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OEMYX

Emerging Markets Local Debt Fund

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Overview

The strategy uses top down macro and bottom up country analyses to invest across local currency emerging market sovereign debt.

Inception Date
June 30, 2010
Investment Style
Emerging Markets Debt
Fund Index
J.P. Morgan GBI-EM Global Diversified Index
CUSIP
68381C406
NAV
  • A
(as of 04/19/2018)
$7.66
Total Assets
(as of 03/31/2018)
$260.90 MM
Gross Expense Ratio
(as of 03/29/2018)
1.18%
Net Expense Ratio
(as of 03/29/2018)
0.95%
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 03/31/2018
  • B
as of 03/31/2018
  • B

Sales charges are not applicable to Y & I Share Classes.
Cumulative
Annualized
3 mo ytd as of 2018-03-31
  • C
1 yr 3 yr 5 yr since inception
Emerging Markets Local Debt Fund (NAV)
4.65% 4.65% 11.73% 7.14% 0.72% 3.33%
J.P. Morgan GBI-EM Global Diversified Index
4.44% 4.44% 12.99% 5.43% -0.29% 3.18%
Cumulative
Annualized
3 mo ytd as of 2018-03-31
  • C
1 yr 3 yr 5 yr since inception
Emerging Markets Local Debt Fund (NAV)
4.65% 4.65% 11.73% 7.14% 0.72% 3.33%
J.P. Morgan GBI-EM Global Diversified Index
4.44% 4.44% 12.99% 5.43% -0.29% 3.18%
Gross Expense Ratio: 1.18% | Net Expense Ratio: 0.95%

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.


Year Emerging Markets Local Debt Fund J.P. Morgan GBI-EM Global Diversified Index
2011 -2.33% 0.98%
2012 18.17% 17.03%
2013 -9.52% -7.83%
2014 -5.18% -5.72%
2015 -11.78% -14.92%
2016 12.17% 9.94%
2017 15.19% 15.21%

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.


Date Emerging Markets Local Debt Fund JP Morgan GBI EM Global Diversified (Linked Index) BBG Barclays Agg
3/31/2013 0.00 0.00 0.00
4/30/2013 2.62 3.28 1.01
5/31/2013 -1.50 -2.35 -0.79
6/30/2013 -6.55 -6.61 -2.32
7/31/2013 -6.53 -6.63 -2.19
8/31/2013 -10.23 -10.02 -2.69
9/30/2013 -6.69 -6.54 -1.77
10/31/2013 -4.72 -3.97 -0.98
11/30/2013 -8.49 -6.91 -1.35
12/31/2013 -8.36 -7.12 -1.90
1/31/2014 -13.30 -11.42 -0.45
2/28/2014 -10.65 -7.95 0.07
3/31/2014 -8.50 -5.36 -0.10
4/30/2014 -7.45 -4.52 0.75
5/31/2014 -5.35 -2.53 1.89
6/30/2014 -4.31 -1.55 1.95
7/31/2014 -5.62 -2.60 1.69
8/31/2014 -5.30 -2.13 2.81
9/30/2014 -10.13 -7.13 2.12
10/31/2014 -8.07 -5.68 3.12
11/30/2014 -8.48 -6.91 3.85
12/31/2014 -13.11 -12.43 3.95
1/31/2015 -11.19 -12.14 6.13
2/28/2015 -12.82 -13.32 5.13
3/31/2015 -15.71 -15.90 5.62
4/30/2015 -14.23 -13.45 5.24
5/31/2015 -15.98 -15.68 4.99
6/30/2015 -17.20 -16.70 3.84
7/31/2015 -18.01 -18.84 4.56
8/31/2015 -20.15 -23.21 4.41
9/30/2015 -23.19 -25.49 5.12
10/31/2015 -20.71 -22.11 5.14
11/30/2015 -21.70 -23.80 4.86
12/31/2015 -23.34 -25.49 4.52
1/31/2016 -22.91 -25.24 5.96
2/29/2016 -22.35 -24.16 6.71
3/31/2016 -15.39 -17.29 7.69
4/30/2016 -12.55 -15.16 8.10
5/31/2016 -16.71 -19.77 8.13
6/30/2016 -12.40 -15.05 10.07
7/31/2016 -11.52 -14.54 10.77
8/31/2016 -11.39 -14.50 10.64
9/30/2016 -9.66 -12.77 10.58
10/31/2016 -10.03 -13.51 9.73
11/30/2016 -15.73 -19.59 7.14
12/31/2016 -14.01 -18.09 7.29
1/31/2017 -11.46 -16.24 7.50
2/28/2017 -9.73 -14.73 8.22
3/31/2017 -7.22 -12.76 8.16
4/30/2017 -6.35 -11.74 9.00
5/31/2017 -5.59 -10.01 9.84
6/30/2017 -4.99 -9.60 9.73
7/31/2017 -2.87 -7.73 10.20
8/31/2017 -1.35 -6.07 11.19
9/30/2017 -1.64 -6.39 10.66
10/31/2017 -4.02 -9.03 10.72
11/30/2017 -2.75 -7.50 10.58
12/31/2017 -0.95 -5.63 11.09
1/31/2018 3.25 -1.40 9.81
2/28/2018 2.34 -2.43 8.77
3/29/2018 3.66
Date Dividends
4/30/2013 0.0476
5/31/2013 0.0459
6/28/2013 0.0399
7/31/2013 0.0421
8/30/2013 0.0441
9/30/2013 0.0367
10/31/2013 0.0434
11/29/2013 0.0435
12/30/2013 0.0414
1/31/2014 0.0458
2/28/2014 0.0341
3/31/2014 0.0435
4/30/2014 0.0434
5/30/2014 0.0468
6/30/2014 0.0419
7/31/2014 0.0421
8/29/2014 0.041
9/30/2014 0.0338
10/31/2014 0.0381
11/28/2014 0.0306
12/31/2014 0.0786
1/30/2015 0.0312
2/27/2015 0.0261
3/31/2015 0.0287
4/30/2015 0.0292
5/29/2015 0.0362
6/30/2015 0.0372
7/31/2015 0.0457
8/31/2015 0.0429
9/30/2015 0.043
10/30/2015 0.0451
11/30/2015 0.0409
12/31/2015 0.043
1/29/2016 0.0386
2/29/2016 0.0392
3/31/2016 0.0418
4/29/2016 0.0387
5/31/2016 0.0777
6/30/2016 0.0815
7/29/2016 0.0849
8/31/2016 0.0712
9/30/2016 0.0644
10/31/2016 0.0689
11/30/2016 0.0632
12/30/2016 0.0696
1/31/2017 0.045
2/28/2017 0.0379
3/31/2017 0.0392
4/28/2017 0.0389
5/31/2017 0.0397
6/30/2017 0.0368
7/31/2017 0.0352
8/31/2017 0.0379
9/29/2017 0.0375
10/31/2017 0.0378
11/30/2017 0.0361
12/29/2017 0.0372
1/31/2018 0.0368
2/28/2018 0.0321
3/29/2018 0.0384

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

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.

$ per share as of 04/20/2018

Date 2013 2014 2015 2016 2017
Short Term
Long Term 0.1511
Total Amount of Distribution 0.1511
Record Date 12/30/13
Ex Div Date 12/30/13
Pay Date 12/30/13

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

Portfolio

Top Strategies

(100.0% of assets as of 03/31/2018)


Portfolio Holdings Breakdown

Country
Developed Markets
Emerging Markets
Credit Rating Allocation 5
Currency 6
Country Emerging Markets Local Debt Fund J.P. Morgan GBI-EM Global Diversified Index Overweight / Underweight
South Africa 10.4% 8.9% 1.5%
Russia 10.1% 7.8% 2.3%
Indonesia 9.7% 9.3% 0.4%
Brazil 7.3% 10.0% -2.7%
Colombia 7.2% 7.1% 0.1%
Peru 6.2% 2.7% 3.5%
Mexico 5.8% 10.0% -4.2%
Turkey 4.6% 6.6% -2.0%
Poland 4.5% 8.9% -4.5%
Malaysia 4.3% 5.7% -1.4%
India 4.2% - -
Chile 4.0% 2.4% 1.6%
Thailand 3.4% 7.9% -4.5%
Hungary 3.3% 4.6% -1.4%
Argentina 2.3% 0.8% 1.5%
Egypt 1.9% - -
Nigeria 1.7% - -
Romania 1.4% 2.7% -1.3%
Uruguay 1.1% 0.2% 0.8%
Canada 0.4% - -
Developed Markets Emerging Markets Local Debt Fund J.P. Morgan GBI-EM Global Diversified Index Overweight / Underweight
Americas 0.4% - -
Europe 0.2% - -
Emerging Markets Emerging Markets Local Debt Fund J.P. Morgan GBI-EM Global Diversified Index Overweight / Underweight
Americas 34.1% 33.2% 0.9%
Europe 24.0% 34.7% -10.7%
Asia Pacific 21.9% 23.2% -1.3%
Africa 14.2% 8.9% 5.4%
Middle East 0.2% - -
Credit Rating Allocation Emerging Markets Local Debt Fund J.P. Morgan GBI-EM Global Diversified Index Overweight / Underweight
AA 2.8% 2.9% -0.2%
A 19.4% 35.0% -15.6%
BBB 47.9% 44.5% 3.4%
BB 7.8% 8.0% -0.3%
B 4.7% 0.8% 3.9%
Unrated 12.6% 8.7% 3.9%
Currency Emerging Markets Local Debt Fund J.P. Morgan GBI-EM Global Diversified Index Overweight / Underweight
South African Rand 10.4% 8.9% 1.5%
Russian Ruble 10.1% 7.8% 2.3%
Indonesian Rupiah 9.7% 9.3% 0.4%
Colombian Peso 7.1% 7.1% 0.0%
Brazilian Real 6.3% 10.0% -3.7%
Peruvian New Sol 5.9% 2.7% 3.2%
Mexican Peso 5.3% 10.0% -4.7%
US Dollar 4.6% - -
Polish Zloty 4.5% 8.9% -4.5%
Turkish New Lira 4.3% 6.6% -2.2%
Malaysian Ringgit 4.3% 5.7% -1.4%
Indian Rupee 4.2% - -
Chilean Peso 4.0% 2.4% 1.6%
Thai Baht 3.4% 7.9% -4.5%
Hungarian Forint 3.3% 4.6% -1.4%
Egyptian Pound 1.9% - -
Argentine Peso 1.8% 0.8% 1.0%
Nigerian Naira 1.5% - -
Romanian New Leu 1.4% 2.7% -1.3%
Peso Uruguayo 1.1% 0.2% 0.8%
Analytics
(As of 03/31/2018)

Morningstar 03/31/2018 (based on risk adjusted performance)
Overall Rating
Number of Funds
73
Category
Emerging-Markets Local-Currency Bond
Performance Statistics
3Y
5Y
Alpha
2.18
0.93
Beta
0.87
0.91
Information Ratio
0.65
0.39
R-Squared
95.01
94.66
Sharpe Ratio
0.69
0.09
Standard Deviation
9.92
10.39
Sortino Ratio
0.33
0.03
Tracking Error
2.63
2.57
Dividends
  • D
Est. Frequency
Monthly
Last Pay Date
3/29/2018
Per Share ($)
$0.0384
12-Month Distribution ($)
$0.4444
Portfolio Characteristics
Fund
Fund Index
Yield to Maturity
8.62%
-
Yield to Worst
8.61%
-
Average Effective Maturity
9.15 yrs
-
Current Duration
5.50 yrs
-
Average Coupon
17.12%
-
Turnover Ratio
87.00%
-
Yields
Dividend Yield (w/o sales charge)
5.86%
Standardized Yield
5.90%
Distribution Sources
  • D
Net Income
100.00%
Net Profit from Sale
0.00%
Other Capital Sources
0.00%
Tools
Morningstar logo 95x28 trans
Documents
  1. 1. Special Risks Fixed income investing entails credit and interest rate risks. Interest rate risk is the risk that rising interest rates or an expectation of rising interest rates in the near future, will cause the values of the Fund's investments to decline. Risks associated with rising interest rates are heightened given that rates in the U.S. are at or near historic lows. 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, regulatory and geopolitical risks. Emerging and developing market investments may be especially volatile. May invest at least 80% of its net assets in debt securities that are economically tied to emerging market countries and denominated in local (non-U.S.) currencies. Eurozone investments may be subject to volatility and liquidity issues. The Fund may invest a significant portion of assets in a single issuer, which may increase volatility and exposure to risks associated with a single issuer. Derivative instruments entail higher volatility and risk of loss compared to traditional stock or bond investments.
  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. Access index definitions.
  4. 4. 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.
  5. 5. If included in the credit rating breakdown table above, all securities except for those labeled "Treasury", "Agency," and "Unrated," have been rated by at least one Nationally Recognized Statistical Rating Organization ("NRSRO"), such as S&P Global Ratings ("S&P"). For securities rated only by an NRSRO other than S&P, OppenheimerFunds converts that rating to the equivalent S&P rating. If two or more NRSROs have assigned a rating to a security, the highest S&P equivalent rating is used. Unrated securities do not necessarily indicate low credit quality, and may or may not be the equivalent of investment-grade. "Investment-grade" securities are securities rated within the NRSROs four highest rating categories, which include AAA, AA, A and BBB. Please consult the Fund's Prospectus and Statement of Additional Information for further information.
  6. 6. The table for the top currency positioning is based on the net foreign exchange exposure of each currency after converting all currencies to a common currency, in this case the U.S. dollar.
  7. 7. The dividend (or distribution) yield is based on the pay date immediately preceding the nearest month-end or quarter-end. The dividend yield for each share class is calculated by annualizing the dividend distributed by the class on that date and dividing that figure by the class's net asset value on that date. For the Class A dividend yield with sales charge, the annualized Class A dividend distribution is divided by the Class A maximum offering price on that date. Each result is compounded semiannually and annualized. Falling share prices artificially increase yields.
  8. 8. Standardized yield for each share class is based on an SEC standardized formula designed to approximate a Fund's annualized hypothetical current income from securities less expenses for the 30-day period ending and including the most recent month-end or quarter-end and either that date's maximum offering price (Class A shares) or net asset value (for other share classes). The month-end figure is typically calculated on the fifth business day of the next month. The result is compounded semiannually and annualized. Falling share prices artificially increase yields.
  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 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.
  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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