Oppenheimer Small & Mid Cap Value AQVSCX

Morningstar Rating

Fund Research and Analysis

by David Kathman, CFA

Oppenheimer Small & Mid Cap Value has bounced back nicely after a tough year.

John Damian has managed this fund since October 2001, using a strategy that's somewhat aggressive for a value fund. He looks for stocks that are relatively cheap but have good growth prospects over the next three to five years--a longer time frame than most other small- and mid-cap managers consider. Read more

Kudos

Returns under the current management have mostly been excellent relative to both its old small-blend category and its new mid-cap blend category.

Those good returns came in a wide variety of market conditions over the past eight-plus years. Read more

Risks

It's possible that Damian won't be able to consistently pick mid-cap stocks as effectively as he has picked small caps.

Strategy

Manager John Damian begins with quantitative screens to narrow his universe to a list of stocks with relatively low valuations and market caps from $250 million to roughly $10 billion (though they don't have a hard-and-fast upper limit). Read more

Management

Manager John Damian has been in charge of this fund since joining it in October 2001. Until recently, he was helped by Chris Leavy, who manages Oppenheimer Value CGRWX and formerly led Oppenheimer's value team, but in early 2007 Leavy was promoted to oversee all of Oppenheimer's equity funds, and Damien took over the value team. Read more

Inside Scoop

This fund has been undergoing a transition, as it expands into mid-cap stocks as well as small caps. Long-term results were quite good under manager John Damian until the 2008 market downturn. Read more

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