ORNAX: Oppenheimer Rochester® High Yld Muni A

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ORNAX Oppenheimer Rochester® High Yld Muni A

  • Fund
  • ORNAX
  • Price as of: Dec 06, 2019
  • $7.91
    - $0.00 - 0.00%

Profile

ORNAX - Profile

Vitals

  • YTD Return 8.8%
  • 3 Yr Annualized Return 4.7%
  • 5 Yr Annualized Return 2.0%
  • Net Assets $7.66 B
  • Holdings in Top 10 9.8%

52 WEEK LOW AND HIGH

$7.91
$7.24
$7.99

Expenses

OPERATING RELATED FEES

  • Expense Ratio 1.20%

SALES FEES

  • Front Load 4.25%
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 34.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

  • Standard (Taxable) $1,000
  • IRA $250

Fund Classification


Distributions

  • YTD Total Return 8.8%
  • 3 Yr Annualized Total Return 4.7%
  • 5 Yr Annualized Total Return 2.0%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 4.64%
DIVIDENDS
  • Dividend Yield 1.4%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Invesco 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.


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Categories

Fund Company Quick Screens

ORNAX - Fund Company Quick Screens


Performance

ORNAX - Performance

Return Ranking - Trailing

Period ORNAX Return Category Return Low Category Return High Rank in Category (%)
YTD 8.8% 0.6% 8.8% 0.51%
1 Yr 8.5% 0.3% 12.2% 10.71%
3 Yr 4.7%* -0.3% 8.5% 13.69%
5 Yr 2.0%* -1.1% 6.6% 14.58%
10 Yr 1.3%* -0.3% 8.1% 59.60%

* Annualized

Return Ranking - Calendar

Period ORNAX Return Category Return Low Category Return High Rank in Category (%)
2018 4.0% -5.7% 9.2% 4.37%
2017 1.0% -9.7% 8.6% 92.02%
2016 -1.4% -6.1% -0.8% 8.97%
2015 -2.0% -5.6% 2.9% 94.96%
2014 8.3% 2.9% 83.0% 70.45%

Total Return Ranking - Trailing

Period ORNAX Return Category Return Low Category Return High Rank in Category (%)
YTD 8.8% 0.6% 9.6% 1.02%
1 Yr 8.5% 0.3% 11.8% 9.18%
3 Yr 4.7%* -0.3% 8.5% 16.07%
5 Yr 2.0%* -1.1% 6.4% 18.75%
10 Yr 1.3%* -0.3% 7.6% 63.64%

* Annualized

Total Return Ranking - Calendar

Period ORNAX Return Category Return Low Category Return High Rank in Category (%)
2018 4.0% -5.7% 9.2% 3.83%
2017 1.0% -9.7% 8.8% 92.02%
2016 -1.4% -6.1% 1.0% 12.82%
2015 -2.0% -5.6% 5.3% 94.96%
2014 8.3% 2.9% 83.0% 70.45%

NAV & Total Return History


Holdings

ORNAX - Holdings

Concentration Analysis

ORNAX Category Low Category High ORNAX % Rank
Net Assets 7.66 B 15.5 M 22.2 B 9.95%
Number of Holdings 1438 6 4506 16.83%
Net Assets in Top 10 735 M -345 M 1.25 B 7.43%
Weighting of Top 10 9.83% 4.4% 98.8% 83.17%

Top 10 Holdings

  1. CHILDRENS TR FD P R TOB SETTLEMENT REV 5.62% 1.31%
  2. BUCKEYE OHIO TOB SETTLEMENT FING AUTH 5.88% 1.16%
  3. CALIFORNIA CNTY CALIF TOB SECURITIZATION AGY TOB SETTLEMENT REV 0% 1.07%
  4. MICHIGAN TOB SETTLEMENT FIN AUTH TOB SETTLEMENT ASSET BACKED REV 0% 1.04%
  5. PUBLIC FIN AUTH WIS LTD OBLIG GRNT REV 6.75% 1.01%
  6. BUCKEYE OHIO TOB SETTLEMENT FING AUTH 6.5% 0.94%
  7. BUCKEYE OHIO TOB SETTLEMENT FING AUTH 6.25% 0.85%
  8. JEFFERSON CNTY ALA SWR REV 6.5% 0.83%
  9. PUERTO RICO SALES TAX FING CORP SALES TAX REV 5% 0.82%
  10. DISTRICT COLUMBIA TOB SETTLEMENT FING CORP 0% 0.81%

Asset Allocation

Weighting Return Low Return High ORNAX % Rank
Bonds
98.83% 87.19% 144.05% 55.94%
Cash
1.16% -5.30% 11.78% 42.08%
Stocks
0.01% 0.00% 0.65% 7.43%
Preferred Stocks
0.00% -44.14% 0.41% 56.44%
Other
0.00% 0.00% 1.82% 61.39%
Convertible Bonds
0.00% 0.00% 0.01% 56.93%

Stock Sector Breakdown

Weighting Return Low Return High ORNAX % Rank
Industrials
0.01% 0.00% 0.65% 30.16%
Utilities
0.00% 0.00% 0.00% 65.08%
Technology
0.00% 0.00% 0.00% 65.08%
Real Estate
0.00% 0.00% 0.00% 65.08%
Healthcare
0.00% 0.00% 0.00% 65.08%
Financial Services
0.00% 0.00% 0.00% 65.08%
Energy
0.00% 0.00% 0.72% 66.67%
Communication Services
0.00% 0.00% 0.00% 65.08%
Consumer Defense
0.00% 0.00% 0.00% 65.08%
Consumer Cyclical
0.00% 0.00% 0.00% 65.08%
Basic Materials
0.00% 0.00% 0.06% 68.25%

Stock Geographic Breakdown

Weighting Return Low Return High ORNAX % Rank
US
0.01% 0.00% 0.65% 7.43%
Non US
0.00% 0.00% 0.00% 55.94%

Bond Sector Breakdown

Weighting Return Low Return High ORNAX % Rank
Municipal
98.77% 88.69% 144.05% 57.43%
Cash & Equivalents
1.16% -5.06% 11.78% 41.09%
Corporate
0.05% -44.14% 4.62% 23.76%
Derivative
0.00% -0.10% 0.02% 52.97%
Securitized
0.00% 0.00% 0.02% 56.93%
Government
0.00% -10.89% 6.64% 43.07%

Bond Geographic Breakdown

Weighting Return Low Return High ORNAX % Rank
US
86.36% 79.66% 138.15% 92.08%
Non US
12.47% 0.00% 14.04% 4.95%

Expenses

ORNAX - Expenses

Operational Fees

ORNAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.20% 0.21% 3.71% 30.81%
Management Fee 0.36% 0.00% 1.32% 4.95%
12b-1 Fee 0.25% 0.00% 1.00% 48.33%
Administrative Fee N/A 0.01% 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% 4.75% 35.42%
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 0.75% 2.00% 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 34.00% 1.00% 280.00% 64.18%

Distributions

ORNAX - Distributions

Dividend Yield Analysis

ORNAX Category Low Category High ORNAX % Rank
Dividend Yield 1.40% 0.00% 19816.20% 35.15%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

ORNAX Category Low Category High ORNAX % Rank
Net Income Ratio 4.64% 1.46% 6.17% 10.10%

Capital Gain Distribution Analysis

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

Dividend Payout History

View More +

Fund Manager Analysis

ORNAX - Fund Manager Analysis

Managers

Scott S. Cottier


Start Date

Tenure

Tenure Rank

Sep 30, 2002

17.18

17.2%

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

0.44

0.4%

Mark Paris serves as Senior Portfolio Manager and Head of Portfolio Management and Trading for Invesco Municipal Bond Team. Mr. Paris entered the industry in 1990 and joined Invesco in 2010. Prior to joining the firm, Mr. Paris was a trader and then a portfolio manager on the Municipal Fixed Income team at Morgan Stanley, which he joined in 2002. He also was previously a trader/portfolio manager at Oppenheimer Funds, head underwriter at Chase Manhattan Bank and a trader/underwriter at NatWest Bank. Mr. Paris earned a BBA degree in finance from Baruch College – The City University of New York (CUNY). He holds the Series 7, 24, 79, 53 and 63 registrations.

Mark R. DeMitry


Start Date

Tenure

Tenure Rank

Nov 22, 2019

0.02

0.0%

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

0.02

0.0%

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 L. Camarella


Start Date

Tenure

Tenure Rank

Nov 22, 2019

0.02

0.0%

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.

Troy E. Willis


Start Date

Tenure

Tenure Rank

Nov 22, 2019

0.02

0.0%

Mr. Willis has been a Senior Vice President of OppenheimerFunds Inc. since January 2017 and a Senior Portfolio Manager of OppenheimerFunds Inc. since January 2006. He was a Vice President of OppenheimerFunds Inc. from July 2009 to December 2016 and an Assistant Vice President of the Sub-Adviser from July 2005 to June 2009. 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.

Julius Williams


Start Date

Tenure

Tenure Rank

Nov 22, 2019

0.02

0.0%

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
0.02 27.93 6.95 0.02