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Trending ETFs

Name

Price

Aum/Mkt Cap

YIELD

Exp Ratio

Watchlist

$7.03

$8.01 B

4.86%

$0.34

0.95%

Vitals

YTD Return

5.1%

1 yr return

-11.2%

3 Yr Avg Return

-4.7%

5 Yr Avg Return

0.2%

Net Assets

$8.01 B

Holdings in Top 10

10.0%

52 WEEK LOW AND HIGH

$7.0
$6.27
$7.92

Expenses

OPERATING FEES

Expense Ratio 0.95%

SALES FEES

Front Load 4.25%

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A


Min Investment

Standard (Taxable)

$1,000

IRA

$250


Fund Classification

Fund Type

Open End Mutual Fund


Name

Price

Aum/Mkt Cap

YIELD

Exp Ratio

Watchlist

$7.03

$8.01 B

4.86%

$0.34

0.95%

ORNAX - Profile

Distributions

  • YTD Total Return 5.1%
  • 3 Yr Annualized Total Return -4.7%
  • 5 Yr Annualized Total Return 0.2%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 3.24%
DIVIDENDS
  • Dividend Yield 4.9%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Invesco Rochester® Municipal Opportunities 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 Cottier

Fund Description

Under normal market conditions, and as a fundamental policy, the Fund invests 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. The policy stated in the foregoing sentence may not be changed without shareholder approval of a majority of the Fund’s outstanding voting securities, as defined in the Investment Company Act of 1940, as amended (1940 Act). In complying with the 80% investment requirement, the Fund may invest in derivatives and other instruments that have economic characteristics similar to the Fund’s direct investments that are counted toward the 80% investment requirement.
The Fund invests in municipal securities issued by the governments of states, their political subdivisions (such as cities, towns, counties, agencies and authorities) and the District of Columbia, U.S. territories, common­wealths and possessions or by their agencies, instrumentalities and author­ities. These primarily include municipal bonds (long-term (more than one-year) obligations), municipal notes (short-term obligations), interests in municipal leases, and tax-exempt commercial paper. Municipal securities generally are classified as general or revenue obligations. General obliga­tions are secured by the issuer’s pledge of its full faith, credit and taxing power for the payment of principal and interest. Revenue obligations are bonds whose interest is payable only from the revenues derived from a particular facility or class of facilities, or a specific excise tax or other rev­enue source. The Fund selects investments without regard to the federal alternative minimum tax (AMT).
Up to 100% of the securities the Fund buys may be high-yield, lower-grade fixed income securities, including those below investment-grade (commonly called “junk bonds”). Under normal market conditions, however, the Fund intends to invest approximately 50% to 70% of its total assets in these types of securities. Below-investment-grade debt securities are those rated below “BBB-” by S&P Global Ratings or “Baa3” by Moody’s or comparable ratings by other nationally recognized statistical rating organizations (or, in the case of unrated securities, determined by the Fund’s Adviser, Invesco Advisers, Inc. (Invesco or the Adviser) to be comparable to securities rated investment-grade). The Fund may invest in distressed debt securities and defaulted securities. The Fund also invests in unrated securities, in which case the Adviser internally assigns ratings to those securities, after assessing their credit quality and other factors, in investment-grade or below-investment-grade categories similar to those of nationally recognized statistical rating organizations. There can be no assurance, nor is it intended, that the Adviser’s credit analysis process is consistent or comparable with the credit analysis process used by a nationally recognized statistical rating organization.
To the extent the Fund invests in pre-refunded municipal securities collateralized by U.S. government securities, the Fund may treat those securities as investment-grade (AAA) securities even if the issuer itself has a below-investment-grade rating.
Since the Fund may invest in lower-rated and below-investment-grade securities without limit, the Fund’s investments should be considered speculative. The Fund does not limit its investments to securities of a particular maturity range, and may hold both short-and long-term secu­rities. However, the Fund currently expects to focus on longer-term secu­rities to seek higher yields. This portfolio strategy is subject to change.
The Fund can invest in inverse floaters, a variable rate obligation, to seek increased income and return. The Fund’s investment in inverse float­ers entails a degree of leverage. The Fund can expose up to 35% of its total assets to the effects of leverage from its investments in inverse floaters. The Fund’s investments in inverse floaters are included for purposes of the 80% policies described above. The Fund can also engage in reverse repurchase agreements, which also create leverage.
The Fund can invest in derivative instruments, including futures contracts. The Fund can use futures contracts, including interest rate futures, to reduce exposure to interest rate changes and to manage duration.
The Fund can borrow money to purchase additional securities, another form of leverage. Although the amount of borrowing will vary from time to time, the amount of leveraging from borrowings will not exceed one-third of the Fund’s total assets.
The Fund may invest more than 25% of its net assets in a segment of the municipal securities market with similar characteristics if the Adviser determines that the yields available from obligations in a particular segment justify the additional risks of a larger investment in such segment. The Fund may not, however, invest more than 25% of its net assets in industrial development revenue bonds issued for companies in the same industry.
The Fund can invest up to 25% of its total assets in tobacco settlement revenue bonds and up to 25% of its total assets in tobacco-related bonds without an appropriation pledge that make payments only from a state’s interest in the Master Settlement Agreement (MSA).
The Fund can invest without limit in zero coupon securities.
In selecting securities for the Fund, the portfolio managers look at a wide range of municipal sectors, coupons, and revenue sources for high-yield, tax-exempt municipal securities that offer high-income opportunities, might be overlooked by other investors and funds (including, in particular, unrated securities or securities of smaller issuers), or are special situations that provide opportunities for value. The portfolio managers may consider selling a security if any of these factors no longer applies to a security purchased for the Fund, but are not required to do so.
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ORNAX - Performance

Return Ranking - Trailing

Period ORNAX Return Category Return Low Category Return High Rank in Category (%)
YTD 5.1% -15.2% 8.5% 19.47%
1 Yr -11.2% -17.8% 1.9% 50.89%
3 Yr -4.7%* -9.3% 2.3% 59.91%
5 Yr 0.2%* -5.2% 2.6% 6.70%
10 Yr -0.9%* -3.3% 4.3% 37.40%

* Annualized

Return Ranking - Calendar

Period ORNAX Return Category Return Low Category Return High Rank in Category (%)
2022 -18.0% -26.9% 2.6% 63.51%
2021 1.1% -1.0% 3.7% 42.47%
2020 0.2% -3.5% 5.7% 46.08%
2019 2.2% -4.1% 3.4% 2.37%
2018 0.8% -1.2% 2.6% 2.60%

Total Return Ranking - Trailing

Period ORNAX Return Category Return Low Category Return High Rank in Category (%)
YTD 5.1% -16.1% 8.5% 21.68%
1 Yr -11.2% -17.8% 1.9% 50.89%
3 Yr -4.7%* -9.3% 2.3% 59.91%
5 Yr 0.2%* -4.8% 2.6% 6.70%
10 Yr -0.9%* -3.3% 4.3% 44.27%

* Annualized

Total Return Ranking - Calendar

Period ORNAX Return Category Return Low Category Return High Rank in Category (%)
2022 -18.0% -26.9% 2.6% 63.51%
2021 1.1% -1.0% 3.7% 42.01%
2020 0.2% -3.5% 5.7% 46.08%
2019 2.2% -4.1% 3.4% 2.37%
2018 0.8% -1.2% 2.6% 2.60%

NAV & Total Return History


ORNAX - Holdings

Concentration Analysis

ORNAX Category Low Category High ORNAX % Rank
Net Assets 8.01 B 9.79 K 20.2 B 12.56%
Number of Holdings 1474 1 3950 21.52%
Net Assets in Top 10 778 M -102 M 3.41 B 9.87%
Weighting of Top 10 9.97% 1.1% 97.0% 78.38%

Top 10 Holdings

  1. BUCKEYE OHIO TOB SETTLEMENT FING AUTH 5% 1.67%
  2. CHILDRENS TR FD P R TOB SETTLEMENT REV 5.625% 1.41%
  3. CALIFORNIA CNTY CALIF TOB SECURITIZATION AGY TOB SETTLEMENT REV 0% 1.20%
  4. CALIFORNIA ST 5.25% 1.20%
  5. MICHIGAN TOB SETTLEMENT FIN AUTH TOB SETTLEMENT ASSET BACKED REV 0% 1.09%
  6. DISTRICT COLUMBIA TOB SETTLEMENT FING CORP 0% 0.91%
  7. CALIFORNIA ST 5% 0.87%
  8. PUERTO RICO PUB BLDGS AUTH REV GTD 5.25% 0.84%
  9. NEW YORK ST URBAN DEV CORP REV 5% 0.82%
  10. DISTRICT COLUMBIA TOB SETTLEMENT FING CORP 0% 0.81%

Asset Allocation

Weighting Return Low Return High ORNAX % Rank
Bonds
102.86% 0.00% 146.69% 2.21%
Stocks
0.30% 0.00% 5.80% 11.50%
Preferred Stocks
0.00% -47.61% 0.32% 61.88%
Other
0.00% 0.00% 0.18% 64.13%
Convertible Bonds
0.00% 0.00% 0.00% 62.33%
Cash
-3.16% -3.16% 100.00% 99.10%

Stock Sector Breakdown

Weighting Return Low Return High ORNAX % Rank
Utilities
0.00% 0.00% 0.00% 91.30%
Technology
0.00% 0.00% 0.00% 91.30%
Real Estate
0.00% 0.00% 0.00% 91.30%
Industrials
0.00% 0.00% 4.78% 60.87%
Healthcare
0.00% 0.00% 0.00% 91.30%
Financial Services
0.00% 0.00% 0.00% 91.30%
Energy
0.00% 0.00% 0.00% 91.30%
Communication Services
0.00% 0.00% 0.00% 91.30%
Consumer Defense
0.00% 0.00% 0.00% 91.30%
Consumer Cyclical
0.00% 0.00% 77.65% 30.43%
Basic Materials
0.00% 17.58% 100.00% 95.65%

Stock Geographic Breakdown

Weighting Return Low Return High ORNAX % Rank
US
0.30% 0.00% 5.80% 11.66%
Non US
0.00% 0.00% 0.01% 63.23%

Bond Sector Breakdown

Weighting Return Low Return High ORNAX % Rank
Municipal
99.17% 0.00% 100.00% 33.63%
Corporate
0.44% 0.00% 4.15% 30.49%
Cash & Equivalents
0.39% 0.00% 100.00% 71.75%
Derivative
0.00% 0.00% 0.02% 62.33%
Securitized
0.00% 0.00% 22.44% 64.57%
Government
0.00% 0.00% 0.09% 65.02%

Bond Geographic Breakdown

Weighting Return Low Return High ORNAX % Rank
US
92.11% 0.00% 139.84% 40.36%
Non US
10.75% 0.00% 21.09% 9.42%

ORNAX - Expenses

Operational Fees

ORNAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.95% 0.05% 2.63% 32.57%
Management Fee 0.35% 0.00% 1.41% 8.41%
12b-1 Fee 0.25% 0.00% 1.00% 50.00%
Administrative Fee N/A 0.02% 0.35% N/A

Sales Fees

ORNAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load 4.25% 1.00% 4.50% 37.78%
Deferred Load N/A 1.00% 5.50% N/A

Trading Fees

ORNAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A N/A N/A N/A

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 Return Low Category Return High Rank in Category (%)
Turnover N/A 2.00% 121.00% 63.35%

ORNAX - Distributions

Dividend Yield Analysis

ORNAX Category Low Category High ORNAX % Rank
Dividend Yield 4.86% 0.00% 12.86% 10.62%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

ORNAX Category Low Category High ORNAX % Rank
Net Income Ratio 3.24% 1.11% 5.70% 46.46%

Capital Gain Distribution Analysis

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

Distributions History

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ORNAX - Fund Manager Analysis

Managers

Scott Cottier


Start Date

Tenure

Tenure Rank

Sep 30, 2002

19.68

19.7%

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.

Mark Paris


Start Date

Tenure

Tenure Rank

Jun 21, 2019

2.95

3.0%

Mark Paris is Chief Investment Officer and Head of Municipal Strategies for Invesco Fixed Income. In this capacity, he is responsible for the oversight and implementationof all municipal bond strategies. Mr. Paris entered the financial industry in 1990 and joined Invesco in 2010 when the firm combined with Van Kampen investments. Prior to joining the firm, Mr. Paris was a trader and then a portfolio manager on the muncipal fixed income team at Morgan Stanley/Van Kampen, which he joing in 2002. He also was previously a trader and portfolio manager at Oppenheimer Funds, head underwriter at Chase Manhattan Bank, and a trader and underwriter at NatWest Bank. Mr. Paris earned a BBA in finance from Baruch College of the City University of New York.

Mark DeMitry


Start Date

Tenure

Tenure Rank

Nov 22, 2019

2.52

2.5%

Mr. DeMitry has been a Vice President and Senior Portfolio Manager of OppenheimerFunds Inc since July 2009. He was an Associate Portfolio Manager with OppenheimerFunds Inc from September 2006 to June 2009. 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.

Tim O'Reilly


Start Date

Tenure

Tenure Rank

Nov 22, 2019

2.52

2.5%

Mr. O'Reilly joined Invesco in 2010 when the firm combined with Van Kampen, where he served as a senior unit trust fixed income portfolio manager, with responsibilities that included fixed income trading, risk management and credit analysis. He has a diverse knowledge base, with trading experience in municipals, corporates and equities. He joined Van Kampen in 2001. Mr. O'Reilly earned a BS degree in finance from Eastern Illinois University and an MBA in finance from the University of Illinois at Chicago. He holds the Series 7, 63 and 79 registrations."

Michael Camarella


Start Date

Tenure

Tenure Rank

Nov 22, 2019

2.52

2.5%

Mr. Camarella has been a Vice President and Senior Portfolio Manager of the OppenheimerFunds Inc since January 2011. He was an Assistant Vice President of OppenheimerFunds Inc from July 2009 to December 2010 and an Associate Portfolio Manager with OppenheimerFunds Inc from January 2008 to December 2010. 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.

Julius Williams


Start Date

Tenure

Tenure Rank

Nov 22, 2019

2.52

2.5%

Julius Williams is a Senior Portfolio Manager for Invesco municipal strategies. Mr. Williams entered the industry in 2000. Prior to joining Invesco, he was a portfolio manager and trader for municipal funds at Van Kampen. He joined Invesco in 2010 when the firm combined with Van Kampen. Mr. Williams earned a BA degree in economics and sociology, and a Master of Education degree in educational psychology from the University of Virginia.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.06 21.43 7.34 2.52