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ORNCX Oppenheimer Rochester® High Yld Muni C

  • Fund
  • ORNCX
  • Price as of: Jul 19, 2017
  • $7.28
  • + $0.01
  • + 0.14%
  • Category
  • High Yield Municipal Bonds

ORNCX - Profile

Vitals

  • YTD Return 5.7%
  • 3 Yr Annualized Return 7.1%
  • 5 Yr Annualized Return 5.9%
  • Net Assets $5.84 B
  • Holdings in Top 10 13.7%

52 WEEK LOW AND HIGH

$7.28
$6.84
$7.38

Expenses

OPERATING RELATED FEES

  • Expense Ratio 1.75%

SALES FEES

  • Front Load N/A
  • Deferred Load 1.00%

BROKERAGE FEES

  • Turnover 20.00%

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 5.7%
  • 3 Yr Annualized Total Return 7.1%
  • 5 Yr Annualized Total Return 5.9%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 5.80%
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 Aug 29, 1995
  • Shares Outstanding N/A
  • Share Class C
  • Currency USD
  • Domiciled Country United States
  • Manager Scott S. Cottier

Fund Description

Under normal market conditions, and as a fundamental policy, the fund will invest at least 80% of its net assets (plus borrowings for investment purposes) in securities the income from which, in the opinion of counsel to the issuer of each security, is exempt from regular federal individual and, as applicable, the fund's state income tax. It invests in municipal securities issued by the governments of states, their political subdivisions and the District of Columbia, U.S. territories, commonwealths and possessions or by their agencies, instrumentalities and authorities.

ORNCX - Performance

Return Ranking - Trailing

Period ORNCX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD 5.7% 0.0% 6.7% 2.76% 1
1 Yr 4.3% -9.1% 12.2% 4.11% 1
3 Yr 7.1% * 0.2% 8.1% 3.47% 1
5 Yr 5.9% * -0.7% 6.8% 8.00% 1
10 Yr 1.1% * 1.1% 5.7% 99.08% 5

* Annualized


Return Ranking - Calendar

Period ORNCX Return Category Return Low Category Return High Rank in Category (%) Quintile
2016 -1.4% -6.7% 0.0% 5.52% 1
2015 -2.0% -2.0% 2.9% 59.03% 5
2014 8.2% 0.0% 13.1% 42.75% 4
2013 -13.4% -13.7% 0.0% 57.38% 5
2012 11.1% 0.0% 14.5% 11.11% 1

Total Return Ranking - Trailing

Period ORNCX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD 5.7% 0.0% 6.7% 2.76% 1
1 Yr 3.3% -8.3% 9.2% 2.74% 1
3 Yr 7.1% * 0.7% 8.1% 2.08% 1
5 Yr 5.9% * 1.4% 6.8% 4.80% 1
10 Yr 1.1% * 1.1% 5.7% 99.08% 5

* Annualized


Total Return Ranking - Calendar

Period ORNCX Return Category Return Low Category Return High Rank in Category (%) Quintile
2016 -1.4% -5.0% 0.5% 9.66% 1
2015 -2.0% -2.0% 6.8% 63.19% 5
2014 8.2% 0.0% 20.0% 45.65% 4
2013 -13.4% -13.7% 0.0% 59.02% 5
2012 11.1% 0.0% 18.2% 17.09% 2

NAV & Total Return History

ORNCX - Holdings

Filings data as of: May 31, 2017

Concentration Analysis

ORNCX Category Low Category High ORNCX % Rank Quintile
Net Assets 5.84 B 152 K 14.6 B 2.72% 1
Number of Holdings 1139 50 2631 5.44% 1
Net Assets in Top 10 805 M 45.4 K 1.68 B 2.04% 1
Weighting of Top 10 13.7% 6.7% 30.8% 16.33% 3

Top 10 Holdings

  1. Texas Mun Gas Acquisition & Su Ctfs 2.30%
  2. Tobacco Settlement Fing Corp N Ass 4.75% 1.76%
  3. Buckeye Ohio Tob Settlement Fi To 5.875% 1.55%
  4. Buckeye Ohio Tob Settlement Fi Toba 6.5% 1.34%
  5. Golden St Tob Securitization C Ctfs 1.31%
  6. Buckeye Ohio Tob Settlement Fi Tobacco S 1.25%
  7. Michigan Tob Settlement Fin Au Tobacco S 1.11%
  8. Jefferson Cnty Ala Swr Rev Swr Rev 6.5% 1.05%
  9. District Columbia Tob Settleme Tobacco A 1.04%
  10. Buckeye Ohio Tob Settlement Fi Tob 6.25% 1.01%

Asset Allocation

Weighting Category Low Category High ORNCX % Rank Quintile
Bonds
99.14% 87.28% 100.43% 10.20% 2
Cash
0.73% -0.45% 10.76% 19.73% 3
Other
0.11% -0.32% 3.26% 6.80% 1
Stocks
0.01% 0.00% 2.97% 3.40% 1
Preferred Stocks
0.00% 0.00% 0.59% 4.08% 2
Convertible Bonds
0.00% 0.00% 0.00% 0.68% 2

Stock Sector Breakdown

Weighting Category Low Category High ORNCX % 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% 3
Basic Materials
0.00% 0.00% 0.00% 2.78% 3

Stock Geographic Breakdown

Weighting Category Low Category High ORNCX % 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 ORNCX % Rank Quintile
Municipal
98.01% 90.36% 100.95% 10.20% 2
Government
1.03% -2.89% 4.61% 12.24% 2
Cash & Equivalents
0.73% -0.45% 10.76% 19.73% 3
Corporate
0.10% 0.00% 1.56% 9.52% 2
Derivative
0.00% -2.83% 0.00% 0.68% 2
Securitized
0.00% 0.00% 0.00% 0.68% 2

Bond Geographic Breakdown

Weighting Category Low Category High ORNCX % Rank Quintile
US
99.14% 87.28% 100.43% 10.20% 2
Non US
0.00% -0.14% 0.00% 0.68% 2

ORNCX - Expenses

Operational Fees

ORNCX Fees (% of AUM) Category Low Category High Rank in Category (%) Quintile
Expense Ratio 1.75% 0.27% 44.43% 5.44% 5
Management Fee 0.37% 0.00% 0.75% 12.24% 1
12b-1 Fee 0.90% 0.00% 1.00% 3.60% 4
Administrative Fee 0.08% 0.00% 0.35% 15.38% 3

Sales Fees

ORNCX Fees (% of AUM) Category Low Category High ORNCX Rank Quintile
Front Load N/A 1.00% 4.75% N/A N/A
Deferred Load 1.00% 0.60% 5.50% 7.55% 2

Trading Fees

ORNCX Fees (% of AUM) Category Low Category High ORNCX 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.

ORNCX Fees (% of AUM) Category Low Category High ORNCX Rank Quintile
Turnover 20.00% 4.00% 172.00% 13.61% 3

ORNCX - Distributions

Dividend Yield Analysis

ORNCX Category Low Category High ORNCX % Rank Quintile
Dividend Yield 0.4% 0.16% 0.96% 32.87% 2

Dividend Distribution Analysis

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

Dividend Payout History


Net Income Ratio Analysis

ORNCX Category Low Category High ORNCX % Rank Quintile
Net Income Ratio 5.80% 1.33% 6.68% 2.72% 1

Capital Gain Distribution Analysis

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

ORNCX - Managers

Scott S. Cottier

Lead Manager

Start Date

Sep 30, 2002

Tenure

14.76

Tenure Rank

3.0%

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

10.76

Tenure Rank

8.5%

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

9.42

Tenure Rank

10.7%

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

14.01

Tenure Rank

4.1%

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

6.5

Tenure Rank

14.0%

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

3.92

Tenure Rank

17.0%

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

0.3

Category High

28.5

Category Average

7.89

Category Mode

2.5