OPPENHEIMER DEVELOPING MARKETS FUND DEVELOPING MARKETS FUND
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1 Q4 Q DEVELOPING MARKETS FUND Based on Consistent Return, Oppenheimer Developing Markets Fund A shares was named Best -in- Class among 134 Emerging Markets Funds, for the ten-year period ended 11/30/12. 1 AT A GLANCE Portfolio Manager: Justin Leverenz, CFA Director of Emerging Markets Equities Total AUM (all share classes): $39.5 billion Inception: Class A: 11/18/96 Class Y: 9/7/05 Class I: 12/29/11 Ticker / CUSIP: Class A: ODMAX / Class Y: ODVYX / Class I: ODVIX / Annual Expense Ratio: Class A (Gross): 1.31% Class A (Net): 1.30% Class Y (Gross): 1.06% Class Y (Net): 1.05% Class I (Gross): 0.87% Class I (Net): 0.86% Index: MSCI Emerging Markets Index 2 Peer Group: Morningstar Diversified Emerging Markets Number of Holdings Range Typically: Estimated Turnover: 20 50% (per annum) Investment Style: Value Blend Growth OppenheimerFunds equity style box is based on the portfolio s overall targeted capitalization range and relative valuation as determined by OFI. 1 Not FDIC Insured May Lose Value Not Bank Guaranteed 1 Large Cap Mid Cap Small Cap INVESTMENT PHILOSOPHY We believe structural growth themes can drive long-term outperformance. We also believe in investing in companies, not countries or sectors. Additionally, we believe entry price is the key component of future returns. INVESTMENT PROCESS The investment team uses a bottom-up, fundamental investment approach, and seeks to invest only in high-quality companies which we believe have sustainable, above-average growth potential over a three to five year time horizon. The team s approach is benchmark agnostic, with both sector and geographic allocation being the by-product of the companies in which we invest. Theme Based Approach Focus on the Big Ideas Seek structural global growth themes Sub-themes and industries constantly evolving Emerging Markets Equity Universe Industry Analysis Seek industries positioned to benefit from growth themes Seek industries with sustainable, not cyclical, growth opportunities Look for favorable industry market structures Find industry segments where the most value can be extracted Company Research Seek to invest only in exceptional companies Companies with defendable and durable competitive advantages Capital efficiency, financial strength and high returns on capital Transparency, good governance and strong management Our Big Ideas theme-based approach provides a framework for understanding what we believe will be the driving forces of equity growth in developed and developing markets to help guide stock selection for the portfolios. These themes are unchanging, but the sub-themes and industries are constantly evolving. Themes Subthemes Industries Global Convergence/Rising Emerging Market Affluence Technology Formalization of Industry Institutional Progress Rise of the Emerging Market Consumer Class Internet/Media and Ubiquitous Connectivity Rising Industrial Consolidation and Growing Productivity Financial deepening/improved governance Modern Retail/Malls, Media, Education, Healthcare Internet/Media, Technology Brands/Fast Moving Consumer Goods Financial Services, Real Estate KEY DIFFERENTIATORS Theme-Based Approach: Focus on the "Big Ideas" with our thematic approach to investing in existence at the firm since 1969 Invest in Companies, Not Countries: We seek to identify exceptional companies with significant barriers to entry and sustainable growth prospects Price Discipline: We believe entry price is the key component of future returns and tend to buy companies when they are out of favor Experience: 16-year investment track record with experienced portfolio management and on the ground, prudent research Effective 4/12/13, the purchase and exchange of Fund shares will be restricted, subject to certain exceptions. Please see the prospectus supplement for further information. Shares of Oppenheimer funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested.
2 PORTFOLIO CHARACTERISTICS Fund Index Number of Holdings by Issuer Number of Countries P/E Ratio (Trailing 12 Months) 20.2x 12.1x Price/Book Ratio 2.7x 1.5x Turnover* 29.0% - Weighted Average Market Cap $32.0B $36.2B Median Market Cap $9.2B $4.6B * A measure of the strategy s trading activity, which is computed by taking the lesser of purchases or sales during the strategy s latest fiscal year, divided by the total net asset value (NAV). COUNTRY ALLOCATION TOP/BOTTOM % Underweight % Overweight Based on the Fund s relative weights versus the index. United Kingdom India Hong Kong France Denmark China Malaysia South Africa Taiwan South Korea Fund (%) Index (%) SECTOR ALLOCATION % Underweight % Overweight Consumer Staples Consumer Discretionary Information Technology Health Care Energy Utilities Industrials Telecommunication Services Materials Financials Fund (%) Index (%) TOP 10 STOCK HOLDINGS (BY ISSUER) Name Country Sector Fund (%) Index (%) Baidu.com China Information Technology Tencent Holdings Ltd. China Information Technology Novatek OAO Russia Energy Yandex N.V. Russia Information Technology Magnit Russia Consumer Staples Housing Development Finance Corp. India Financials Infosys Technologies Ltd. India Information Technology Taiwan Semiconductor ADR Taiwan Information Technology Carlsberg Denmark Consumer Staples America Movil SA de CV Mexico Telecommunication Services Total Weight % Holdings are subject to change, and are dollar weighted based on total net assets. Negative weightings may result from the use of leverage. Leverage involves the use of various financial instruments or borrowed capital in an attempt to increase investment return. Leverage risks include potential for higher volatility, greater decline of the Fund s net asset value and fluctuations of dividends and distributions paid by the Fund. 2
3 PERFORMANCE SUMMARY: AVERAGE ANNUAL TOTAL RETURNS (%) AND MORNINGSTAR RANKINGS Oppenheimer Developing Markets Fund Class A Shares Historical Performance 4Q 2013 YTD Year 3 Years 5 Years 10 Years Without Sales Charge MSCI Emerging Markets Index (Net) Relative Return vs. Class A Shares - Without Sales Charge With Sales Charge Percentile Rank/Total 3 83/614 45/399 12/315 1/150 Oppenheimer Developing Markets Fund Class I Shares Historical Performance 4Q 2013 YTD Year 3 Years 5 Years Since Inception (12/29/11) Without Sales Charge MSCI Emerging Markets Index (Net) Relative Return Percentile 3 13 Rank/Total 3 80/614 Oppenheimer Developing Markets Fund Class Y Shares Historical Performance 4Q 2013 YTD Year 3 Years 5 Years Since Inception (9/7/05) Without Sales Charge MSCI Emerging Markets Index (Net) Relative Return Percentile Rank/Total 3 82/614 39/399 10/315 The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor s shares, when redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the data quoted. For performance data current to the most recent month-end, visit oppenheimerfunds.com. Fund returns for Class Y and Class I Shares include changes in share price and reinvested distributions. Class Y Shares and Class I Shares are not subject to a sales charge. Fund returns for Class A Shares include changes in share price, reinvested distributions, and a 5.75% maximum sales charge where indicated. Returns do not consider capital gains or income taxes on an individual s investment. PERFORMANCE STATISTICS Name Fund Alpha 4.40 Information Ratio 0.86 Sharpe Ratio 0.23 Beta 0.88 R Tracking Error 5.53 Based on 3-year, monthly Class Y Share returns versus the MSCI Emerging Markets Index. For disclosures, please see the last page of this report. 3
4 PERFORMANCE ANALYSIS BY COUNTRY Total Effect Average Weight (%) Total Return (%) 3 Strongest China India Russia Weakest United Kingdom Italy Taiwan PERFORMANCE ANALYSIS BY SECTOR Total Effect Average Weight (%) Total Return (%) Sectors Information Technology Telecommunication Services Consumer Discretionary Health Care Financials Energy Other 0.0 < Utilities Industrials Materials Consumer Staples Total PERFORMANCE ANALYSIS BY SECURITY Average Weight (%) Total Return (%) 5 Strongest Baidu, Inc. Sponsored ADR Class A Tencent Holdings Ltd NAVER Corp Yandex NV Class A New Oriental Education & Technology Group, Inc. Sp Weakest Natura Cosmeticos S.A BM&FBOVESPA S.A. Bolsa de Valores, Mercadorias e F Tullow Oil plc Cencosud S.A Haci Omer Sabanci Holding A.S Performance attribution is provided for illustrative purposes only and returns shown will not necessarily equal actual returns for the Fund. Attribution methodology notes: The attribution provides analysis of the effects of several portfolio management decisions, including allocation and security selection. Securities classified as "Other" may include non-equity securities, derivatives, and securities for which a sector classification may not be appropriate. The Fund s actively managed and portfolio holdings are subject to change in accordance with the prospectus. The percentage weights represented for the Fund are dollar weighted based on market value. Performance numbers include all share classes and may not tie to actual Fund returns. Contribution to Return measures the performance impact from portfolio holdings over a defined time period. It takes into account both weight and performance of the portfolio holdings. Contribution to Return is calculated at security level and reported at sector/strategy level. Past performance does not guarantee future results. 4
5 As of September 30, 2013 DISCLOSURE STATEMENTS 1. Lipper Awards are granted annually to the funds in each Lipper classification that achieve the highest score for Consistent Return, a measure of funds historical risk-adjusted returns, measured in local currency, relative to peers. Winners are selected using the Lipper Leader rating for Consistent Return for funds with at least 36 months of performance history as of 11/30/12. Awards are presented for the highest Lipper Leader for Consistent Return within each eligible classification over 3, 5 or 10 years. Other share classes may have different performance and expense characteristics. Although Lipper makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Lipper. Lipper awards are not intended to predict future results. Past performance does not guarantee future results. 2. The MSCI Emerging Markets Index is a trademark/service mark of Morgan Stanley Capital International. The MSCI Emerging Markets Index is designed to measure equity market performance of emerging markets. The index is unmanaged, includes the reinvestment of dividends and cannot be purchased directly by investors. Index performance is shown for illustrative purposes only and does not predict or depict the performance of the Fund. Past performance does not guarantee future results. 3. Source of data: 2013 Morningstar, Inc., 12/31/13. Morningstar ranking is for Class A, I and Class Y shares, as indicated, and ranking may include more than one share class of funds in the category, including other share classes of this Fund. Ranking is based on total return as of 12/31/13, without considering sales charges. Different share classes may have different expenses and performance characteristics. Rankings are subject to change monthly. The Fund s total-return percentile rank is relative to all funds that are in the World Stocks Funds category. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The top performing fund in a category will always receive a rank of 1. Past performance does not guarantee future results. Class Y Shares: Class Y shares are offered only to certain institutional investors that have a special agreement with the Distributor and to present or former officers, directors, trustees and employees (and their eligible family members) of the Fund, the Manager and its affiliates, its parent company and the subsidiaries of its parent company, and retirement plans established for the benefit of such individuals. Class I Shares: Class I shares are only offered to eligible institutional investors that make a minimum initial investment of $5 million or more per account and to retirement plan service provider platforms. Special Risks: Foreign investments may be volatile and involve additional expenses and special risks, including currency fluctuations, foreign taxes and geopolitical risks. Emerging and developing market investments may be especially volatile. Due to the recent global economic crisis that caused financial difficulties for many European Union countries, Eurozone investments may be subject to volatility and liquidity issues. Investments in securities of growth companies may be volatile. Small and mid-sized company stock is typically more volatile than that of larger, more established businesses, as these stocks tend to be more sensitive to changes in earnings expectations. It may take a substantial period of time to realize a gain on an investment in a small or mid-sized company, if any gain is realized at all. The Fund may invest a significant portion of assets in a particular region, which may increase volatility and exposure to risks associated with that particular region. The Fund s portfolio strategies, holdings, and sector allocations may change, do not constitute recommendations by the Fund or OppenheimerFunds, Inc. and are dollar weighted based on assets. Attribution analysis is a process used to analyze the absolute return and the excess return between a portfolio and its benchmark. The total variance measures both the allocation effect to a sector as well as stock selection within a sector. These views represent the opinions of OppenheimerFunds, Inc. or affiliates and are not intended as investment advice or to predict or depict the performance of any investment. These views are as of the close of business of the final day of the quarter discussed and are subject to change based on subsequent developments. The Fund s portfolio and strategies are subject to change. Country and sector weights are subject to change. The portfolio and benchmark sectors are based on Global Industry Classification Standard (GICS ) methodology, which was developed by Morgan Stanley Capital International (MSCI) and Standard & Poor s (S&P). Total returns do not show the effects of income taxes on an individual s investment. Taxes may reduce an investor s actual investment returns on income or gains paid by the Fund or any gains realized if the investor sells his/her shares. Expense ratios are as of the Fund s most recent fiscal year-end. Current expense ratios may be lower or higher than the data quoted. Different share classes may have different expense and performance characteristics. The net expense ratio takes into account contractual fee waivers and/or expense reimbursements, without which performance would have been less. These undertakings may not be amended or withdrawn for one year from the date of the current prospectus, unless approved by the Board. Oppenheimer funds are distributed by OppenheimerFunds Distributor, Inc. Two World Financial Center, 225 Liberty Street, New York, NY Before investing in any of the Oppenheimer funds, investors should carefully consider a fund s investment objectives, risks, charges and expenses. Fund prospectuses and summary prospectuses contain this and other information about the funds, and may be obtained by asking your financial advisor or visiting oppenheimerfunds.com. Investors should read prospectuses and summary prospectuses carefully before investing. Shares of Oppenheimer funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested. For Institutional Use Only. This material has been prepared by OppenheimerFunds, Inc. for institutional investors only. It has not been filed with FINRA, may not be reproduced and may not be shown to, quoted to or used with retail investors OppenheimerFunds Distributor, Inc. All rights reserved. OFII
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