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ORNAX Oppenheimer Rochester® High Yld Muni A

  • Fund
  • ORNAX
  • Price as of: Nov 15, 2018
  • $7.19
  • - $0.01
  • - 0.14%
  • Category
  • High Yield Municipal Bonds

ORNAX - Profile

Vitals

  • YTD Return 2.9%
  • 3 Yr Annualized Return 7.1%
  • 5 Yr Annualized Return 7.8%
  • Net Assets $5.91 B
  • Holdings in Top 10 10.3%

52 WEEK LOW AND HIGH

$7.19
$6.91
$7.48

Expenses

OPERATING RELATED FEES

  • Expense Ratio 1.04%

SALES FEES

  • Front Load 4.75%
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 34.00%

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 2.9%
  • 3 Yr Annualized Total Return 5.4%
  • 5 Yr Annualized Total Return 6.8%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 4.94%
DIVIDENDS
  • Dividend Yield 0.4%
  • 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 2.9% -4.7% 4.5% 5.52% 1
1 Yr 8.3% -9.1% 12.2% 3.42% 1
3 Yr 7.1% * 0.2% 7.3% 2.08% 1
5 Yr 7.8% * -0.7% 8.0% 1.45% 1
10 Yr 8.8% * 2.9% 9.0% 1.83% 1

* Annualized


Return Ranking - Calendar

Period ORNAX Return Category Return Low Category Return High Rank in Category (%) Quintile
2017 1.0% -6.7% 8.6% 59.31% 5
2016 -1.4% -6.7% 2.4% 8.33% 1
2015 -2.0% -2.0% 13.1% 60.42% 5
2014 8.3% -12.2% 13.1% 41.61% 4
2013 -13.4% -13.7% 12.2% 59.84% 5

Total Return Ranking - Trailing

Period ORNAX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD 2.9% -100.0% 4.5% 4.83% 1
1 Yr 3.2% -8.3% 9.2% 10.96% 1
3 Yr 5.4% * -0.4% 7.3% 6.25% 1
5 Yr 6.8% * 1.1% 8.0% 5.07% 1
10 Yr 8.3% * 2.9% 9.0% 1.83% 1

* Annualized


Total Return Ranking - Calendar

Period ORNAX Return Category Return Low Category Return High Rank in Category (%) Quintile
2017 1.0% -4.4% 8.6% 59.31% 5
2016 -1.4% -5.0% 4.3% 12.50% 1
2015 -2.0% -2.0% 19.5% 64.58% 5
2014 8.3% -11.4% 20.0% 43.80% 4
2013 -13.4% -13.7% 17.7% 61.48% 5

NAV & Total Return History

ORNAX - Holdings

Filings data as of: Sep 30, 2018

Concentration Analysis

ORNAX Category Low Category High ORNAX % Rank Quintile
Net Assets 5.91 B 152 K 16.6 B 4.76% 1
Number of Holdings 1332 46 3132 6.12% 1
Net Assets in Top 10 669 M -34.9 M 2.01 B 4.76% 1
Weighting of Top 10 10.3% 4.7% 38.7% 24.49% 4

Top 10 Holdings

  1. MICHIGAN TOB SETTLEMENT FIN AUTH 0% 1.28%
  2. BUCKEYE OHIO TOB SETTLEMENT FING AUTH 5.88% 1.12%
  3. CALIFORNIA CNTY CALIF TOB SECURITIZATION AGY 0% 1.10%
  4. BUCKEYE OHIO TOB SETTLEMENT FING AUTH 6.5% 1.07%
  5. TEXAS MUN GAS ACQUISITION & SUPPLY CORP I GAS SUPPLY 6.25% 1.04%
  6. BUCKEYE OHIO TOB SETTLEMENT FING AUTH 6.25% 1.02%
  7. JEFFERSON CNTY ALA 6.5% 0.95%
  8. DISTRICT COLUMBIA TOB SETTLEMENT FING CORP 0% 0.94%
  9. PUBLIC FIN AUTH WIS 6.75% 0.90%
  10. TEXAS WATER DEV BRD 5% 0.89%

Asset Allocation

Weighting Category Low Category High ORNAX % Rank Quintile
Bonds
99.29% 77.89% 105.34% 14.29% 3
Cash
0.70% -5.34% 22.11% 16.33% 3
Stocks
0.01% 0.00% 2.97% 2.72% 1
Preferred Stocks
0.00% 0.00% 0.40% 1.36% 2
Other
0.00% -0.32% 3.26% 8.84% 3
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% 12.50% 3
Utilities
0.00% 0.00% 0.00% 2.50% 3
Technology
0.00% 0.00% 0.00% 2.50% 3
Real Estate
0.00% 0.00% 0.00% 2.50% 3
Healthcare
0.00% 0.00% 0.00% 2.50% 3
Financial Services
0.00% 0.00% 0.00% 2.50% 3
Energy
0.00% 0.00% 0.00% 2.50% 3
Communication Services
0.00% 0.00% 0.00% 2.50% 3
Consumer Defense
0.00% 0.00% 0.00% 2.50% 3
Consumer Cyclical
0.00% 0.00% 0.01% 5.00% 3
Basic Materials
0.00% 0.00% 0.00% 2.50% 3

Stock Geographic Breakdown

Weighting Category Low Category High ORNAX % Rank Quintile
US
0.01% 0.00% 2.97% 2.72% 1
Non US
0.00% 0.00% 0.00% 0.68% 2

Bond Sector Breakdown

Weighting Category Low Category High ORNAX % Rank Quintile
Municipal
99.25% 90.16% 103.58% 13.61% 3
Cash & Equivalents
0.70% -4.84% 22.10% 16.33% 3
Corporate
0.04% 0.00% 1.66% 8.16% 2
Derivative
0.00% -4.18% 0.06% 2.04% 3
Securitized
0.00% 0.00% 0.08% 1.36% 2
Government
0.00% -11.14% 6.44% 4.76% 2

Bond Geographic Breakdown

Weighting Category Low Category High ORNAX % Rank Quintile
US
87.11% 74.69% 102.20% 31.97% 5
Non US
12.18% -0.14% 12.28% 1.36% 1

ORNAX - Expenses

Operational Fees

ORNAX Fees (% of AUM) Category Low Category High Rank in Category (%) Quintile
Expense Ratio 1.04% 0.27% 44.43% 28.57% 3
Management Fee 0.37% 0.00% 0.75% 12.93% 1
12b-1 Fee 0.25% 0.00% 1.00% 11.71% 2
Administrative Fee 0.08% 0.00% 0.35% 13.46% 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 34.00% 3.00% 172.00% 11.56% 4

ORNAX - Distributions

Dividend Yield Analysis

ORNAX Category Low Category High ORNAX % Rank Quintile
Dividend Yield 0.4% 0.09% 0.92% 50.34% 3

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 4.94% 1.39% 5.74% 7.48% 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

16.1

Tenure Rank

3.0%

Mr. Cottier has been a Senior Vice President of OppenheimerFunds, Inc. since January 2017 and a Senior Portfolio Manager of OppenheimerFunds, Inc. since September 2002. He was Vice President of OppenheimerFunds, Inc. from September 2002 to December 2016. Mr. Cottier is a co-team leader, a portfolio manager, an officer, and a trader for the Fund and other Oppenheimer funds. 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.


Tenure Analysis

Category Low

0.1

Category High

29.9

Category Average

8.54

Category Mode

0.5