund will limit the market value of its total short positions to not more than 40% of its net assets at the time a short sale is entered into.
  2. 2. Special Risks: 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. Foreign investments may be volatile and involve additional expenses and special risks, including currency fluctuations, foreign taxes, regulatory and geopolitical risks. Value investing involves the risk that undervalued securities may not appreciate as anticipated. Short selling may increase volatility and risk of loss and is considered a speculative investment practice. Derivative instruments entail higher volatility and risk of loss compared to traditional stock or bond investments. Mid-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 mid-sized company, if any gain is realized at all. Commodity-linked investments are speculative and have substantial risks, including the loss of principal. The Fund may also invest through a wholly-owned Cayman Islands subsidiary, which involves the risk that changes to the laws of the Cayman Islands could negatively affect the Fund. Diversification does not guarantee profit or protect against loss.
  3. 3. The Manager has contractually agreed to waive expenses in an amount equal to the management fee it receives from its Subsidiary for so long as the Fund invests in the Subsidiary. This waiver may not be terminated without the prior approval of the Fund's Board of Trustees.
  4. 4. The net expense ratio (where applicable) also takes into account contractual fee waivers and/or expense reimbursements without which performance would have been less. These undertakings may not be amended or withdrawn for one year from the date of the current prospectus, unless approved by the Board.
  5. 5. Access index definitions.
  6. 6. Holdings are subject to change, and are dollar weighted based on total net 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.
  7. 7. The Equity allocation in the Sector Allocation table is net of short positions.
  8. 8. Holdings are subject to change, are dollar-weighted based on assets, and may not reflect the use of leverage in the Fund. Market Cap breakdown is calculated using Morningstar's methodology and those capitalization standards may not align with those in the Fund’s prospectus.
  9. 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 7:00pm ET daily.
  10. B. 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. Fund returns include changes in share price, reinvested distributions, and a 5.75% maximum sales charge where indicated. Returns do not consider capital gains or income taxes on an individual's investment.
  11. C. "Year to Date" returns are cumulative, not annualized, and do not reflect sales charges (if sales charges are applicable to the Fund). 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.
  12. D. There is no guarantee of the payment of any dividend or other distributions at any level.
  13. The funds invest in below-investment-grade debt securities, which may entail greater credit risks, as described in each fund’s prospectus. These securities (sometimes called “junk bonds”) may be subject to greater price fluctuations and risks of loss of income and principal than investment-grade municipal securities. The funds may invest substantially in municipal securities within a single state or related to similar type projects, which can increase volatility and exposure to regional issues. The funds may also invest substantially in Puerto Rico and other U.S. territories, commonwealths and possessions, and could be exposed to their local political and economic conditions. Deterioration of the Puerto Rican economy could have an adverse impact on Puerto Rican bonds and the performance of the Rochester municipal funds that hold them.The views represented herein are the opinions of the Portfolio Managers at Macquarie Capital Investment Management LLC and are not intended as investment advice or to predict or depict the performance of any investment. These views are as of the date indicated, and are subject to change based on subsequent developments.Funds returns may not match the return of its respective index, known as non-correlation risk, due to operating expenses incurred by the Funds. The alternate weighting approach employed by the Funds (i.e., using revenues as a weighting measure), while designed to enhance potential returns, may not produce the desired results. Because the Funds are rebalanced quarterly, portfolio turnover may exceed 100%. The greater the portfolio turnover, the greater the transaction costs, which could have an adverse effect on Fund performanceOn April 28, 2017, OFI Global Institutional, Inc., a registered investment adviser subsidiary within OFI Global Asset Management (“OFI Global”) acquired SNW Asset Management, LLC (“SNW”). SNW provides advisory services for the strategy discussed herein.

    Benchmark: Through 12/31/11: 80% Merrill Lynch 1-5yr Municipal index/ 20% Merrill Lynch 5-7yr index. After 12/31/11: BofA Merrill Lynch 1-10 Year Municipal Securities Index. The BofA Merrill Lynch 1-10 Year Municipal Securities Index is a subset of the BofA Merrill Lynch US Municipal Securities Index including all securities with a remaining term to final maturity less than 10 years.On April 28, 2017, OFI Global Institutional, Inc., a registered investment adviser subsidiary within OFI Global Asset Management (“OFI Global”) acquired SNW Asset Management, LLC (“SNW”). SNW provides advisory services for the strategy discussed herein.

    Benchmark: Through 12/31/11: 80% Merrill Lynch 1-5yr Municipal index/ 20% Merrill Lynch 5-7yr index. After 12/31/11: BofA Merrill Lynch 1-10 Year Municipal Securities Index. The BofA Merrill Lynch 1-10 Year Municipal Securities Index is a subset of the BofA Merrill Lynch US Municipal Securities Index including all securities with a remaining term to final maturity less than 10 years.

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