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EMIAX

Emerging Markets Innovators Fund

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Overview

The Strategy typically invests in smaller and mid-cap emerging and developing market stocks.

Inception Date
June 30, 2014
Investment Style
Emerging Markets Innovators
Fund Index
MSCI Emerging Markets Mid Cap Index
CUSIP
68385F108
NAV
  • A
(as of 10/12/2018)
$9.08
Total Assets
(as of 09/30/2018)
$513.94 MM
Gross Expense Ratio
(as of 09/30/2018)
1.78%
Net Expense Ratio
(as of 09/30/2018)
1.71%
Other Investment Options

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Performance
Average Annual Total Returns
Cumulative Returns
Calendar Year Returns
Capital Gains Distributions
as of 09/30/2018
  • E
as of 09/30/2018
  • E

Include Sales Charge
Include Sales Charge
Include Sales Charge
Include Sales Charge
  • E
Cumulative
Annualized
1 mo 3 mo ytd as of 2018-09-30
  • C
1 yr 3 yr since inception
Emerging Markets Innovators Fund (NAV)
-3.08% -8.04% -12.83% -6.06% 8.14% 0.22%
MSCI Emerging Markets Mid Cap Index
-1.54% -2.65% -8.71% -1.83% 8.94% 0.65%
Cumulative
Annualized
1 mo 3 mo ytd as of 2018-09-30
  • C
1 yr 3 yr since inception
Emerging Markets Innovators Fund (with sales charge)
-8.66% -13.33% -17.84% -11.46% 6.03% -1.16%
MSCI Emerging Markets Mid Cap Index
-1.54% -2.65% -8.71% -1.83% 8.94% 0.65%
Cumulative
Annualized
1 mo 3 mo ytd as of 2018-09-30
  • C
1 yr 3 yr since inception
Emerging Markets Innovators Fund (NAV)
-3.08% -8.04% -12.83% -6.06% 8.14% 0.22%
MSCI Emerging Markets Mid Cap Index
-1.54% -2.65% -8.71% -1.83% 8.94% 0.65%
Cumulative
Annualized
1 mo 3 mo ytd as of 2018-09-30
  • C
1 yr 3 yr since inception
Emerging Markets Innovators Fund (with sales charge)
-8.66% -13.33% -17.84% -11.46% 6.03% -1.16%
MSCI Emerging Markets Mid Cap Index
-1.54% -2.65% -8.71% -1.83% 8.94% 0.65%
Gross Expense Ratio: 1.78% | Net Expense Ratio: 1.71%

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 Emerging Markets Innovators Fund MSCI Emerging Markets Mid Cap Index
2015 -6.09% -13.21%
2016 -1.20% 4.84%
2017 40.50% 35.14%

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 Emerging Markets Innovators Fund MSCI Emerging Markets Mid Cap Index MSCI EAFE MSCI World
9/30/2015 0.00 0.00 0.00 0.00
10/31/2015 5.38 6.08 7.82 7.92
11/30/2015 4.38 2.27 6.14 7.39
12/31/2015 4.63 -0.03 4.71 5.50
1/31/2016 0.25 -5.91 -2.86 -0.81
2/29/2016 -2.38 -6.65 -4.64 -1.55
3/31/2016 4.51 5.18 1.56 5.13
4/30/2016 5.63 6.46 4.50 6.79
5/31/2016 4.63 1.90 3.55 7.39
6/30/2016 6.76 5.08 0.08 6.19
7/31/2016 9.89 11.46 5.15 10.68
8/31/2016 11.64 12.06 5.22 10.77
9/30/2016 13.77 12.72 6.52 11.36
10/31/2016 11.89 12.26 4.34 9.20
11/30/2016 3.63 5.51 2.26 10.77
12/31/2016 3.63 4.80 5.76 13.42
1/31/2017 8.89 10.56 8.82 16.16
2/28/2017 11.51 14.80 10.38 19.38
3/31/2017 16.90 18.04 13.42 20.66
4/30/2017 23.15 20.60 16.31 22.44
5/31/2017 23.15 23.70 20.57 25.03
6/30/2017 24.91 23.87 20.36 25.51
7/31/2017 31.29 30.10 23.83 28.52
8/31/2017 34.54 32.56 23.79 28.70
9/30/2017 35.42 31.70 26.87 31.59
10/31/2017 36.55 33.62 28.79 34.07
11/30/2017 40.30 34.09 30.14 36.98
12/31/2017 45.87 41.63 32.23 38.83
1/31/2018 53.78 51.05 38.87 46.16
2/28/2018 51.39 44.16 32.60 40.11
3/31/2018 53.53 43.97 30.21 37.05
4/30/2018 49.38 43.82 33.18 38.63
5/31/2018 44.36 40.68 30.19 39.50
6/30/2018 38.45 32.80 28.60 39.43
7/31/2018 36.44 34.10 31.76 43.78
8/31/2018 31.54 31.31 29.22 45.56
9/30/2018 27.40 29.29 30.34 46.37

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 10/15/2018

Date 2013 2014 2015 2016 2017
Short Term 0.0050
Long Term
Total Amount of Distribution 0.0050
Record Date 12/4/14
Ex Div Date 12/5/14
Pay Date 12/5/14

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

Portfolio

Top Issuers

(34.5% of assets as of 09/30/2018)


Portfolio Holdings Breakdown

Country
Developed Markets
Emerging Markets
Equity Sector
Industry
Asset Allocation
Market Cap 5
Country Emerging Markets Innovators Fund MSCI Emerging Markets Mid Cap Index Overweight / Underweight
China 17.4% 14.0% 3.5%
Taiwan 16.7% 14.8% 1.9%
South Korea 12.3% 18.8% -6.5%
India 11.9% 8.1% 3.7%
South Africa 5.5% 8.7% -3.2%
Brazil 3.9% 9.8% -5.9%
Mexico 3.1% 4.2% -1.1%
Malaysia 2.6% 4.0% -1.4%
Hong Kong 2.6% - -
Thailand 2.4% 2.5% 0.0%
Argentina 2.1% - -
United Kingdom 1.4% - -
Indonesia 1.4% 1.7% -0.2%
Philippines 1.2% 1.6% -0.4%
Greece 0.9% 1.7% -0.8%
Egypt 0.8% 0.2% 0.5%
Poland 0.8% 2.4% -1.6%
Kenya 0.7% - -
Pakistan 0.7% 0.4% 0.3%
Singapore 0.7% - -
Developed Markets Emerging Markets Innovators Fund MSCI Emerging Markets Mid Cap Index Overweight / Underweight
Asia Pacific 3.4% - -
Europe 1.4% - -
Americas 0.2% - -
Emerging Markets Emerging Markets Innovators Fund MSCI Emerging Markets Mid Cap Index Overweight / Underweight
Asia Pacific 66.8% 65.9% 1.0%
Americas 9.9% 15.9% -6.0%
Africa 6.9% 8.9% -2.0%
Europe 3.5% 7.3% -3.8%
Middle East 0.3% 2.0% -1.7%
Equity Sector Emerging Markets Innovators Fund MSCI Emerging Markets Mid Cap Index Overweight / Underweight
Consumer Discretionary 25.2% 11.4% 13.9%
Information Technology 18.1% 9.6% 8.5%
Health Care 14.8% 8.7% 6.1%
Financials 12.8% 14.7% -1.9%
Consumer Staples 8.1% 8.5% -0.4%
Industrials 6.7% 17.0% -10.3%
Communication Services 2.8% 5.5% -2.6%
Materials 2.7% 10.6% -7.8%
Real Estate 1.1% 6.7% -5.6%
Industry Emerging Markets Innovators Fund MSCI Emerging Markets Mid Cap Index Overweight / Underweight
Biotechnology 8.5% 2.0% 6.5%
Semiconductors & Semiconductor Equipment 7.3% 3.0% 4.3%
Specialty Retail 6.0% 2.4% 3.5%
Banks 5.3% 5.3% 0.0%
Diversified Consumer Services 4.9% - -
Hotels Restaurants & Leisure 4.2% 1.0% 3.2%
Food & Staples Retailing 3.7% 2.8% 0.8%
Electronic Equipment Instruments & Components 3.7% 3.3% 0.4%
Personal Products 3.6% 0.5% 3.1%
IT Services 3.5% 0.4% 3.1%
Consumer Finance 3.4% 0.9% 2.6%
Software 3.0% 0.6% 2.4%
Auto Components 2.9% 1.0% 1.9%
Health Care Providers & Services 2.8% 1.1% 1.7%
Internet & Direct Marketing Retail 2.8% 0.6% 2.2%
Life Sciences Tools & Services 2.7% 0.2% 2.5%
Textiles Apparel & Luxury Goods 2.7% 2.0% 0.7%
Machinery 2.0% 3.2% -1.2%
Construction Materials 1.8% 2.1% -0.2%
Insurance 1.6% 3.2% -1.6%
Asset Allocation Emerging Markets Innovators Fund MSCI Emerging Markets Mid Cap Index Overweight / Underweight
Equity 92.4% 100.0% -7.6%
Net Cash and Equivalents 7.6% - -
Market Cap Emerging Markets Innovators Fund MSCI Emerging Markets Mid Cap Index Overweight / Underweight
Mid 56.6% 40.6% 16.0%
Large 26.6% 51.0% -24.4%
Small 9.2% 8.4% 0.9%
Analytics
(As of 09/30/2018)

Morningstar 09/30/2018 (based on risk adjusted performance)
Overall Rating
Number of Funds
708
Category
Diversified Emerging Mkts
Performance Statistics
3Y
Alpha
1.43
Beta
0.72
Information Ratio
-0.11
R-Squared
73.11
Sharpe Ratio
0.65
Standard Deviation
11.69
Upside Capture
86.48
Downside Capture
83.91
Sortino Ratio
1.06
Win Ratio
47.00
Loss Ratio
53.00
Tracking Error
7.26
Portfolio Characteristics
Fund
Fund Index
Average Market Cap (weighted)
$3.95 B
$3.92 B
Median Market Cap (weighted)
$2.42 B
$3.65 B
P/E Ratio (LTM)
24.16
15.74
P/E Ratio (NTM)
18.18
12.48
Price/Book
3.88
1.75
Return on Equity
19.51%
13.32%
Turnover Ratio
23%
-
Active Share
91.88%
-
Dividends
  • D
Est. Frequency
Annual
Last Pay Date
12/4/2017
Per Share ($)
$0.0223
12-Month Distribution ($)
$0.0223
Distribution Sources
  • D
Net Income
0.00%
Net Profit from Sale
0.00%
Other Capital Sources
100.00%
Tools
Morningstar logo 95x28 trans
Documents
  1. 1. 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. These risks are magnified in frontier markets. Investing significantly in a particular region, industry, sector or issuer may increase volatility and risk. 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. Investments in securities of growth companies may be volatile.
  2. 2. 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.
  3. 3. The MSCI Emerging Markets Mid Cap Index is designed to measure equity market performance of mid-capitalization companies in emerging markets. The index is unmanaged, includes the reinvestment of dividends and cannot be purchased directly by investors. Index performance is shown for illustrative purposes only and does not predict or depict performance of the Fund. Past performance does not guarantee future results.
  4. 4. 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.
  5. 5. 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.
  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 7:00pm ET daily.
  7. B. The performance data quoted represents past performance, which does not guarantee future results.  The investment return and principal value of an investments in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the originals cost.  Current performance and expense ratios may be lower or higher than the data quoted.  Fund returns include changes in share price and reinvested distributions.  Class Y shares are not subject to a sales charge.  Returns do not consider capital gains or income taxes on an individual's investment.
  8. 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.
  9. D. There is no guarantee of the payment of any dividend or other distributions at any level.
  10. E. 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.
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