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QOPYX

Fundamental Alternatives Fund

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Overview

A fundamentally constructed alternative multi-strategy seeking to deliver high risk-adjusted returns across various market environments with low volatility and market beta.

Inception Date
December 16, 1996
Investment Style
Multi Alternative
Fund Index
HFRX Global Hedge Fund Index
CUSIP
68380E841
NAV
  • A
(as of 12/17/2018)
$26.65
Total Assets
(as of 11/30/2018)
$1.13 BN
Gross Expense Ratio
(as of 11/30/2018)
1.50%
Net Expense Ratio
(as of 11/30/2018)
1.48%
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 11/30/2018
  • B
as of 09/30/2018
  • B

Sales charges are not applicable to Y & I Share Classes.
Cumulative
Annualized
ytd as of 2018-09-30
  • C
1 yr 3 yr 5 yr 10 yr since inception
Fundamental Alternatives Fund (NAV)
2.70% 2.08% 2.02% 3.56% 2.83% 4.60%
HFRX Global Hedge Fund Index
-1.23% 0.25% 2.17% 1.02% 0.70% -
Cumulative
Annualized
ytd as of 2018-11-30
  • C
1 yr 3 yr 5 yr 10 yr since inception
Fundamental Alternatives Fund (NAV)
1.53% 0.84% 1.40% 2.78% 4.22% 4.51%
HFRX Global Hedge Fund Index
-4.89% -4.19% 0.65% -0.09% 1.63% -
Gross Expense Ratio: 1.50% | Net Expense Ratio: 1.48%

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 Fundamental Alternatives Fund HFRX Global Hedge Fund Index
1997 20.67% -
1998 8.19% -
1999 9.73% -
2000 10.25% -
2001 -4.26% -
2002 -17.33% -
2003 22.15% -
2004 9.62% 2.69%
2005 2.04% 2.72%
2006 11.41% 9.26%
2007 12.46% 4.23%
2008 -20.12% -23.25%
2009 16.57% 13.40%
2010 8.23% 5.19%
2011 -6.03% -8.87%
2012 4.17% 3.57%
2013 9.22% 6.72%
2014 4.77% -0.58%
2015 2.20% -3.64%
2016 1.51% 2.50%
2017 1.52% 5.99%

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 Fundamental Alternatives Fund HFRX Global Hedge Fund Index BBG Barclays Agg S&P 500
11/30/2008 0.00 0.00 0.00 0.00
12/31/2008 -0.01 -1.22 3.73 1.06
1/31/2009 1.15 -0.14 2.82 -7.45
2/28/2009 -2.41 -0.52 2.43 -17.31
3/31/2009 2.08 -0.55 3.85 -10.06
4/30/2009 6.56 1.05 4.35 -1.46
5/31/2009 9.11 4.24 5.10 4.05
6/30/2009 10.08 4.28 5.70 4.26
7/31/2009 12.44 5.94 7.41 12.15
8/31/2009 14.11 7.26 8.52 16.20
9/30/2009 16.05 9.64 9.66 20.53
10/31/2009 14.29 9.58 10.20 18.29
11/30/2009 16.10 11.39 11.63 25.39
12/31/2009 16.56 12.01 9.88 27.81
1/31/2010 14.48 11.99 11.56 23.21
2/28/2010 17.07 12.29 11.98 27.03
3/31/2010 20.26 13.84 11.84 34.69
4/30/2010 20.49 14.75 13.01 36.82
5/31/2010 16.37 11.72 13.96 25.90
6/30/2010 11.52 10.67 15.74 19.31
7/31/2010 16.74 12.03 16.98 27.66
8/31/2010 13.41 12.22 18.48 21.90
9/30/2010 18.50 14.14 18.61 32.78
10/31/2010 21.93 15.42 19.03 37.83
11/30/2010 21.19 15.11 18.35 37.85
12/31/2010 26.15 17.83 17.07 47.06
1/31/2011 27.43 18.48 17.21 50.55
2/28/2011 31.39 19.35 17.50 55.71
3/31/2011 30.26 18.30 17.57 55.77
4/30/2011 33.13 18.86 19.06 60.38
5/31/2011 33.04 17.20 20.61 58.57
6/30/2011 30.59 15.33 20.26 55.92
7/31/2011 28.18 15.21 22.17 52.75
8/31/2011 22.90 11.22 23.95 44.45
9/30/2011 19.74 7.90 24.85 34.30
10/31/2011 22.48 8.78 24.99 48.98
11/30/2011 19.60 7.83 24.88 48.65
12/31/2011 18.54 7.38 26.25 50.17
1/31/2012 19.16 9.23 27.36 56.90
2/29/2012 20.35 10.78 27.33 63.68
3/31/2012 21.48 10.75 26.63 69.07
4/30/2012 21.02 10.89 28.04 68.01
5/31/2012 19.93 9.02 29.20 57.91
6/30/2012 20.91 8.69 29.25 64.42
7/31/2012 21.74 9.28 31.03 66.70
8/31/2012 22.30 9.84 31.11 70.46
9/30/2012 23.59 10.27 31.29 74.86
10/31/2012 22.87 9.75 31.55 71.63
11/30/2012 23.23 10.20 31.76 72.63
12/31/2012 23.49 11.21 31.57 74.20
1/31/2013 24.88 13.39 30.65 83.22
2/28/2013 25.35 13.88 31.31 85.71
3/31/2013 26.32 14.69 31.41 92.68
4/30/2013 26.99 15.41 32.74 96.39
5/31/2013 28.23 16.27 30.37 100.98
6/30/2013 28.13 14.73 28.36 98.28
7/31/2013 29.00 15.88 28.53 108.37
8/31/2013 28.23 14.88 27.88 102.34
9/30/2013 28.33 15.98 29.09 108.68
10/31/2013 29.11 17.37 30.13 118.27
11/30/2013 31.74 18.02 29.64 124.93
12/31/2013 34.88 18.68 28.91 130.62
1/31/2014 35.50 18.39 30.81 122.65
2/28/2014 37.82 20.28 31.51 132.83
3/31/2014 37.97 20.00 31.29 134.79
4/30/2014 37.92 19.13 32.39 136.52
5/31/2014 39.52 19.67 33.90 142.08
6/30/2014 40.55 20.78 33.97 147.08
7/31/2014 39.73 19.71 33.63 143.67
8/31/2014 42.04 21.01 35.11 153.42
9/30/2014 41.68 20.09 34.19 149.86
10/31/2014 40.81 18.50 35.51 155.97
11/30/2014 41.58 18.89 36.47 162.85
12/31/2014 41.32 18.00 36.60 162.19
1/31/2015 42.48 17.66 39.47 154.32
2/28/2015 44.11 20.03 38.15 168.93
3/31/2015 44.63 20.43 38.80 164.68
4/30/2015 43.16 20.69 38.30 167.22
5/31/2015 45.00 21.00 37.96 170.66
6/30/2015 44.53 19.49 36.46 165.42
7/31/2015 46.26 19.46 37.41 170.98
8/31/2015 44.16 16.82 37.21 154.63
9/30/2015 43.95 14.40 38.14 148.33
10/31/2015 45.63 16.07 38.16 169.28
11/30/2015 44.95 15.23 37.80 170.08
12/31/2015 44.43 13.70 37.35 165.82
1/31/2016 44.00 10.56 39.24 152.63
2/29/2016 43.10 10.20 40.23 152.29
3/31/2016 43.31 11.57 41.52 169.40
4/30/2016 42.46 12.03 42.06 170.44
5/31/2016 46.12 12.54 42.10 175.30
6/30/2016 46.39 12.76 44.65 176.01
7/31/2016 45.75 14.40 45.56 186.19
8/31/2016 44.96 14.58 45.40 186.59
9/30/2016 45.65 15.22 45.31 186.65
10/31/2016 45.75 14.56 44.20 181.42
11/30/2016 45.70 15.56 40.79 191.84
12/31/2016 46.61 16.55 40.99 197.61
1/31/2017 45.65 17.13 41.26 203.25
2/28/2017 48.42 18.45 42.21 215.29
3/31/2017 47.19 18.48 42.14 215.66
4/30/2017 48.31 18.98 43.24 218.90
5/31/2017 49.65 19.27 44.34 223.39
6/30/2017 49.59 19.53 44.19 225.41
7/31/2017 48.74 20.64 44.81 232.10
8/31/2017 49.38 20.99 46.11 233.12
9/30/2017 49.75 21.71 45.42 239.99
10/31/2017 48.63 22.55 45.50 247.92
11/30/2017 49.86 22.63 45.31 258.59
12/31/2017 48.84 23.53 45.98 262.58
1/31/2018 51.67 26.55 44.30 283.34
2/28/2018 50.25 23.49 42.93 269.21
3/31/2018 48.84 22.28 43.85 259.83
4/30/2018 47.70 22.39 42.78 261.21
5/31/2018 48.08 22.71 43.80 269.91
6/30/2018 47.70 22.49 43.62 272.19
7/31/2018 49.87 22.30 43.66 286.04
8/31/2018 51.99 22.86 44.58 298.61
9/30/2018 52.86 22.01 43.65 300.88
10/31/2018 52.48 18.22 42.51 273.48
11/30/2018 51.12 17.49 43.36 281.09

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 12/18/2018

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

(38.8% of assets as of 11/30/2018)


Long and Short Credit
Citibank NA, IG30 Index, Credit Default Swap
4.8%
RAMP Series 2006-NC3 Trust, Mtg. Asset-Backed Pass, FLT%, 3/25/36
1.5%
Residential Asset Securities Corp., (RASC 2006 KS2 M2), FLT%, 3/25/36
1.3%
M&T Bank Corp.
0.7%
Long and Short Equity
S&P Mid 400 Emini, 2018-12-
2.8%
Chubb Ltd.
2.5%
Philip Morris International, Inc.
2.1%
Xilinx, Inc.
2.1%
CommVault Systems, Inc.
1.9%
Long and Short Macro
Euro-Bund Future, 12/6/18
5.1%
SPDR Gold Shares
3.6%

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 97.1% - -
Germany 4.1% - -
Ireland 1.1% - -
Russia 1.1% - -
Switzerland 1.0% - -
Taiwan 0.7% - -
Bermuda 0.7% - -
United Kingdom 0.6% - -
Canada 0.2% - -
Supranational (non-iso) 0.2% - -
Cayman Islands 0.1% - -
Sweden 0.1% - -
Luxembourg 0.1% - -
Developed Markets Fundamental Alternatives Fund HFRX Global Hedge Fund Index Overweight / Underweight
Americas 98.1% - -
Supranational 0.2% - -
Asia Pacific -3.9% - -
Europe -8.2% - -
Emerging Markets Fundamental Alternatives Fund HFRX Global Hedge Fund Index Overweight / Underweight
Europe 1.1% - -
Americas -0.5% - -
Asia Pacific -6.3% - -
Equity Sector Fundamental Alternatives Fund HFRX Global Hedge Fund Index Overweight / Underweight
Financials 8.8% - -
Health Care 7.3% - -
Communication Services 4.9% - -
Broad Market 4.7% - -
Utilities 2.6% - -
Industrials 2.4% - -
Energy 1.6% - -
Materials 1.2% - -
Information Technology 0.5% - -
Consumer Discretionary 0.3% - -
Consumer Staples -0.5% - -
Real Estate -6.9% - -
Fixed Income Sector Fundamental Alternatives Fund HFRX Global Hedge Fund Index Overweight / Underweight
Corporates 14.5% - -
Non Agencies MBS 4.7% - -
ABS 4.5% - -
Catastrophe 1.3% - -
Sovereign -0.5% - -
Treasuries -1.0% - -
Agencies -3.2% - -
Asset Allocation Fundamental Alternatives Fund HFRX Global Hedge Fund Index Overweight / Underweight
Equity 26.8% - -
Fixed Income 21.3% - -
Commodity 3.6% - -
Other -11.9% - -
Market Cap Fundamental Alternatives Fund HFRX Global Hedge Fund Index Overweight / Underweight
Large 31.1% - -
Small 0.3% - -
Mid -3.9% - -
Holding Fundamental Alternatives Fund HFRX Global Hedge Fund Index Overweight / Underweight
Citi PB Collateral Cash 27.1% - -
JP Morgan PB Collateral Cash 8.6% - -
Euro-Bund Future, 12/6/18 5.1% - -
Citibank NA, IG30 Index, Credit Default Swap 4.8% - -
SPDR Gold Shares 3.6% - -
S&P Mid 400 Emini, 2018-12- 2.8% - -
Chubb Ltd. 2.5% - -
Philip Morris International, Inc. 2.1% - -
Xilinx, Inc. 2.1% - -
CommVault Systems, Inc. 1.9% - -
Oppenheimer Institutional Government Money Market Fund Cl. E 1.8% - -
Cisco Systems, Inc. 1.7% - -
Alphabet, Inc. 1.7% - -
UnitedHealth Group, Inc. 1.6% - -
RAMP Series 2006-NC3 Trust, Mtg. Asset-Backed Pass, FLT%, 3/25/36 1.5% - -
M&T Bank Corp. 1.4% - -
Residential Asset Securities Corp., (RASC 2006 KS2 M2), FLT%, 3/25/36 1.3% - -
Apple, Inc. 1.3% - -
Blackstone Mortgage Trust, Inc. 1.3% - -
Lockheed Martin Corp. 1.3% - -
Analytics
(As of 11/30/2018)

Morningstar 11/30/2018 (based on risk adjusted performance)
Overall Rating
Number of Funds
285
Category
Multialternative
Performance Statistics
3Y
5Y
Alpha
0.51
2.45
Beta
0.30
0.43
Information Ratio
0.19
0.82
R-Squared
14.33
26.31
Sharpe Ratio
0.13
0.68
Standard Deviation
3.10
3.19
Sortino Ratio
0.24
1.32
Tracking Error
3.97
3.51
Portfolio Characteristics
Fund
Fund Index
P/E Ratio (LTM)
17.50
-
P/E Ratio (NTM)
11.75
-
Price/Book
3.32
-
Return on Equity
11.29%
-
Debt to Capital Ratio
59.50
-
Turnover Ratio
168%
-
Dividends
  • D
Est. Frequency
Annual
Last Pay Date
12/13/2018
Per Share ($)
$0.5264
12-Month Distribution ($)
$0.4990
Distribution Sources
  • D
Net Income
91.70%
Net Profit from Sale
0.00%
Other Capital Sources
8.30%
Tools
Morningstar logo 95x28 trans
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. 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. The HFRX Global Hedge Fund Index is designed to be representative of the overall composition of the hedge fund universe. It is comprised of all eligible hedge fund strategies; including but not limited to convertible arbitrage, distressed securities, equity hedge, equity market neutral, event driven, macro, merger arbitrage, and relative value arbitrage. The strategies are asset weighted based on the distribution of assets in the hedge fund industry. Index performance is shown for illustrative purposes only, is unmanaged, and cannot be purchased directly by investors. Past performance does not guarantee future results.
  6. 6. 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.
  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 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.
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