The Securities Litigation Expert Blog

Oppenheimer Municipal Bond Fund Puerto Rico Exposure

Posted by Jack Duval

Nov 5, 2013 1:30:36 AM

Yesterday we blogged about the aggregate fund family exposure to Puerto Rico municipal bonds, here.  Most fund families had little aggregate exposure to Puerto Rico debt, with only Oppenheimer Funds having double digit percentage exposure.

We cautioned that the aggregate numbers could be misleading because the Puerto Rico paper could be concentrated in a few funds.  This is somewhat the case with Oppenheimer.  A number of their state-specific municipal bond funds have higher levels of Puerto Rico debt.  Some of them include:

  • Virginia: 33%

  • North Carolina: >25%

  • Arizona: >25%

  • Massachusetts: >25%

  • Maryland: >25%

The average state-specific municipal bond fund has 2.38 percent exposure to Puerto Rico debt.  For more color on this, see InvestmentNews.

All data from Morningstar.

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Topics: municipal bond crisis, Puerto Rico, litigation, CEFs, investments, mutual funds, Oppenheimer

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