Oppenheimer Senior Floating Rate Fund (OOSAX)
The investment aim of Oppenheimer Senior Floating Rate Fund is to seek income. The mutual fund utilizes its assets to purchase floating rate loans that hold a senior position in the capital structure of U.S. and foreign corporations, partnerships or other business entities. It invests majority of assets (>80%) in Senior Loans. The fund may invest in securities of the group of industries in the financial services sector.
Fund Profile
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| Oppenheimer Funds |
- Fund Inception Date: September 7, 1999
- Ticker Symbol: OOSAX
- CUSIP: 68381K101
- Beta (3yr): -0.48
- Rank in category (YTD): 30%
- Category: Bank Loan
- Yield: 4.97%
- Capital Gains: 0%
- Expense Ratio: 1.05%
- Net Assets: $ 9.7 billion
- Number of Years Up: 12 years
- Number of Years Down: 1 year
- Average Duration: 0.24 years
- Annual Turnover Rate: 54%
This OOSAX fund is one of the best performing mutual funds in Bank Loan category. It has total assets of $9.7 billion. The annual expense ratio is 1.05% including 12b1 fee of 0.25%. The A shares have front-end sales load fee of 3.5%. It has high dividend yield of 4.97%. In April 2013, the dividend was distributed to investors in the amount of $0.04 per share. Joseph Welsh and Margaret Hui are the current fund managers.
Morningstar analysts rank this Oppenheimer Senior Floating Rate fund with 4-stars and Bronze rating. This fixed income fund has 5-year average return of 6.92%. The best achievement within 12 years of positive return was occurred in 2009 with 43.51%. So far, the only year it has recorded with negative return was occurred in 2008 with -29.48%. Based on the load adjusted returns, the fund has returned 3.33% over the past 1-year, 6.16% over the past 5-year and 5.34% over the past 10-year.
Bank Loan Mutual Fund
The minimum initial investment for brokerage account is $1,000 with $50 minimum next investment. For IRA (Roth IRA or traditional IRA) account, the initial investment is lower, only $500. The fund can be purchased from 95 brokerages, such as E Trade Financial, JP Morgan, Td Ameritrade Inc, Morgan Stanley Advisors, Royal Alliance, Vanguard, etc. The other classes of this fund are:
- Class B: OOSBX
- Class C: OOSCX
- Class I: OOSIX
- Class N: OOSNX
- Class Y: OOSYX
More: Top Performing Bank Loan Mutual Funds January 2013
According to the fund’s website, there are few risks in investing in the fund. They are:
- Main Risks of Debt Securities, include fixed income market risks, special risks of lower-grade securities, special risks of senior loans;
- Main Risks of Borrowing and Leverage;
- Main Risks of Foreign Investing;
- Main Risks of Derivatives Investments;
- Main Risks of Concentration in Financial Services.
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