Oppenheimer Limited-Term Government AOPGVX

Morningstar Rating

Fund Research and Analysis

by Eric Jacobson

Oppenheimer Limited-Term Government will likely be living under a shadow for some time, but it can nonetheless be a lot more confident about showing its face these days.

That shadow is the hangover from last year's financial crisis, which has left this fund a set of trailing three-, five-, and 10-year returns that all place in the basement of the short-term government category. Read more

Kudos

Low fees relative to other broker-sold government offerings. Read more

Risks

Management's forays into nongovernment mortgage bonds--residential and commercial--have proved costly in 2008's rough and tumble market.

A recent manager shakeup raises uncertainty.

Strategy

This fund invests in a mix of Treasuries, agency debentures, and mortgage-backed securities. Management employs thorough measures to manage risk and emphasize total return instead of yield. The fund's sensitivity to interest-rate movements is limited, as its duration is capped at three years by prospectus and tends to be below the peer group's norm. Read more

Management

Team leader Angelo Manioudakis left Oppenheimer in December 2008, and after others at the firm supervised this fund for a few months, CIO Art Steinmetz brought in Krishna Memani to head up its core funds on April 1, 2009. Memani took Peter Strzalkowski, a mortgage specialist already with Oppenheimer, onto his team as a comanager primarily to oversee the management of this and other government-securities portfolios. Read more

Inside Scoop

After a terrible 2008, new management has taken over with more-conservative principles. We're still waiting to see how its strategy develops. Read more

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