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Senior Floating Rate Plus Fund

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Overview

The Strategy typically invests in senior loans with the flexibility to include high yield bonds and actively employ leverage.

Inception Date
August 23, 2013
Investment Style
Senior Floating Rate
Fund Index
J.P. Morgan Leveraged Loan Index
CUSIP
68385R102
NAV
  • A
(as of 04/19/2018)
$9.44
Total Assets
(as of 03/31/2018)
$70.36 MM
Gross Expense Ratio
(as of 03/29/2018)
1.86%
Net Expense Ratio
(as of 03/29/2018)
1.61%
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

Include Sales Charge
Include Sales Charge
Include Sales Charge
Include Sales Charge
  • B
Cumulative
Annualized
1 mo 3 mo ytd as of 2018-03-31
  • C
1 yr 3 yr since inception
Senior Floating Rate Plus Fund (NAV)
-0.29% 1.17% 1.17% 3.58% 3.96% 3.74%
J.P. Morgan Leveraged Loan Index
0.35% 1.58% 1.58% 4.76% 4.53% 4.47%
Cumulative
Annualized
1 mo 3 mo ytd as of 2018-03-31
  • C
1 yr 3 yr since inception
Senior Floating Rate Plus Fund (with sales charge)
-3.78% -2.37% -2.37% -0.05% 2.74% 2.94%
J.P. Morgan Leveraged Loan Index
0.35% 1.58% 1.58% 4.76% 4.53% 4.47%
Cumulative
Annualized
1 mo 3 mo ytd as of 2018-03-31
  • C
1 yr 3 yr since inception
Senior Floating Rate Plus Fund (NAV)
-0.29% 1.17% 1.17% 3.58% 3.96% 3.74%
J.P. Morgan Leveraged Loan Index
0.35% 1.58% 1.58% 4.76% 4.53% 4.47%
Cumulative
Annualized
1 mo 3 mo ytd as of 2018-03-31
  • C
1 yr 3 yr since inception
Senior Floating Rate Plus Fund (with sales charge)
-3.78% -2.37% -2.37% -0.05% 2.74% 2.94%
J.P. Morgan Leveraged Loan Index
0.35% 1.58% 1.58% 4.76% 4.53% 4.47%
Gross Expense Ratio: 1.86% | Net Expense Ratio: 1.61%

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 3.50% maximum sales charge where indicated. Returns do not consider capital gains or income taxes on an individual's investment.


Year Senior Floating Rate Plus Fund J.P. Morgan Leveraged Loan Index
2014 0.75% 2.40%
2015 -3.44% 0.54%
2016 13.18% 9.78%
2017 3.74% 4.25%

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 3.50% maximum sales charge where indicated. Returns do not consider capital gains or income taxes on an individual's investment.


Date Senior Floating Rate Plus Fund J.P. Morgan Leveraged Loan Index (Linked Index)
3/31/2015 0.00 0.00
4/30/2015 0.85 0.85
5/31/2015 0.93 0.95
6/30/2015 0.14 0.67
7/31/2015 0.48 0.98
8/31/2015 -0.46 0.42
9/30/2015 -1.50 -0.09
10/31/2015 -1.43 -0.06
11/30/2015 -3.42 -0.99
12/31/2015 -5.39 -1.74
1/31/2016 -7.11 -2.35
2/29/2016 -8.02 -2.77
3/31/2016 -4.99 -0.08
4/30/2016 -2.60 1.65
5/31/2016 -0.93 2.57
6/30/2016 -0.57 2.50
7/31/2016 1.25 3.93
8/31/2016 2.25 4.71
9/30/2016 3.80 5.58
10/31/2016 5.06 6.25
11/30/2016 5.45 6.65
12/31/2016 7.08 7.87
1/31/2017 7.82 8.33
2/28/2017 8.75 8.97
3/31/2017 8.49 9.03
4/30/2017 8.85 9.41
5/31/2017 8.91 9.81
6/30/2017 8.72 9.87
7/31/2017 9.71 10.69
8/31/2017 9.50 10.62
9/30/2017 9.65 11.08
10/31/2017 10.33 11.82
11/30/2017 10.16 12.00
12/31/2017 11.08 12.46
1/31/2018 12.34 13.66
2/28/2018 12.70 13.84
3/29/2018 12.37
Date Dividends
4/30/2015 0.042
5/29/2015 0.0385
6/30/2015 0.0438
7/31/2015 0.0423
8/31/2015 0.0405
9/30/2015 0.0412
10/30/2015 0.0466
11/30/2015 0.0433
12/31/2015 0.0448
1/29/2016 0.0402
2/29/2016 0.0361
3/31/2016 0.039
4/29/2016 0.0397
5/31/2016 0.043
6/30/2016 0.0426
7/29/2016 0.0451
8/31/2016 0.0401
9/30/2016 0.0387
10/31/2016 0.0333
11/30/2016 0.0346
12/30/2016 0.0342
1/31/2017 0.0358
2/28/2017 0.0322
3/31/2017 0.0373
4/28/2017 0.0314
5/31/2017 0.0352
6/30/2017 0.0331
7/31/2017 0.0355
8/31/2017 0.0419
9/29/2017 0.0333
10/31/2017 0.0377
11/30/2017 0.0356
12/29/2017 0.0381
1/31/2018 0.0368
2/28/2018 0.03
3/29/2018 0.0328

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 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 3.50% maximum sales charge where indicated. 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 0.0359
Long Term
Total Amount of Distribution 0.0359
Record Date 12/31/14
Ex Div Date 12/31/14
Pay Date 12/31/14

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

Portfolio

Top Industries

(108.6% of assets as of 03/31/2018)


Portfolio Holdings Breakdown

Country
Asset Allocation
Credit Rating Allocation 5
Country Senior Floating Rate Plus Fund J.P. Morgan Leveraged Loan Index Overweight / Underweight
United States 97.3% 89.4% 7.9%
United Kingdom 2.2% 2.3% -0.1%
Luxembourg 1.9% 1.2% 0.7%
Canada 1.9% 2.3% -0.4%
Netherlands 1.8% 0.9% 1.0%
Ireland 1.2% 0.6% 0.6%
France 0.7% 0.6% 0.1%
Spain 0.6% 0.3% 0.3%
Marshall Islands 0.5% 0.1% 0.4%
Puerto Rico 0.5% 0.1% 0.4%
Australia 0.3% 0.3% 0.0%
New Zealand 0.3% 0.3% 0.0%
Jamaica 0.3% 0.1% 0.2%
Germany 0.3% 0.5% -0.3%
Norway 0.1% 0.1% 0.0%
Isle of Man 0.1% 0.1% 0.0%
Asset Allocation Senior Floating Rate Plus Fund J.P. Morgan Leveraged Loan Index Overweight / Underweight
Senior Loans 102.6% 100.0% 2.6%
Equity 3.9% - -
Corporate Bonds 3.6% - -
Credit Rating Allocation Senior Floating Rate Plus Fund J.P. Morgan Leveraged Loan Index Overweight / Underweight
BBB 4.3% 8.2% -3.9%
BB 46.0% 33.6% 12.4%
B 45.7% 43.3% 2.3%
CCC 4.6% 1.8% 2.8%
D 0.5% - -
Unrated 5.1% 13.1% -8.0%
Other 3.9% - -
Analytics
(As of 03/31/2018)

Morningstar 03/31/2018 (based on risk adjusted performance)
Overall Rating
Number of Funds
206
Category
Bank Loan
Performance Statistics
3Y
Alpha
-2.62
Beta
1.54
Information Ratio
-0.32
R-Squared
91.60
Sharpe Ratio
0.84
Standard Deviation
4.04
Sortino Ratio
0.43
Tracking Error
1.79
Dividends
  • D
Est. Frequency
Monthly
Last Pay Date
3/29/2018
Per Share ($)
$0.0328
12-Month Distribution ($)
$0.4216
Portfolio Characteristics
Fund
Fund Index
Yield to Worst
7.19%
0.05%
Average Effective Maturity
4.96 yrs
5.37 yrs
Current Duration
0.30 yrs
-
Average Coupon
5.77%
-
Effective Coupon
5.77%
-
Effective Discount Margin
455.13 bps
411.13 bps
Loan Average Price
$98.29
$98.99
Turnover Ratio
84.00%
-
Yields
Dividend Yield (with sales charge)
3.97%
Dividend Yield (w/o sales charge)
4.11%
Standardized Yield
4.24%
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: Senior loans are typically lower-rated and may be illiquid investments (which may not have a ready market). The Fund may invest without limit in below-investment-grade securities. The Fund may invest a variable amount in debt rated below "B." May invest 25% or more of its assets in securities issued by companies in the financial services sector which may be susceptible to economic and regulatory events, and increased volatility. Foreign investments may be volatile and involve additional expenses and special risks, including currency fluctuations, foreign taxes, regulatory and geopolitical 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. Derivative instruments entail higher volatility and risk of loss compared to traditional stock or bond investments. Leverage (borrowing) involves transaction and interest costs on amounts borrowed, which may reduce performance.
  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 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.
  7. 7. 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.
  8. 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.
  9. 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 3.50% maximum sales charge where indicated. Returns do not consider capital gains or income taxes on an individual's investment.
  10. 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.
  11. D. There is no guarantee of the payment of any dividend or other distributions at any level.
  12. 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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