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ORNAX Oppenheimer Rochester® High Yld Muni A

  • Fund
  • ORNAX
  • Price as of: Nov 16, 2017
  • $7.02
  • - $0.01
  • - 0.14%
  • Category
  • High Yield Municipal Bonds

ORNAX - Profile

Vitals

  • YTD Return 1.4%
  • 3 Yr Annualized Return 6.1%
  • 5 Yr Annualized Return 5.1%
  • Net Assets $5.42 B
  • Holdings in Top 10 14.3%

52 WEEK LOW AND HIGH

$7.02
$6.87
$7.39

Expenses

OPERATING RELATED FEES

  • Expense Ratio 1.06%

SALES FEES

  • Front Load 4.75%
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 29.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

STANDARD (TAXABLE)

$1,000

IRA

$500

Investment Themes

CATEGORY

High Yield Municipal Bonds
  • Fund Type Open End Mutual Fund
  • Investment Style High Yield Muni

Distributions

  • YTD Total Return 1.4%
  • 3 Yr Annualized Total Return 4.4%
  • 5 Yr Annualized Total Return 4.1%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 5.36%
DIVIDENDS
  • Dividend Yield 0.5%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name Oppenheimer Rochester® High Yield Municipal Fund
  • Fund Family Name OppenheimerFunds
  • Inception Date Oct 01, 1993
  • Shares Outstanding N/A
  • Share Class A
  • Currency USD
  • Domiciled Country United States
  • Manager Scott S. Cottier

Fund Description

The Oppenheimer Rochester High Yield Municipal Fund Class A (ORNAX) seeks to provide high tax-free income for investors. ORNAX bets on high-yield or junk bonds within the municipal bond sector. Junk munis are often made to states or towns with less-than-stellar credit cores. The fund is actively managed to produce a portfolio of bonds that have high yields and less credit risk than initially perceived.

For investors in higher tax brackets looking for income, ORNAX is a low-cost option for an income boost to portfolios. The fund is managed by Oppenheimer Funds.

ORNAX - Performance

Return Ranking - Trailing

Period ORNAX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD 1.4% 0.0% 8.1% 61.38% 5
1 Yr 2.1% -9.1% 12.2% 46.58% 3
3 Yr 6.1% * 0.2% 7.2% 4.17% 1
5 Yr 5.1% * -0.7% 6.3% 12.00% 1
10 Yr 2.3% * 1.5% 5.9% 96.33% 5

* Annualized


Return Ranking - Calendar

Period ORNAX Return Category Return Low Category Return High Rank in Category (%) Quintile
2016 -1.4% -6.7% 0.0% 4.14% 1
2015 -2.0% -2.0% 2.9% 57.64% 5
2014 8.3% 0.0% 13.1% 41.30% 4
2013 -13.4% -13.7% 0.0% 56.56% 5
2012 11.1% 0.0% 14.5% 13.68% 1

Total Return Ranking - Trailing

Period ORNAX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD 1.4% 0.0% 8.1% 61.38% 5
1 Yr -2.7% -8.3% 9.2% 84.25% 5
3 Yr 4.4% * 0.5% 7.2% 34.72% 2
5 Yr 4.1% * 1.2% 6.3% 36.80% 2
10 Yr 1.8% * 1.5% 5.9% 98.17% 5

* Annualized


Total Return Ranking - Calendar

Period ORNAX Return Category Return Low Category Return High Rank in Category (%) Quintile
2016 -1.4% -5.0% 0.5% 8.28% 1
2015 -2.0% -2.0% 6.8% 61.81% 5
2014 8.3% 0.0% 20.0% 44.20% 4
2013 -13.4% -13.7% 0.0% 58.20% 5
2012 11.1% 0.0% 18.2% 19.66% 2

NAV & Total Return History

ORNAX - Holdings

Filings data as of: Sep 30, 2017

Concentration Analysis

ORNAX Category Low Category High ORNAX % Rank Quintile
Net Assets 5.42 B 152 K 16 B 2.72% 1
Number of Holdings 1196 52 2802 5.44% 1
Net Assets in Top 10 843 M 45.4 K 1.93 B 2.04% 1
Weighting of Top 10 14.3% 6.3% 30.6% 16.33% 3

Top 10 Holdings

  1. Golden St Tob Securitization C Tob 5.75% 2.78%
  2. Texas Mun Gas Acquisition & Su Sr 6.25% 2.47%
  3. Buckeye Ohio Tob Settlement Fi To 5.875% 1.48%
  4. Buckeye Ohio Tob Settlement Fi Toba 6.5% 1.32%
  5. Michigan Tob Settlement Fin Au Tobacco S 1.14%
  6. Jefferson Cnty Ala Swr Rev Swr Rev 6.5% 1.07%
  7. Tobacco Settlement Fing Corp N Ass 4.75% 1.03%
  8. California Cnty Calif Tob Secu Rev Bds 1.00%
  9. Public Fin Auth 10% 0.99%
  10. Buckeye Ohio Tob Settlement Fi Tob 6.25% 0.98%

Asset Allocation

Weighting Category Low Category High ORNAX % Rank Quintile
Bonds
99.23% 85.14% 102.84% 15.65% 3
Cash
0.73% -2.85% 13.15% 16.33% 2
Other
0.03% -0.37% 3.31% 8.16% 2
Stocks
0.01% 0.00% 2.97% 3.40% 1
Preferred Stocks
0.00% 0.00% 1.29% 1.36% 2
Convertible Bonds
0.00% 0.00% 0.00% 0.68% 2

Stock Sector Breakdown

Weighting Category Low Category High ORNAX % Rank Quintile
Industrials
0.01% 0.00% 2.96% 13.89% 3
Utilities
0.00% 0.00% 0.00% 2.78% 3
Technology
0.00% 0.00% 0.00% 2.78% 3
Real Estate
0.00% 0.00% 0.00% 2.78% 3
Healthcare
0.00% 0.00% 0.00% 2.78% 3
Financial Services
0.00% 0.00% 0.00% 2.78% 3
Energy
0.00% 0.00% 0.00% 2.78% 3
Communication Services
0.00% 0.00% 0.00% 2.78% 3
Consumer Defense
0.00% 0.00% 0.00% 2.78% 3
Consumer Cyclical
0.00% 0.00% 0.01% 5.56% 4
Basic Materials
0.00% 0.00% 0.00% 2.78% 3

Stock Geographic Breakdown

Weighting Category Low Category High ORNAX % Rank Quintile
US
0.01% 0.00% 2.97% 3.40% 1
Non US
0.00% 0.00% 0.00% 0.68% 2

Bond Sector Breakdown

Weighting Category Low Category High ORNAX % Rank Quintile
Municipal
99.82% 91.31% 104.62% 6.80% 2
Corporate
0.09% 0.00% 1.50% 6.80% 1
Cash & Equivalents
0.05% -2.85% 13.15% 26.53% 4
Derivative
0.00% -4.78% 0.01% 1.36% 2
Securitized
0.00% 0.00% 0.69% 1.36% 2
Government
0.00% -4.69% 4.37% 8.84% 3

Bond Geographic Breakdown

Weighting Category Low Category High ORNAX % Rank Quintile
US
99.23% 85.14% 102.08% 9.52% 2
Non US
0.00% -0.14% 11.17% 15.65% 4

ORNAX - Expenses

Operational Fees

ORNAX Fees (% of AUM) Category Low Category High Rank in Category (%) Quintile
Expense Ratio 1.06% 0.27% 44.43% 24.49% 4
Management Fee 0.37% 0.00% 0.75% 12.24% 1
12b-1 Fee 0.25% 0.00% 1.00% 11.71% 2
Administrative Fee 0.08% 0.00% 0.35% 15.38% 3

Sales Fees

ORNAX Fees (% of AUM) Category Low Category High ORNAX Rank Quintile
Front Load 4.75% 1.00% 4.75% 2.56% 5
Deferred Load N/A 0.60% 5.50% N/A N/A

Trading Fees

ORNAX Fees (% of AUM) Category Low Category High ORNAX Rank Quintile
Max Redemption Fee N/A 0.75% 2.00% N/A N/A

Turnover Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

ORNAX Fees (% of AUM) Category Low Category High ORNAX Rank Quintile
Turnover 29.00% 4.00% 172.00% 14.29% 3

ORNAX - Distributions

Dividend Yield Analysis

ORNAX Category Low Category High ORNAX % Rank Quintile
Dividend Yield 0.5% 0.16% 0.96% 23.08% 2

Dividend Distribution Analysis

ORNAX Category Low Category High Category Mode
Dividend Distribution Frequency Monthly Monthly Monthly Annually

Dividend Payout History


Net Income Ratio Analysis

ORNAX Category Low Category High ORNAX % Rank Quintile
Net Income Ratio 5.36% 1.33% 5.74% 2.72% 1

Capital Gain Distribution Analysis

ORNAX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Monthly Annually

ORNAX - Managers

Scott S. Cottier

Lead Manager

Start Date

Sep 30, 2002

Tenure

15.1

Tenure Rank

3.3%

Cottier has been a vice president and a senior portfolio manager with OppenheimerFunds, Inc. He has been a vice president of OppenheimerFunds, Inc. since 2002. Prior to joining it in 2002, Cottier was a portfolio manager and trader at Victory Capital Management from 1999 to 2002.


Mark R. DeMitry

Manager

Start Date

Sep 27, 2006

Tenure

11.1

Tenure Rank

8.7%

DeMitry has been an associate portfolio manager with OppenheimerFunds since September 2006 and has been a research analyst of OppenheimerFunds, Inc. since June 2003; a credit analyst of OppenheimerFunds, Inc. from July 2001 to May 2003; an associate regional sales representative of OppenheimerFunds, Inc. from December 2000 to June 2001.


Michael L. Camarella

Manager

Start Date

Jan 31, 2008

Tenure

9.76

Tenure Rank

11.9%

Camarella has been a research analyst of OppenheimerFunds since February 2006. Camarella was a credit analyst of the manager from June 2003 to January 2006. Prior to joining the firm, he was employed as an investment banking analyst for Wachovia Securities in Charlotte, North Carolina.


Troy E. Willis

Lead Manager

Start Date

Jun 30, 2003

Tenure

14.35

Tenure Rank

4.6%

Willis has been an assistant vice president of OppenheimerFunds Inc. since July 2005 and associate portfolio manager with the company since 2003. Prior to joining Oppenheimer Funds Inc. in 2003, he was a corporate attorney for Southern Resource Group from 1999 to 2003. Willis is a senior portfolio manager and officer of 18 portfolios in the Oppenheimer Funds complex.


Charles S. Pulire

Manager

Start Date

Dec 31, 2010

Tenure

6.84

Tenure Rank

16.0%

Mr. Pulire has been a Vice President and Senior Portfolio Manager of OppenheimerFunds, Inc since February 2013. He was an Assistant Vice President and an Associate Portfolio Manager of the Sub-Adviser from December 2010 to January 2013. He was a Research Analyst with the Sub-Adviser from February 2008 to November 2010 and was a Credit Analyst with the Sub-Adviser from May 2006 to January 2008. Mr. Pulire is a portfolio manager, an officer and a trader for the Fund and other Oppenheimer funds.


Elizabeth S. Mossow

Manager

Start Date

Jul 29, 2013

Tenure

4.26

Tenure Rank

20.3%

Mrs. Mossow has been an Assistant Vice President of Oppenheimer since January 2011 and an Associate Portfolio Manager of the firm since June 2013. She was a Portfolio Research Analyst of the Sub-Adviser from June 2011 to June 2013 and was a Credit Analyst of the Sub-Adviser from May 2007 to May 2011. She was a Risk Management Analyst at Manning & Napier Associates from September 2006 to May 2007 and was an Analyst/Trading Assistant at The Baupost Group from August 2000 to March 2006. Mrs. Mossow is a portfolio manager and a trader for the Fund and other Oppenheimer funds.


Tenure Analysis

Category Low

0.1

Category High

28.9

Category Average

8.11

Category Mode

0.7