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Alternative

The Strategy typically invests in the listed infrastructure securities of global companies that own or operate physical infrastructure assets such as toll roads, airports, seaports, utilities, and pipelines.
Fund Inception
5/26/16
NAV
  • A
as of 9/23/16
$10.48

"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.

Top 20 Stock Holdings By Issuers

(63.5% of assets) as of 8/31/16

Enbridge, Inc.
5.8%
Groupe Eurotunnel SA
4.9%
Sempra Energy
4.8%
Abertis Infraestructuras SA
4.3%
Transurban Group
3.8%
TransCanada Corp.
3.7%
Kinder Morgan LLC
3.4%
Duke Energy Corp.
3.3%
NextEra Energy, Inc.
3.0%
China Merchants Holdings Intl...
3.0%
National Grid PLC
2.9%
Iberdrola S.A.
2.8%
PG&E Corp.
2.6%
Crown Castle Intl Corp.
2.5%
Enav SpA
2.4%
Enterprise Products Ptnrs LP
2.3%
Williams Cos., Inc.
2.2%
Cheniere Energy, Inc.
2.0%
Pennon Group plc
2.0%
Atlantia S.p.A.
1.8%
×
  • 5.8 %
    Enbridge, Inc.
  • Owns and operates crude oil and liquids transportation system
    Source: FactSet
COUNTRY Canada
SECTOR Oil & Gas Storage & Transportation
ASSET CLASS Equity
MARKET CAP Large
×
  • 4.9 %
    Groupe Eurotunnel SA
  • Operates as a holding company with interest in the fields of infrastructure management and transport operations
    Source: FactSet
COUNTRY France
SECTOR Highways & Railtracks
ASSET CLASS Equity
MARKET CAP Mid
×
  • 4.8 %
    Sempra Energy
  • Operates as a holding company with interest in electricity and natural gas distribution
    Source: FactSet
COUNTRY United States
SECTOR Multi-Utilities
ASSET CLASS Equity
MARKET CAP Large
×
  • 4.3 %
    Abertis Infraestructuras SA
  • Develops, maintains and operates roads and telecommunication infrastructures
    Source: FactSet
COUNTRY Spain
SECTOR Highways & Railtracks
ASSET CLASS Equity
MARKET CAP Large
×
  • 3.8 %
    Transurban Group
  • Develops and operates electronic toll roads
    Source: FactSet
COUNTRY Australia
SECTOR Highways & Railtracks
ASSET CLASS Equity
MARKET CAP Large
×
  • 3.7 %
    TransCanada Corp.
  • Provides natural gas transportation services
    Source: FactSet
COUNTRY Canada
SECTOR Oil & Gas Storage & Transportation
ASSET CLASS Equity
MARKET CAP Large
×
  • 3.4 %
    Kinder Morgan LLC
  • Provides pipeline transportation of natural gas
    Source: FactSet
COUNTRY United States
SECTOR Oil & Gas Storage & Transportation
ASSET CLASS Equity
MARKET CAP Large
×
  • 3.3 %
    Duke Energy Corp.
  • Engages in electric power and gas distribution operations and other energy services
    Source: FactSet
COUNTRY United States
SECTOR Electric Utilities
ASSET CLASS Equity
MARKET CAP Large
×
  • 3.0 %
    NextEra Energy, Inc.
  • Operates as an investment holding company with interests in generating and distributing electricity
    Source: FactSet
COUNTRY United States
SECTOR Electric Utilities
ASSET CLASS Equity
MARKET CAP Large
×
  • 3.0 %
    China Merchants Holdings Intl Co. Ltd.
  • Operates as an investment holding company, which engages in ports operation, bonded logistics and cold chain operations, property development and investment
    Source: FactSet
COUNTRY China
SECTOR Marine Ports & Services
ASSET CLASS Equity
MARKET CAP Large
×
  • 2.9 %
    National Grid PLC
  • Operates and ownes regulated electricity and gas infrastructure
    Source: FactSet
COUNTRY United Kingdom
SECTOR Multi-Utilities
ASSET CLASS Equity
MARKET CAP Large
×
  • 2.8 %
    Iberdrola S.A.
  • Generates, distributes, trades and markets electricity worldwide
    Source: FactSet
COUNTRY Spain
SECTOR Electric Utilities
ASSET CLASS Equity
MARKET CAP Large
×
  • 2.6 %
    PG&E Corp.
  • Provides electric energy services and transports natural gas
    Source: FactSet
COUNTRY United States
SECTOR Electric Utilities
ASSET CLASS Equity
MARKET CAP Large
×
  • 2.5 %
    Crown Castle Intl Corp.
  • REIT/Real Estate Investment Trust
    Source: FactSet
COUNTRY United States
SECTOR Specialized REITs
ASSET CLASS Equity
MARKET CAP Large
×
  • 2.4 %
    Enav SpA
  • Provides management and control of civilian air traffic
    Source: FactSet
COUNTRY Italy
SECTOR Airport Services
ASSET CLASS Equity
MARKET CAP Mid
×
  • 2.3 %
    Enterprise Products Ptnrs LP
  • Operates pipelines that transports natural gas, crude oil and petrochemicals
    Source: FactSet
COUNTRY United States
SECTOR Oil & Gas Storage & Transportation
ASSET CLASS Equity
MARKET CAP Large
×
  • 2.2 %
    Williams Cos., Inc.
  • Explores, produces, transports, sells and processes natural gas and petroleum products
    Source: FactSet
COUNTRY United States
SECTOR Oil & Gas Storage & Transportation
ASSET CLASS Equity
MARKET CAP Large
×
  • 2.0 %
    Cheniere Energy, Inc.
  • Operates natural gas pipelines and distribution stations
    Source: FactSet
COUNTRY United States
SECTOR Oil & Gas Storage & Transportation
ASSET CLASS Equity
MARKET CAP Mid
×
  • 2.0 %
    Pennon Group plc
  • Engages in the provision of water and sewerage services, recycling, waste management and renewable energy
    Source: FactSet
COUNTRY United Kingdom
SECTOR Water Utilities
ASSET CLASS Equity
MARKET CAP Mid
×
  • 1.8 %
    Atlantia S.p.A.
  • Constructs and operates toll motorways
    Source: FactSet
COUNTRY Italy
SECTOR Highways & Railtracks
ASSET CLASS Equity
MARKET CAP Large
Holdings Breakdown

as of 8/31/16

34.8%

United States

10.9%

Canada

9.4%

Spain

8.4%

China

6.5%

France

6.4%

Italy

6.1%

Australia

4.8%

United Kingdom

2.2%

Mexico

No Top Stock Holdings By Issuers
in
Mexico
1.8%

Switzerland

No Top Stock Holdings By Issuers
in
Switzerland
1.6%

Singapore

No Top Stock Holdings By Issuers
in
Singapore
1.4%

Japan

No Top Stock Holdings By Issuers
in
Japan
0.8%

Netherlands

No Top Stock Holdings By Issuers
in
Netherlands
0.7%

Brazil

No Top Stock Holdings By Issuers
in
Brazil
0.7%

Germany

No Top Stock Holdings By Issuers
in
Germany
24.5%

Oil & Gas Storage & Transportation

17.0%

Highways & Railtracks

15.4%

Electric Utilities

9.4%

Multi-Utilities

7.3%

Airport Services

6.9%

Marine Ports & Services

5.6%

Gas Utilities

No Top Stock Holdings By Issuers
in
Gas Utilities
4.0%

Specialized REITs

2.0%

Water Utilities

1.4%

Railroads

No Top Stock Holdings By Issuers
in
Railroads
1.1%

Independent Power Producers & Energy Traders

No Top Stock Holdings By Issuers
in
Independent Power Producers & Energy Traders
1.0%

Construction & Engineering

No Top Stock Holdings By Issuers
in
Construction & Engineering
0.8%

Renewable Electricity

No Top Stock Holdings By Issuers
in
Renewable Electricity
0.4%

Alternative Carriers

No Top Stock Holdings By Issuers
in
Alternative Carriers
96.6%

3.4%

No Top Stock Holdings By Issuers
in
Net Cash and Equivalents
75.5%

Large

22.5%

Mid

1.8%

Small

No Top Stock Holdings By Issuers
in
Small
Morningstar
Category Infrastructure
Equity Style
  • B
Total Assets (all classes)
as of 8/31/16
$11.2 MM
Portfolio Statistics

as of

Avg Market Cap (weighted) 24.6 BN
Median Market Cap (weighted) 21.2 BN
P/E (next 12 months) 19.90
P/E Operating (LTM) 22.14
Price/Book Value (LTM) 2.27
Investment Minimums
Initial
$1,000
Dividends ($ per share)
  • C
Est Frequency Quarterly
Last Pay Date 9/19/16
Per Share ($) 0.0688
Distribution Sources
Net Income 100.00%
Net Profit from Sale 0.00%
Other Capital Sources 0.00%
Top 20 Stock Holdings By Issuers

(63.5% of assets) as of 8/31/16

Enbridge, Inc.
5.8%
Groupe Eurotunn...
4.9%
Sempra Energy
4.8%
Abertis Infraes...
4.3%
Transurban Grou...
3.8%
TransCanada Cor...
3.7%
Kinder Morgan L...
3.4%
Duke Energy Cor...
3.3%
NextEra Energy,...
3.0%
China Merchants...
3.0%
National Grid P...
2.9%
Iberdrola S.A.
2.8%
PG&E Corp.
2.6%
Crown Castle In...
2.5%
Enav SpA
2.4%
Enterprise Prod...
2.3%
Williams Cos., ...
2.2%
Cheniere Energy...
2.0%
Pennon Group pl...
2.0%
Atlantia S.p.A....
1.8%
Holdings Breakdown

as of 8/31/16

Reset
34.8%

United States

10.9%

Canada

9.4%

Spain

8.4%

China

6.5%

France

6.4%

Italy

6.1%

Australia

4.8%

United Kingdom

2.2%

Mexico

No Top Stock Holdings By Issuers
in
Mexico
1.8%

Switzerland

No Top Stock Holdings By Issuers
in
Switzerland
1.6%

Singapore

No Top Stock Holdings By Issuers
in
Singapore
1.4%

Japan

No Top Stock Holdings By Issuers
in
Japan
0.8%

Netherlands

No Top Stock Holdings By Issuers
in
Netherlands
0.7%

Brazil

No Top Stock Holdings By Issuers
in
Brazil
0.7%

Germany

No Top Stock Holdings By Issuers
in
Germany
24.5%

Oil & Gas Storage & Transportation

17.0%

Highways & Railtracks

15.4%

Electric Utilities

9.4%

Multi-Utilities

7.3%

Airport Services

6.9%

Marine Ports & Services

5.6%

Gas Utilities

No Top Stock Holdings By Issuers
in
Gas Utilities
4.0%

Specialized REITs

2.0%

Water Utilities

1.4%

Railroads

No Top Stock Holdings By Issuers
in
Railroads
1.1%

Independent Power Producers & Energy Traders

No Top Stock Holdings By Issuers
in
Independent Power Producers & Energy Traders
1.0%

Construction & Engineering

No Top Stock Holdings By Issuers
in
Construction & Engineering
0.8%

Renewable Electricity

No Top Stock Holdings By Issuers
in
Renewable Electricity
0.4%

Alternative Carriers

No Top Stock Holdings By Issuers
in
Alternative Carriers
96.6%

3.4%

No Top Stock Holdings By Issuers
in
Net Cash and Equivalents
75.5%

Large

22.5%

Mid

1.8%

Small

No Top Stock Holdings By Issuers
in
Small
×
  • 5.8 %
    Enbridge, Inc.
  • Owns and operates crude oil and liquids transportation system
    Source: FactSet
COUNTRY Canada
SECTOR Oil & Gas Storage & Transportation
ASSET CLASS Equity
MARKET CAP Large
×
  • 4.9 %
    Groupe Eurotunnel SA
  • Operates as a holding company with interest in the fields of infrastructure management and transport operations
    Source: FactSet
COUNTRY France
SECTOR Highways & Railtracks
ASSET CLASS Equity
MARKET CAP Mid
×
  • 4.8 %
    Sempra Energy
  • Operates as a holding company with interest in electricity and natural gas distribution
    Source: FactSet
COUNTRY United States
SECTOR Multi-Utilities
ASSET CLASS Equity
MARKET CAP Large
×
  • 4.3 %
    Abertis Infraestructuras SA
  • Develops, maintains and operates roads and telecommunication infrastructures
    Source: FactSet
COUNTRY Spain
SECTOR Highways & Railtracks
ASSET CLASS Equity
MARKET CAP Large
×
  • 3.8 %
    Transurban Group
  • Develops and operates electronic toll roads
    Source: FactSet
COUNTRY Australia
SECTOR Highways & Railtracks
ASSET CLASS Equity
MARKET CAP Large
×
  • 3.7 %
    TransCanada Corp.
  • Provides natural gas transportation services
    Source: FactSet
COUNTRY Canada
SECTOR Oil & Gas Storage & Transportation
ASSET CLASS Equity
MARKET CAP Large
×
  • 3.4 %
    Kinder Morgan LLC
  • Provides pipeline transportation of natural gas
    Source: FactSet
COUNTRY United States
SECTOR Oil & Gas Storage & Transportation
ASSET CLASS Equity
MARKET CAP Large
×
  • 3.3 %
    Duke Energy Corp.
  • Engages in electric power and gas distribution operations and other energy services
    Source: FactSet
COUNTRY United States
SECTOR Electric Utilities
ASSET CLASS Equity
MARKET CAP Large
×
  • 3.0 %
    NextEra Energy, Inc.
  • Operates as an investment holding company with interests in generating and distributing electricity
    Source: FactSet
COUNTRY United States
SECTOR Electric Utilities
ASSET CLASS Equity
MARKET CAP Large
×
  • 3.0 %
    China Merchants Holdings Intl Co. Ltd.
  • Operates as an investment holding company, which engages in ports operation, bonded logistics and cold chain operations, property development and investment
    Source: FactSet
COUNTRY China
SECTOR Marine Ports & Services
ASSET CLASS Equity
MARKET CAP Large
×
  • 2.9 %
    National Grid PLC
  • Operates and ownes regulated electricity and gas infrastructure
    Source: FactSet
COUNTRY United Kingdom
SECTOR Multi-Utilities
ASSET CLASS Equity
MARKET CAP Large
×
  • 2.8 %
    Iberdrola S.A.
  • Generates, distributes, trades and markets electricity worldwide
    Source: FactSet
COUNTRY Spain
SECTOR Electric Utilities
ASSET CLASS Equity
MARKET CAP Large
×
  • 2.6 %
    PG&E Corp.
  • Provides electric energy services and transports natural gas
    Source: FactSet
COUNTRY United States
SECTOR Electric Utilities
ASSET CLASS Equity
MARKET CAP Large
×
  • 2.5 %
    Crown Castle Intl Corp.
  • REIT/Real Estate Investment Trust
    Source: FactSet
COUNTRY United States
SECTOR Specialized REITs
ASSET CLASS Equity
MARKET CAP Large
×
  • 2.4 %
    Enav SpA
  • Provides management and control of civilian air traffic
    Source: FactSet
COUNTRY Italy
SECTOR Airport Services
ASSET CLASS Equity
MARKET CAP Mid
×
  • 2.3 %
    Enterprise Products Ptnrs LP
  • Operates pipelines that transports natural gas, crude oil and petrochemicals
    Source: FactSet
COUNTRY United States
SECTOR Oil & Gas Storage & Transportation
ASSET CLASS Equity
MARKET CAP Large
×
  • 2.2 %
    Williams Cos., Inc.
  • Explores, produces, transports, sells and processes natural gas and petroleum products
    Source: FactSet
COUNTRY United States
SECTOR Oil & Gas Storage & Transportation
ASSET CLASS Equity
MARKET CAP Large
×
  • 2.0 %
    Cheniere Energy, Inc.
  • Operates natural gas pipelines and distribution stations
    Source: FactSet
COUNTRY United States
SECTOR Oil & Gas Storage & Transportation
ASSET CLASS Equity
MARKET CAP Mid
×
  • 2.0 %
    Pennon Group plc
  • Engages in the provision of water and sewerage services, recycling, waste management and renewable energy
    Source: FactSet
COUNTRY United Kingdom
SECTOR Water Utilities
ASSET CLASS Equity
MARKET CAP Mid
×
  • 1.8 %
    Atlantia S.p.A.
  • Constructs and operates toll motorways
    Source: FactSet
COUNTRY Italy
SECTOR Highways & Railtracks
ASSET CLASS Equity
MARKET CAP Large

Management

Brad Frishberg, CFA

Managed Fund since 5/16

Jonathon Ong, CFA

Managed Fund since 5/16

Anthony Felton, CFA

Managed Fund since 5/16

Investment Approach

The portfolio managers seek exposure to listed infrastructure companies that own and operate physical infrastructure assets, and do not typically invest in infrastructure support or servicing companies. The team believes that infrastructure is an under-researched area of global equity markets and knowledge asymmetries exist. The strategy’s investment process is driven by rigorous proprietary fundamental research employed by an experienced and well-resourced investment team. The team utilizes financial models to screen the universe based on a variety of fundamental inputs and believes that portfolios based on these alpha signals, combined with disciplined risk management, can help deliver attractive risk adjusted returns over time.

Risk Management

Our team limits exposure to individual companies, industries and sectors, seeking to limit volatility through company quality and diversification. Risk Management Overview

We conduct rigorous fundamental research to identify individual companies with asymmetrical risk/return opportunities. Risk Management Overview

At the portfolio level, our experienced investment personnel closely monitor the strategy's positioning, and the active risk resulting from our security selection process and sector allocations. We evaluate factor and style exposure, as well as the ownership and liquidity profile of each security in the portfolio. Risk Management Overview

Our team proactively manages risk by constructing diversified portfolios across sectors, industry groups and securities. We manage, monitor and limit sector weights relative to specified benchmarks and security position sizes within each portfolio. Risk Management Overview

Our team closely monitors position size and sector weights; we have limits on active security weights against the benchmark for each strategy we manage. Risk Management Overview

Risk is managed at the portfolio, strategy and security levels to identify diversified sources of alpha. We mainly focus on currency, interest rates and credit. Positions are sized and monitored according to established limits. Risk Management Overview

We focus primarily on senior loans in an effort to maintain product integrity and limit duration risk. Risk Management Overview

The team manages risk at both a strategy and individual security level to help ensure that, when combined, they act as the ballast in an investor’s overall portfolio. Risk Management Overview

Risk is managed at the portfolio, strategy and security levels to identify diversified sources of alpha. We seek to identify primary and secondary risks of each investment. Diversification of sectors can potentially reduce volatility. Risk Management Overview

The team manages risk by administering duration limits, limiting portfolio weighted average maturity and conducting thorough credit analysis on individual securities. Risk Management Overview

The Rochester team has created diverse portfolios designed to mitigate the types of risks that municipal bond investors may encounter. Risk Management Overview

The Commodities team manages risk on multiple levels, including individual commodity sector levels and overall fund level. Risk Management Overview

The Real Estate team monitors and manages risk at the security, sector and strategy levels. Risk Management Overview

The Global Multi-Asset Group monitors and manages risk on an ongoing basis, both at the asset class and portfolio levels. Risk Management Overview

We emphasize capital preservation by avoiding companies that may cut distributions. We seek to build diversified portfolios comprised of energy and energy related companies with attractive risk-adjusted total return potential. Risk Management Overview

The Alternative Strategies team evaluates risk on multiple levels, applying numerous risk analysis methods on an ongoing basis in addition to assessing risk impacts of a position prior to making investment decisions. Risk Management Overview

Risk is monitored by quantitative risk system and managed at many levels – stock, sector, country, and style factors. We seek to diversify the portfolio across the global listed infrastructure market and adhere to an established risk framework, including constraints imposed by position limits versus a benchmark. Risk Management Overview

We monitor and manage both security and sector weights to the underlying index to ensure that the portfolio is properly tracking its benchmark. Also, partnering with well-known index providers ensures that we hold only high quality securities that pass very stringent profitability and liquidity screens. Risk Management Overview

×

Tools

  1. 1. Oppenheimer Macquarie Global Infrastructure Fund’s portfolio managers are employed by its Sub-Sub-Adviser, Macquarie Capital Investment Management LLC.
  2. 2. Special Risks: Securities of companies engaged in infrastructure businesses can be susceptible to adverse economic, regulatory, political, legal, and other changes affecting their industry. The Funds’ investments are concentrated on infrastructure businesses, which may increase volatility. Small and 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 small-sized or mid-sized company, if any gain is realized at all. Emerging and developing market investments may be especially volatile. Foreign investments may be volatile and involve additional expenses and special risks, including currency fluctuations, foreign taxes, regulatory and geopolitical risks. REITs are dependent upon the quality of their management and may not be diversified geographically or by property type. REITs whose underlying properties are concentrated in a particular industry or geographic region are subject to risks affecting such industries and regions. 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. 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. Additional management fees and other expenses are associated with investing in MLP funds. A stapled security is comprised of two inseparable parts, a unit of a trust and a share of a company, resulting in a security influenced by both of its component parts. The value of, and income derived from, stapled securities can fall as well as rise. The listing of stapled securities on a domestic or foreign exchange does not guarantee a liquid market for them. Income trusts have equity and fixed-income attributes and are thus subject to the risks associated generally with business cycles, commodity prices, market fluctuations and other economic factors, as well as credit, interest rate and dividend risks. The Fund is subject to liquidity risk. 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.

  3. 3. This is a new fund with a limited operating history and an inception date of 05/26/16.
  4. 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.
  5. B. OppenheimerFunds' equity style box is based on the portfolio's overall targeted capitalization range and relative valuation as determined by OFI.
  6. C. There is no guarantee of the payment of any dividend or other distributions at any level.
×
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